# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-26-000769
**Filing Date:** 2026-2
**Character Count:** 1383603
**Document Hash:** 9dd68ffb137a8dcc7a42b595abcd408a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000769.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0002066578-26-000769

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**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:** 26685141

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

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

## Series and Classes Contracts Data

### ACTIVE M INTERNATIONAL EQUITY FUND (Series ID: S000012492)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000033959 | ACTIVE M INTERNATIONAL EQUITY FUND | NMIEX           |

## Nport-Ex

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **ACTIVE M EMERGING MARKETS EQUITY FUND**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 92.7%** <sup>(1)</sup> | **COMMON STOCKS – 92.7%** <sup>(1)</sup> | **COMMON STOCKS – 92.7%** <sup>(1)</sup> |
| **Argentina – 0.6%** | **Argentina – 0.6%** | **Argentina – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Galicia S.A. ADR<sup>\* †</sup> <br>| 20624 | **$1112** |
| **Australia – 0.6%** | **Australia – 0.6%** | **Australia – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglogold Ashanti PLC | 13600 | **1160** |
| **Austria – 0.4%** | **Austria – 0.4%** | **Austria – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank A.G. | 5873 | **707** |
| **Brazil – 3.9%** | **Brazil – 3.9%** | **Brazil – 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azzas 2154 S.A. | 147245 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco BTG Pactual S.A.\* | 44900 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado <br> de Sao Paulo SABESP<br>| 17298 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cyrela Brazil Realty S.A. <br> Empreendimentos e Participacoes<br>| 35800 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embraer S.A. | 91900 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 83 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd., Class A\* | 39404 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raia Drogasil S.A. ADR | 324972 | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rede D'Or Sao Luiz S.A. | 35800 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTVS S.A.\* | 142000 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale S.A. ADR | 49200 | 641 |
|  |  | **7408** |
| **Chile – 0.4%** | **Chile – 0.4%** | **Chile – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antofagasta PLC | 18600 | **816** |
| **China – 17.6%** | **China – 17.6%** | **China – 17.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. | 120600 | 2207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. ADR | 9200 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baidu, Inc., Class A\* | 18600 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd., Class H | 64300 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Construction Bank Corp., <br> Class H<br>| 2618000 | 2580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Life Insurance Co. Ltd., Class H | 513000 | 1793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Merchants Bank Co. Ltd., <br> Class H<br>| 53500 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contemporary Amperex Technology <br> Co. Ltd., Class A<br>| 28757 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastroc Beverage Group Co. Ltd., <br> Class A<br>| 11600 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Full Truck Alliance Co. Ltd. ADR | 49800 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haier Smart Home Co. Ltd., Class A | 220653 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hansoh Pharmaceutical Group Co. Ltd. | 113425 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JD Health International, Inc.\* | 50300 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuaishou Technology | 37300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laopu Gold Co. Ltd., Class H | 4360 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meituan, Class B\* | 93820 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc. ADR\* | 12300 | 1395 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 92.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 92.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 92.7%** <sup>(1)</sup>**continued**  |
| **China – 17.6%continued** | **China – 17.6%continued** | **China – 17.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PICC Property & Casualty Co. Ltd., <br> Class H<br>| 503024 | $1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piotech, Inc., Class A | 3602 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ruijie Networks Co. Ltd., Class A | 33000 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shangri-La Asia Ltd. | 250000 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Inovance Technology Co. <br> Ltd., Class A<br>| 124729 | 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sieyuan Electric Co. Ltd., Class A | 21500 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAL Education Group ADR\* | 47700 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | 120700 | 9249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group <br> ADR<br>| 23790 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Topsports International Holdings Ltd. | 727890 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WuXi AppTec Co. Ltd., Class H | 75000 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp., Class B\* | 59400 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang China Commodities City <br> Group Co. Ltd., Class A<br>| 129400 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zijin Mining Group Co. Ltd., Class A | 219600 | 1079 |
|  |  | **33537** |
| **Egypt – 0.8%** | **Egypt – 0.8%** | **Egypt – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial International Bank - Egypt <br> (CIB)<br>| 678043 | **1464** |
| **Greece – 1.7%** | **Greece – 1.7%** | **Greece – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurobank S.A. | 263900 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank of Greece S.A. | 126544 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piraeus Bank S.A.\* | 32485 | 258 |
|  |  | **3243** |
| **Hong Kong – 0.9%** | **Hong Kong – 0.9%** | **Hong Kong – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 58300 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 20700 | 1081 |
|  |  | **1680** |
| **Hungary – 1.2%** | **Hungary – 1.2%** | **Hungary – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTP Bank Nyrt. | 14788 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richter Gedeon Nyrt. | 22600 | 682 |
|  |  | **2266** |
| **India – 10.2%** | **India – 10.2%** | **India – 10.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bajaj Finance Ltd. | 27044 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bharat Electronics Ltd. | 220741 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bharti Airtel Ltd. | 36290 | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSE Ltd. | 12180 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Divi's Laboratories Ltd. | 1863 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DLF Ltd. | 34462 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. | 381637 | 4217 |

---

NORTHERN FUNDS QUARTERLY REPORT **0** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ACTIVE M EMERGING MARKETS EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 92.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 92.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 92.7%** <sup>(1)</sup>**continued**  |
| **India – 10.2%continued** | **India – 10.2%continued** | **India – 10.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hero MotoCorp Ltd. | 42639 | $2735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd. | 97817 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indian Hotels (The) Co. Ltd. | 40722 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JK Cement Ltd. | 11200 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Larsen & Toubro Ltd. | 33000 | 1499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. | 22926 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd.<sup>\* †</sup> <br>| 2935 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Max Healthcare Institute Ltd. | 8312 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reliance Industries Ltd. | 19636 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy India Ltd.\* | 9601 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Consultancy Services Ltd. | 88886 | 3178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TVS Motor Co. Ltd. | 15238 | 630 |
|  |  | **19525** |
| **Indonesia – 2.7%** | **Indonesia – 2.7%** | **Indonesia – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astra International Tbk PT | 3653654 | 1468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT | 5017000 | 2422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk PT | 5929600 | 1233 |
|  |  | **5123** |
| **Macau – 0.2%** | **Macau – 0.2%** | **Macau – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. | 74500 | **365** |
| **Malaysia – 0.6%** | **Malaysia – 0.6%** | **Malaysia – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CIMB Group Holdings Bhd. | 528500 | **1074** |
| **Mexico – 5.3%** | **Mexico – 5.3%** | **Mexico – 5.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; America Movil S.A.B. de C.V. ADR | 138903 | 2871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano S.A.B. <br> de C.V. ADR<br>| 7900 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte S.A.B. de <br> C.V., Class O<br>| 181789 | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp. | 4787 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico S.A.B. de C.V. | 1309244 | 4072 |
|  |  | **10113** |
| **Peru – 3.5%** | **Peru – 3.5%** | **Peru – 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cia de Minas Buenaventura S.A.A. <br> ADR<br>| 69808 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credicorp Ltd. | 16434 | 4716 |
|  |  | **6659** |
| **Saudi Arabia – 1.1%** | **Saudi Arabia – 1.1%** | **Saudi Arabia – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Al Rajhi Bank | 57569 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co. | 97000 | 616 |
|  |  | **2113** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 92.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 92.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 92.7%** <sup>(1)</sup>**continued**  |
| **Singapore – 0.2%** | **Singapore – 0.2%** | **Singapore – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grab Holdings Ltd., Class A\* | 60400 | $302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. ADR\* | 1373 | 175 |
|  |  | **477** |
| **South Africa – 6.3%** | **South Africa – 6.3%** | **South Africa – 6.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bid Corp. Ltd. | 47733 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidvest Group Ltd. | 137675 | 1973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitec Bank Holdings Ltd. | 2061 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clicks Group Ltd. | 7294 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstRand Ltd. | 127100 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | 2784 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impala Platinum Holdings Ltd. | 61495 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN Group Ltd. | 94300 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Naspers Ltd., Class N | 13943 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Bank Group Ltd. | 94933 | 1668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. | 32784 | 2776 |
|  |  | **11974** |
| **South Korea – 15.0%** | **South Korea – 15.0%** | **South Korea – 15.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APR Corp.\* | 1363 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd.\* | 1855 | 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Electric Co. Ltd. | 1646 | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Heavy Industries Co. Ltd. | 3252 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Marine Solution Co. Ltd. | 2734 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co. Ltd. | 4020 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co. | 15060 | 3083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Rotem Co. Ltd. | 6440 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group, Inc. | 7264 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCSoft Corp. | 6427 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Biologics Co. Ltd.<sup>(2) \*</sup> <br>| 341 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electro-Mechanics Co. Ltd. | 4426 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 172894 | 14410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK hynix, Inc. | 6304 | 2855 |
|  |  | **28749** |
| **Taiwan – 14.2%** | **Taiwan – 14.2%** | **Taiwan – 14.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accton Technology Corp. | 23600 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASPEED Technology, Inc. | 5100 | 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics, Inc. | 35500 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eclat Textile Co. Ltd. | 68000 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elite Material Co. Ltd. | 11600 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globalwafers Co. Ltd. | 77000 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hiwin Technologies Corp. | 84000 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. | 585096 | 4251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. | 37000 | 1677 |

---

EQUITY FUNDS **1** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 92.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 92.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 92.7%** <sup>(1)</sup>**continued**  |
| **Taiwan – 14.2%continued** | **Taiwan – 14.2%continued** | **Taiwan – 14.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd.<br>| 291300 | $14231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yageo Corp. | 123000 | 901 |
|  |  | **27128** |
| **Thailand – 0.7%** | **Thailand – 0.7%** | **Thailand – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Info Service PCL NVDR | 46500 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CP ALL PCL (Registered) | 654000 | 903 |
|  |  | **1365** |
| **Turkey – 1.0%** | **Turkey – 1.0%** | **Turkey – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aselsan Elektronik Sanayi Ve Ticaret <br> A.S.<br>| 117604 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astor Transformator Enerji Turizm Insaat <br> Ve Petrol Sanayi Ticaret A.S.<br>| 250000 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yapi ve Kredi Bankasi A.S.\* | 767000 | 649 |
|  |  | **1967** |
| **United Arab Emirates – 2.7%** | **United Arab Emirates – 2.7%** | **United Arab Emirates – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adnoc Gas PLC | 1032800 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aldar Properties PJSC | 41721 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC | 1081242 | 4137 |
|  |  | **5234** |
| **United States – 0.9%** | **United States – 0.9%** | **United States – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenaris S.A. ADR<sup>†</sup> <br>| 45475 | **1748** |
| **Total Common Stocks** |  |  |
| **(Cost $127,186)** |  | **177007** |
| **PREFERRED STOCKS – 2.6%** <sup>(1)</sup> | **PREFERRED STOCKS – 2.6%** <sup>(1)</sup> | **PREFERRED STOCKS – 2.6%** <sup>(1)</sup> |
| **Brazil – 2.6%** | **Brazil – 2.6%** | **Brazil – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco S.A.\* | 231400 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gerdau S.A. ADR, 5.59%<sup>(3)</sup> <br>| 181400 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding S.A., 4.62%<sup>(3)</sup> <br>| 105040 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding S.A. ADR, <br> 4.57%<sup>(3)</sup> <br>| 395112 | 2829 |
|  |  | **5024** |
| **India – 0.0%** | **India – 0.0%** | **India – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TVS Motor Co. Ltd.<sup>(4) \*</sup> <br>| 40720 | **4** |
| **Total Preferred Stocks** |  |  |
| **(Cost $3,460)** |  | **5028** |
| **INVESTMENT COMPANIES – 4.7%**  | **INVESTMENT COMPANIES – 4.7%**  | **INVESTMENT COMPANIES – 4.7%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 2600 | 1781 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 4.7%continued**  | **INVESTMENT COMPANIES – 4.7%continued**  | **INVESTMENT COMPANIES – 4.7%continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(5) (6) (7)</sup> <br>| 375887 | $376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(5) (6)</sup> <br>| 6875510 | 6876 |
| **Total Investment Companies** |  |  |
| **(Cost $8,965)** |  | **9033** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 5/7/26<sup>(8) (9)</sup> <br>| $125 | $123 |
| **Total Short-Term Investments** |  |  |
| **(Cost $123)** |  | **123** |
| **Total Investments – 100.1%** |  |  |
| **(Cost $139,734)** |  | **191191** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (0.1%) |  | (198)<br>|
| **Net Assets – 100.0%** |  | **$190993** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Adjustment factors obtained from an independent evaluation service were* <br> *used to determine the value of certain foreign securities.*<br>|
| <sup>(2)</sup> <br>| *Security exempt from registration pursuant to Rule 144A under the Securities* <br> *Act of 1933, as amended. These securities may be resold in transactions* <br> *exempt from registration to qualified institutional investors. At December 31,* <br> *2025, the value of this security amounted to approximately $399,000 or* <br> *0.2% of net assets.*<br>|
| <sup>(3)</sup> <br>| *Current yield is disclosed. Dividends are calculated based on a percentage* <br> *of the issuer's net income.*<br>|
| <sup>(4)</sup> <br>| *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <sup>(5)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(6)</sup> <br>| *7-day current yield as of December 31, 2025 is disclosed.* |
| <sup>(7)</sup> <br>| *Investment of cash collateral received from securities lending activities.* |
| <sup>(8)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(9)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| ETF – Exchange-Traded Fund |
| MSCI – Morgan Stanley Capital International |

---

NORTHERN FUNDS QUARTERLY REPORT **2** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ACTIVE M EMERGING MARKETS EQUITY FUND continued** <br>

NVDR – Non-Voting Depositary Receipt <br>S&P – Standard & Poor's

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; MSCI <br> Emerging <br> Markets Index <br> (United States <br> Dollar)<br>| 67 | $4728 | Long | 3/26 | $110 |

---

At December 31, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Information Technology | 25.6<br> %<br>|
| Financials | 23.4 |
| Consumer Discretionary | 11.4 |
| Industrials | 9.5 |
| Communication Services | 9.2 |
| Materials | 6.0 |
| Consumer Staples | 5.0 |
| Real Estate | 2.4 |
| Energy | 1.9 |
| Health Care | 1.6 |
| Utilities | 0.2 |
| Short-Term Investments | 3.9 |
| Total Investments | 100.1 |
| Liabilities less Other Assets | (0.1)<br>|
| Net Assets | 100.0<br> %<br>|

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar

securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on December 31, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their categorization as Level 2 investments. <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | &nbsp;&nbsp; $1112 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; 1468 | &nbsp;&nbsp; 5940 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; 4368 | &nbsp;&nbsp; 29169 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt | &nbsp;&nbsp; 1464 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp; 241 | &nbsp;&nbsp; 19284 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp; 10113 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | &nbsp;&nbsp; 6659 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp; 477 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 1748 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 93804 | &nbsp;&nbsp; — | &nbsp;&nbsp; 93804 |
| Total Common Stocks | &nbsp;&nbsp; 28810 | &nbsp;&nbsp; 148197 | &nbsp;&nbsp; — | &nbsp;&nbsp; 177007 |
| Preferred Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; 3498 | &nbsp;&nbsp; 1526 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| Total Preferred Stocks | &nbsp;&nbsp; 3498 | &nbsp;&nbsp; 1526 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5028 |
| Investment Companies | &nbsp;&nbsp; 9033 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9033 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 123 | &nbsp;&nbsp; — | &nbsp;&nbsp; 123 |
| Total Investments | &nbsp;&nbsp; $41341 | &nbsp;&nbsp; $149846 | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $191191 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $110 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $110 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

EQUITY FUNDS **3** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $18024 | $17648 | $1 <br><sup>(1)</sup><br>| $376 | 375887 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 4733 | 76269 | 74126 | 153 | 6876 | 6875510 |
| Total | $4733 | $94293 | $91774 | $154 | $7252 | 7251397 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

NORTHERN FUNDS QUARTERLY REPORT **4** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ACTIVE M INTERNATIONAL EQUITY FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.3%** <sup>(1)</sup> | **COMMON STOCKS – 94.3%** <sup>(1)</sup> | **COMMON STOCKS – 94.3%** <sup>(1)</sup> |
| **Australia – 1.2%** | **Australia – 1.2%** | **Australia – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMP Ltd. | 302087 | $364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ansell Ltd. | 9941 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. | 16973 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austal Ltd.\* | 53325 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bendigo & Adelaide Bank Ltd. | 34899 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Group | 27531 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magellan Financial Group Ltd. | 55547 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medibank Pvt Ltd. | 169124 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OceanaGold Corp. | 40695 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orica Ltd. | 32668 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paladin Energy Ltd.\* | 41053 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ramelius Resources Ltd. | 302102 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | 4499 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sandfire Resources Ltd.\* | 42261 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventia Services Group Pty. Ltd. | 101505 | 402 |
|  |  | **7213** |
| **Austria – 0.7%** | **Austria – 0.7%** | **Austria – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ams-OSRAM A.G.\* | 17404 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BAWAG Group A.G.\* | 4892 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DO & CO A.G. | 1026 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank A.G. | 18392 | 2213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mondi PLC | 62809 | 766 |
|  |  | **4133** |
| **Belgium – 1.1%** | **Belgium – 1.1%** | **Belgium – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ageas S.A./N.V. | 19161 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev S.A./N.V. | 29314 | 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colruyt Group N.V | 5692 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBC Group N.V. | 8547 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proximus S.A.DP | 37891 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syensqo S.A. | 14455 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Umicore S.A. | 21804 | 455 |
|  |  | **6477** |
| **Brazil – 1.7%** | **Brazil – 1.7%** | **Brazil – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ambev S.A. | 457997 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lojas Renner S.A.\* | 243762 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 1511 | 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natura Cosmeticos S.A.\* | 394843 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd., Class A\* | 209819 | 3512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telefonica Brasil S.A.\* | 183465 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultrapar Participacoes S.A. | 152047 | 580 |
|  |  | **10517** |
| **Canada – 4.3%** | **Canada – 4.3%** | **Canada – 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp. | 72396 | 445 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  |
| **Canada – 4.3%continued** | **Canada – 4.3%continued** | **Canada – 4.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aritzia, Inc.\* | 5709 | $488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 43985 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bird Construction, Inc. | 11506 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boardwalk Real Estate Investment Trust | 6988 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boralex, Inc., Class A | 10297 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | 68676 | 2326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 30476 | 2244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. (New <br> York Exchange)<br>| 49652 | 3656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Tire Corp. Ltd., Class A | 4735 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc.\* | 1377 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CES Energy Solutions Corp. | 36176 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colliers International Group, Inc. | 1825 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. | 275 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DPM Metals, Inc. | 44897 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enerflex Ltd. | 28277 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finning International, Inc. | 12043 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gildan Activewear, Inc. | 4749 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Headwater Exploration, Inc. | 64092 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc. | 20774 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinaxis, Inc.\* | 2502 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methanex Corp. | 10423 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd. | 17452 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quebecor, Inc., Class B | 7824 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | 2608 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc., Class A\* | 20184 | 3249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stantec, Inc. | 8401 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) | 6330 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vermilion Energy, Inc. | 35729 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitecap Resources, Inc. | 76333 | 640 |
|  |  | **25836** |
| **China – 1.6%** | **China – 1.6%** | **China – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. | 17289 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baidu, Inc., Class A\* | 91419 | 1499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOC Aviation Ltd. | 76000 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Mengniu Dairy Co. Ltd. | 328616 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Ruyi Holdings Ltd.\* | 632000 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexteer Automotive Group Ltd. | 360000 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | 77219 | 5917 |
|  |  | **9543** |
| **Denmark – 1.3%** | **Denmark – 1.3%** | **Denmark – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FLSmidth & Co. A/S | 4226 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ISS A/S | 10358 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jyske Bank A/S (Registered) | 3615 | 494 |

---

EQUITY FUNDS **5** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  |
| **Denmark – 1.3%continued** | **Denmark – 1.3%continued** | **Denmark – 1.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netcompany Group A/S<sup>\* †</sup> <br>| 5440 | $305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 95773 | 4882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Unibrew A/S | 4101 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tryg A/S | 35088 | 918 |
|  |  | **7618** |
| **Finland – 0.6%** | **Finland – 0.6%** | **Finland – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Konecranes OYJ | 6598 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ | 261998 | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp | 47412 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ, Class B | 3796 | 283 |
|  |  | **3599** |
| **France – 9.2%** | **France – 9.2%** | **France – 9.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alstom S.A.\* | 167561 | 4960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arkema S.A. | 10014 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AXA S.A. | 50313 | 2420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ayvens S.A. | 24324 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas S.A. | 59464 | 5627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capgemini S.E. | 13367 | 2214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carrefour S.A. | 70971 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain S.A. | 41039 | 4166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covivio S.A./France | 6330 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danone S.A. | 5994 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eiffage S.A. | 3630 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elis S.A. | 16377 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engie S.A. | 94723 | 2491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ipsen S.A. | 2607 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kering S.A. | 17645 | 6226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klepierre S.A. | 13963 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton S.E. | 1146 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange S.A. | 132007 | 2202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renault S.A. | 18131 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safran S.A. | 18855 | 6561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale S.A. | 72185 | 5816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sopra Steria Group | 1761 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPIE S.A. | 10699 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technip Energies N.V. | 10961 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies S.E. | 52519 | 3423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valeo S.E. | 45485 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vinci S.A. | 3801 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virbac S.A.CA | 653 | 273 |
|  |  | **55486** |
| **Germany – 7.6%** | **Germany – 7.6%** | **Germany – 7.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aumovio S.E.\* | 7307 | 368 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  |
| **Germany – 7.6%continued** | **Germany – 7.6%continued** | **Germany – 7.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BASF S.E. | 30726 | $1605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bechtle A.G. | 5577 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bilfinger S.E. | 3182 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brenntag S.E. | 5438 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental A.G. | 10082 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTS Eventim A.G. & Co. KGaA | 2944 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding A.G. | 35153 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank A.G. (Registered) | 33477 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse A.G. | 8974 | 2357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom A.G. (Registered) | 84954 | 2756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E.ON S.E. | 35915 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries A.G. | 52034 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freenet A.G. | 11264 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresenius S.E. & Co. KGaA | 34779 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEA Group A.G. | 5063 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies A.G. | 64429 | 2855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KION Group A.G. | 3961 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group A.G. | 8817 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordex S.E.\* | 12088 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall A.G. | 1286 | 2358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RTL Group S.A.<sup>†</sup> <br>| 8150 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAP S.E. | 35762 | 8750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scout24 S.E. | 3913 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy A.G.\* | 82774 | 11698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUSS MicroTec S.E. | 4915 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAG Immobilien A.G. | 27047 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TUI A.G.\* | 46512 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wacker Chemie A.G. | 4158 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zalando S.E.\* | 14630 | 434 |
|  |  | **45887** |
| **Greece – 0.1%** | **Greece – 0.1%** | **Greece – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurobank S.A. | 122554 | **491** |
| **Guatemala – 0.1%** | **Guatemala – 0.1%** | **Guatemala – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millicom International Cellular S.A. | 9329 | **517** |
| **Hong Kong – 1.4%** | **Hong Kong – 1.4%** | **Hong Kong – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 67600 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASMPT Ltd. | 70859 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 177226 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HKT Trust & HKT Ltd. | 374000 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Melco Resorts & Entertainment Ltd. <br> ADR\*<br>| 30321 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC | 275251 | 4247 |

---

NORTHERN FUNDS QUARTERLY REPORT **6** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ACTIVE M INTERNATIONAL EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  |
| **Hong Kong – 1.4%continued** | **Hong Kong – 1.4%continued** | **Hong Kong – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd.<sup>(2)</sup> <br>| 615442 | $685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yue Yuen Industrial Holdings Ltd. | 192667 | 395 |
|  |  | **8402** |
| **India – 0.6%** | **India – 0.6%** | **India – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canara Bank | 379046 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd. ADR | 101445 | 3023 |
|  |  | **3676** |
| **Indonesia – 0.2%** | **Indonesia – 0.2%** | **Indonesia – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Mandiri Persero Tbk PT | 1056100 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero Tbk PT | 3188843 | 836 |
|  |  | **1159** |
| **Ireland – 1.0%** | **Ireland – 1.0%** | **Ireland – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC | 138401 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC (Irish Stock Exchange) | 451 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC (London Exchange) | 139802 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC | 97872 | 1867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cairn Homes PLC | 106599 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glanbia PLC | 42389 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kerry Group PLC, Class A | 3930 | 360 |
|  |  | **6225** |
| **Israel – 0.4%** | **Israel – 0.4%** | **Israel – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel B.M. | 40964 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd.\* | 2990 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Industries Ltd. <br> ADR\*<br>| 36323 | 1134 |
|  |  | **2376** |
| **Italy – 3.3%** | **Italy – 3.3%** | **Italy – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azimut Holding S.p.A. | 11663 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banca Generali S.p.A. | 4535 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPER Banca S.p.A. | 124909 | 1689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC A.G. - CDI\* | 5515 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; De' Longhi S.p.A. | 8021 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enel S.p.A. | 198671 | 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eni S.p.A. | 99162 | 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrari N.V. | 6175 | 2299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iren S.p.A. | 116869 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lottomatica Group S.p.A. | 35143 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maire S.p.A. | 19180 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prysmian S.p.A. | 8164 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reply S.p.A. | 2355 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC | 14860 | 516 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  |
| **Italy – 3.3%continued** | **Italy – 3.3%continued** | **Italy – 3.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniCredit S.p.A. | 83289 | $6914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Webuild S.p.A. | 53845 | 216 |
|  |  | **19699** |
| **Ivory Coast – 0.1%** | **Ivory Coast – 0.1%** | **Ivory Coast – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining PLC | 13390 | **690** |
| **Japan – 13.0%** | **Japan – 13.0%** | **Japan – 13.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABC-Mart, Inc. | 12300 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alfresa Holdings Corp. | 26313 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alps Alpine Co. Ltd. | 11059 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amada Co. Ltd. | 32400 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anritsu Corp. | 20400 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anycolor, Inc. | 10400 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azbil Corp. | 28200 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BIPROGY, Inc. | 24000 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chiba Bank (The) Ltd. | 125940 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | 6600 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Saison Co. Ltd. | 18800 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daicel Corp. | 32100 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 46036 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dentsu Group, Inc.<sup>\* †</sup> <br>| 42730 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dentsu Soken, Inc. | 16200 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ebara Corp. | 16800 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eisai Co. Ltd. | 21856 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. | 44100 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. | 85900 | 3343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food & Life Cos. Ltd. | 7300 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuji Corp. | 13300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Yuasa Corp. | 15100 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hakuhodo DY Holdings, Inc. | 48100 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hino Motors Ltd.\* | 67824 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 154372 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horiba Ltd. | 8470 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ibiden Co. Ltd. | 15600 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INFRONEER Holdings, Inc. | 33000 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 10021 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. | 27483 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Hotel REIT Investment Corp. | 527 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Post Insurance Co. Ltd. | 48810 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JGC Holdings Corp. | 46180 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kandenko Co. Ltd. | 15900 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaneka Corp. | 5800 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. | 67600 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinden Corp. | 9100 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koito Manufacturing Co. Ltd. | 64580 | 955 |

---

EQUITY FUNDS **7** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  |
| **Japan – 13.0%continued** | **Japan – 13.0%continued** | **Japan – 13.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kubota Corp. | 103300 | $1459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kyushu Electric Power Co., Inc. | 28700 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lion Corp. | 22800 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mebuki Financial Group, Inc. | 93600 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meidensha Corp. | 6100 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 62376 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Gas Chemical Co., Inc. | 34600 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. | 203000 | 4972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 49900 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui E&S Co. Ltd. | 8900 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 78400 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui Kinzoku Co. Ltd. | 7200 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morinaga Milk Industry Co. Ltd. | 10300 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | 23900 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NHK Spring Co. Ltd. | 22900 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nikon Corp. | 34036 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 49966 | 3375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Electric Glass Co. Ltd. | 9900 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Shinyaku Co. Ltd. | 7600 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Television Holdings, Inc. | 18252 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissan Chemical Corp. | 9300 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd.<sup>\* †</sup> <br>| 230678 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissui Corp. | 49300 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nitto Boseki Co. Ltd. | 8100 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. | 10800 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. | 19200 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ono Pharmaceutical Co. Ltd. | 13938 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open House Group Co. Ltd. | 18600 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAL GROUP Holdings Co. Ltd. | 17000 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Persol Holdings Co. Ltd. | 697230 | 1292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. | 308300 | 4222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. | 166917 | 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resorttrust, Inc. | 23700 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rinnai Corp. | 22598 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rohm Co. Ltd. | 79928 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sankyo Co. Ltd. | 28900 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sankyu, Inc. | 4400 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santen Pharmaceutical Co. Ltd. | 23900 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanwa Holdings Corp. | 17400 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sawai Group Holdings Co. Ltd. | 19400 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sega Sammy Holdings, Inc. | 18920 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. | 7700 | 2681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. | 50100 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 31700 | 810 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  |
| **Japan – 13.0%continued** | **Japan – 13.0%continued** | **Japan – 13.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stanley Electric Co. Ltd. | 22649 | $446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 46342 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sugi Holdings Co. Ltd. | 11600 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Bakelite Co. Ltd. | 7900 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Heavy Industries Ltd. | 15783 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 50700 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. | 61034 | 1855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Rubber Industries Ltd. | 30677 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SWCC Corp. | 5400 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings, Inc. | 91231 | 2102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiheiyo Cement Corp. | 20581 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | 42682 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THK Co. Ltd. | 15066 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Ohka Kogyo Co. Ltd. | 12900 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Seimitsu Co. Ltd. | 5400 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Tatemono Co. Ltd. | 15400 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyu Fudosan Holdings Corp. | 44900 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyo Suisan Kaisha Ltd. | 13300 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyo Tire Corp. | 14000 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyoda Gosei Co. Ltd. | 12200 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tsumura & Co. | 10500 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tsuruha Holdings, Inc. | 40035 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yamaguchi Financial Group, Inc. | 32100 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yamato Holdings Co. Ltd. | 51180 | 721 |
|  |  | **78627** |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal S.A. | 12281 | **559** |
| **Mexico – 0.2%** | **Mexico – 0.2%** | **Mexico – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; America Movil S.A.B. de C.V., Class B | 1343261 | **1387** |
| **Netherlands – 6.0%** | **Netherlands – 6.0%** | **Netherlands – 6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank N.V. - C.V.A. | 67426 | 2354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adyen N.V.\* | 2221 | 3564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akzo Nobel N.V. | 37715 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASM International N.V. | 4479 | 2700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding N.V. | 605 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding N.V. (Registered) | 5629 | 6022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland N.V. | 6427 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BE Semiconductor Industries N.V. | 2367 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euronext N.V. | 9424 | 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heineken N.V. | 41295 | 3378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ING Groep N.V. | 116383 | 3272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize N.V. | 10673 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Heijmans N.V. - CVA | 3147 | 249 |

---

NORTHERN FUNDS QUARTERLY REPORT **8** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ACTIVE M INTERNATIONAL EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  |
| **Netherlands – 6.0%continued** | **Netherlands – 6.0%continued** | **Netherlands – 6.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN N.V. | 117429 | $549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips N.V. | 164362 | 4448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NN Group N.V. | 37072 | 2854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Randstad N.V. | 20656 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer N.V. | 4187 | 435 |
|  |  | **36552** |
| **Norway – 0.1%** | **Norway – 0.1%** | **Norway – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 19200 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salmar ASA | 4794 | 294 |
|  |  | **442** |
| **Pakistan – 0.0%** | **Pakistan – 0.0%** | **Pakistan – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VEON Ltd. ADR\* | 4930 | **259** |
| **Russia – 0.0%** | **Russia – 0.0%** | **Russia – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gazprom PJSC ADR<sup>(3) (4) \*</sup> <br>| 54380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LUKOIL PJSC ADR<sup>(3) (4) \*</sup> <br>| 4766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobile TeleSystems PJSC ADR<sup>(3) (4) \*</sup> <br>| 64508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC<sup>(3) (4)</sup> <br>| 186456 |  |
|  |  | **—** |
| **Singapore – 1.6%** | **Singapore – 1.6%** | **Singapore – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keppel DC REIT | 176900 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. | 64800 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SATS Ltd. | 92500 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. ADR\* | 48249 | 6155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sheng Siong Group Ltd. | 118500 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. | 30300 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. | 45000 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UOL Group Ltd. | 54700 | 372 |
|  |  | **9971** |
| **South Africa – 0.6%** | **South Africa – 0.6%** | **South Africa – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC | 20763 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN Group Ltd. | 138486 | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Mutual Ltd. | 990073 | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scatec ASA\* | 24849 | 262 |
|  |  | **3423** |
| **South Korea – 3.6%** | **South Korea – 3.6%** | **South Korea – 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Classys, Inc. | 9968 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupang, Inc.\* | 141622 | 3341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coway Co. Ltd. | 4505 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daewoong Pharmaceutical Co. Ltd. | 2114 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hankook Tire & Technology Co. Ltd. | 9350 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD-Hyundai Marine Engine\* | 4584 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyosung Heavy Industries Corp. | 178 | 218 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  |
| **South Korea – 3.6%continued** | **South Korea – 3.6%continued** | **South Korea – 3.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co. Ltd. | 5522 | $1431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Rotem Co. Ltd. | 2429 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iljin Electric Co. Ltd. | 6580 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IsuPetasys Co. Ltd. | 6339 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JB Financial Group Co. Ltd. | 18818 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group, Inc. | 15556 | 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIWOOM Securities Co. Ltd. | 1559 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KT Corp. ADR | 55594 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LEENO Industrial, Inc.\* | 8305 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LG Innotek Co. Ltd. | 1614 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netmarble Corp. | 7189 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poongsan Corp. | 5776 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung E&A Co. Ltd. | 10606 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 47894 | 3992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Fire & Marine Insurance Co. <br> Ltd.<br>| 1994 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanil Electric Co. Ltd. | 3588 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group Co. Ltd. | 56495 | 3015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silicon2 Co. Ltd.\* | 6723 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Telecom Co. Ltd. | 34492 | 1281 |
|  |  | **21636** |
| **Spain – 0.8%** | **Spain – 0.8%** | **Spain – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group S.A. | 8080 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATALAYA MINING COPPER S.A. | 27186 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bankinter S.A. | 54723 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indra Sistemas S.A.<sup>†</sup> <br>| 14439 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil S.A. | 14020 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Logista Integral S.A. | 7190 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mapfre S.A. | 118293 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merlin Properties Socimi S.A. | 33569 | 489 |
|  |  | **4889** |
| **Sweden – 0.9%** | **Sweden – 0.9%** | **Sweden – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avanza Bank Holding AB | 13117 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hexagon AB, Class B | 115655 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCC AB, Class B | 13049 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SKF AB, Class B | 55996 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Storskogen Group AB, Class B | 209811 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, <br> Class B<br>| 140609 | 1373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wihlborgs Fastigheter AB | 30370 | 300 |
|  |  | **5609** |
| **Switzerland – 2.3%** | **Switzerland – 2.3%** | **Switzerland – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Registered) | 10803 | 799 |

---

EQUITY FUNDS **9** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  |
| **Switzerland – 2.3%continued** | **Switzerland – 2.3%continued** | **Switzerland – 2.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelleron Industries A.G. | 6107 | $474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adecco Group A.G. (Registered) | 35076 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avolta A.G.\* | 5061 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DKSH Holding A.G. | 3210 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EFG International A.G.\* | 11231 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galenica A.G. | 6954 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kardex Holding A.G. (Registered) | 566 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On Holding A.G., Class A\* | 7649 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSP Swiss Property A.G. (Registered) | 3143 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sportradar Group A.G., Class A\* | 11948 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sulzer A.G. (Registered) | 2857 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swatch Group (The) A.G. (Bearer) | 5183 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swissquote Group Holding S.A. <br> (Registered)<br>| 1346 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Temenos A.G. (Registered) | 3856 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group A.G. (Registered) | 126277 | 5837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ypsomed Holding A.G. (Registered) | 478 | 197 |
|  |  | **14221** |
| **Taiwan – 1.9%** | **Taiwan – 1.9%** | **Taiwan – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd.<br>| 212731 | 10393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd. ADR<br>| 4022 | 1222 |
|  |  | **11615** |
| **Thailand – 0.3%** | **Thailand – 0.3%** | **Thailand – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL (Registered) | 168237 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL NVDR | 156944 | 969 |
|  |  | **2007** |
| **Turkey – 0.0%** | **Turkey – 0.0%** | **Turkey – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Icecek A.S. | 75992 | **104** |
| **United Kingdom – 15.8%** | **United Kingdom – 15.8%** | **United Kingdom – 15.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC | 88416 | 3847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 51568 | 9498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group PLC | 36925 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Babcock International Group PLC | 34780 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC | 331468 | 7620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balfour Beatty PLC | 54267 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC | 594073 | 3771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barratt Redrow PLC | 46009 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beazley PLC | 91647 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkeley Group Holdings PLC | 16836 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC | 111422 | 6315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British Land (The) Co. PLC | 199818 | 1081 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 15.8%continued** | **United Kingdom – 15.8%continued** | **United Kingdom – 15.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BT Group PLC | 592064 | $1464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bunzl PLC | 13540 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burberry Group PLC\* | 49551 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. | 143384 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC | 25764 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Computacenter PLC | 8363 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convatec Group PLC | 103639 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cranswick PLC | 5095 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currys PLC | 221353 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCC PLC | 14640 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC | 99322 | 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drax Group PLC | 37658 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyJet PLC | 217085 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entain PLC | 30460 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Games Workshop Group PLC | 1415 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genus PLC | 6978 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harbour Energy PLC | 119220 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC | 27828 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICG PLC | 11425 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IG Group Holdings PLC | 44278 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IMI PLC | 9555 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inchcape PLC | 31051 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indivior PLC\* | 10071 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Informa PLC | 67499 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investec PLC | 39454 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury PLC | 125347 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JET2 PLC | 11908 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC | 229034 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group PLC | 99670 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | 2802 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LondonMetric Property PLC | 139964 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marex Group PLC | 8610 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitie Group PLC | 113069 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC | 197063 | 3037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC | 231411 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OSB Group PLC | 38691 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pearson PLC | 50791 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 75193 | 6088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RELX PLC | 52761 | 2150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (London Exchange) | 24090 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rightmove PLC | 45582 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC | 734575 | 11418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segro PLC | 142946 | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC | 50447 | 840 |

---

NORTHERN FUNDS QUARTERLY REPORT **10** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ACTIVE M INTERNATIONAL EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 15.8%continued** | **United Kingdom – 15.8%continued** | **United Kingdom – 15.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC | 14073 | $443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Softcat PLC | 11541 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. James's Place PLC | 26681 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC | 217215 | 5305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tate & Lyle PLC | 85867 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC | 192988 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trainline PLC\* | 75461 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tritax Big Box REIT PLC | 143842 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNITE Group (The) PLC | 64655 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watches of Switzerland Group PLC\* | 36470 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weir Group (The) PLC | 22288 | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WPP PLC | 154511 | 698 |
|  |  | **95447** |
| **United States – 10.6%** | **United States – 10.6%** | **United States – 10.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aon PLC, Class A | 6031 | 2128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.\* | 38968 | 3738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 40 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 803930 | 4667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BRP, Inc. | 5100 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buzzi S.p.A. | 10861 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\* | 90529 | 2765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Experian PLC | 49822 | 2253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 13608 | 3029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 151674 | 3727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC | 95233 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IMAX Corp.\* | 13845 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kiniksa Pharmaceuticals International <br> PLC\*<br>| 6526 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 5963 | 2543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 11225 | 1656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novartis A.G. (Registered) | 6034 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 37935 | 6085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QIAGEN N.V. | 7188 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roche Holding A.G. (Genusschein) | 11525 | 4763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanofi S.A. | 53011 | 5143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric S.E. | 3666 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC | 15747 | 4337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 122054 | 4483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | 50499 | 1953 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.3%** <sup>(1)</sup>**continued**  |
| **United States – 10.6%continued** | **United States – 10.6%continued** | **United States – 10.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology S.A.\* | 7187 | $4174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. (New York <br> Stock Exchange)<br>| 12205 | 2140 |
|  |  | **64248** |
| **Total Common Stocks** |  |  |
| **(Cost $411,128)** |  | **570540** |
| **PREFERRED STOCKS – 0.8%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.8%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.8%** <sup>(1)</sup> |
| **Brazil – 0.3%** | **Brazil – 0.3%** | **Brazil – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco S.A. ADR\* | 589683 | 1964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raizen S.A., 0.71%\* | 955571 | 140 |
|  |  | **2104** |
| **Germany – 0.5%** | **Germany – 0.5%** | **Germany – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henkel A.G. & Co. KGaA, 2.92%<sup>(5)</sup> <br>| 12591 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volkswagen A.G., 6.11%<sup>(5)</sup> <br>| 14127 | 1718 |
|  |  | **2747** |
| **Total Preferred Stocks** |  |  |
| **(Cost $4,621)** |  | **4851** |
| **INVESTMENT COMPANIES – 3.9%**  | **INVESTMENT COMPANIES – 3.9%**  | **INVESTMENT COMPANIES – 3.9%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | 10873 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(6) (7) (8)</sup> <br>| 346783 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(6) (7)</sup> <br>| 21307477 | 21307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard FTSE Developed Markets ETF | 10209 | 638 |
| **Total Investment Companies** |  |  |
| **(Cost $23,169)** |  | **23265** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQUITY FUNDS **11** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.0%**  | **SHORT-TERM INVESTMENTS – 0.0%**  | **SHORT-TERM INVESTMENTS – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 5/7/26<sup>(9) (10)</sup> <br>| $348 | $344 |
| **Total Short-Term Investments** |  |  |
| **(Cost $343)** |  | **344** |
| **Total Investments – 99.0%** |  |  |
| **(Cost $439,261)** |  | **599000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 1.0% |  | 5948 |
| **Net Assets – 100.0%** |  | **$604948** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Adjustment factors obtained from an independent evaluation service were* *used to determine the value of certain foreign securities.* 

<sup>(2)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At December 31,* *2025, the value of this security amounted to approximately $685,000 or* *0.1% of net assets.* 

<sup>(3)</sup> *Restricted security. At December 31, 2025, the value of these restricted* *securities amounted to $0 or 0.0% of net assets. Additional information on* *these restricted securities are as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| Gazprom PJSC ADR | 9/27/17-12/29/21 | &nbsp;&nbsp; $242 |
| LUKOIL PJSC ADR | 9/27/17-2/9/22 | &nbsp;&nbsp; 254 |
| Mobile TeleSystems PJSC ADR | 1/28/22-2/11/22 | &nbsp;&nbsp; 498 |
| Sberbank of Russia PJSC | 1/3/19-11/25/20 | &nbsp;&nbsp; 625 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(4)</sup> <br>| *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <sup>(5)</sup> <br>| *Current yield is disclosed. Dividends are calculated based on a percentage* <br> *of the issuer's net income.*<br>|
| <sup>(6)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(7)</sup> <br>| *7-day current yield as of December 31, 2025 is disclosed.* |
| <sup>(8)</sup> <br>| *Investment of cash collateral received from securities lending activities.* |
| <sup>(9)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(10)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| CDI – CREST Depository Interest |
| EAFE – Europe, Australasia and the Far East |

---

---

| |
|:---|
| ETF – Exchange-Traded Fund |
| FTSE – Financial Times Stock Exchange |
| MSCI – Morgan Stanley Capital International |
| NVDR – Non-Voting Depositary Receipt |

---

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; MSCI EAFE <br> Index <br> (United States <br> Dollar)<br>| 91 | $13205 | Long | 3/26 | $92 |

---

At December 31, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Financials | 22.1<br> %<br>|
| Industrials | 19.1 |
| Information Technology | 11.7 |
| Consumer Discretionary | 10.0 |
| Health Care | 7.7 |
| Consumer Staples | 6.6 |
| Communication Services | 6.2 |
| Materials | 4.7 |
| Energy | 3.4 |
| Real Estate | 2.2 |
| Utilities | 1.7 |
| Short-Term Investments | 3.6 |
| Total Investments | 99.0 |
| Other Assets less Liabilities | 1.0 |
| Net Assets | 100.0<br> %<br>|

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on December 31, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in

NORTHERN FUNDS QUARTERLY REPORT **12** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **ACTIVE M INTERNATIONAL EQUITY FUND continued**  | **December 31, 2025 (UNAUDITED)**  |

---

their categorization as Level 2 investments. <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | &nbsp;&nbsp; $1153 | &nbsp;&nbsp; $6060 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; 6556 | &nbsp;&nbsp; 3961 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; 25836 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 45570 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guatemala | &nbsp;&nbsp; 517 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 7467 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp; 3023 | &nbsp;&nbsp; 653 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp; 1501 | &nbsp;&nbsp; 4724 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp; 1134 | &nbsp;&nbsp; 1242 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivory Coast | &nbsp;&nbsp; 690 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp; 1387 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; 6022 | &nbsp;&nbsp; 30530 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pakistan | &nbsp;&nbsp; 259 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 259 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp; $6155 | &nbsp;&nbsp; $3816 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp; 4396 | &nbsp;&nbsp; 17240 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 13581 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp; 1222 | &nbsp;&nbsp; 10393 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; 691 | &nbsp;&nbsp; 94756 | &nbsp;&nbsp; — | &nbsp;&nbsp; 95447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 35904 | &nbsp;&nbsp; 28344 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 203865 | &nbsp;&nbsp; — | &nbsp;&nbsp; 203865 |
| Total Common Stocks | &nbsp;&nbsp; 98338 | &nbsp;&nbsp; 472202 | &nbsp;&nbsp; — | &nbsp;&nbsp; 570540 |
| Preferred Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; 1964 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 2747 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2747 |
| Total Preferred Stocks | &nbsp;&nbsp; 1964 | &nbsp;&nbsp; 2887 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4851 |
| Investment Companies | &nbsp;&nbsp; 23265 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23265 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 344 | &nbsp;&nbsp; — | &nbsp;&nbsp; 344 |
| Total Investments | &nbsp;&nbsp; $123567 | &nbsp;&nbsp; $475433 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $599000 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $92 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $92 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $6066 | $5719 | $2 <br><sup>(1)</sup><br>| $347 | 346783 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 17420 | 188650 | 184763 | 637 | 21307 | 21307477 |
| Total | $17420 | $194716 | $190482 | $639 | $21654 | 21654260 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

EQUITY FUNDS **13** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **EMERGING MARKETS EQUITY INDEX FUND**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup> | **COMMON STOCKS – 96.6%** <sup>(1)</sup> | **COMMON STOCKS – 96.6%** <sup>(1)</sup> |
| **Australia – 0.4%** | **Australia – 0.4%** | **Australia – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglogold Ashanti PLC | 116476 | **$10005** |
| **Brazil – 3.2%** | **Brazil – 3.2%** | **Brazil – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ambev S.A. | 1103560 | 2778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axia Energia | 280700 | 2581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B3 S.A. - Brasil Bolsa Balcao\* | 1232095 | 3207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco S.A.\* | 382777 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco BTG Pactual S.A.\* | 275600 | 2630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco do Brasil S.A. | 403188 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BB Seguridade Participacoes S.A. | 168101 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caixa Seguridade Participacoes S/A | 132200 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado <br> de Sao Paulo SABESP<br>| 115805 | 2776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cia Paranaense de Energia - Copel | 239800 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPFL Energia S.A. | 50400 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embraer S.A. | 163700 | 2644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energisa S/A | 69630 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eneva S.A.\* | 219000 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engie Brasil Energia S.A. | 68946 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equatorial S.A. | 282355 | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klabin S.A. | 205712 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Localiza Rent a Car S.A.\* | 211184 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBRF Global Foods Co. S.A. | 149646 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motiva Infraestrutura de Mobilidade <br> S.A.<br>| 227500 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd., Class A\* | 785772 | 13154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro S.A. - Petrobras | 866834 | 5158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Porto Seguro S.A. | 48400 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRIO S.A.\* | 202000 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raia Drogasil S.A. ADR | 306028 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rede D'Or Sao Luiz S.A. | 190600 | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rumo S.A. | 314694 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneCo Ltd., Class A\* | 52043 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suzano S.A. | 162785 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telefonica Brasil S.A.\* | 190780 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIM S.A. | 194300 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTVS S.A.\* | 119955 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultrapar Participacoes S.A. | 172948 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale S.A. | 840913 | 10995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vibra Energia S.A. | 255565 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WEG S.A. | 392948 | 3520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XP, Inc., Class A | 93745 | 1535 |
|  |  | **76021** |
| **Chile – 0.5%** | **Chile – 0.5%** | **Chile – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco de Chile | 10404090 | 1985 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Chile – 0.5%continued** | **Chile – 0.5%continued** | **Chile – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco de Credito e Inversiones S.A. | 20743 | $1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Santander Chile | 15654755 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencosud S.A. | 277622 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empresas CMPC S.A. | 269342 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empresas Copec S.A. | 88176 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enel Americas S.A. | 4196714 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enel Chile S.A. | 5764220 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Falabella S.A. | 144329 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latam Airlines Group S.A. | 73699022 | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plaza S.A. | 182002 | 641 |
|  |  | **11059** |
| **China – 26.9%** | **China – 26.9%** | **China – 26.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 Security Technology, Inc., Class A | 89800 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 Interactive Entertainment Network <br> Technology Group Co. Ltd., Class A<br>| 19500 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3SBio, Inc.\* | 419500 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAC Technologies Holdings, Inc. | 180500 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelink Technologies Co. Ltd., Class A | 11600 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACM Research Shanghai, Inc., Class A | 3200 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro-Fabrication <br> Equipment, Inc. China, Class A<br>| 9798 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AECC Aviation Power Co. Ltd., Class A | 36300 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agricultural Bank of China Ltd., Class A | 1232100 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agricultural Bank of China Ltd., Class H | 6393367 | 4742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aier Eye Hospital Group Co. Ltd., <br> Class A<br>| 124676 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air China Ltd., Class A\* | 201200 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airtac International Group | 33765 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akeso, Inc.\* | 153000 | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. | 3998680 | 73181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Health Information Technology <br> Ltd.\*<br>| 1378000 | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aluminum Corp. of China Ltd., Class A | 170300 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aluminum Corp. of China Ltd., Class H | 847435 | 1319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amlogic Shanghai Co. Ltd., Class A\* | 6175 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angel Yeast Co. Ltd., Class A | 9100 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anhui Conch Cement Co. Ltd., Class A | 47700 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anhui Conch Cement Co. Ltd., Class H | 283575 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anhui Gujing Distillery Co. Ltd., Class A | 5400 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anhui Gujing Distillery Co. Ltd., Class B | 24200 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anhui Jianghuai Automobile Group <br> Corp. Ltd., Class A\*<br>| 31500 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anker Innovations Technology Co. Ltd., <br> Class A<br>| 10130 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANTA Sports Products Ltd. | 294232 | 3039 |

---

NORTHERN FUNDS QUARTERLY REPORT **14** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **China – 26.9%continued** | **China – 26.9%continued** | **China – 26.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APT Medical, Inc., Class A | 2900 | $101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Autohome, Inc. ADR | 15697 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avary Holding Shenzhen Co. Ltd., <br> Class A<br>| 36800 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AviChina Industry & Technology Co. <br> Ltd., Class H<br>| 733313 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BAIC BluePark New Energy Technology <br> Co. Ltd., Class A\*<br>| 57600 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baidu, Inc., Class A\* | 519232 | 8511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Beijing Co. Ltd., Class A | 267900 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Changsha Co. Ltd., Class A | 50200 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Chengdu Co. Ltd., Class A | 57700 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of China Ltd., Class A | 521900 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of China Ltd., Class H | 16588652 | 9483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Communications Co. Ltd., <br> Class A<br>| 777900 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Communications Co. Ltd., <br> Class H<br>| 1980117 | 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Hangzhou Co. Ltd., Class A | 124920 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Jiangsu Co. Ltd., Class A | 237044 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Nanjing Co. Ltd., Class A | 178096 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Ningbo Co. Ltd., Class A | 103450 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Shanghai Co. Ltd., Class A | 215871 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Suzhou Co. Ltd., Class A | 106900 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baoshan Iron & Steel Co. Ltd., Class A | 357196 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Compass Technology <br> Development Co. Ltd., Class A\*<br>| 7400 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Enlight Media Co. Ltd., Class A | 36500 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Enterprises Holdings Ltd. | 109771 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Kingsoft Office Software, Inc., <br> Class A<br>| 5789 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing New Building Materials PLC, <br> Class A<br>| 19900 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Roborock Technology Co. Ltd., <br> Class A<br>| 2651 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Tiantan Biological Products <br> Corp. Ltd., Class A<br>| 30000 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Tong Ren Tang Co. Ltd., Class A | 17800 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Wantai Biological Pharmacy <br> Enterprise Co. Ltd., Class A\*<br>| 11158 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Yanjing Brewery Co. Ltd., <br> Class A<br>| 31300 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing-Shanghai High Speed Railway <br> Co. Ltd., Class A<br>| 756700 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bestechnic Shanghai Co. Ltd., Class A | 2228 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bilibili, Inc., Class Z\* | 58391 | 1441 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **China – 26.9%continued** | **China – 26.9%continued** | **China – 26.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOC Aviation Ltd. | 45000 | $421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOC International China Co. Ltd., <br> Class A<br>| 28600 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOE Technology Group Co. Ltd., <br> Class A<br>| 456200 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bosideng International Holdings Ltd. | 1034000 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd., Class A | 74500 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd., Class H<sup>†</sup> <br>| 853296 | 10391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BYD Electronic International Co. Ltd. | 174500 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C&D International Investment Group <br> Ltd.<br>| 198650 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caitong Securities Co. Ltd., Class A | 58910 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambricon Technologies Corp. Ltd., <br> Class A\*<br>| 5731 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Securities Co. Ltd., Class A | 24400 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCOOP Group Co. Ltd., Class A\* | 289800 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGN Power Co. Ltd., Class A | 277900 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGN Power Co. Ltd., Class H | 2339000 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changchun High-Tech Industry Group <br> Co. Ltd., Class A<br>| 5100 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changjiang Securities Co. Ltd., Class A | 97000 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changzhou Xingyu Automotive Lighting <br> Systems Co. Ltd., Class A<br>| 4000 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chaozhou Three-Circle Group Co. Ltd., <br> Class A<br>| 27200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chifeng Jilong Gold Mining Co. Ltd., <br> Class A<br>| 25500 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China CITIC Bank Corp. Ltd., Class A | 141900 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China CITIC Bank Corp. Ltd., Class H | 1927286 | 1717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China CITIC Financial Asset <br> Management Co. Ltd., Class H\*<br>| 2994000 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Coal Energy Co. Ltd., Class H | 419000 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Communications Services Corp. <br> Ltd., Class H<br>| 527035 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Construction Bank Corp., Class A | 276600 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Construction Bank Corp., <br> Class H<br>| 22360693 | 22037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China CSSC Holdings Ltd., Class A | 96600 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Eastern Airlines Corp. Ltd., <br> Class A\*<br>| 277400 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Energy Engineering Corp. Ltd., <br> Class A<br>| 430300 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Everbright Bank Co. Ltd., Class A | 665900 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Feihe Ltd. | 741000 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Galaxy Securities Co. Ltd., <br> Class A<br>| 101300 | 227 |

---

EQUITY FUNDS **15** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **China – 26.9%continued** | **China – 26.9%continued** | **China – 26.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Galaxy Securities Co. Ltd., <br> Class H<br>| 846500 | $1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Gas Holdings Ltd. | 624095 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Gold International Resources <br> Corp. Ltd.<br>| 55000 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Great Wall Securities Co. Ltd., <br> Class A<br>| 59100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Greatwall Technology Group <br> Co. Ltd., Class A\*<br>| 51600 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Hongqiao Group Ltd. | 669000 | 2780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Huishan Dairy Holdings Co. Ltd., <br> Class H<sup>(2) \*</sup> <br>| 1922380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China International Capital Corp. Ltd., <br> Class A<br>| 49000 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China International Capital Corp. Ltd., <br> Class H<br>| 390400 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Jushi Co. Ltd., Class A | 52822 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Life Insurance Co. Ltd., Class A | 35600 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Life Insurance Co. Ltd., Class H | 1730544 | 6048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Literature Ltd.\* | 84600 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Longyuan Power Group Corp. <br> Ltd., Class H<br>| 557473 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Mengniu Dairy Co. Ltd. | 729870 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Merchants Bank Co. Ltd., Class A | 284679 | 1715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Merchants Bank Co. Ltd., <br> Class H<br>| 911933 | 6167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Merchants Energy Shipping Co. <br> Ltd., Class A<br>| 109700 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Merchants Expressway Network <br> & Technology Holdings Co. Ltd., <br> Class A<br>| 84400 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Merchants Port Holdings Co. Ltd. | 284067 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Merchants Securities Co. Ltd., <br> Class A<br>| 127910 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Merchants Shekou Industrial <br> Zone Holdings Co. Ltd., Class A<br>| 152700 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Minsheng Banking Corp. Ltd., <br> Class A<br>| 466840 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Minsheng Banking Corp. Ltd., <br> Class H<br>| 1573654 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China National Building Material Co. <br> Ltd., Class H<br>| 839943 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China National Chemical Engineering <br> Co. Ltd., Class A<br>| 73800 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China National Nuclear Power Co. <br> Ltd., Class A<br>| 271098 | 336 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **China – 26.9%continued** | **China – 26.9%continued** | **China – 26.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China National Software & Service Co. <br> Ltd., Class A\*<br>| 10400 | $69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Nonferrous Mining Corp. Ltd. | 313000 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Northern Rare Earth Group <br> High-Tech Co. Ltd., Class A<br>| 46100 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Oilfield Services Ltd., Class H | 416757 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Overseas Land & Investment Ltd. | 886195 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Pacific Insurance Group Co. Ltd., <br> Class A<br>| 101100 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Pacific Insurance Group Co. Ltd., <br> Class H<br>| 617737 | 2782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Petroleum & Chemical Corp., <br> Class A<br>| 516100 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Petroleum & Chemical Corp., <br> Class H<br>| 5234628 | 3136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Power International Development <br> Ltd.<br>| 960000 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Railway Group Ltd., Class A | 257500 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Railway Group Ltd., Class H | 1026827 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Railway Signal & <br> Communication Corp. Ltd., Class A<br>| 110341 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Rare Earth Resources And <br> Technology Co. Ltd., Class A\*<br>| 14300 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Resources Beer Holdings Co. Ltd. | 376448 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Resources Gas Group Ltd. | 231058 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Resources Land Ltd. | 744932 | 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Resources Microelectronics Ltd., <br> Class A<br>| 23419 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Resources Mixc Lifestyle Services <br> Ltd.<br>| 156200 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Resources Power Holdings Co. <br> Ltd.<br>| 471735 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Resources Sanjiu Medical & <br> Pharmaceutical Co. Ltd., Class A<br>| 24843 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Ruyi Holdings Ltd.<sup>\* †</sup> <br>| 2684000 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Shenhua Energy Co. Ltd., <br> Class A<br>| 89300 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Shenhua Energy Co. Ltd., <br> Class H<br>| 787636 | 3918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Southern Airlines Co. Ltd., <br> Class A\*<br>| 149900 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China State Construction Engineering <br> Corp. Ltd., Class A<br>| 534280 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China State Construction International <br> Holdings Ltd.<br>| 307600 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Taiping Insurance Holdings Co. <br> Ltd.<br>| 350704 | 842 |

---

NORTHERN FUNDS QUARTERLY REPORT **16** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **China – 26.9%continued** | **China – 26.9%continued** | **China – 26.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Three Gorges Renewables <br> Group Co. Ltd., Class A<br>| 426400 | $249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Tourism Group Duty Free Corp. <br> Ltd., Class A<br>| 29400 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Tower Corp. Ltd., Class H | 1025800 | 1522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China United Network Communications <br> Ltd., Class A<br>| 436900 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Vanke Co. Ltd., Class A\* | 87400 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Vanke Co. Ltd., Class H\* | 589372 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China XD Electric Co. Ltd., Class A | 84400 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Yangtze Power Co. Ltd., Class A | 342100 | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Zheshang Bank Co. Ltd., Class A | 252330 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chongqing Changan Automobile Co. <br> Ltd., Class A<br>| 104368 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chongqing Qianli Technology Co. Ltd., <br> Class A\*<br>| 65200 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chongqing Rural Commercial Bank Co. <br> Ltd., Class A<br>| 121400 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chongqing Rural Commercial Bank Co. <br> Ltd., Class H<br>| 577000 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chongqing Zhifei Biological Products <br> Co. Ltd., Class A<br>| 31950 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chow Tai Fook Jewellery Group Ltd. | 471800 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIC Ltd. | 982803 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citic Pacific Special Steel Group Co. <br> Ltd., Class A<br>| 70300 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIC Securities Co. Ltd., Class A | 166045 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIC Securities Co. Ltd., Class H | 367400 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMOC Group Ltd., Class A | 236400 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMOC Group Ltd., Class H | 885000 | 2178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNGR Advanced Material Co. Ltd., <br> Class A<br>| 10502 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNPC Capital Co. Ltd., Class A | 123100 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contemporary Amperex Technology <br> Co. Ltd., Class A<br>| 61640 | 3227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contemporary Amperex Technology <br> Co. Ltd., Class H<br>| 18000 | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COSCO SHIPPING Energy <br> Transportation Co. Ltd., Class A<br>| 75500 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COSCO SHIPPING Holdings Co. Ltd., <br> Class A<br>| 165880 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COSCO SHIPPING Holdings Co. Ltd., <br> Class H<br>| 615650 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRRC Corp. Ltd., Class A | 358200 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRRC Corp. Ltd., Class H | 958000 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Financial Co. Ltd., Class A | 53600 | 205 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **China – 26.9%continued** | **China – 26.9%continued** | **China – 26.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSI Solar Co. Ltd., Class A | 44662 | $95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSPC Innovation Pharmaceutical Co. <br> Ltd., Class A<br>| 15120 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSPC Pharmaceutical Group Ltd. | 1879360 | 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daqin Railway Co. Ltd., Class A | 294900 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Datang International Power Generation <br> Co. Ltd., Class A<br>| 170500 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dongfang Electric Corp. Ltd., Class A | 33800 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dongfeng Motor Group Co. Ltd., <br> Class H\*<br>| 522000 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dongxing Securities Co. Ltd., Class A | 50400 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East Money Information Co. Ltd., <br> Class A<br>| 210624 | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastroc Beverage Group Co. Ltd., <br> Class A<br>| 7320 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecovacs Robotics Co. Ltd., Class A | 8100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empyrean Technology Co. Ltd., Class A | 6300 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENN Energy Holdings Ltd. | 187579 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENN Natural Gas Co. Ltd., Class A | 31600 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eoptolink Technology, Inc. Ltd., Class A | 14520 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eve Energy Co. Ltd., Class A | 27496 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everbright Securities Co. Ltd., Class A | 49998 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everdisplay Optronics Shanghai Co. <br> Ltd., Class A\*<br>| 140978 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Far East Horizon Ltd. | 598000 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flat Glass Group Co. Ltd., Class A\* | 23600 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focus Media Information Technology <br> Co. Ltd., Class A<br>| 208900 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foshan Haitian Flavouring & Food Co. <br> Ltd., Class A<br>| 61158 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fosun International Ltd. | 546865 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Founder Securities Co. Ltd., Class A | 131800 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foxconn Industrial Internet Co. Ltd., <br> Class A<br>| 184100 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., <br> Class A<br>| 33692 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., <br> Class H<br>| 138800 | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GalaxyCore, Inc., Class A | 41118 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ganfeng Lithium Group Co. Ltd., <br> Class A<br>| 22240 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ganfeng Lithium Group Co. Ltd., <br> Class H<br>| 103600 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCL Technology Holdings Ltd.\* | 5963000 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GD Power Development Co. Ltd., <br> Class A<br>| 242200 | 175 |

---

EQUITY FUNDS **17** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **China – 26.9%continued** | **China – 26.9%continued** | **China – 26.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GDS Holdings Ltd., Class A\* | 268000 | $1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geely Automobile Holdings Ltd. | 1408641 | 3233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEM Co. Ltd., Class A | 61100 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genscript Biotech Corp.\* | 258000 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GF Securities Co. Ltd., Class A | 72793 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GF Securities Co. Ltd., Class H | 202800 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Giant Biogene Holding Co. Ltd.<sup>†</sup> <br>| 92000 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Giant Network Group Co. Ltd., Class A | 24900 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GigaDevice Semiconductor, Inc., <br> Class A<br>| 8880 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoerTek, Inc., Class A | 41300 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldwind Science & Technology Co. <br> Ltd., Class A<br>| 42100 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goneo Group Co. Ltd., Class A | 12299 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gotion High-tech Co. Ltd., Class A | 24200 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Wall Motor Co. Ltd., Class A | 35500 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Wall Motor Co. Ltd., Class H | 519796 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gree Electric Appliances, Inc. of <br> Zhuhai, Class A<br>| 38800 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guangdong Haid Group Co. Ltd., <br> Class A<br>| 22400 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guangdong HEC Technology Holding <br> Co. Ltd., Class A\*<br>| 41100 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guangdong Investment Ltd. | 662514 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guanghui Energy Co. Ltd., Class A | 80900 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guangzhou Automobile Group Co. <br> Ltd., Class A<br>| 68100 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guangzhou Baiyunshan <br> Pharmaceutical Holdings Co. Ltd., <br> Class A<br>| 19400 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guangzhou Tinci Materials Technology <br> Co. Ltd., Class A<br>| 27780 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guolian Minsheng Securities Co. Ltd., <br> Class A<br>| 87500 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guosen Securities Co. Ltd., Class A | 81200 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guotai Haitong Securities Co. Ltd. | 217638 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guotai Haitong Securities Co. Ltd., <br> Class H<br>| 421748 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guoyuan Securities Co. Ltd., Class A | 47460 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H World Group Ltd. ADR | 46928 | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haidilao International Holding Ltd. | 375000 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haier Smart Home Co. Ltd., Class A | 94797 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haier Smart Home Co. Ltd., Class H | 554800 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hainan Airlines Holding Co. Ltd., <br> Class A\*<br>| 575800 | 149 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **China – 26.9%continued** | **China – 26.9%continued** | **China – 26.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hainan Airport Infrastructure Co. Ltd., <br> Class A<br>| 122100 | $93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haisco Pharmaceutical Group Co. Ltd., <br> Class A<br>| 12400 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haitian International Holdings Ltd. | 139000 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hangzhou Chang Chuan Technology <br> Co. Ltd., Class A<br>| 8800 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hangzhou First Applied Material Co. <br> Ltd., Class A<br>| 34659 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hangzhou Silan Microelectronics Co. <br> Ltd., Class A<br>| 17200 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hangzhou Tigermed Consulting Co. <br> Ltd., Class A<br>| 6500 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hansoh Pharmaceutical Group Co. Ltd. | 354000 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henan Shenhuo Coal Industry & <br> Electricity Power Co. Ltd., Class A<br>| 34200 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henan Shuanghui Investment & <br> Development Co. Ltd., Class A<br>| 47600 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hengan International Group Co. Ltd. | 149398 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hengli Petrochemical Co. Ltd., Class A | 104160 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hengtong Optic-electric Co. Ltd., <br> Class A<br>| 37800 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hgtech Co. Ltd., Class A | 10600 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hithink RoyalFlush Information Network <br> Co. Ltd., Class A<br>| 7800 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Robotics\* | 1168800 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hoshine Silicon Industry Co. Ltd., <br> Class A<br>| 10900 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hua Hong Semiconductor Ltd., <br> Class A\*<br>| 5911 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hua Hong Semiconductor Ltd., <br> Class H<sup>\* †</sup> <br>| 169000 | 1599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huadian Power International Corp. Ltd., <br> Class A<br>| 212400 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huadong Medicine Co. Ltd., Class A | 22720 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huafon Chemical Co. Ltd., Class A | 50400 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huaibei Mining Holdings Co. Ltd., <br> Class A<br>| 33900 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huaneng Power International, Inc., <br> Class A<br>| 164000 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huaneng Power International, Inc., <br> Class H<br>| 1024501 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huaqin Technology Co. Ltd., Class A | 11000 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huatai Securities Co. Ltd., Class A | 104200 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huatai Securities Co. Ltd., Class H | 309000 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huaxia Bank Co. Ltd., Class A | 156390 | 154 |

---

NORTHERN FUNDS QUARTERLY REPORT **18** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **China – 26.9%continued** | **China – 26.9%continued** | **China – 26.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huayu Automotive Systems Co. Ltd., <br> Class A<br>| 42200 | $121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huizhou Desay Sv Automotive Co. Ltd., <br> Class A<br>| 9400 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hunan Valin Steel Co. Ltd., Class A | 101900 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hundsun Technologies, Inc., Class A | 26145 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hwatsing Technology Co. Ltd., Class A | 3786 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hygon Information Technology Co. Ltd., <br> Class A<br>| 32132 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IEIT Systems Co. Ltd., Class A | 17856 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iflytek Co. Ltd., Class A | 37000 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imeik Technology Development Co. <br> Ltd., Class A<br>| 4200 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China <br> Ltd., Class A<br>| 890400 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China <br> Ltd., Class H<br>| 15123023 | 12254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Bank Co. Ltd., Class A | 307100 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Securities Co. Ltd., Class A | 126400 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingenic Semiconductor Co. Ltd., Class A | 4200 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inner Mongolia BaoTou Steel Union <br> Co. Ltd., Class A<br>| 580400 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inner Mongolia Dian Tou Energy Corp. <br> Ltd., Class A<br>| 29200 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inner Mongolia Junzheng Energy & <br> Chemical Industry Group Co. Ltd., <br> Class A<br>| 159200 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inner Mongolia Xingye Silver&Tin <br> Mining Co. Ltd., Class A<br>| 24100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inner Mongolia Yili Industrial Group <br> Co. Ltd., Class A<br>| 77700 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inner Mongolia Yitai Coal Co. Ltd., <br> Class B<br>| 206900 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovent Biologics, Inc.\* | 339000 | 3304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Isoftstone Information Technology <br> Group Co. Ltd., Class A<br>| 8400 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JA Solar Technology Co. Ltd., Class A\* | 41916 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JCET Group Co. Ltd., Class A | 21700 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JD Health International, Inc.\* | 261100 | 1855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JD Logistics, Inc.\* | 430600 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JD.com, Inc., Class A | 553166 | 7935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Eastern Shenghong Co. Ltd., <br> Class A\*<br>| 89900 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Expressway Co. Ltd., Class H | 260000 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Hengli Hydraulic Co. Ltd., <br> Class A<br>| 16468 | 258 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **China – 26.9%continued** | **China – 26.9%continued** | **China – 26.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co. <br> Ltd., Class A<br>| 93385 | $794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Hoperun Software Co. Ltd., <br> Class A<br>| 15200 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu King's Luck Brewery JSC Ltd., <br> Class A<br>| 27100 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Yanghe Distillery Co. Ltd., <br> Class A<br>| 24500 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Yuyue Medical Equipment & <br> Supply Co. Ltd., Class A<br>| 10000 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Zhongtian Technology Co. Ltd., <br> Class A<br>| 40200 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangxi Copper Co. Ltd., Class A | 33099 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangxi Copper Co. Ltd., Class H | 236000 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jinduicheng Molybdenum Co. Ltd., <br> Class A<br>| 33100 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jinko Solar Co. Ltd., Class A\* | 139783 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JL Mag Rare-Earth Co. Ltd., Class A | 19100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kangmei Pharmaceutical Co. Ltd., <br> Class A<sup>(2) \*</sup> <br>| 4694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kanzhun Ltd. ADR | 86453 | 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KE Holdings, Inc., Class A | 479343 | 2537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingdee International Software Group <br> Co. Ltd.\*<br>| 708000 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingfa Sci & Tech Co. Ltd., Class A | 38300 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingnet Network Co. Ltd., Class A | 32000 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingsoft Corp. Ltd. | 245503 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuaishou Technology | 586500 | 4780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuang-Chi Technologies Co. Ltd., <br> Class A\*<br>| 32000 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kunlun Energy Co. Ltd. | 929230 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kunlun Tech Co. Ltd., Class A\* | 13900 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kweichow Moutai Co. Ltd., Class A | 17295 | 3406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laopu Gold Co. Ltd., Class H | 7000 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LB Group Co. Ltd., Class A | 29400 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lenovo Group Ltd. | 1884000 | 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lens Technology Co. Ltd., Class A | 80900 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Li Auto, Inc., Class A\* | 291430 | 2454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Li Ning Co. Ltd. | 546500 | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lingyi iTech Guangdong Co., Class A | 107200 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Longfor Group Holdings Ltd.<sup>†</sup> <br>| 505169 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LONGi Green Energy Technology Co. <br> Ltd., Class A\*<br>| 97669 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loongson Technology Corp. Ltd., <br> Class A\*<br>| 3800 | 72 |

---

EQUITY FUNDS **19** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **China – 26.9%continued** | **China – 26.9%continued** | **China – 26.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxshare Precision Industry Co. Ltd., <br> Class A<br>| 100705 | $813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luzhou Laojiao Co. Ltd., Class A | 21300 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mango Excellent Media Co. Ltd., <br> Class A<br>| 22070 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maxscend Microelectronics Co. Ltd., <br> Class A<br>| 6780 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meitu, Inc.\* | 807500 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meituan, Class B\* | 1154218 | 15231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metallurgical Corp. of China Ltd., <br> Class A<br>| 198300 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midea Group Co. Ltd., Class A | 54300 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midea Group Co. Ltd., Class H | 98600 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MINISO Group Holding Ltd. | 109036 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MMG Ltd.<sup>\* †</sup> <br>| 956000 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montage Technology Co. Ltd., Class A | 13959 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muyuan Foods Co. Ltd., Class A | 73978 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nanjing Securities Co. Ltd., Class A | 49300 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NARI Technology Co. Ltd., Class A | 127406 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Silicon Industry Group Co. <br> Ltd., Class A\*<br>| 54787 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAURA Technology Group Co. Ltd., <br> Class A<br>| 10105 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetEase Cloud Music, Inc.\* | 22250 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc. | 406175 | 11178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New China Life Insurance Co. Ltd., <br> Class A<br>| 26400 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New China Life Insurance Co. Ltd., <br> Class H<br>| 222452 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hope Liuhe Co. Ltd., Class A | 63200 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Oriental Education & Technology <br> Group, Inc.<br>| 316520 | 1741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexchip Semiconductor Corp., Class A | 24199 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ningbo Deye Technology Co. Ltd., <br> Class A<br>| 11134 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ningbo Orient Wires & Cables Co. <br> Ltd., Class A<br>| 9200 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ningbo Sanxing Medical Electric Co. <br> Ltd., Class A<br>| 28200 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ningbo Tuopu Group Co. Ltd., Class A | 21795 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ningxia Baofeng Energy Group Co. <br> Ltd., Class A<br>| 123600 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NIO, Inc., Class A<sup>\* †</sup> <br>| 430886 | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nongfu Spring Co. Ltd., Class H | 468400 | 2812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OFILM Group Co. Ltd., Class A\* | 51700 | 78 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **China – 26.9%continued** | **China – 26.9%continued** | **China – 26.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OmniVision Integrated Circuits Group, <br> Inc.<br>| 18135 | $326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orient Securities Co. Ltd., Class A | 102839 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc. ADR\* | 164855 | 18693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; People's Insurance Co. Group of China <br> (The) Ltd., Class A<br>| 152500 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; People's Insurance Co. Group of China <br> (The) Ltd., Class H<br>| 2050535 | 1772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PetroChina Co. Ltd., Class A | 329500 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PetroChina Co. Ltd., Class H | 4881438 | 5245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaron Beijing Co. Ltd., Class A | 19125 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PICC Property & Casualty Co. Ltd., <br> Class H<br>| 1601359 | 3357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ping An Bank Co. Ltd., Class A | 252400 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of China <br> Ltd., Class A<br>| 141935 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of China <br> Ltd., Class H<br>| 1567406 | 13185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piotech, Inc., Class A | 4201 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poly Developments and Holdings <br> Group Co. Ltd., Class A<br>| 158200 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pop Mart International Group Ltd. | 125200 | 3004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Postal Savings Bank of China Co. Ltd., <br> Class A<br>| 438300 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Postal Savings Bank of China Co. Ltd., <br> Class H<br>| 2122000 | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Construction Corp. of China Ltd., <br> Class A<br>| 233100 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qfin Holdings, Inc. ADR | 23881 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qinghai Salt Lake Industry Co. Ltd., <br> Class A\*<br>| 69700 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Range Intelligent Computing <br> Technology Group Co. Ltd., Class A<br>| 25800 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remegen Co. Ltd., Class H\* | 44000 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockchip Electronics Co. Ltd., Class A | 4100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rongsheng Petrochemical Co. Ltd., <br> Class A<br>| 129100 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAIC Motor Corp. Ltd., Class A | 89193 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sailun Group Co. Ltd., Class A | 48300 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanan Optoelectronics Co. Ltd., <br> Class A<br>| 97100 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sany Heavy Industry Co. Ltd., Class A | 116800 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Satellite Chemical Co. Ltd., Class A | 43761 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SDIC Capital Co. Ltd., Class A | 83900 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SDIC Power Holdings Co. Ltd., Class A | 107000 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seres Group Co. Ltd., Class A | 25000 | 432 |

---

NORTHERN FUNDS QUARTERLY REPORT **20** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **China – 26.9%continued** | **China – 26.9%continued** | **China – 26.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SF Holding Co. Ltd., Class A | 67800 | $371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SG Micro Corp., Class A | 7605 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shaanxi Coal Industry Co. Ltd., Class A | 128700 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shandong Gold Mining Co. Ltd., <br> Class A<br>| 45937 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shandong Gold Mining Co. Ltd., <br> Class H<br>| 223250 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shandong Himile Mechanical Science <br> & Technology Co. Ltd., Class A<br>| 11800 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shandong Hualu Hengsheng Chemical <br> Co. Ltd., Class A<br>| 27340 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shandong Nanshan Aluminum Co. Ltd., <br> Class A<br>| 175400 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shandong Sun Paper Industry JSC Ltd., <br> Class A<br>| 32500 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shandong Weigao Group Medical <br> Polymer Co. Ltd., Class H<br>| 618116 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Allist Pharmaceuticals Co. <br> Ltd., Class A<br>| 6400 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Baosight Software Co. Ltd., <br> Class A<br>| 24480 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai BOCHU Electronic <br> Technology Corp. Ltd., Class A<br>| 4236 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Electric Group Co. Ltd., <br> Class A\*<br>| 164800 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Electric Power Co. Ltd., <br> Class A<br>| 38500 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Fosun Pharmaceutical Group <br> Co. Ltd., Class A<br>| 25300 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai International Airport Co. Ltd., <br> Class A<br>| 17200 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Pharmaceuticals Holding Co. <br> Ltd., Class A<br>| 37200 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Pudong Development Bank <br> Co. Ltd., Class A<br>| 448492 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Putailai New Energy <br> Technology Group Co. Ltd.<br>| 25752 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai RAAS Blood Products Co. <br> Ltd., Class A<br>| 94600 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Rural Commercial Bank Co. <br> Ltd., Class A<br>| 113200 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai United Imaging Healthcare <br> Co. Ltd., Class A<br>| 10770 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Zhangjiang High-Tech Park <br> Development Co. Ltd., Class A<br>| 16400 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanjin International Gold Co. Ltd., <br> Class A<br>| 38800 | 134 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **China – 26.9%continued** | **China – 26.9%continued** | **China – 26.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanxi Coking Coal Energy Group Co. <br> Ltd., Class A<br>| 79120 | $73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanxi Lu'an Environmental Energy <br> Development Co. Ltd., Class A<br>| 36200 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanxi Xinghuacun Fen Wine Factory <br> Co. Ltd., Class A<br>| 17060 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sharetronic Data Technology Co. Ltd., <br> Class A<br>| 4800 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenergy Co. Ltd., Class A | 41700 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shengyi Electronics Co. Ltd., Class A | 9600 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shengyi Technology Co. Ltd., Class A | 38900 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shennan Circuits Co. Ltd., Class A | 9724 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenwan Hongyuan Group Co. Ltd., <br> Class A<br>| 328200 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Envicool Technology Co. Ltd., <br> Class A<br>| 13700 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Everwin Precision <br> Technology Co. Ltd., Class A<br>| 20500 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Goodix Technology Co. Ltd., <br> Class A<br>| 5000 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Inovance Technology Co. <br> Ltd., Class A<br>| 18900 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Kinwong Electronic Co. Ltd., <br> Class A<br>| 11500 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Longsys Electronics Co. Ltd., <br> Class A\*<br>| 4800 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Mindray Bio-Medical <br> Electronics Co. Ltd., Class A<br>| 16600 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen New Industries Biomedical <br> Engineering Co. Ltd., Class A<br>| 9800 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Salubris Pharmaceuticals Co. <br> Ltd., Class A<br>| 17700 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Transsion Holdings Co. Ltd., <br> Class A<br>| 14547 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhou International Group Holdings <br> Ltd.<br>| 190800 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sichuan Biokin Pharmaceutical Co. Ltd., <br> Class A\*<br>| 3200 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sichuan Changhong Electric Co. Ltd., <br> Class A<br>| 91100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sichuan Chuantou Energy Co. Ltd., <br> Class A<br>| 56000 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sichuan Kelun Pharmaceutical Co. Ltd., <br> Class A<br>| 23200 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sichuan Kelun-Biotech <br> Biopharmaceutical Co. Ltd., Class H\*<br>| 11700 | 588 |

---

EQUITY FUNDS **21** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **China – 26.9%continued** | **China – 26.9%continued** | **China – 26.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sichuan Road and Bridge Group Co. <br> Ltd., Class A<br>| 101600 | $145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sino Biopharmaceutical Ltd. | 2397750 | 1899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sinolink Securities Co. Ltd., Class A | 33900 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sinoma Science & Technology Co. Ltd., <br> Class A<br>| 23800 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sinopharm Group Co. Ltd., Class H | 301114 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sinotruk Hong Kong Ltd. | 174500 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smoore International Holdings Ltd.<sup>†</sup> <br>| 452000 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SooChow Securities Co. Ltd., Class A | 72343 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spring Airlines Co. Ltd., Class A | 15800 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sungrow Power Supply Co. Ltd., <br> Class A<br>| 28000 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunny Optical Technology Group Co. <br> Ltd.<br>| 165325 | 1382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunwoda Electronic Co. Ltd., Class A | 17800 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUPCON Technology Co. Ltd., Class A | 8381 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suzhou Dongshan Precision <br> Manufacturing Co. Ltd., Class A<br>| 25700 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suzhou TFC Optical Communication <br> Co. Ltd., Class A<br>| 12420 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAL Education Group ADR\* | 100499 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBEA Co. Ltd., Class A | 68490 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCL Technology Group Corp., Class A | 266410 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCL Zhonghuan Renewable Energy <br> Technology Co. Ltd., Class A\*<br>| 52750 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | 1490989 | 114250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group <br> ADR<br>| 133255 | 2336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tianfeng Securities Co. Ltd., Class A\* | 117500 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tianqi Lithium Corp., Class A\* | 19000 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tianshan Aluminum Group Co. Ltd., <br> Class A<br>| 78700 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tianshui Huatian Technology Co. Ltd., <br> Class A<br>| 46700 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tingyi Cayman Islands Holding Corp. | 486435 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tongcheng Travel Holdings Ltd. | 313600 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TongFu Microelectronics Co. Ltd., <br> Class A<br>| 22400 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tongling Nonferrous Metals Group Co. <br> Ltd., Class A<br>| 159700 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tongwei Co. Ltd., Class A\* | 62300 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trina Solar Co. Ltd., Class A\* | 28251 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd. | 144673 | 10378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tsingtao Brewery Co. Ltd., Class A | 8300 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tsingtao Brewery Co. Ltd., Class H | 151767 | 948 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **China – 26.9%continued** | **China – 26.9%continued** | **China – 26.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBTech Robotics Corp. Ltd., Class H\* | 46750 | $752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unigroup Guoxin Microelectronics Co. <br> Ltd., Class A<br>| 10479 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unisplendour Corp. Ltd., Class A | 32948 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Nova Technology Co. Ltd., <br> Class A\*<br>| 116477 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verisilicon Microelectronics Shanghai <br> Co. Ltd., Class A\*<br>| 9356 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victory Giant Technology Huizhou Co. <br> Ltd., Class A<br>| 12600 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vipshop Holdings Ltd. ADR | 71565 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wanhua Chemical Group Co. Ltd., <br> Class A<br>| 40800 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Want Want China Holdings Ltd. | 1151870 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weichai Power Co. Ltd., Class A | 107100 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weichai Power Co. Ltd., Class H | 450812 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wens Foodstuff Group Co. Ltd., Class A | 82200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Mining Co. Ltd., Class A | 37500 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Securities Co. Ltd., Class A | 61100 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Superconducting Technologies <br> Co. Ltd., Class A<br>| 8653 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wingtech Technology Co. Ltd., <br> Class A\*<br>| 14600 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wintime Energy Group Co. Ltd., <br> Class A\*<br>| 307400 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolong Electric Group Co. Ltd., <br> Class A<br>| 22200 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wuhan Guide Infrared Co. Ltd., <br> Class A\*<br>| 42825 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wuliangye Yibin Co. Ltd., Class A | 54000 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WUS Printed Circuit Kunshan Co. Ltd., <br> Class A<br>| 28180 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WuXi AppTec Co. Ltd., Class A | 32592 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WuXi AppTec Co. Ltd., Class H | 90911 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wuxi Biologics Cayman, Inc.\* | 806500 | 3248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WuXi XDC Cayman, Inc.\* | 86000 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XCMG Construction Machinery Co. <br> Ltd., Class A<br>| 159500 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xiamen Tungsten Co. Ltd., Class A | 21200 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp., Class B\* | 3999800 | 20187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xinjiang Daqo New Energy Co. Ltd., <br> Class A\*<br>| 41509 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xinyi Solar Holdings Ltd. | 1135136 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPeng, Inc., Class A\* | 290358 | 2940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XtalPi Holdings Ltd.\* | 401000 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yadea Group Holdings Ltd. | 324000 | 473 |

---

NORTHERN FUNDS QUARTERLY REPORT **22** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **China – 26.9%continued** | **China – 26.9%continued** | **China – 26.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yankuang Energy Group Co. Ltd., <br> Class A<br>| 72215 | $136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yankuang Energy Group Co. Ltd., <br> Class H<br>| 744919 | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yantai Jereh Oilfield Services Group <br> Co. Ltd., Class A<br>| 15500 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yealink Network Technology Corp. Ltd., <br> Class A<br>| 18440 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yonghui Superstores Co. Ltd., Class A\* | 154400 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yonyou Network Technology Co. Ltd., <br> Class A\*<br>| 42835 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Youngor Fashion Co. Ltd., Class A | 47400 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YTO Express Group Co. Ltd., Class A | 41800 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yum China Holdings, Inc. | 86178 | 4076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yunnan Aluminium Co. Ltd., Class A | 61400 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yunnan Baiyao Group Co. Ltd., Class A | 21500 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yunnan Yuntianhua Co. Ltd., Class A | 22300 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yutong Bus Co. Ltd., Class A | 28500 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zangge Mining Co. Ltd., Class A | 18500 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhangzhou Pientzehuang <br> Pharmaceutical Co. Ltd., Class A<br>| 7493 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhaojin Mining Industry Co. Ltd., <br> Class H<br>| 401000 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang China Commodities City <br> Group Co. Ltd., Class A<br>| 86100 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Chint Electrics Co. Ltd., <br> Class A<br>| 28994 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Dahua Technology Co. Ltd., <br> Class A<br>| 50900 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Expressway Co. Ltd., Class H | 396625 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Huayou Cobalt Co. Ltd., <br> Class A<br>| 31615 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Jingsheng Mechanical & <br> Electrical Co. Ltd., Class A<br>| 17200 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Juhua Co. Ltd., Class A | 32100 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Leapmotor Technology Co. <br> Ltd., Class H\*<br>| 121200 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Longsheng Group Co. Ltd., <br> Class A<br>| 50300 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang NHU Co. Ltd., Class A | 42448 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Sanhua Intelligent Controls <br> Co. Ltd., Class A<br>| 32800 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Wanfeng Auto Wheel Co. <br> Ltd., Class A<br>| 31300 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Weiming Environment <br> Protection Co. Ltd., Class A<br>| 19250 | 70 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **China – 26.9%continued** | **China – 26.9%continued** | **China – 26.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Zheneng Electric Power Co. <br> Ltd., Class A<br>| 180800 | $128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zheshang Securities Co. Ltd., Class A | 60800 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhongji Innolight Co. Ltd., Class A | 15240 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhongjin Gold Corp. Ltd., Class A | 73900 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhongtai Securities Co. Ltd., Class A | 119500 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhuzhou CRRC Times Electric Co. Ltd., <br> Class A<br>| 8349 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhuzhou CRRC Times Electric Co. Ltd., <br> Class H<br>| 106074 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zijin Mining Group Co. Ltd., Class A | 282700 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zijin Mining Group Co. Ltd., Class H | 1396162 | 6311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoomlion Heavy Industry Science and <br> Technology Co. Ltd., Class A<br>| 111600 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZTE Corp., Class A | 59300 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZTE Corp., Class H | 185517 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZTO Express Cayman, Inc. | 97334 | 2031 |
|  |  | **649466** |
| **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Cibest S.A. | 59986 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interconexion Electrica S.A. ESP | 102011 | 663 |
|  |  | **1762** |
| **Czech Republic – 0.1%** | **Czech Republic – 0.1%** | **Czech Republic – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CEZ A.S. | 31957 | 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Komercni Banka A.S. | 17601 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moneta Money Bank A.S. | 53402 | 502 |
|  |  | **3509** |
| **Egypt – 0.1%** | **Egypt – 0.1%** | **Egypt – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial International Bank - Egypt <br> (CIB)<br>| 600364 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern Co. S.A.E. | 373069 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talaat Moustafa Group | 175869 | 295 |
|  |  | **1882** |
| **Greece – 0.6%** | **Greece – 0.6%** | **Greece – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Bank S.A. | 514836 | 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurobank S.A. | 606175 | 2429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FF Group<sup>(2) \*</sup> <br>| 18664 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hellenic Telecommunications <br> Organization S.A.<br>| 35645 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JUMBO S.A. | 27350 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank of Greece S.A. | 202850 | 3090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPAP S.A. | 43867 | 984 |

---

EQUITY FUNDS **23** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Greece – 0.6%continued** | **Greece – 0.6%continued** | **Greece – 0.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piraeus Bank S.A.\* | 265229 | $2109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Power Corp. S.A. | 41432 | 886 |
|  |  | **13267** |
| **Hong Kong – 0.1%** | **Hong Kong – 0.1%** | **Hong Kong – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J&T Global Express Ltd.\* | 565200 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orient Overseas International Ltd. | 29000 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zijin Gold International Co. Ltd.<sup>\* †</sup> <br>| 49700 | 929 |
|  |  | **2154** |
| **Hungary – 0.3%** | **Hungary – 0.3%** | **Hungary – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MOL Hungarian Oil & Gas PLC | 91307 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTP Bank Nyrt. | 52398 | 5614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richter Gedeon Nyrt. | 33207 | 1002 |
|  |  | **7436** |
| **India – 15.1%** | **India – 15.1%** | **India – 15.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABB India Ltd. | 11770 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adani Enterprises Ltd. | 38388 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adani Ports & Special Economic Zone <br> Ltd.<br>| 126940 | 2076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adani Power Ltd.\* | 645770 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkem Laboratories Ltd. | 11847 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ambuja Cements Ltd. | 149139 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APL Apollo Tubes Ltd. | 39725 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apollo Hospitals Enterprise Ltd. | 25030 | 1961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashok Leyland Ltd. | 671416 | 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asian Paints Ltd. | 88847 | 2736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astral Ltd. | 26392 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AU Small Finance Bank Ltd. | 87908 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurobindo Pharma Ltd. | 58210 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avenue Supermarts Ltd.\* | 38121 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axis Bank Ltd. | 536625 | 7596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bajaj Auto Ltd. | 15761 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bajaj Finance Ltd. | 653489 | 7175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bajaj Finserv Ltd. | 90129 | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bajaj Holdings & Investment Ltd. | 6268 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balkrishna Industries Ltd. | 19033 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Baroda | 228281 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bharat Electronics Ltd. | 856090 | 3802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bharat Forge Ltd. | 56098 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bharat Heavy Electricals Ltd. | 250255 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bharat Petroleum Corp. Ltd. | 356084 | 1521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bharti Airtel Ltd. | 595076 | 13960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bosch Ltd. | 1685 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Britannia Industries Ltd. | 25487 | 1709 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **India – 15.1%continued** | **India – 15.1%continued** | **India – 15.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSE Ltd. | 47520 | $1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canara Bank | 424305 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CG Power & Industrial Solutions Ltd. | 167388 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cholamandalam Investment and <br> Finance Co. Ltd.<br>| 98843 | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cipla Ltd. | 132065 | 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coal India Ltd. | 417225 | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive India Ltd. | 28118 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coromandel International Ltd. | 28538 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cummins India Ltd. | 32355 | 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dabur India Ltd. | 117405 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Divi's Laboratories Ltd. | 27970 | 1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dixon Technologies India Ltd. | 8496 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DLF Ltd. | 167075 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dr. Reddy's Laboratories Ltd. | 125911 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eicher Motors Ltd. | 32122 | 2612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd.\* | 564271 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortis Healthcare Ltd. | 113944 | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FSN E-Commerce Ventures Ltd.\* | 261663 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GAIL India Ltd. | 552254 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE Vernova T&D India Ltd. | 29501 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMR Airports Ltd.\* | 586926 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Godrej Consumer Products Ltd. | 96255 | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Godrej Properties Ltd.\* | 33832 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grasim Industries Ltd. | 64170 | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Havells India Ltd. | 48431 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCL Technologies Ltd. | 221787 | 4006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Asset Management Co. Ltd. | 43540 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. | 2649031 | 29272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Life Insurance Co. Ltd. | 226746 | 1895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hero MotoCorp Ltd. | 27993 | 1796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hindalco Industries Ltd. | 314847 | 3107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hindustan Aeronautics Ltd. | 47152 | 2302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hindustan Petroleum Corp. Ltd. | 227630 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hindustan Unilever Ltd. | 192235 | 4953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hitachi Energy India Ltd. | 3225 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor India Ltd. | 37855 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd. | 1226843 | 18316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICICI Lombard General Insurance Co. <br> Ltd.<br>| 57326 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICICI Prudential Life Insurance Co. Ltd. | 81811 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDFC First Bank Ltd. | 787270 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indian Hotels (The) Co. Ltd. | 199959 | 1643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indian Oil Corp. Ltd. | 648839 | 1202 |

---

NORTHERN FUNDS QUARTERLY REPORT **24** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **India – 15.1%continued** | **India – 15.1%continued** | **India – 15.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indian Railway Catering & Tourism <br> Corp. Ltd.<br>| 56431 | $430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indus Towers Ltd.\* | 310754 | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IndusInd Bank Ltd.\* | 137759 | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Info Edge India Ltd. | 85180 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd. | 770396 | 13778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InterGlobe Aviation Ltd. | 44312 | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITC Ltd. | 702852 | 3155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jindal Stainless Ltd. | 73500 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jindal Steel Ltd. | 79548 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jio Financial Services Ltd. | 671267 | 2203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JSW Energy Ltd. | 97739 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JSW Steel Ltd. | 143944 | 1866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jubilant Foodworks Ltd. | 88422 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kalyan Jewellers India Ltd. | 91703 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kotak Mahindra Bank Ltd. | 255559 | 6259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwality Wall's India Ltd.<sup>(2) \*</sup> <br>| 192235 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Larsen & Toubro Ltd. | 155786 | 7078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lodha Developers Ltd. | 70492 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTIMindtree Ltd. | 17603 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lupin Ltd. | 58220 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. | 217520 | 8978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mankind Pharma Ltd. | 27081 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marico Ltd. | 122302 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maruti Suzuki India Ltd. | 29333 | 5453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Max Healthcare Institute Ltd. | 181341 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mphasis Ltd. | 24409 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRF Ltd. | 549 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muthoot Finance Ltd. | 26992 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nestle India Ltd. | 158612 | 2272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NHPC Ltd. | 691090 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMDC Ltd. | 693777 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTPC Ltd. | 1023429 | 3751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oberoi Realty Ltd. | 28293 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & Natural Gas Corp. Ltd. | 744684 | 1995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil India Ltd. | 110508 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One 97 Communications Ltd.\* | 88907 | 1285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Financial Services Software Ltd. | 4865 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page Industries Ltd. | 1324 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PB Fintech Ltd.\* | 81137 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Persistent Systems Ltd. | 25131 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petronet LNG Ltd. | 169720 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Mills (The) Ltd. | 47695 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PI Industries Ltd. | 16423 | 592 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **India – 15.1%continued** | **India – 15.1%continued** | **India – 15.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pidilite Industries Ltd. | 72190 | $1191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polycab India Ltd. | 12214 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Finance Corp. Ltd. | 349846 | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Grid Corp. of India Ltd. | 1091883 | 3212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prestige Estates Projects Ltd. | 39631 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Punjab National Bank | 499223 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rail Vikas Nigam Ltd. | 125030 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REC Ltd. | 268738 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reliance Industries Ltd. | 1416092 | 24717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samvardhana Motherson International <br> Ltd.<br>| 980564 | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBI Cards & Payment Services Ltd. | 65115 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBI Life Insurance Co. Ltd. | 105490 | 2385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shree Cement Ltd. | 2213 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shriram Finance Ltd. | 330786 | 3667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy India Ltd.\* | 20500 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Ltd. | 21229 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solar Industries India Ltd. | 6321 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SRF Ltd. | 34754 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Bank of India | 426740 | 4664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Pharmaceutical Industries Ltd. | 224029 | 4299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sundaram Finance Ltd. | 16046 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supreme Industries Ltd. | 13988 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suzlon Energy Ltd.\* | 2446624 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiggy Ltd.\* | 321116 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Communications Ltd. | 25549 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Consultancy Services Ltd. | 211253 | 7552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Consumer Products Ltd. | 139480 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Motors Ltd.\* | 472210 | 2183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Motors Passenger Vehicles Limited | 472210 | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Power (The) Co. Ltd. | 364340 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Steel Ltd. | 1753927 | 3510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tech Mahindra Ltd. | 125866 | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Co. Ltd. | 82993 | 3741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Torrent Pharmaceuticals Ltd. | 26577 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Torrent Power Ltd. | 39165 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trent Ltd. | 42480 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tube Investments of India Ltd. | 25068 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TVS Motor Co. Ltd. | 55304 | 2287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UltraTech Cement Ltd. | 27586 | 3614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Bank of India Ltd. | 371205 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Spirits Ltd. | 69778 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UPL Ltd. | 118061 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varun Beverages Ltd. | 317679 | 1730 |

---

EQUITY FUNDS **25** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **India – 15.1%continued** | **India – 15.1%continued** | **India – 15.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vedanta Ltd. | 321576 | $2163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vishal Mega Mart Ltd.\* | 510289 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vodafone Idea Ltd.\* | 6020213 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voltas Ltd. | 48466 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WAAREE Energies Ltd. | 21044 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wipro Ltd. | 596859 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes Bank Ltd.\* | 3653849 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zydus Lifesciences Ltd. | 44482 | 454 |
|  |  | **364054** |
| **Indonesia – 1.1%** | **Indonesia – 1.1%** | **Indonesia – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amman Mineral Internasional PT\* | 3386900 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astra International Tbk PT | 4755260 | 1910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT | 12958660 | 6255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Mandiri Persero Tbk PT | 8518720 | 2605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero Tbk PT | 3509418 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero Tbk PT | 15938065 | 3498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barito Pacific Tbk PT\* | 5559115 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barito Renewables Energy Tbk PT | 1870600 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bumi Resources Minerals Tbk PT\* | 13174100 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chandra Asri Pacific Tbk PT | 2056400 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charoen Pokphand Indonesia Tbk PT | 1721835 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dian Swastatika Sentosa Tbk PT\* | 233600 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoTo Gojek Tokopedia Tbk PT\* | 202272732 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indofood Sukses Makmur Tbk PT | 901671 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petrindo Jaya Kreasi Tbk PT | 5045000 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumber Alfaria Trijaya Tbk PT | 4251800 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk PT | 11553762 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Tractors Tbk PT | 336771 | 596 |
|  |  | **27628** |
| **Kazakhstan – 0.0%** | **Kazakhstan – 0.0%** | **Kazakhstan – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solidcore Resources PLC\* | 97434 | **616** |
| **Kuwait – 0.7%** | **Kuwait – 0.7%** | **Kuwait – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boubyan Bank K.S.C.P. | 342889 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulf Bank K.S.C.P. | 434521 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuwait Finance House K.S.C.P. | 2590043 | 6821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mabanee Co. KPSC | 145969 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobile Telecommunications Co. <br> K.S.C.P.<br>| 471460 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank of Kuwait S.A.K.P. | 1939294 | 6393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warba Bank K.S.C.P.\* | 546057 | 520 |
|  |  | **16346** |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinet Investments S.C.A. | 33200 | **1163** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Malaysia – 1.2%** | **Malaysia – 1.2%** | **Malaysia – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMMB Holdings Bhd. | 596537 | $955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axiata Group Bhd. | 597503 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CELCOMDIGI Bhd. | 755200 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CIMB Group Holdings Bhd. | 1888817 | 3838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gamuda Bhd. | 1081428 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Leong Bank Bhd. | 154498 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IHH Healthcare Bhd. | 528000 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IOI Corp. Bhd. | 591340 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuala Lumpur Kepong Bhd. | 124229 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malayan Banking Bhd. | 1415476 | 3656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maxis Bhd. | 551951 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MISC Bhd. | 320060 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MR DIY Group M Bhd. | 769700 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nestle Malaysia Bhd. | 18100 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petronas Chemicals Group Bhd. | 552100 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petronas Dagangan Bhd. | 68300 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petronas Gas Bhd. | 189800 | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Press Metal Aluminium Holdings Bhd. | 870900 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Bank Bhd. | 3407205 | 3812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QL Resources Bhd. | 390375 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RHB Bank Bhd. | 398149 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SD Guthrie Bhd. | 444765 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunway Bhd. | 550000 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telekom Malaysia Bhd. | 280286 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenaga Nasional Bhd. | 619450 | 2096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YTL Corp. Bhd. | 625600 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YTL Power International Bhd. | 699700 | 570 |
|  |  | **28905** |
| **Mexico – 2.0%** | **Mexico – 2.0%** | **Mexico – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; America Movil S.A.B. de C.V., Class B | 4185168 | 4321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arca Continental S.A.B. de C.V. | 119841 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cemex S.A.B. de C.V., Class CPO | 3552245 | 4079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Femsa S.A.B. de C.V. | 116022 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fibra Uno Administracion S.A. de C.V. | 703801 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano S.A.B. <br> de C.V.<br>| 396991 | 4013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gruma S.A.B. de C.V., Class B | 35660 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Centro Norte <br> S.A.B. de C.V.<br>| 62500 | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Pacifico <br> S.A.B. de C.V., Class B<br>| 92352 | 2416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Sureste S.A.B. <br> de C.V., Class B<br>| 42821 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Bimbo S.A.B. de C.V., Class A | 310454 | 1017 |

---

NORTHERN FUNDS QUARTERLY REPORT **26** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Mexico – 2.0%continued** | **Mexico – 2.0%continued** | **Mexico – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Carso S.A.B. de C.V., Class A1 | 134806 | $886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Comercial Chedraui S.A. de <br> C.V.<br>| 73978 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte S.A.B. de <br> C.V., Class O<br>| 583709 | 5408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Inbursa S.A.B. de <br> C.V., Class O<br>| 361141 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Mexico S.A.B. de C.V., Class B | 731078 | 6910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrias Penoles S.A.B. de C.V.\* | 46814 | 2459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark de Mexico S.A.B. de <br> C.V., Class A<br>| 338927 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis Property Mexico S.A. de C.V. | 257705 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promotora y Operadora de <br> Infraestructura S.A.B. de C.V.<br>| 42835 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigma Foods S.A.B. de C.V. | 826413 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp. | 21252 | 3049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico S.A.B. de C.V. | 1196921 | 3723 |
|  |  | **49112** |
| **Netherlands – 0.0%** | **Netherlands – 0.0%** | **Netherlands – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nebius Group N.V.<sup>(2) \*</sup> <br>| 83223 | **—** |
| **Peru – 0.2%** | **Peru – 0.2%** | **Peru – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cia de Minas Buenaventura S.A.A. <br> ADR<br>| 37551 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credicorp Ltd. | 15710 | 4509 |
|  |  | **5554** |
| **Philippines – 0.4%** | **Philippines – 0.4%** | **Philippines – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ayala Corp. | 62327 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ayala Land, Inc. | 1586860 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of the Philippine Islands | 417595 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BDO Unibank, Inc. | 557120 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Container Terminal <br> Services, Inc.<br>| 234560 | 2249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jollibee Foods Corp. | 117233 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manila Electric Co. | 62490 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank & Trust Co. | 467109 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PLDT, Inc. | 19380 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Investments Corp. | 46302 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Prime Holdings, Inc. | 2186413 | 843 |
|  |  | **8763** |
| **Poland – 1.1%** | **Poland – 1.1%** | **Poland – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegro.eu S.A.\* | 184461 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Millennium S.A.\* | 138333 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Polska Kasa Opieki S.A. | 43020 | 2456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Budimex S.A. | 2706 | 479 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Poland – 1.1%continued** | **Poland – 1.1%continued** | **Poland – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCC S.A.\* | 13162 | $439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CD Projekt S.A. | 14956 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dino Polska S.A.<sup>(3) \*</sup> <br>| 108855 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KGHM Polska Miedz S.A.\* | 31941 | 2480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPP S.A. | 262 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; mBank S.A.\* | 3279 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ORLEN S.A. | 136663 | 3644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGE Polska Grupa Energetyczna S.A.\* | 211357 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powszechna Kasa Oszczednosci Bank <br> Polski S.A.<br>| 204553 | 4822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powszechny Zaklad Ubezpieczen S.A. | 141874 | 2626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Bank Polska S.A. | 9661 | 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zabka Group S.A.\* | 92852 | 592 |
|  |  | **26478** |
| **Qatar – 0.6%** | **Qatar – 0.6%** | **Qatar – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Al Rayan Bank | 1353610 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barwa Real Estate Co. | 512921 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Bank PSQC (The) | 700409 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dukhan Bank | 419647 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industries Qatar QSC | 361601 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mesaieed Petrochemical Holding Co. | 1331784 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ooredoo QPSC | 222848 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qatar Electricity & Water Co. QSC | 100340 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qatar Fuel QSC | 134236 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qatar Gas Transport Co. Ltd. | 647996 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qatar International Islamic Bank QSC | 229820 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qatar Islamic Bank QPSC | 412994 | 2717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qatar National Bank QPSC | 1074303 | 5505 |
|  |  | **15489** |
| **Romania – 0.1%** | **Romania – 0.1%** | **Romania – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEPI Rockcastle N.V.\* | 146452 | **1290** |
| **Russia – 0.0%** | **Russia – 0.0%** | **Russia – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alrosa PJSC<sup>(2) (4)</sup> <br>| 695290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gazprom PJSC ADR<sup>(2) \*</sup> <br>| 134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobile TeleSystems PJSC ADR<sup>(2) \*</sup> <br>| 121420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novatek PJSC GDR (Registered)<sup>(2) \*</sup> <br>| 24702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PhosAgro PJSC<sup>(2) (4) \*</sup> <br>| 224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polyus PJSC<sup>(2) (4) \*</sup> <br>| 93590 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rosneft Oil Co. PJSC<sup>(2) (4)</sup> <br>| 318005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC<sup>(2) (4)</sup> <br>| 2882082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC (Moscow <br> Exchange)<sup>(2) \*</sup> <br>| 56000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severstal PAO<sup>(2) (4)</sup> <br>| 55330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severstal PAO GDR (Registered)<sup>(2) (4) \*</sup> <br>| 1839 |  |

---

EQUITY FUNDS **27** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Russia – 0.0%continued** | **Russia – 0.0%continued** | **Russia – 0.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surgutneftegas PAO ADR<sup>(2) (4) \*</sup> <br>| 4629 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VK CO Ltd. GDR<sup>(2) (4) \*</sup> <br>| 30900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VTB Bank PJSC<sup>(2) (4) \*</sup> <br>| 160113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VTB Bank PJSC GDR<sup>(2) (3) \*</sup> <br>| 11036 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VTB Bank PJSC GDR (Registered)<sup>(2) (4) \*</sup> <br>| 43343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X5 Retail Group N.V. GDR <br> (Registered)<sup>(2) (4) \*</sup> <br>| 32705 |  |
|  |  | **—** |
| **Saudi Arabia – 2.8%** | **Saudi Arabia – 2.8%** | **Saudi Arabia – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACWA Power Co.\* | 35933 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ades Holding Co. | 73467 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Al Rajhi Bank | 457869 | 11902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alinma Bank | 276698 | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Almarai Co. JSC | 116404 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arab National Bank | 205214 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arabian Internet & Communications <br> Services Co.<br>| 5701 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank AlBilad | 174504 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Al-Jazira\* | 143283 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banque Saudi Fransi | 291134 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bupa Arabia for Cooperative Insurance <br> Co.<br>| 18772 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Co for Cooperative Insurance (The) | 16155 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallah Healthcare Co. | 7147 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dar Al Arkan Real Estate Development <br> Co.\*<br>| 115654 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dr. Sulaiman Al Habib Medical <br> Services Group Co.<br>| 20454 | 1401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elm Co. | 5630 | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Etihad Etisalat Co. | 88668 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jabal Omar Development Co.\* | 129720 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jarir Marketing Co. | 129200 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Makkah Construction & Development <br> Co.<br>| 21474 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mouwasat Medical Services Co. | 23031 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riyad Bank | 344893 | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SABIC Agri-Nutrients Co. | 54703 | 1614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sahara International Petrochemical Co. | 77507 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAL Saudi Logistics Services | 8701 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Mining Co.\* | 317635 | 5162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co. | 1412325 | 8973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Awwal Bank | 227636 | 1963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Basic Industries Corp. | 210722 | 2881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Electricity Co. | 185051 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Investment Bank (The) | 156500 | 548 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Saudi Arabia – 2.8%continued** | **Saudi Arabia – 2.8%continued** | **Saudi Arabia – 2.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi National Bank (The) | 687445 | $6941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Research & Media Group\* | 8806 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Tadawul Group Holding Co. | 11247 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Telecom Co. | 468352 | 5367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yanbu National Petrochemical Co. | 63280 | 464 |
|  |  | **67856** |
| **South Africa – 3.2%** | **South Africa – 3.2%** | **South Africa – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Absa Group Ltd. | 198682 | 2866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bid Corp. Ltd. | 79212 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidvest Group Ltd. | 71179 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitec Bank Holdings Ltd. | 20323 | 5103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clicks Group Ltd. | 56313 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Ltd. | 133624 | 1838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstRand Ltd. | 1179894 | 6454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | 208989 | 9114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmony Gold Mining Co. Ltd. | 133494 | 2677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impala Platinum Holdings Ltd. | 211087 | 3325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN Group Ltd. | 406633 | 4155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Naspers Ltd., Class N | 182250 | 12105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nedbank Group Ltd. | 108402 | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northam Platinum Holdings Ltd. | 83090 | 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OUTsurance Group Ltd. | 185197 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pepkor Holdings Ltd. | 827635 | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remgro Ltd. | 115298 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanlam Ltd. | 418907 | 2487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sasol Ltd.\* | 129561 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoprite Holdings Ltd. | 112851 | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sibanye Stillwater Ltd.\* | 660547 | 2379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Bank Group Ltd. | 307454 | 5403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. | 61892 | 5240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vodacom Group Ltd. | 145741 | 1244 |
|  |  | **78072** |
| **South Korea – 12.5%** | **South Korea – 12.5%** | **South Korea – 12.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alteogen, Inc.\* | 9378 | 2917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amorepacific Corp. | 7058 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APR Corp.\* | 5651 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celltrion, Inc.\* | 34909 | 4374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coway Co. Ltd. | 12553 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DB Insurance Co. Ltd. | 10964 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doosan Bobcat, Inc.\* | 13164 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doosan Co. Ltd. | 1795 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doosan Enerbility Co. Ltd.\* | 104750 | 5424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecopro B.M. Co. Ltd.\* | 11191 | 1134 |

---

NORTHERN FUNDS QUARTERLY REPORT **28** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **South Korea – 12.5%continued** | **South Korea – 12.5%continued** | **South Korea – 12.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecopro Co. Ltd. | 24367 | $1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hana Financial Group, Inc. | 64422 | 4202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanjin Kal Corp. | 5437 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hankook Tire & Technology Co. Ltd. | 16769 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanmi Semiconductor Co. Ltd. | 9653 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd.\* | 7840 | 5101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanwha Ocean Co. Ltd.\* | 32030 | 2519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanwha Systems Co. Ltd. | 16688 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Co. Ltd. | 10354 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Electric Co. Ltd. | 5500 | 2959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Heavy Industries Co. Ltd. | 8546 | 3006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Marine Solution Co. Ltd. | 3622 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Korea Shipbuilding & Offshore <br> Engineering Co. Ltd.<br>| 9936 | 2809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HLB, Inc.\* | 28125 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HMM Co. Ltd. | 50428 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HYBE Co. Ltd.\* | 5214 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyosung Heavy Industries Corp. | 1281 | 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Glovis Co. Ltd. | 9032 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co. Ltd. | 13943 | 3613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co. | 30779 | 6302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Rotem Co. Ltd. | 17852 | 2330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Bank of Korea | 67443 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kakao Corp. | 72294 | 2994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KakaoBank Corp. | 34905 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group, Inc. | 84716 | 7324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kia Corp. | 54586 | 4598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Aerospace Industries Ltd. | 17385 | 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Electric Power Corp. | 60227 | 1958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Investment Holdings Co. Ltd. | 9317 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Zinc Co. Ltd. | 860 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korean Air Lines Co. Ltd. | 44652 | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Krafton, Inc.\* | 6701 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KT&G Corp. | 21942 | 2160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LG Chem Ltd. | 11588 | 2662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LG Corp. | 21130 | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LG Display Co. Ltd.\* | 65190 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LG Electronics, Inc. | 25495 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LG Energy Solution Ltd.\* | 10967 | 2773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LG H&H Co. Ltd. | 2187 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LG Uplus Corp. | 47928 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LIG Nex1 Co. Ltd. | 3097 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LS Electric Co. Ltd. | 3345 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritz Financial Group, Inc. | 18222 | 1427 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **South Korea – 12.5%continued** | **South Korea – 12.5%continued** | **South Korea – 12.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirae Asset Securities Co. Ltd. | 46998 | $752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAVER Corp. | 32790 | 5494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NH Investment & Securities Co. Ltd. | 31852 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Future M Co. Ltd.\* | 8152 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Holdings, Inc. | 17095 | 3607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Posco International Corp. | 11613 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Biologics Co. Ltd.<sup>(3) \*</sup> <br>| 2722 | 3189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung C&T Corp. | 19978 | 3291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electro-Mechanics Co. Ltd. | 12750 | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 1101609 | 91813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Fire & Marine Insurance Co. <br> Ltd.<br>| 6988 | 2409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Heavy Industries Co. Ltd.\* | 165016 | 2739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Life Insurance Co. Ltd. | 18715 | 2038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung SDI Co. Ltd.\* | 14007 | 2611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung SDS Co. Ltd. | 10010 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samyang Foods Co. Ltd. | 933 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group Co. Ltd. | 102253 | 5457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Biopharmaceuticals Co. Ltd.\* | 7283 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK hynix, Inc. | 127075 | 57543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Innovation Co. Ltd. | 15998 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Square Co. Ltd.\* | 21681 | 5449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Telecom Co. Ltd. | 24185 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK, Inc. | 8145 | 1439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S-Oil Corp.\* | 10768 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Financial Group, Inc. | 151026 | 2939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yuhan Corp. | 13552 | 1055 |
|  |  | **302799** |
| **Taiwan – 20.1%** | **Taiwan – 20.1%** | **Taiwan – 20.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accton Technology Corp. | 118000 | 4420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantech Co. Ltd. | 114661 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alchip Technologies Ltd. | 17873 | 1997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASE Technology Holding Co. Ltd. | 773055 | 6128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia Cement Corp. | 517567 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia Vital Components Co. Ltd. | 77250 | 3673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASPEED Technology, Inc. | 7000 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asustek Computer, Inc. | 164546 | 2854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bizlink Holding, Inc. | 41000 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caliway Biopharmaceuticals Co. Ltd.\* | 236000 | 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catcher Technology Co. Ltd. | 119111 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cathay Financial Holding Co. Ltd. | 2222868 | 5350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chailease Holding Co. Ltd. | 359169 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chang Hwa Commercial Bank Ltd. | 1647053 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheng Shin Rubber Industry Co. Ltd. | 366184 | 343 |

---

EQUITY FUNDS **29** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Taiwan – 20.1%continued** | **Taiwan – 20.1%continued** | **Taiwan – 20.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Airlines Ltd. | 774000 | $497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Steel Corp. | 2783800 | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chroma ATE, Inc. | 89000 | 2179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chunghwa Telecom Co. Ltd. | 881260 | 3663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compal Electronics, Inc. | 989759 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTBC Financial Holding Co. Ltd. | 3901707 | 6229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics, Inc. | 455211 | 13851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E Ink Holdings, Inc. | 201000 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E.Sun Financial Holding Co. Ltd. | 3387721 | 3640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eclat Textile Co. Ltd. | 41512 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elite Material Co. Ltd. | 70071 | 3634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eMemory Technology, Inc. | 14000 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eva Airways Corp. | 574996 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Marine Corp. Taiwan Ltd. | 253544 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Far Eastern New Century Corp. | 790587 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Far EasTone Telecommunications Co. <br> Ltd.<br>| 414345 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Feng TAY Enterprise Co. Ltd. | 106199 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Holding Co. Ltd. | 2682843 | 2509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Formosa Chemicals & Fibre Corp. | 808499 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Formosa Plastics Corp. | 869201 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortune Electric Co. Ltd. | 35942 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fubon Financial Holding Co. Ltd. | 1962668 | 5984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gigabyte Technology Co. Ltd. | 126994 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Unichip Corp. | 20000 | 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globalwafers Co. Ltd. | 62709 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Circuit Electronics Ltd. | 74000 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. | 2929172 | 21282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotai Motor Co. Ltd. | 70361 | 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hua Nan Financial Holdings Co. Ltd. | 2142305 | 2114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innolux Corp. | 1667457 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Games System Co. Ltd. | 51187 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventec Corp. | 628314 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jentech Precision Industrial Co. Ltd. | 19752 | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KGI Financial Holding Co. Ltd. | 3628015 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King Slide Works Co. Ltd. | 13000 | 1545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King Yuan Electronics Co. Ltd. | 255000 | 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Largan Precision Co. Ltd. | 23835 | 1893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lite-On Technology Corp. | 457964 | 2359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lotes Co. Ltd. | 19906 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. | 354981 | 16085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mega Financial Holding Co. Ltd. | 2773700 | 3528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nan Ya Plastics Corp. | 1204951 | 2287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nien Made Enterprise Co. Ltd. | 40000 | 458 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Taiwan – 20.1%continued** | **Taiwan – 20.1%continued** | **Taiwan – 20.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novatek Microelectronics Corp. | 129988 | $1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pegatron Corp. | 467594 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PharmaEssentia Corp. | 67824 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President Chain Store Corp. | 134220 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanta Computer, Inc. | 631440 | 5466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realtek Semiconductor Corp. | 113286 | 1763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Commercial & Savings Bank <br> (The) Ltd.<br>| 859798 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SinoPac Financial Holdings Co. Ltd. | 2881705 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Business Bank | 1719053 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Cooperative Financial Holding <br> Co. Ltd.<br>| 2559032 | 1977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan High Speed Rail Corp. | 466765 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Mobile Co. Ltd. | 408076 | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd.<br>| 5733570 | 280104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCC Group Holdings Co. Ltd. | 1609231 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teco Electric and Machinery Co. Ltd. | 276000 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TS Financial Holding Co. Ltd. | 4954822 | 3213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unimicron Technology Corp. | 303942 | 2111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uni-President Enterprises Corp. | 1131150 | 2775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Microelectronics Corp. | 2632175 | 4114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard International Semiconductor <br> Corp.<br>| 277033 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wan Hai Lines Ltd. | 148005 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wistron Corp. | 696925 | 3324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wiwynn Corp. | 26000 | 3683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ya Hsin Industrial Co. Ltd.<sup>(2) \*</sup> <br>| 121548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yageo Corp. | 386500 | 2831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yang Ming Marine Transport Corp. | 416000 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yuanta Financial Holding Co. Ltd. | 2501486 | 3123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhen Ding Technology Holding Ltd. | 179850 | 806 |
|  |  | **485844** |
| **Thailand – 1.0%** | **Thailand – 1.0%** | **Thailand – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Info Service PCL (Registered) | 194000 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Info Service PCL NVDR | 48399 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airports of Thailand PCL NVDR | 1035500 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bangkok Dusit Medical Services PCL <br> NVDR<br>| 2559900 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bumrungrad Hospital PCL NVDR | 134787 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Pattana PCL NVDR | 468000 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charoen Pokphand Foods PCL NVDR | 858957 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CP ALL PCL (Registered) | 905200 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CP ALL PCL NVDR<sup>†</sup> <br>| 356436 | 492 |

---

NORTHERN FUNDS QUARTERLY REPORT **30** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Thailand – 1.0%continued** | **Thailand – 1.0%continued** | **Thailand – 1.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CP AXTRA PCL NVDR (Registered)<sup>†</sup> <br>| 491149 | $245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics Thailand PCL NVDR | 727400 | 3946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulf Development PCL NVDR <br> (Registered)\*<br>| 1044886 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL NVDR | 128500 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Krung Thai Bank PCL (Registered) | 515250 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Krung Thai Bank PCL NVDR | 277393 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minor International PCL NVDR<sup>†</sup> <br>| 695330 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTT Exploration & Production PCL <br> (Registered)<br>| 242500 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTT Exploration & Production PCL <br> NVDR<sup>†</sup> <br>| 94643 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTT PCL (Registered) | 1835000 | 1864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTT PCL NVDR | 492300 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB X PCL (Registered) | 145800 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB X PCL NVDR | 54476 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siam Cement (The) PCL (Registered) | 51000 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siam Cement (The) PCL NVDR | 131998 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TMBThanachart Bank PCL NVDR | 4935100 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; True Corp. PCL NVDR (Registered) | 2548423 | 880 |
|  |  | **23857** |
| **Turkey – 0.4%** | **Turkey – 0.4%** | **Turkey – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akbank T.A.S. | 684178 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anadolu Efes Biracilik Ve Malt Sanayii <br> A.S.<sup>(5)</sup> <br>| 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aselsan Elektronik Sanayi Ve Ticaret <br> A.S.<br>| 312508 | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BIM Birlesik Magazalar A.S. | 107352 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eregli Demir ve Celik Fabrikalari T.A.S. | 863320 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Otomotiv Sanayi A.S. | 161855 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haci Omer Sabanci Holding A.S. | 267211 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Is Gayrimenkul Yatirim Ortakligi A.S.\* | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOC Holding A.S. | 191856 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turk Hava Yollari A.O. | 134583 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkcell Iletisim Hizmetleri A.S. | 295456 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkiye Is Bankasi A.S., Class C | 1986419 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkiye Petrol Rafinerileri A.S. | 218378 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yapi ve Kredi Bankasi A.S.\* | 741010 | 627 |
|  |  | **9966** |
| **United Arab Emirates – 1.4%** | **United Arab Emirates – 1.4%** | **United Arab Emirates – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Commercial Bank PJSC | 738425 | 2875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Islamic Bank PJSC | 339533 | 1919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi National Oil Co. for <br> Distribution PJSC<br>| 691194 | 734 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **United Arab Emirates – 1.4%continued** | **United Arab Emirates – 1.4%continued** | **United Arab Emirates – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADNOC Drilling Co. PJSC | 751279 | $1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adnoc Gas PLC | 1434651 | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADNOC Logistics & Services | 428315 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aldar Properties PJSC | 911506 | 2159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americana Restaurants International <br> PLC - Foreign Co.<br>| 691650 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dubai Electricity & Water Authority <br> PJSC<br>| 1431094 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dubai Islamic Bank PJSC | 665644 | 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emaar Development PJSC | 220213 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC | 1551219 | 5935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emirates NBD Bank PJSC | 442336 | 3354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emirates Telecommunications Group <br> Co. PJSC<br>| 815444 | 4072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Abu Dhabi Bank PJSC | 1032202 | 4903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salik Co. PJSC | 414008 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Two Point Zero Group PJSC\* | 729128 | 517 |
|  |  | **34325** |
| **United States – 0.3%** | **United States – 0.3%** | **United States – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BeOne Medicines Ltd., Class H\* | 199334 | 4632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBS N.V. BDR\* | 83818 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBS N.V., Class A\* | 10930 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legend Biotech Corp. ADR\* | 16311 | 354 |
|  |  | **6353** |
| **Total Common Stocks** |  |  |
| **(Cost $1,267,989)** |  | **2331031** |
| **PREFERRED STOCKS – 1.8%** <sup>(1)</sup> | **PREFERRED STOCKS – 1.8%** <sup>(1)</sup> | **PREFERRED STOCKS – 1.8%** <sup>(1)</sup> |
| **Brazil – 1.0%** | **Brazil – 1.0%** | **Brazil – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axia Energia, Class B, 3.96%<sup>(6)</sup> <br>| 57841 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axia Energia, Class C\* | 88982 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco S.A.\* | 1214694 | 4055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cia Energetica de Minas Gerais, <br> 1.30%<sup>(6)</sup> <br>| 414321 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gerdau S.A., 5.49%<sup>(6)</sup> <br>| 318046 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding S.A., 4.62%<sup>(6)</sup> <br>| 1271089 | 9111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Itausa S.A., 6.51%<sup>(6)</sup> <br>| 1374429 | 2924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Localiza Rent a Car S.A.\* | 8122 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro S.A. - Petrobras, <br> 3.85%<sup>(6)</sup> <br>| 1068161 | 6029 |
|  |  | **25548** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile <br> S.A., Class B\*<br>| 33925 | **2336** |

---

EQUITY FUNDS **31** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **PREFERRED STOCKS – 1.8%** <sup>(1)</sup>**continued**  | **PREFERRED STOCKS – 1.8%** <sup>(1)</sup>**continued**  | **PREFERRED STOCKS – 1.8%** <sup>(1)</sup>**continued**  |
| **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Cibest S.A., 6.52%<sup>(6)</sup> <br>| 105067 | **$1670** |
| **India – 0.0%** | **India – 0.0%** | **India – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TVS Motor Co. Ltd.<sup>(2) \*</sup> <br>| 200968 | **22** |
| **South Korea – 0.6%** | **South Korea – 0.6%** | **South Korea – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co., 6.58%<sup>(6)</sup> <br>| 5162 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co. (2nd Preferred), <br> 6.40%<sup>(6)</sup> <br>| 7847 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd., 1.64%<sup>(6)</sup> <br>| 190573 | 11695 |
|  |  | **13582** |
| **Total Preferred Stocks** |  |  |
| **(Cost $27,389)** |  | **43158** |
| **RIGHTS – 0.0%**  |  |  |
| **Taiwan – 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unimicron Technology Corp.\* | 6855 | **23** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **23** |
| **INVESTMENT COMPANIES – 1.9%**  | **INVESTMENT COMPANIES – 1.9%**  | **INVESTMENT COMPANIES – 1.9%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(7) (8) (9)</sup> <br>| 661756 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(7) (8)</sup> <br>| 45581335 | 45581 |
| **Total Investment Companies** |  |  |
| **(Cost $46,243)** |  | **46243** |
| **Total Investments – 100.3%** |  |  |
| **(Cost $1,341,621)** |  | **2420455** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (0.3%) |  | (6468)<br>|
| **Net Assets – 100.0%** |  | **$2413987** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Adjustment factors obtained from an independent evaluation service were* *used to determine the value of certain foreign securities.* 

<sup>(2)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(3)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At December 31,* *2025, the value of these securities amounted to approximately $4,442,000* *or 0.2% of net assets.* 

<sup>(4)</sup> *Restricted security. At December 31, 2025, the value of these restricted* *securities amounted to $0 or 0.0% of net assets. Additional information on* *these restricted securities are as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| Alrosa PJSC | 5/30/14-8/20/20 | &nbsp;&nbsp; $775 |
| PhosAgro PJSC | 7/12/16-1/17/19 | &nbsp;&nbsp; 3 |
| Polyus PJSC | 11/30/17-3/25/21 | &nbsp;&nbsp; 1046 |
| Rosneft Oil Co. PJSC | 3/16/17-3/5/21 | &nbsp;&nbsp; 1951 |
| Sberbank of Russia PJSC | 5/7/09-6/17/21 | &nbsp;&nbsp; 5525 |
| Severstal PAO | 2/26/10-3/25/21 | &nbsp;&nbsp; 815 |
| Severstal PAO GDR (Registered) | 7/30/09 | &nbsp;&nbsp; 12 |
| Surgutneftegas PAO ADR | 4/21/16 | &nbsp;&nbsp; 25 |
| VK CO Ltd. GDR | 11/30/20-3/5/21 | &nbsp;&nbsp; 880 |
| VTB Bank PJSC | 4/21/16-8/20/20 | &nbsp;&nbsp; 818 |
| VTB Bank PJSC GDR (Registered) | 4/2/09-7/30/09 | &nbsp;&nbsp; 91 |
| X5 Retail Group N.V. GDR (Registered) | 5/31/18-2/18/21 | &nbsp;&nbsp; 953 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(5)</sup> <br>| *Value rounds to less than one thousand.* |
| <sup>(6)</sup> <br>| *Current yield is disclosed. Dividends are calculated based on a percentage* <br> *of the issuer's net income.*<br>|
| <sup>(7)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(8)</sup> <br>| *7-day current yield as of December 31, 2025 is disclosed.* |
| <sup>(9)</sup> <br>| *Investment of cash collateral received from securities lending activities.* |
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| BDR – Brazilian Depositary Receipt |
| CPO – Certificado de Participación Ordinario |
| GDR – Global Depositary Receipt |
| MSCI – Morgan Stanley Capital International |
| NVDR – Non-Voting Depositary Receipt |

---

*Percentages shown are based on Net Assets.* 

NORTHERN FUNDS QUARTERLY REPORT **32** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

At December 31, 2025, the Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS**<br> **TO**<br> **DELIVER**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **IN**<br> **EXCHANGE**<br> **FOR**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **SETTLEMENT**<br> **DATE**<br>| **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| Citibank | Brazilian Real | 8775 | United States <br> Dollar<br>| 1581 | 3/18/26 | $8 |
| Goldman Sachs | Hong Kong <br> Dollar<br>| 14000 | United States <br> Dollar<br>| 1804 | 3/18/26 | —\* |
| Goldman Sachs | Taiwan Dollar | 45043 | United States <br> Dollar<br>| 1446 | 3/18/26 | 14 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 22 |
| Goldman Sachs | Indian Rupee | 11276 | United States <br> Dollar<br>| 124 | 3/18/26 | (1)<br>|
| JPMorgan Chase | Korean Won | 356668 | United States <br> Dollar<br>| 243 | 3/18/26 | (4)<br>|
| Morgan Stanley | Brazilian Real | 4737 | United States <br> Dollar<br>| 836 | 3/18/26 | (13)<br>|
| Morgan Stanley | South African <br> Rand<br>| 4908 | United States <br> Dollar<br>| 288 | 3/18/26 | (6)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (24)<br>|
| Total |  |  |  |  |  | $(2)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*\** *Amount rounds to less than one thousand.*

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; MSCI <br> Emerging <br> Markets Index <br> (United States <br> Dollar)<br>| 821 | $57938 | Long | 3/26 | $1458 |

---

At December 31, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Information Technology | 27.7<br> %<br>|
| Financials | 22.0 |
| Consumer Discretionary | 11.5 |
| Communication Services | 9.2 |
| Materials | 7.0 |
| Industrials | 6.9 |
| Energy | 3.8 |
| Consumer Staples | 3.7 |
| Health Care | 3.1 |
| Utilities | 2.2 |

---

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Real Estate | 1.3<br> %<br>|
| Short-Term Investments | 1.9 |
| Total Investments | 100.3 |
| Liabilities less Other Assets | (0.3)<br>|
| Net Assets | 100.0<br> %<br>|

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on December 31, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their categorization as Level 2 investments. <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; $15459 | &nbsp;&nbsp; $60562 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $76021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; 35880 | &nbsp;&nbsp; 613586 | &nbsp;&nbsp; — | &nbsp;&nbsp; 649466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt | &nbsp;&nbsp; 1592 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp; 2183 | &nbsp;&nbsp; 361785 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 364054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan | &nbsp;&nbsp; 616 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp; 49112 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | &nbsp;&nbsp; 5554 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | &nbsp;&nbsp; 908 | &nbsp;&nbsp; 33417 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 512 | &nbsp;&nbsp; 5841 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1143648 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1143648 |
| Total Common Stocks | &nbsp;&nbsp; 111816 | &nbsp;&nbsp; 2219129 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 2331031 |
| Preferred Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; 859 | &nbsp;&nbsp; 24689 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 17588 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17588 |
| Total Preferred Stocks | &nbsp;&nbsp; 859 | &nbsp;&nbsp; 42277 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 43158 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 23 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23 |
| Investment Companies | &nbsp;&nbsp; 46243 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46243 |
| Total Investments | &nbsp;&nbsp; $158918 | &nbsp;&nbsp; $2261429 | &nbsp;&nbsp; $108 | &nbsp;&nbsp; $2420455 |

---

EQUITY FUNDS **33** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $22 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; 1458 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1458 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (24)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $1458 | &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1456 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $58997 | $58335 | $6 <br><sup>(1)</sup><br>| $662 | 661756 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 48840 | 375182 | 378441 | 1717 | 45581 | 45581335 |
| Total | $48840 | $434179 | $436776 | $1723 | $46243 | 46243091 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

NORTHERN FUNDS QUARTERLY REPORT **34** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**GLOBAL REAL ESTATE INDEX FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.1%** <sup>(1)</sup> | **COMMON STOCKS – 98.1%** <sup>(1)</sup> | **COMMON STOCKS – 98.1%** <sup>(1)</sup> |
| **Australia – 5.3%** | **Australia – 5.3%** | **Australia – 5.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abacus Group | 150237 | $121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abacus Storage King | 163252 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arena REIT | 136105 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BWP Trust | 201955 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centuria Industrial REIT<sup>†</sup> <br>| 186317 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centuria Office REIT<sup>†</sup> <br>| 124803 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Long Wale REIT | 222666 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Retail REIT | 178189 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Social Infrastructure REIT | 116719 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dexus | 374110 | 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dexus Industria REIT | 87871 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gemlife Communities Group\* | 67034 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodman Group | 707534 | 14547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPT Group (The) | 664956 | 2396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growthpoint Properties Australia Ltd. | 97978 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeCo Daily Needs REIT | 614200 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingenia Communities Group | 143168 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group | 1372535 | 1873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Storage REIT | 485481 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Region Group | 398717 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scentre Group | 1808018 | 5049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockland | 839248 | 3198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. | 1357472 | 2310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waypoint REIT Ltd. | 212142 | 361 |
|  |  | **37532** |
| **Austria – 0.1%** | **Austria – 0.1%** | **Austria – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CA Immobilien Anlagen A.G. | 11012 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPI Europe A.G.\* | 11740 | 217 |
|  |  | **507** |
| **Belgium – 0.9%** | **Belgium – 0.9%** | **Belgium – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aedifica S.A. | 16418 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cofinimmo S.A. | 13182 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montea N.V. | 6768 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail Estates N.V. | 4154 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shurgard Self Storage Ltd. | 12316 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vastned N.V.\* | 3050 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warehouses De Pauw - C.V.A. | 69056 | 1792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xior Student Housing N.V. | 13849 | 471 |
|  |  | **6215** |
| **Brazil – 0.2%** | **Brazil – 0.2%** | **Brazil – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allos S.A. | 123959 | 640 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  |
| **Brazil – 0.2%continued** | **Brazil – 0.2%continued** | **Brazil – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iguatemi S.A. | 73600 | $342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multiplan Empreendimentos <br> Imobiliarios S.A.\*<br>| 115472 | 573 |
|  |  | **1555** |
| **Canada – 1.0%** | **Canada – 1.0%** | **Canada – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Properties Real Estate Investment <br> Trust<br>| 19962 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boardwalk Real Estate Investment Trust | 8382 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSR Real Estate Investment Trust | 11449 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Apartment Properties REIT | 26429 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Choice Properties Real Estate <br> Investment Trust<br>| 54369 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crombie Real Estate Investment Trust | 18180 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CT Real Estate Investment Trust | 18261 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dream Industrial Real Estate Investment <br> Trust<br>| 48369 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Capital Real Estate Investment Trust | 36336 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granite Real Estate Investment Trust | 10415 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H&R Real Estate Investment Trust | 42656 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InterRent Real Estate Investment Trust | 23211 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Killam Apartment Real Estate Investment <br> Trust<br>| 20637 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Healthcare Properties Real <br> Estate Investment Trust<br>| 39726 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primaris Real Estate Investment Trust | 19478 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RioCan Real Estate Investment Trust | 49552 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Slate Grocery REIT, Class U | 10998 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SmartCentres Real Estate Investment <br> Trust<br>| 25458 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StorageVault Canada, Inc. | 84741 | 288 |
|  |  | **6731** |
| **Chile – 0.2%** | **Chile – 0.2%** | **Chile – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parque Arauco S.A. | 235938 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plaza S.A. | 264982 | 934 |
|  |  | **1711** |
| **China – 1.6%** | **China – 1.6%** | **China – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C&D International Investment Group <br> Ltd.<br>| 309549 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Jinmao Holdings Group Ltd. | 1826042 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Merchants Shekou Industrial <br> Zone Holdings Co. Ltd., Class A<br>| 193800 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Overseas Grand Oceans Group <br> Ltd.<br>| 600500 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Overseas Land & Investment Ltd. | 1333542 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Resources Land Ltd. | 1113398 | 3878 |

---

EQUITY FUNDS **35** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  |
| **China – 1.6%continued** | **China – 1.6%continued** | **China – 1.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Vanke Co. Ltd., Class A\* | 188540 | $125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Vanke Co. Ltd., Class H\* | 741941 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greentown China Holdings Ltd.<sup>†</sup> <br>| 364000 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hopson Development Holdings Ltd.\* | 348773 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Longfor Group Holdings Ltd. | 734071 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poly Developments and Holdings <br> Group Co. Ltd., Class A<br>| 252000 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poly Property Group Co. Ltd. | 711000 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiance Holdings Group Co. Ltd.\* | 213000 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sasseur Real Estate Investment Trust | 213400 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seazen Group Ltd.\* | 803904 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Jinqiao Export Processing <br> Zone Development Co. Ltd., Class B<br>| 108216 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Zhangjiang High-Tech Park <br> Development Co. Ltd., Class A<br>| 31500 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Investment Ltd.\* | 871191 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shui On Land Ltd. | 1178777 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunac China Holdings Ltd.<sup>\* †</sup> <br>| 2928000 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yanlord Land Group Ltd.<sup>\* †</sup> <br>| 219000 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yuexiu Property Co. Ltd. | 509674 | 259 |
|  |  | **11154** |
| **Egypt – 0.1%** | **Egypt – 0.1%** | **Egypt – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talaat Moustafa Group | 256800 | **431** |
| **Finland – 0.1%** | **Finland – 0.1%** | **Finland – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citycon OYJ\* | 27857 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kojamo OYJ\* | 51752 | 622 |
|  |  | **752** |
| **France – 1.7%** | **France – 1.7%** | **France – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altarea S.C.A. | 1880 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARGAN S.A. | 4521 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carmila S.A.\* | 21409 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covivio S.A./France | 19464 | 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gecina S.A. | 15875 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICADE | 11877 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klepierre S.A. | 74344 | 2944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercialys S.A. | 33128 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexity S.A.\* | 13865 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield\* | 42193 | 4586 |
|  |  | **12230** |
| **Germany – 1.7%** | **Germany – 1.7%** | **Germany – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aroundtown S.A.\* | 267076 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand City Properties S.A.\* | 25550 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien S.E. | 26293 | 1920 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  |
| **Germany – 1.7%continued** | **Germany – 1.7%continued** | **Germany – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sirius Real Estate Ltd. | 528242 | $683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAG Immobilien A.G. | 65931 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vonovia S.E. | 261936 | 7552 |
|  |  | **12304** |
| **Greece – 0.0%** | **Greece – 0.0%** | **Greece – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LAMDA Development S.A.\* | 20444 | **171** |
| **Hong Kong – 3.4%** | **Hong Kong – 3.4%** | **Hong Kong – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 666500 | 3357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortune Real Estate Investment Trust | 545000 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hang Lung Group Ltd. | 277000 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hang Lung Properties Ltd. | 610674 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. | 503555 | 1817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. | 375418 | 2606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hysan Development Co. Ltd. | 217045 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; K Wah International Holdings Ltd. | 435000 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kerry Properties Ltd. | 199599 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Link REIT | 902226 | 4018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sino Land Co. Ltd. | 1266258 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | 501425 | 6083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wharf Real Estate Investment Co. Ltd. | 581317 | 1832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yuexiu Real Estate Investment Trust | 779477 | 86 |
|  |  | **24178** |
| **India – 1.7%** | **India – 1.7%** | **India – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aditya Birla Real Estate Ltd. | 17630 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anant Raj Ltd. | 39586 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brigade Enterprises Ltd. | 45708 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield India Real Estate Trust | 155554 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DLF Ltd. | 256800 | 1962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embassy Office Parks REIT | 292844 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Godrej Properties Ltd.\* | 52639 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keystone Realtors Ltd. | 11345 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lodha Developers Ltd. | 103649 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mahindra Lifespace Developers Ltd. | 40041 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mindspace Business Parks REIT | 75144 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NESCO Ltd. | 7499 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexus Select Trust | 281008 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oberoi Realty Ltd. | 43972 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Mills (The) Ltd. | 67868 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prestige Estates Projects Ltd. | 59542 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puravankara Ltd.\* | 20475 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SignatureGlobal India Ltd.\* | 10712 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunteck Realty Ltd. | 19915 | 88 |
|  |  | **12145** |

---

NORTHERN FUNDS QUARTERLY REPORT **36** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**GLOBAL REAL ESTATE INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  |
| **Indonesia – 0.0%** | **Indonesia – 0.0%** | **Indonesia – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ciputra Development Tbk PT | 3119536 | $155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pakuwon Jati Tbk PT | 5524140 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rimo International Lestari Tbk PT<sup>(2) \*</sup> <br>| 42545100 |  |
|  |  | **267** |
| **Ireland – 0.0%** | **Ireland – 0.0%** | **Ireland – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Irish Residential Properties REIT PLC | 165553 | **182** |
| **Israel – 1.2%** | **Israel – 1.2%** | **Israel – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Africa Israel Residences Ltd. | 2162 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amot Investments Ltd. | 86864 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aura Investments Ltd. | 54003 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azrieli Group Ltd. | 14713 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Square Real Estate Ltd. | 1818 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electra Real Estate Ltd.\* | 10718 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel Canada T.R Ltd. | 62818 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Isras Holdings Ltd.\* | 1262 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Isras Investment Co. Ltd. | 452 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mega Or Holdings Ltd. | 8314 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Melisron Ltd. | 8274 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mivne Real Estate KD Ltd. | 200977 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prashkovsky Investments and <br> Construction Ltd.<br>| 2607 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REIT 1 Ltd. | 70151 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sella Capital Real Estate Ltd. | 82780 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Real Estate Holdings Ltd. | 12045 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YH Dimri Construction & Development <br> Ltd.<br>| 3391 | 399 |
|  |  | **8338** |
| **Japan – 10.1%** | **Japan – 10.1%** | **Japan – 10.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Activia Properties, Inc. | 694 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance Residence Investment Corp. | 999 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AEON REIT Investment Corp. | 544 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comforia Residential REIT, Inc. | 228 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRE Logistics REIT, Inc. | 191 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 194100 | 6446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa House REIT Investment Corp. | 1497 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa Office Investment Corp. | 198 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Living Investments <br> Corp.<br>| 698 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontier Real Estate Investment Corp. | 862 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fukuoka REIT Corp. | 252 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global One Real Estate Investment <br> Corp.<br>| 335 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLP J-REIT | 1577 | 1499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldcrest Co. Ltd. | 5600 | 118 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  |
| **Japan – 10.1%continued** | **Japan – 10.1%continued** | **Japan – 10.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hankyu Hanshin REIT, Inc. | 203 | $216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heiwa Real Estate Co. Ltd. | 13500 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heiwa Real Estate REIT, Inc. | 384 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hoshino Resorts REIT, Inc. | 205 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hulic Co. Ltd. | 160140 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hulic REIT, Inc. | 449 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ichigo Office REIT Investment Corp. | 324 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ichigo, Inc. | 67800 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial & Infrastructure Fund <br> Investment Corp.<br>| 837 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invincible Investment Corp. | 2663 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Excellent, Inc. | 371 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Hotel REIT Investment Corp. | 1775 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Logistics Fund, Inc. | 847 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Metropolitan Fund Invest | 2483 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Prime Realty Investment Corp. | 1153 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Real Estate Investment Corp. | 2214 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Katitas Co. Ltd. | 17600 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KDX Realty Investment Corp. | 1417 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keihanshin Building Co. Ltd. | 11200 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaSalle Logiport REIT | 619 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leopalace21 Corp. | 70400 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirai Corp. | 649 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIRARTH Real Estate Investment Corp. | 322 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 367780 | 8957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Logistics REIT <br> Investment Corp.<br>| 475 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Accommodations Fund, <br> Inc.<br>| 824 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 914286 | 10402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Logistics Park, Inc. | 1106 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mori Hills REIT Investment Corp. | 488 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mori Trust REIT, Inc. | 906 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. | 2688 | 2451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Prologis REIT, Inc.<sup>†</sup> <br>| 2321 | 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NIPPON REIT Investment Corp. | 603 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Real Estate Holdings, Inc. | 192800 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Real Estate Master Fund, Inc. | 1361 | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTT UD REIT Investment Corp. | 487 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orix JREIT, Inc. | 1803 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samty Residential Investment Corp. | 104 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sekisui House REIT, Inc. | 1436 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOSiLA Logistics REIT, Inc. | 227 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Asia Investment Corp. | 958 | 377 |

---

EQUITY FUNDS **37** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  |
| **Japan – 10.1%continued** | **Japan – 10.1%continued** | **Japan – 10.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. <br> Ltd.<br>| 210650 | $5279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Frontier Fudousan Co. Ltd. | 9700 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Tatemono Co. Ltd. | 65200 | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyu REIT, Inc. | 274 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tosei Corp. | 20000 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Urban Investment Corp. | 1073 | 1254 |
|  |  | **70948** |
| **Kuwait – 0.3%** | **Kuwait – 0.3%** | **Kuwait – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Real Estate Co. K.S.C. | 557646 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuwait Real Estate Co. K.S.C.\* | 314383 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mabanee Co. KPSC | 228218 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Real Estate Co. KPSC\* | 504647 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salhia Real Estate Co. K.S.C.P. | 147171 | 187 |
|  |  | **1873** |
| **Malaysia – 0.4%** | **Malaysia – 0.4%** | **Malaysia – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axis Real Estate Investment Trust | 529362 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eco World Development Group Bhd. | 449400 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IGB Real Estate Investment Trust | 569900 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IOI Properties Group Bhd. | 480900 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mah Sing Group Bhd. | 411200 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matrix Concepts Holdings Bhd. | 390050 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pavilion Real Estate Investment Trust | 626800 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sime Darby Property Bhd. | 1086000 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SP Setia Bhd. Group | 782069 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunway Real Estate Investment Trust | 577900 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UEM Sunrise Bhd. | 383600 | 52 |
|  |  | **2573** |
| **Mauritius – 0.0%** | **Mauritius – 0.0%** | **Mauritius – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lighthouse Properties PLC | 383702 | **196** |
| **Mexico – 0.7%** | **Mexico – 0.7%** | **Mexico – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentradora Fibra Danhos S.A. de <br> C.V.<br>| 104953 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corp. Inmobiliaria Vesta S.A.B. de C.V. | 306200 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIBRA Macquarie Mexico | 274426 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fibra Uno Administracion S.A. de C.V. | 994733 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis Property Mexico S.A. de C.V. | 368815 | 1541 |
|  |  | **4651** |
| **Netherlands – 0.1%** | **Netherlands – 0.1%** | **Netherlands – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurocommercial Properties N.V. | 14876 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wereldhave N.V. | 12815 | 290 |
|  |  | **745** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  |
| **New Zealand – 0.1%** | **New Zealand – 0.1%** | **New Zealand – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodman Property Trust | 370657 | $420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kiwi Property Group Ltd. | 557909 | 338 |
|  |  | **758** |
| **Norway – 0.0%** | **Norway – 0.0%** | **Norway – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entra ASA | 15922 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Property Invest A.S. | 45145 | 104 |
|  |  | **287** |
| **Philippines – 0.4%** | **Philippines – 0.4%** | **Philippines – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AREIT, Inc. | 386400 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ayala Land, Inc. | 2251981 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Megaworld Corp. | 3048001 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RL Commercial REIT, Inc. | 2376400 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robinsons Land Corp. | 551196 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Prime Holdings, Inc. | 3466153 | 1337 |
|  |  | **3063** |
| **Qatar – 0.0%** | **Qatar – 0.0%** | **Qatar – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Development Co. QSC | 565258 | **142** |
| **Romania – 0.3%** | **Romania – 0.3%** | **Romania – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEPI Rockcastle N.V.\* | 209431 | **1845** |
| **Saudi Arabia – 0.5%** | **Saudi Arabia – 0.5%** | **Saudi Arabia – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Al Rajhi REIT | 88920 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arabian Centres Co. | 73380 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arriyadh Development Co. | 37737 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dar Al Arkan Real Estate Development <br> Co.\*<br>| 183010 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emaar Economic City\* | 58192 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jadwa REIT Saudi Fund | 61529 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Makkah Construction & Development <br> Co.<br>| 33458 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retal Urban Development Co. | 87936 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiba Investments Co. | 44221 | 378 |
|  |  | **3259** |
| **Singapore – 3.0%** | **Singapore – 3.0%** | **Singapore – 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIMS APAC REIT | 193982 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT | 1360634 | 2991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascott Trust | 918414 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand China Trust | 425827 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitaland India Trust<sup>†</sup> <br>| 319055 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial <br> Trust<br>| 2106814 | 3908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDL Hospitality Trusts | 258652 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centurion Corp. Ltd. | 67500 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Developments Ltd. | 173900 | 1080 |

---

NORTHERN FUNDS QUARTERLY REPORT **38** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**GLOBAL REAL ESTATE INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  |
| **Singapore – 3.0%continued** | **Singapore – 3.0%continued** | **Singapore – 3.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Core REIT Management Pte Ltd. | 286600 | $146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESR-REIT | 207367 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Far East Hospitality Trust | 338203 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frasers Centrepoint Trust | 457809 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frasers Logistics & Commercial Trust | 999046 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keppel DC REIT | 717803 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keppel REIT | 1158020 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lendlease Global Commercial REIT | 756001 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mapletree Industrial Trust | 746555 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mapletree Logistics Trust<sup>†</sup> <br>| 1245426 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mapletree Pan Asia Commercial Trust | 828061 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTT DC REIT\* | 252400 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkway Life Real Estate Investment <br> Trust<br>| 156400 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starhill Global REIT | 509290 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stoneweg Europe Stapled Trust | 126771 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suntec Real Estate Investment Trust | 665791 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UOL Group Ltd. | 162897 | 1106 |
|  |  | **21039** |
| **South Africa – 0.7%** | **South Africa – 0.7%** | **South Africa – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equites Property Fund Ltd. | 298893 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Real Estate Investments Ltd., <br> Class B<br>| 423919 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growthpoint Properties Ltd. | 1197635 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyprop Investments Ltd. | 136057 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redefine Properties Ltd. | 2383712 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resilient REIT Ltd. | 99195 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vukile Property Fund Ltd. | 467989 | 704 |
|  |  | **4699** |
| **South Korea – 0.1%** | **South Korea – 0.1%** | **South Korea – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESR Kendall Square REIT Co. Ltd. | 57998 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LOTTE REIT Co. Ltd. | 48366 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK REITs Co. Ltd. | 53192 | 214 |
|  |  | **518** |
| **Spain – 0.4%** | **Spain – 0.4%** | **Spain – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aedas Homes S.A. | 3023 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colonial SFL Socimi S.A. | 99261 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merlin Properties Socimi S.A. | 136473 | 1987 |
|  |  | **2707** |
| **Sweden – 1.7%** | **Sweden – 1.7%** | **Sweden – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atrium Ljungberg AB, Class B | 90983 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castellum AB | 129056 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catena AB | 15628 | 765 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  |
| **Sweden – 1.7%continued** | **Sweden – 1.7%continued** | **Sweden – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cibus Nordic Real Estate AB publ | 23706 | $378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corem Property Group AB, Class B<sup>†</sup> <br>| 180018 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dios Fastigheter AB | 36293 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fabege AB | 70020 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastighets AB Balder, Class B\* | 248688 | 1838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FastPartner AB, Class A | 11955 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hufvudstaden AB, Class A | 39495 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intea Fastigheter AB | 40053 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Logistea AB, Class B | 109685 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NP3 Fastigheter AB | 11763 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nyfosa AB | 56436 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pandox AB | 37691 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platzer Fastigheter Holding AB, Class B | 18394 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sagax AB, Class B | 76471 | 1640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samhallsbyggnadsbolaget i Norden <br> AB<sup>\* †</sup> <br>| 350042 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sveafastigheter AB\* | 19921 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wallenstam AB, Class B | 131698 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wihlborgs Fastigheter AB | 95169 | 941 |
|  |  | **12023** |
| **Switzerland – 1.6%** | **Switzerland – 1.6%** | **Switzerland – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allreal Holding A.G. (Registered) | 5147 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hiag Immobilien Holding A.G. | 1509 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Workplace Group PLC | 258653 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intershop Holding A.G. | 1936 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobimo Holding A.G. (Registered) | 2551 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSP Swiss Property A.G. (Registered) | 15815 | 2865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site A.G. (Registered) | 27682 | 4301 |
|  |  | **11100** |
| **Taiwan – 0.3%** | **Taiwan – 0.3%** | **Taiwan – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chong Hong Construction Co. Ltd. | 58000 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Da-Li Development Co. Ltd. | 85613 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farglory Land Development Co. Ltd. | 85462 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highwealth Construction Corp. | 494118 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huaku Development Co. Ltd. | 96890 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kindom Development Co. Ltd. | 120190 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ruentex Development Co. Ltd. | 551955 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sakura Development Co. Ltd. | 119153 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yungshin Construction & Development <br> Co. Ltd.<br>| 18000 | 38 |
|  |  | **2376** |
| **Thailand – 0.4%** | **Thailand – 0.4%** | **Thailand – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amata Corp. PCL NVDR | 247035 | 130 |

---

EQUITY FUNDS **39** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  |
| **Thailand – 0.4%continued** | **Thailand – 0.4%continued** | **Thailand – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Thailand PCL (Registered) | 441405 | $121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Thailand PCL NVDR | 372504 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Pattana PCL (Registered) | 581626 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Pattana PCL NVDR | 125398 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land & Houses PCL NVDR | 2565100 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sansiri PCL NVDR | 4424866 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supalai PCL (Registered) | 280445 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supalai PCL NVDR | 78600 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHA Corp. PCL NVDR | 2700600 | 281 |
|  |  | **2561** |
| **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peker Gayrimenkul Yatirim Ortakligi <br> A.S.\*<br>| 1472181 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reysas Gayrimenkul Yatirim Ortakligi <br> A.S.\*<br>| 201004 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Torunlar Gayrimenkul Yatirim Ortakligi <br> A.S.<br>| 72904 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ziraat Gayrimenkul Yatirim Ortakligi <br> A.S.<br>| 321743 | 176 |
|  |  | **833** |
| **United Arab Emirates – 0.7%** | **United Arab Emirates – 0.7%** | **United Arab Emirates – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aldar Properties PJSC | 1332526 | 3157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deyaar Development PJSC | 386459 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dubai Residential REIT | 693338 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emaar Development PJSC | 345833 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RAK Properties PJSC\* | 498238 | 183 |
|  |  | **5108** |
| **United Kingdom – 3.0%** | **United Kingdom – 3.0%** | **United Kingdom – 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Big Yellow Group PLC | 64818 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British Land (The) Co. PLC | 346125 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derwent London PLC | 37059 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empiric Student Property PLC | 224928 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grainger PLC | 248863 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Portland Estates PLC | 120958 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hammerson PLC | 186608 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home REIT PLC<sup>(2) \*</sup> <br>| 484349 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group PLC | 245548 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LondonMetric Property PLC | 768300 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primary Health Properties PLC | 889641 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRS REIT (The) PLC | 177276 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safestore Holdings PLC | 76848 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segro PLC | 445108 | 4306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shaftesbury Capital PLC | 507714 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supermarket Income REIT PLC | 431451 | 474 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 3.0%continued** | **United Kingdom – 3.0%continued** | **United Kingdom – 3.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Target Healthcare REIT PLC | 213683 | $282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tritax Big Box REIT PLC | 769460 | 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNITE Group (The) PLC | 136150 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workspace Group PLC | 47659 | 256 |
|  |  | **21080** |
| **United States – 54.0%** | **United States – 54.0%** | **United States – 54.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust | 45317 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. | 38069 | 2742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. | 25262 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander's, Inc. | 776 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 54012 | 2643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust, Inc. | 16452 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 58135 | 2736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 115208 | 3698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc.<sup>†</sup> <br>| 99137 | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apartment Investment and <br> Management Co., Class A<br>| 44220 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. | 78809 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 49242 | 8928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brandywine Realty Trust | 55383 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 106148 | 2783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. | 65580 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 52191 | 3522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 36955 | 4068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 76954 | 2783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBL & Associates Properties, Inc. | 5190 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centerspace | 5819 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COPT Defense Properties | 39157 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 58237 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 79170 | 2854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curbline Properties Corp. | 32947 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 71323 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 117941 | 18247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust | 59842 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. | 57636 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Hospitality Trust<sup>(2) \*</sup> <br>| 496400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. | 14275 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 18420 | 3281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elme Communities | 31204 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc., Class A | 47781 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 33845 | 25931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 63566 | 3853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 125424 | 7907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 22281 | 5830 |

---

NORTHERN FUNDS QUARTERLY REPORT **40** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**GLOBAL REAL ESTATE INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  |
| **United States – 54.0%continued** | **United States – 54.0%continued** | **United States – 54.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 73446 | $9564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 28452 | 2868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 45775 | 2622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | 36605 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp. | 18693 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gladstone Commercial Corp. | 14553 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease, Inc. | 67940 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | 115792 | 1963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 240770 | 3872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 37828 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 238389 | 4227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.\* | 11243 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc.\* | 17517 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 81103 | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. | 9502 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InvenTrust Properties Corp. | 27099 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 201519 | 5600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 102192 | 8477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBG SMITH Properties<sup>†</sup> <br>| 21440 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 39214 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 39147 | 1463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 234841 | 4760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 76573 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTC Properties, Inc. | 15918 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 20382 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macerich (The) Co. | 88188 | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc.<sup>†</sup> <br>| 177266 | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, <br> Inc.<br>| 40489 | 5624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 16371 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 25173 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp. | 28907 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NexPoint Residential Trust, Inc. | 7498 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 65165 | 2582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 101903 | 4518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. | 69013 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust | 40128 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips Edison & Co., Inc. | 43366 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc. | 41571 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | 12479 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 321133 | 40996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 54609 | 14171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 315937 | 17809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 59521 | 4109 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.1%** <sup>(1)</sup>**continued**  |
| **United States – 54.0%continued** | **United States – 54.0%continued** | **United States – 54.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 82034 | $3176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust | 45390 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 20828 | 1971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 82835 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saul Centers, Inc. | 5039 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sila Realty Trust, Inc. | 19034 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 112907 | 20900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 24609 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smartstop Self Storage REIT, Inc. | 10898 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Joe (The) Co. | 13074 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 64577 | 2374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc. | 34420 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 43277 | 5362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 63150 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tanger, Inc. | 39353 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 35759 | 2099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 109067 | 4001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMH Properties, Inc. | 28491 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties | 44243 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 157071 | 12154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veris Residential, Inc. | 29620 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 56737 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 231217 | 42916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitestone REIT | 16407 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. | 75672 | 4870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 32451 | 459 |
|  |  | **379806** |
| **Total Common Stocks** |  |  |
| **(Cost $446,992)** |  | **690593** |
| **RIGHTS – 0.0%**  |  |  |
| **Singapore – 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keppel REIT\* | 215330 | **3** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **3** |

---

EQUITY FUNDS **41** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.5%**  | **INVESTMENT COMPANIES – 1.5%**  | **INVESTMENT COMPANIES – 1.5%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(3) (4) (5)</sup> <br>| 3290750 | $3291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(3) (4)</sup> <br>| 6898383 | 6898 |
| **Total Investment Companies** |  |  |
| **(Cost $10,189)** |  | **10189** |
| **Total Investments – 99.6%** |  |  |
| **(Cost $457,181)** |  | **700785** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.4% |  | 2911 |
| **Net Assets – 100.0%** |  | **$703696** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Adjustment factors obtained from an independent evaluation service were* <br> *used to determine the value of certain foreign securities.*<br>|
| <sup>(2)</sup> <br>| *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <sup>(3)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(4)</sup> <br>| *7-day current yield as of December 31, 2025 is disclosed.* |
| <sup>(5)</sup> <br>| *Investment of cash collateral received from securities lending activities.* |
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| EAFE – Europe, Australasia and the Far East |
| MSCI – Morgan Stanley Capital International |
| NVDR – Non-Voting Depositary Receipt |
| S&P – Standard & Poor's |
| TSX – Toronto Stock Exchange |

---

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS**<br> **TO**<br> **DELIVER**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **IN**<br> **EXCHANGE**<br> **FOR**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **SETTLEMENT**<br> **DATE**<br>| **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| Bank of Montreal | Norwegian <br> Krone<br>| 860 | United States <br> Dollar<br>| 85 | 3/18/26 | $—\* |
| Citibank | Brazilian Real | 205 | United States <br> Dollar<br>| 37 | 3/18/26 | —\* |
| Citibank | Swiss Franc | 384 | United States <br> Dollar<br>| 489 | 3/18/26 | —\* |
| Citibank | United States <br> Dollar<br>| 28 | Swedish Krona | 255 | 3/18/26 | —\* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS**<br> **TO**<br> **DELIVER**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **IN**<br> **EXCHANGE**<br> **FOR**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **SETTLEMENT**<br> **DATE**<br>| **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| Goldman Sachs | Taiwan Dollar | 5575 | United States <br> Dollar<br>| 179 | 3/18/26 | $2 |
| JPMorgan Chase | Japanese Yen | 36677 | United States <br> Dollar<br>| 238 | 3/18/26 | 3 |
| Morgan Stanley | Euro | 1259 | United States <br> Dollar<br>| 1485 | 3/18/26 | —\* |
| Morgan Stanley | United States <br> Dollar<br>| 54 | Singapore <br> Dollar<br>| 69 | 3/18/26 | —\* |
| Toronto-Dominion <br> Bank<br>| Japanese Yen | 164050 | United States <br> Dollar<br>| 1062 | 3/18/26 | 8 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 13 |
| Bank of Montreal | Australian <br> Dollar<br>| 99 | United States <br> Dollar<br>| 66 | 3/18/26 | (—)\*<br>|
| Bank of Montreal | United States <br> Dollar<br>| 971 | British Pound | 720 | 3/18/26 | (1)<br>|
| Bank of Montreal | United States <br> Dollar<br>| 2423 | Euro | 2050 | 3/18/26 | (5)<br>|
| Bank of Montreal | United States <br> Dollar<br>| 639 | Swiss Franc | 500 | 3/18/26 | (3)<br>|
| Citibank | British Pound | 305 | United States <br> Dollar<br>| 409 | 3/18/26 | (1)<br>|
| Goldman Sachs | Indian Rupee | 2221 | United States <br> Dollar<br>| 24 | 3/18/26 | (—)\*<br>|
| Goldman Sachs | United States <br> Dollar<br>| 111 | Hong Kong <br> Dollar<br>| 864 | 3/18/26 | (—)\*<br>|
| JPMorgan Chase | Korean Won | 152269 | United States <br> Dollar<br>| 104 | 3/18/26 | (2)<br>|
| Toronto-Dominion <br> Bank<br>| British Pound | 1030 | United States <br> Dollar<br>| 1378 | 3/18/26 | (11)<br>|
| Toronto-Dominion <br> Bank<br>| Canadian <br> Dollar<br>| 361 | United States <br> Dollar<br>| 263 | 3/18/26 | (1)<br>|
| Toronto-Dominion <br> Bank<br>| Euro | 2200 | United States <br> Dollar<br>| 2590 | 3/18/26 | (5)<br>|
| Toronto-Dominion <br> Bank<br>| Swiss Franc | 500 | United States <br> Dollar<br>| 636 | 3/18/26 | (1)<br>|
| Toronto-Dominion <br> Bank<br>| United States <br> Dollar<br>| 329 | Australian <br> Dollar<br>| 490 | 3/18/26 | (1)<br>|
| Toronto-Dominion <br> Bank<br>| United States <br> Dollar<br>| 1302 | Japanese Yen | 201590 | 3/18/26 | (6)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (37)<br>|
| Total |  |  |  |  |  | $(24)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*\** *Amount rounds to less than one thousand.*

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; E-Mini S&P <br> MidCap 400 <br> (United States <br> Dollar)<br>| 15 | $4988 | Long | 3/26 | $(62)<br>|

---

NORTHERN FUNDS QUARTERLY REPORT **42** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**GLOBAL REAL ESTATE INDEX FUND continued** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; MSCI EAFE <br> Index <br> (United States <br> Dollar)<br>| 36 | $5224 | Long | 3/26 | $33 |
| &nbsp;&nbsp; MSCI <br> Emerging <br> Markets Index <br> (United States <br> Dollar)<br>| 1 | 71 | Long | 3/26 | 1 |
| &nbsp;&nbsp; S&P/TSX 60 <br> Index <br> (Canadian <br> Dollar)<br>| 11 | 2984 | Long | 3/26 | 17 |
| Total |  |  |  |  | $(11)<br>|

---

At December 31, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Real Estate | 98.1<br> %<br>|
| Short-Term Investments | 1.5 |
| Total Investments | 99.6 |
| Other Assets less Liabilities | 0.4 |
| Net Assets | 100.0<br> %<br>|

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on December 31, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their categorization as Level 2 investments. <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; $6731 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 10686 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt | &nbsp;&nbsp; 431 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp; 4651 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | &nbsp;&nbsp; 1427 | &nbsp;&nbsp; 3681 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 20943 | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 21080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 379806 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 379806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 261632 | &nbsp;&nbsp; — | &nbsp;&nbsp; 261632 |
| Total Common Stocks | &nbsp;&nbsp; 393514 | &nbsp;&nbsp; 296942 | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 690593 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| Investment Companies | &nbsp;&nbsp; 10189 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10189 |
| Total Investments | &nbsp;&nbsp; $403703 | &nbsp;&nbsp; $296945 | &nbsp;&nbsp; $137 | &nbsp;&nbsp; $700785 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $13 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; 51 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (37)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; (62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (62)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(11)<br>| &nbsp;&nbsp; $(24)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(35)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

EQUITY FUNDS **43** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $32253 | $28962 | $9 <br><sup>(1)</sup><br>| $3291 | 3290750 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 10255 | 144070 | 147427 | 259 | 6898 | 6898383 |
| Total | $10255 | $176323 | $176389 | $268 | $10189 | 10189133 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

NORTHERN FUNDS QUARTERLY REPORT **44** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**GLOBAL TACTICAL ASSET ALLOCATION FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 100.0%**  | **INVESTMENT COMPANIES – 100.0%**  | **INVESTMENT COMPANIES – 100.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FlexShares<sup>®</sup> Developed Markets <br> ex-U.S. Quality Low Volatility Index <br> Fund<sup>(1)</sup> <br>| 170955 | $5439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FlexShares<sup>®</sup> iBoxx 5-Year Target <br> Duration TIPS Index Fund<sup>(1)</sup> <br>| 64503 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FlexShares<sup>®</sup> Morningstar Developed <br> Markets ex-U.S. Factor Tilt Index <br> Fund<sup>(1)</sup> <br>| 37599 | 3487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FlexShares<sup>®</sup> Morningstar Emerging <br> Markets Factor Tilt Index Fund<sup>(1)</sup> <br>| 92428 | 5902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FlexShares<sup>®</sup> Morningstar U.S. Market <br> Factor Tilt Index Fund<sup>(1)</sup> <br>| 46280 | 11509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FlexShares<sup>®</sup> STOXX Global Broad <br> Infrastructure Index Fund<sup>(1)</sup> <br>| 38712 | 2342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FlexShares<sup>®</sup> U.S. Quality Low Volatility <br> Index Fund<sup>(1)</sup> <br>| 72722 | 5240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares 20+ Year Treasury Bond ETF | 14724 | 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares 3-7 Year Treasury Bond ETF | 43402 | 5180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares 7-10 Year Treasury Bond ETF | 16808 | 1616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares MBS ETF | 29363 | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Funds - Fixed Income Fund<sup>(1)</sup> <br>| 838325 | 7587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Funds - High Yield Fixed <br> Income Fund<sup>(1)</sup> <br>| 246309 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Funds - International Equity <br> Index Fund<sup>(1)</sup> <br>| 254029 | 4463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Funds - Small Cap Core <br> Fund<sup>(1)</sup> <br>| 85945 | 2079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Funds - Stock Index Fund<sup>(1)</sup> <br>| 197777 | 13473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(1) (2)</sup> <br>| 5509416 | 5509 |
| **Total Investment Companies** |  |  |
| **(Cost $66,541)** |  | **80964** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 5/7/26<sup>(3) (4)</sup> <br>| $51 | **$50** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $50)** | **(Cost $50)** | **50** |
| **Total Investments – 100.1%** | **Total Investments – 100.1%** |  |
| **(Cost $66,591)** | **(Cost $66,591)** | **81014** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (0.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (0.1%) | (44)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$80970** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Investment in affiliated fund. Northern Trust Investments, Inc. is the investment* *adviser to the Fund and the investment adviser to other Northern Funds,* *Northern Institutional Funds and FlexShares Trust.* 

<sup>(2)</sup> *7-day current yield as of December 31, 2025 is disclosed.*

<sup>(3)</sup> *Discount rate at the time of purchase.*

<sup>(4)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ETF - Exchange-Traded Fund |
| MBS - Mortgage Backed Securities |
| TIPS - Treasury Inflation Protected Securities |

---

*Percentages shown are based on Net Assets.* 

EQUITY FUNDS **45** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; U.S. Treasury <br> Long Bond<br>| 12 | $1387 | Long | 3/26 | $(14)<br>|

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Investment Companies | &nbsp;&nbsp; $80964 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $80964 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 50 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50 |
| Total Investments | &nbsp;&nbsp; $80964 | &nbsp;&nbsp; $50 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $81014 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $(14)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(14)<br>|

---

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **NET CHANGE**<br> **IN UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000S)**<br>| **NET**<br> **REALIZED**<br> **GAINS**<br> **(LOSSES)**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| FlexShares<sup>®</sup> Developed Markets ex-U.S. Quality Low Volatility Index Fund | $2071 | $2885 | $— | $483 | $— | $146 | $5439 | 170955 |
| FlexShares<sup>®</sup> Global Quality Real Estate Index Fund | 771 |  | 721 | 50 | (100)<br>|  |  |  |
| FlexShares<sup>®</sup> iBoxx 5-Year Target Duration TIPS Index Fund | 1564 |  |  | (18)<br>|  | 68 | 1546 | 64503 |
| FlexShares<sup>®</sup> Morningstar Developed Markets ex-U.S. Factor Tilt Index Fund | 3507 |  | 770 | 634 | 116 | 122 | 3487 | 37599 |
| FlexShares<sup>®</sup> Morningstar Emerging Markets Factor Tilt Index Fund | 4834 | 1314 | 1209 | 833 | 130 | 220 | 5902 | 92428 |
| FlexShares<sup>®</sup> Morningstar U.S. Market Factor Tilt Index Fund | 8968 | 973 | 295 | 1829 | 34 | 109 | 11509 | 46280 |
| FlexShares<sup>®</sup> STOXX Global Broad Infrastructure Index Fund | 807 | 2359 | 782 | (1)<br>| (41)<br>| 135 | 2342 | 38712 |
| FlexShares<sup>®</sup> U.S. Quality Low Volatility Index Fund | 4794 |  |  | 446 |  | 67 | 5240 | 72722 |
| Northern Funds - Fixed Income Fund | 11746 |  | 4279 | 152 | (32)<br>| 298 | 7587 | 838325 |
| Northern Funds - High Yield Fixed Income Fund | 2364 |  | 865 | 38 | (25)<br>| 80 | 1512 | 246309 |
| Northern Funds - International Equity Index Fund | 4372 |  | 651 | 664 | 78 | 159 | 4463 | 254029 |
| Northern Funds - Small Cap Core Fund | 1799 | 242 |  | 38 |  | 330 | 2079 | 85945 |
| Northern Funds - Stock Index Fund | 18330 | 1277 | 8384 | 1959 | 291 | 370 | 13473 | 197777 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 1162 | 13815 | 9468 |  |  | 84 | 5509 | 5509416 |
| Total | $67089 | $22865 | $27424 | $7107 | $451 | $2188 | $70088 | 7655000 |

---

NORTHERN FUNDS QUARTERLY REPORT **46** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INCOME EQUITY FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.9%**  | **COMMON STOCKS – 98.9%**  | **COMMON STOCKS – 98.9%**  |
| **Aerospace & Defense – 1.1%** | **Aerospace & Defense – 1.1%** | **Aerospace & Defense – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 2763 | $851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 4370 | 2114 |
|  |  | **2965** |
| **Air Freight & Logistics – 0.6%** | **Air Freight & Logistics – 0.6%** | **Air Freight & Logistics – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 18258 | **1811** |
| **Automobiles – 0.9%** | **Automobiles – 0.9%** | **Automobiles – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.<sup>(1) \*</sup> <br>| 5545 | **2494** |
| **Banks – 4.2%** | **Banks – 4.2%** | **Banks – 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 5761 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 36784 | 4292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc. | 9949 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 6309 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 31968 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 8777 | 2828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 35639 | 1754 |
|  |  | **11664** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 1965 | **282** |
| **Biotechnology – 3.6%** | **Biotechnology – 3.6%** | **Biotechnology – 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 21066 | 4813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 7027 | 2300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 25093 | 3080 |
|  |  | **10193** |
| **Broadline Retail – 3.2%** | **Broadline Retail – 3.2%** | **Broadline Retail – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1) \*</sup> <br>| 34197 | 7893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 11676 | 1017 |
|  |  | **8910** |
| **Capital Markets – 2.4%** | **Capital Markets – 2.4%** | **Capital Markets – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 728 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 53015 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 63943 | 1680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 2917 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lazard, Inc. | 12148 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 6651 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 11786 | 1520 |
|  |  | **6733** |
| **Chemicals – 0.8%** | **Chemicals – 0.8%** | **Chemicals – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 9062 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V., Class A | 11527 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NewMarket Corp. | 337 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro (The) Co. | 12352 | 721 |
|  |  | **2152** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.9%continued**  | **COMMON STOCKS - 98.9%continued**  | **COMMON STOCKS - 98.9%continued**  |
| **Communications Equipment – 1.9%** | **Communications Equipment – 1.9%** | **Communications Equipment – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 58434 | $4501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ubiquiti, Inc. | 1669 | 924 |
|  |  | **5425** |
| **Consumer Finance – 0.6%** | **Consumer Finance – 0.6%** | **Consumer Finance – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 15473 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneMain Holdings, Inc. | 13677 | 924 |
|  |  | **1625** |
| **Consumer Staples Distribution & Retail – 0.3%** | **Consumer Staples Distribution & Retail – 0.3%** | **Consumer Staples Distribution & Retail – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 994 | **857** |
| **Distributors – 0.0%** | **Distributors – 0.0%** | **Distributors – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 25 | **6** |
| **Diversified Consumer Services – 0.2%** | **Diversified Consumer Services – 0.2%** | **Diversified Consumer Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 11380 | **496** |
| **Diversified Telecommunication Services – 1.0%** | **Diversified Telecommunication Services – 1.0%** | **Diversified Telecommunication Services – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 79574 | 1976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 22457 | 915 |
|  |  | **2891** |
| **Electric Utilities – 1.7%** | **Electric Utilities – 1.7%** | **Electric Utilities – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 16100 | 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edison International | 25357 | 1522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern (The) Co. | 15689 | 1368 |
|  |  | **4777** |
| **Electrical Equipment – 2.4%** | **Electrical Equipment – 2.4%** | **Electrical Equipment – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 9519 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 4616 | 3017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 3592 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A | 5553 | 900 |
|  |  | **6577** |
| **Energy Equipment & Services – 0.5%** | **Energy Equipment & Services – 0.5%** | **Energy Equipment & Services – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd. | 37647 | **1445** |
| **Financial Services – 2.1%** | **Financial Services – 2.1%** | **Financial Services – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B\* | 3323 | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 9134 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 19263 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 15828 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 2927 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Union (The) Co. | 93687 | 872 |
|  |  | **5747** |

---

EQUITY FUNDS **47** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.9%continued**  | **COMMON STOCKS - 98.9%continued**  | **COMMON STOCKS - 98.9%continued**  |
| **Gas Utilities – 0.4%** | **Gas Utilities – 0.4%** | **Gas Utilities – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 9861 | $193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 22230 | 832 |
|  |  | **1025** |
| **Ground Transportation – 1.2%** | **Ground Transportation – 1.2%** | **Ground Transportation – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 4455 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 11512 | 2663 |
|  |  | **3362** |
| **Health Care Equipment & Supplies – 0.2%** | **Health Care Equipment & Supplies – 0.2%** | **Health Care Equipment & Supplies – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 2883 | **694** |
| **Health Care Providers & Services – 0.2%** | **Health Care Providers & Services – 0.2%** | **Health Care Providers & Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 177 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 449 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 737 | 243 |
|  |  | **687** |
| **Health Care Real Estate Investment Trusts – 0.1%** | **Health Care Real Estate Investment Trusts – 0.1%** | **Health Care Real Estate Investment Trusts – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 4385 | **194** |
| **Hotel & Resort Real Estate Investment Trusts – 0.3%** | **Hotel & Resort Real Estate Investment Trusts – 0.3%** | **Hotel & Resort Real Estate Investment Trusts – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 20453 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. | 47035 | 492 |
|  |  | **855** |
| **Hotels, Restaurants & Leisure – 1.2%** | **Hotels, Restaurants & Leisure – 1.2%** | **Hotels, Restaurants & Leisure – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 130 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 3628 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 1075 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 4530 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wendy's (The) Co. | 47942 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 3882 | 587 |
|  |  | **3372** |
| **Household Products – 2.3%** | **Household Products – 2.3%** | **Household Products – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clorox (The) Co. | 11273 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 535 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 11404 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble (The) Co. | 28110 | 4028 |
|  |  | **6358** |
| **Independent Power & Renewable Electricity Producers – 0.5%** | **Independent Power & Renewable Electricity Producers – 0.5%** | **Independent Power & Renewable Electricity Producers – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Corp. | 8720 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class C | 22268 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 2739 | 442 |
|  |  | **1517** |
| **Insurance – 2.1%** | **Insurance – 2.1%** | **Insurance – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 12274 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 19572 | 1545 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.9%continued**  | **COMMON STOCKS - 98.9%continued**  | **COMMON STOCKS - 98.9%continued**  |
| **Insurance – 2.1%continued** | **Insurance – 2.1%continued** | **Insurance – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp. | 16840 | $769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 10667 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 10299 | 1163 |
|  |  | **5771** |
| **Interactive Media & Services – 7.0%** | **Interactive Media & Services – 7.0%** | **Interactive Media & Services – 7.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A<sup>(1)</sup> <br>| 47359 | 14823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A<sup>(1)</sup> <br>| 7121 | 4701 |
|  |  | **19524** |
| **IT Services – 1.4%** | **IT Services – 1.4%** | **IT Services – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 3325 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amdocs Ltd. | 7256 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 9951 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 5294 | 1568 |
|  |  | **3870** |
| **Leisure Products – 0.5%** | **Leisure Products – 0.5%** | **Leisure Products – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 16716 | **1371** |
| **Machinery – 1.2%** | **Machinery – 1.2%** | **Machinery – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 408 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 6138 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 7701 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 3009 | 1037 |
|  |  | **3455** |
| **Media – 0.5%** | **Media – 0.5%** | **Media – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. | 3794 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 6385 | 516 |
|  |  | **1286** |
| **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp. | 8098 | **1162** |
| **Mortgage Real Estate Investment Trusts – 0.5%** | **Mortgage Real Estate Investment Trusts – 0.5%** | **Mortgage Real Estate Investment Trusts – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp. | 60696 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. | 39417 | 710 |
|  |  | **1372** |
| **Multi-Utilities – 1.0%** | **Multi-Utilities – 1.0%** | **Multi-Utilities – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 14675 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 24059 | 1410 |
|  |  | **2867** |
| **Office Real Estate Investment Trusts – 0.3%** | **Office Real Estate Investment Trusts – 0.3%** | **Office Real Estate Investment Trusts – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 21026 | **786** |
| **Oil, Gas & Consumable Fuels – 1.6%** | **Oil, Gas & Consumable Fuels – 1.6%** | **Oil, Gas & Consumable Fuels – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 43730 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 28961 | 708 |

---

NORTHERN FUNDS QUARTERLY REPORT **48** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INCOME EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.9%continued**  | **COMMON STOCKS - 98.9%continued**  | **COMMON STOCKS - 98.9%continued**  |
| **Oil, Gas & Consumable Fuels – 1.6%continued** | **Oil, Gas & Consumable Fuels – 1.6%continued** | **Oil, Gas & Consumable Fuels – 1.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 820 | $125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 13578 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 8324 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 1512 | 434 |
|  |  | **4473** |
| **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 3521 | **284** |
| **Personal Care Products – 0.1%** | **Personal Care Products – 0.1%** | **Personal Care Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 10229 | **176** |
| **Pharmaceuticals – 4.9%** | **Pharmaceuticals – 4.9%** | **Pharmaceuticals – 4.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 48592 | 2621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 251 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 15163 | 3138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 42993 | 4525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 131005 | 3262 |
|  |  | **13816** |
| **Professional Services – 1.4%** | **Professional Services – 1.4%** | **Professional Services – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 9692 | 2493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 3281 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 4809 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robert Half, Inc. | 830 | 23 |
|  |  | **3787** |
| **Residential Real Estate Investment Trusts – 0.8%** | **Residential Real Estate Investment Trusts – 0.8%** | **Residential Real Estate Investment Trusts – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 6670 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 15591 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, <br> Inc.<br>| 4593 | 638 |
|  |  | **2355** |
| **Retail Real Estate Investment Trusts – 0.7%** | **Retail Real Estate Investment Trusts – 0.7%** | **Retail Real Estate Investment Trusts – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 23044 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 7890 | 1461 |
|  |  | **2065** |
| **Semiconductors & Semiconductor Equipment – 16.3%** | **Semiconductors & Semiconductor Equipment – 16.3%** | **Semiconductors & Semiconductor Equipment – 16.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 721 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 24741 | 8563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 2479 | 3012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 25618 | 4385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp.<sup>(1)</sup> <br>| 132403 | 24693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors N.V. | 1038 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 19099 | 3267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 18233 | 1156 |
|  |  | **45487** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.9%continued**  | **COMMON STOCKS - 98.9%continued**  | **COMMON STOCKS - 98.9%continued**  |
| **Software – 8.1%** | **Software – 8.1%** | **Software – 8.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc., Class B | 14739 | $563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 44778 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 4978 | 3298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 31893 | 15424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pegasystems, Inc. | 14873 | 888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 5291 | 1402 |
|  |  | **22792** |
| **Specialized Real Estate Investment Trusts – 1.4%** | **Specialized Real Estate Investment Trusts – 1.4%** | **Specialized Real Estate Investment Trusts – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 14896 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 5818 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 4316 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 45211 | 1271 |
|  |  | **3871** |
| **Specialty Retail – 1.3%** | **Specialty Retail – 1.3%** | **Specialty Retail – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 301 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 19144 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Depot (The), Inc. | 580 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 4828 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 5421 | 968 |
|  |  | **3619** |
| **Technology Hardware, Storage & Peripherals – 8.7%** | **Technology Hardware, Storage & Peripherals – 8.7%** | **Technology Hardware, Storage & Peripherals – 8.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc.<sup>(1)</sup> <br>| 83521 | 22706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 35678 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 8929 | 956 |
|  |  | **24457** |
| **Textiles, Apparel & Luxury Goods – 1.3%** | **Textiles, Apparel & Luxury Goods – 1.3%** | **Textiles, Apparel & Luxury Goods – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 27763 | 1769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 13949 | 1782 |
|  |  | **3551** |
| **Tobacco – 2.1%** | **Tobacco – 2.1%** | **Tobacco – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 39811 | 2296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 23142 | 3712 |
|  |  | **6008** |
| **Trading Companies & Distributors – 0.5%** | **Trading Companies & Distributors – 0.5%** | **Trading Companies & Distributors – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 31307 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc., Class A | 2352 | 198 |
|  |  | **1454** |

---

EQUITY FUNDS **49** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.9%continued**  | **COMMON STOCKS - 98.9%continued**  | **COMMON STOCKS - 98.9%continued**  |
| **Wireless Telecommunication Services – 0.7%** | **Wireless Telecommunication Services – 0.7%** | **Wireless Telecommunication Services – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millicom International Cellular S.A. | 17534 | $972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T-Mobile U.S., Inc. | 5012 | 1018 |
|  |  | **1990** |
| **Total Common Stocks** |  |  |
| **(Cost $178,260)** |  | **276763** |
| **INVESTMENT COMPANIES – 0.8%**  | **INVESTMENT COMPANIES – 0.8%**  | **INVESTMENT COMPANIES – 0.8%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(2) (3)</sup> <br>| 2158381 | 2158 |
| **Total Investment Companies** |  |  |
| **(Cost $2,158)** |  | **2158** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/7/26<sup>(4) (5)</sup> <br>| $156 | **$154** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $154)** | **(Cost $154)** | **154** |
| **Total Investments – 99.8%** | **Total Investments – 99.8%** |  |
| **(Cost $180,572)** | **(Cost $180,572)** | **279075** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.2% | 624 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$279699** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Security represents underlying investment on open written option contracts.*

<sup>(2)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(3)</sup> *7-day current yield as of December 31, 2025 is disclosed.*

<sup>(4)</sup> *Discount rate at the time of purchase.*

<sup>(5)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

*\** *Non-Income Producing Security*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; Micro E-Mini <br> S&P 500 <br> Index<br>| 76 | $2619 | Long | 3/26 | $(11)<br>|

---

At December 31, 2025, the Fund had open written call options as follows:

---

| | | | |
|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL**<br> **AMOUNT**<br> **(000S)**<br>| **VALUE**<br> **(000S)**<br>|
| &nbsp;&nbsp; Alphabet, Inc., Class A, Exp. Date 1/16/26, <br> Strike Price $375.00<br>| (473)<br>| $(14805)<br>| $(1)<br>|
| &nbsp;&nbsp; Amazon.com, Inc., Exp. Date 1/16/26, <br> Strike Price $270.00<br>| (341)<br>| (7871)<br>| (1)<br>|
| &nbsp;&nbsp; Apple, Inc., Exp. Date 1/16/26, Strike Price <br> $320.00<br>| (417)<br>| (11337)<br>| (1)<br>|
| &nbsp;&nbsp; Meta Platforms, Inc., Class A, Exp. Date <br> 1/16/26, Strike Price $800.00<br>| (71)<br>| (4687)<br>| (—)\*<br>|
| &nbsp;&nbsp; NVIDIA Corp., Exp. Date 1/16/26, Strike <br> Price $225.00<br>| (1324)<br>| (24693)<br>| (8)<br>|
| &nbsp;&nbsp; Tesla, Inc., Exp. Date 1/16/26, Strike Price <br> $750.00<br>| (55)<br>| (2473)<br>| (—)\*<br>|
| Total Written Options Contracts |  |  | $(11)<br>|
| (Premiums Received (000s) $31) |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*\** *Amount rounds to less than one thousand.*

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup> <br>| &nbsp;&nbsp; $276763 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $276763 |
| Investment Companies | &nbsp;&nbsp; 2158 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2158 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 154 | &nbsp;&nbsp; — | &nbsp;&nbsp; 154 |
| Total Investments | &nbsp;&nbsp; $278921 | &nbsp;&nbsp; $154 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $279075 |

---

NORTHERN FUNDS QUARTERLY REPORT **50** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **INCOME EQUITY FUND continued**  | **December 31, 2025 (UNAUDITED)**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $(11)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (11)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(22)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(22)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $9717 | $9717 | $1 <br><sup>(1)</sup><br>| $— |  |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 2565 | 29790 | 30197 | 92 | 2158 | 2158381 |
| Total | $2565 | $39507 | $39914 | $93 | $2158 | 2158381 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

EQUITY FUNDS **51** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **INTERNATIONAL EQUITY FUND**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.2%** <sup>(1)</sup> | **COMMON STOCKS – 98.2%** <sup>(1)</sup> | **COMMON STOCKS – 98.2%** <sup>(1)</sup> |
| **Australia – 5.5%** | **Australia – 5.5%** | **Australia – 5.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. | 66307 | $1604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 1221 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cochlear Ltd. | 247 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. | 37395 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 164 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. | 106146 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origin Energy Ltd. | 35732 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro Medicus Ltd. | 2740 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. | 73785 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC | 24438 | 1950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockland | 135551 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. | 105957 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers Ltd. | 13324 | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WiseTech Global Ltd. | 4127 | 187 |
|  |  | **9472** |
| **Austria – 0.1%** | **Austria – 0.1%** | **Austria – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verbund A.G. | 2187 | **160** |
| **Belgium – 2.0%** | **Belgium – 2.0%** | **Belgium – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ageas S.A./N.V. | 15166 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev S.A./N.V. | 23964 | 1538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group | 824 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBC Group N.V. | 5145 | 669 |
|  |  | **3418** |
| **Canada – 11.8%** | **Canada – 11.8%** | **Canada – 11.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 8943 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AltaGas Ltd. | 153 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 33517 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | 15721 | 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. | 15983 | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | 49922 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Tire Corp. Ltd., Class A | 359 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Utilities Ltd., Class A | 3482 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCL Industries, Inc., Class B | 177 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc.\* | 759 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGI, Inc. | 12785 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. | 171 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emera, Inc. | 5783 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empire Co. Ltd., Class A | 14445 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. | 958 | 1826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortis, Inc. | 121 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gildan Activewear, Inc. | 2173 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IGM Financial, Inc. | 33106 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Oil Ltd. | 6889 | 595 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.2%** <sup>(1)</sup>**continued**  |
| **Canada – 11.8%continued** | **Canada – 11.8%continued** | **Canada – 11.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lundin Gold, Inc. | 6681 | $555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp. | 50716 | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc., Class A\* | 3749 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | 28728 | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) | 17705 | 1669 |
|  |  | **20445** |
| **China – 1.0%** | **China – 1.0%** | **China – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. | 283302 | 1432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. | 30702 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. | 69700 | 189 |
|  |  | **1731** |
| **Denmark – 1.4%** | **Denmark – 1.4%** | **Denmark – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demant A/S\* | 8281 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 6597 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 10349 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S, Class B | 4794 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S | 20677 | 558 |
|  |  | **2487** |
| **Finland – 1.2%** | **Finland – 1.2%** | **Finland – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortum OYJ | 6962 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ, Class B | 4836 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp | 43796 | 1550 |
|  |  | **2041** |
| **France – 7.4%** | **France – 7.4%** | **France – 7.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amundi S.A. | 3648 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AXA S.A. | 7010 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bouygues S.A. | 10592 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bureau Veritas S.A. | 38827 | 1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capgemini S.E. | 9391 | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danone S.A. | 2766 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation S.A. | 2981 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eiffage S.A. | 6835 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engie S.A. | 20967 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klepierre S.A. | 25069 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe S.A. | 9049 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safran S.A. | 4785 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale S.A. | 25992 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sodexo S.A. | 4743 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vinci S.A. | 1489 | 209 |
|  |  | **12859** |
| **Germany – 7.5%** | **Germany – 7.5%** | **Germany – 7.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adidas A.G. | 4928 | 970 |

---

NORTHERN FUNDS QUARTERLY REPORT **52** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERNATIONAL EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.2%** <sup>(1)</sup>**continued**  |
| **Germany – 7.5%continued** | **Germany – 7.5%continued** | **Germany – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke A.G. | 8746 | $956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse A.G. | 4375 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post A.G. | 35055 | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom A.G. (Registered) | 61668 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E.ON S.E. | 7038 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries A.G. | 23274 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care A.G. | 22046 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresenius S.E. & Co. KGaA | 9237 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials A.G. | 3123 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWE A.G. | 5830 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAP S.E. | 1964 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens A.G. (Registered) | 3290 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy A.G.\* | 875 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers A.G. | 1008 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zalando S.E.\* | 39140 | 1162 |
|  |  | **12954** |
| **Hong Kong – 2.6%** | **Hong Kong – 2.6%** | **Hong Kong – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 26870 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 118252 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Infrastructure Holdings Ltd. | 25971 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd. ADR | 6666 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong & China Gas Co. Ltd. | 60713 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 4997 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC | 95309 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | 43605 | 529 |
|  |  | **4474** |
| **Ireland – 0.9%** | **Ireland – 0.9%** | **Ireland – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC | 149483 | **1606** |
| **Israel – 1.9%** | **Israel – 1.9%** | **Israel – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim B.M. | 12183 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel B.M. | 73638 | 1623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies <br> Ltd.\*<br>| 5354 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICL Group Ltd. | 65417 | 375 |
|  |  | **3267** |
| **Italy – 3.1%** | **Italy – 3.1%** | **Italy – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum S.p.A. | 61420 | 1398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enel S.p.A. | 77716 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC | 24237 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniCredit S.p.A. | 28814 | 2392 |
|  |  | **5442** |
| **Japan – 19.3%** | **Japan – 19.3%** | **Japan – 19.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. | 9600 | 1212 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.2%** <sup>(1)</sup>**continued**  |
| **Japan – 19.3%continued** | **Japan – 19.3%continued** | **Japan – 19.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. | 31100 | $582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. | 8900 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. | 14100 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. | 2200 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. | 2400 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | 1100 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 7100 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 4800 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denso Corp. | 90700 | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. | 12100 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. | 2300 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. | 32000 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Post Insurance Co. Ltd. | 15300 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power (The) Co., Inc. | 4900 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kao Corp. | 24800 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. | 51100 | 1634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LY Corp. | 383300 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. | 47200 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. | 26000 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 89000 | 2039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 81000 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. | 49100 | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, <br> Inc.<br>| 48200 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | 57500 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. | 27000 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen K.K. | 13000 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. | 61200 | 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. Japan | 7000 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. | 27900 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 1200 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | 11000 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. | 29200 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. | 7500 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seibu Holdings, Inc. | 2000 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | 33700 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoftBank Corp. | 843000 | 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 9600 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 32200 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 67900 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. | 21100 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | 7900 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | 58400 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. | 18200 | 609 |

---

EQUITY FUNDS **53** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.2%** <sup>(1)</sup>**continued**  |
| **Japan – 19.3%continued** | **Japan – 19.3%continued** | **Japan – 19.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | 600 | $24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. | 9900 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. | 13900 | 446 |
|  |  | **33404** |
| **Luxembourg – 0.2%** | **Luxembourg – 0.2%** | **Luxembourg – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal S.A. | 6179 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific S.E. | 1299 | 95 |
|  |  | **376** |
| **Netherlands – 3.3%** | **Netherlands – 3.3%** | **Netherlands – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding N.V. | 2694 | 2880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EXOR N.V. | 9494 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize N.V. | 35750 | 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer N.V. | 5168 | 536 |
|  |  | **5687** |
| **Norway – 1.5%** | **Norway – 1.5%** | **Norway – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 55186 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kongsberg Gruppen ASA | 751 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 62721 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orkla ASA | 70814 | 790 |
|  |  | **2599** |
| **Portugal – 0.1%** | **Portugal – 0.1%** | **Portugal – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Comercial Portugues S.A. <br> (Registered)<br>| 28202 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EDP S.A. | 15700 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS S.A. | 1866 | 32 |
|  |  | **134** |
| **Singapore – 1.4%** | **Singapore – 1.4%** | **Singapore – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | 900 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. | 117900 | 1811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering <br> Ltd.<br>| 101900 | 665 |
|  |  | **2515** |
| **Spain – 4.1%** | **Spain – 4.1%** | **Spain – 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acciona S.A. | 1052 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y <br> Servicios S.A.<br>| 6616 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aena SME S.A.<sup>(2)</sup> <br>| 50639 | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A. | 116900 | 2734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CaixaBank S.A. | 61851 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endesa S.A. | 7465 | 269 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.2%** <sup>(1)</sup>**continued**  |
| **Spain – 4.1%continued** | **Spain – 4.1%continued** | **Spain – 4.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iberdrola S.A. | 36695 | $794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Naturgy Energy Group S.A. | 7872 | 240 |
|  |  | **7095** |
| **Sweden – 2.8%** | **Sweden – 2.8%** | **Sweden – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolution AB | 12086 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H&M Hennes & Mauritz AB, Class B | 77270 | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hexagon AB, Class B | 36050 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB | 9318 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB, Class A | 49229 | 1713 |
|  |  | **4818** |
| **Switzerland – 1.5%** | **Switzerland – 1.5%** | **Switzerland – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Registered) | 12644 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont S.A., Class A <br> (Registered)<br>| 712 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Logitech International S.A. (Registered) | 13907 | 1416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding A.G. (Registered) | 597 | 154 |
|  |  | **2659** |
| **United Kingdom – 7.9%** | **United Kingdom – 7.9%** | **United Kingdom – 7.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 2448 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC | 386029 | 2451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC | 16569 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrica PLC | 91392 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. | 15467 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 12628 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC | 38863 | 1634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury PLC | 209499 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC | 47566 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC | 86153 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next PLC | 6682 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 4087 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RELX PLC | 16171 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC | 48951 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC | 37765 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC | 33466 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSE PLC | 2249 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC | 23788 | 581 |
|  |  | **13699** |
| **United States – 9.7%** | **United States – 9.7%** | **United States – 9.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S, Class B<sup>†</sup> <br>| 232 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 98879 | 2430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holcim A.G.\* | 10619 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nestle S.A. (Registered) | 15000 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novartis A.G. (Registered) | 26625 | 3678 |

---

NORTHERN FUNDS QUARTERLY REPORT **54** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERNATIONAL EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.2%** <sup>(1)</sup>**continued**  |
| **United States – 9.7%continued** | **United States – 9.7%continued** | **United States – 9.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roche Holding A.G. (Genusschein) | 9375 | $3874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanofi S.A. | 12644 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 68402 | 2513 |
|  |  | **16788** |
| **Total Common Stocks** |  |  |
| **(Cost $130,424)** |  | **170130** |
| **INVESTMENT COMPANIES – 0.6%**  | **INVESTMENT COMPANIES – 0.6%**  | **INVESTMENT COMPANIES – 0.6%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(3) (4)</sup> <br>| 994014 | 994 |
| **Total Investment Companies** |  |  |
| **(Cost $994)** |  | **994** |
| **Total Investments – 98.8%** |  |  |
| **(Cost $131,418)** |  | **171124** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 1.2% |  | 2116 |
| **Net Assets – 100.0%** |  | **$173240** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Adjustment factors obtained from an independent evaluation service were* <br> *used to determine the value of certain foreign securities.*<br>|
| <sup>(2)</sup> <br>| *Security exempt from registration pursuant to Rule 144A under the Securities* <br> *Act of 1933, as amended. These securities may be resold in transactions* <br> *exempt from registration to qualified institutional investors. At December 31,* <br> *2025, the value of this security amounted to approximately $1,418,000 or* <br> *0.8% of net assets.*<br>|
| <sup>(3)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(4)</sup> <br>| *7-day current yield as of December 31, 2025 is disclosed.* |
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| FTSE – Financial Times Stock Exchange |
| S&P – Standard & Poor's |
| SPI – Standardized Precipitation Index |
| TSX – Toronto Stock Exchange |

---

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; Euro Stoxx 50 <br> (Euro)<br>| 20 | $1373 | Long | 3/26 | $18 |
| &nbsp;&nbsp; FTSE 100 <br> Index (British <br> Pound)<br>| 3 | 402 | Long | 3/26 | 8 |
| &nbsp;&nbsp; S&P/TSX 60 <br> Index <br> (Canadian <br> Dollar)<br>| 1 | 271 | Long | 3/26 | 1 |
| &nbsp;&nbsp; SPI 200 Index <br> (Australian <br> Dollar)<br>| 1 | 145 | Long | 3/26 | 1 |
| &nbsp;&nbsp; Yen <br> Denominated <br> Nikkei 225 <br> (Japanese <br> Yen)<br>| 5 | 806 | Long | 3/26 | 1 |
| Total |  |  |  |  | $29 |

---

At December 31, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Financials | 26.7<br> %<br>|
| Industrials | 17.8 |
| Health Care | 9.7 |
| Consumer Discretionary | 8.8 |
| Information Technology | 8.7 |
| Materials | 6.9 |
| Consumer Staples | 6.5 |
| Energy | 4.3 |
| Communication Services | 3.7 |
| Utilities | 3.4 |
| Real Estate | 1.7 |
| Short-Term Investments | 0.6 |
| Total Investments | 98.8 |
| Other Assets less Liabilities | 1.2 |
| Net Assets | 100.0<br> %<br>|

---

EQUITY FUNDS **55** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on December 31, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their categorization as Level 2 investments. <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; $20445 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 3379 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp; 993 | &nbsp;&nbsp; 2274 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 141944 | &nbsp;&nbsp; — | &nbsp;&nbsp; 141944 |
| Total Common Stocks | &nbsp;&nbsp; 22533 | &nbsp;&nbsp; 147597 | &nbsp;&nbsp; — | &nbsp;&nbsp; 170130 |
| Investment Companies | &nbsp;&nbsp; 994 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 994 |
| Total Investments | &nbsp;&nbsp; $23527 | &nbsp;&nbsp; $147597 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $171124 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $29 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $409 | $409 | $— <br><sup>(1),\*</sup><br>| $— |  |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 122 | 15293 | 14421 | 22 | 994 | 994014 |
| Total | $122 | $15702 | $14830 | $22 | $994 | 994014 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

*\** *Amount rounds to less than one thousand.*

NORTHERN FUNDS QUARTERLY REPORT **56** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERNATIONAL EQUITY INDEX FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup> | **COMMON STOCKS – 97.8%** <sup>(1)</sup> | **COMMON STOCKS – 97.8%** <sup>(1)</sup> |
| **Australia – 6.9%** | **Australia – 6.9%** | **Australia – 6.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. | 890702 | $21553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APA Group | 394817 | 2362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. | 164945 | 6397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASX Ltd. | 57105 | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 1516689 | 45768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. | 405430 | 6215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAR Group Ltd. | 112144 | 2295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cochlear Ltd. | 19624 | 3401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. | 399448 | 5715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia | 499974 | 53454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. | 157507 | 3577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 144857 | 16689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. | 612063 | 5149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. | 504013 | 7370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC\* | 2996505 | 16300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodman Group | 608542 | 12511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance Australia Group Ltd. | 700469 | 3724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lottery (The) Corp. Ltd. | 667267 | 2294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lynas Rare Earths Ltd.\* | 272964 | 2252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd. | 107814 | 14510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medibank Pvt Ltd. | 830001 | 2648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. | 914746 | 25760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. | 405470 | 7192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origin Energy Ltd. | 528244 | 4046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro Medicus Ltd. | 17064 | 2499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. | 219933 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. | 452533 | 5995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REA Group Ltd. | 15575 | 1907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | 111324 | 10910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC | 336503 | 26848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santos Ltd. | 989888 | 4060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scentre Group | 1526305 | 4262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGH Ltd. | 60488 | 1864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigma Healthcare Ltd. | 1564704 | 3069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. | 140736 | 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd. | 1334910 | 3169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockland | 725102 | 2763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. | 329016 | 3865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. | 1191447 | 3865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transurban Group | 936627 | 8858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. | 1150221 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington H Soul Pattinson & Co. Ltd. | 103660 | 2564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers Ltd. | 338543 | 18249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. | 1021565 | 26232 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Australia – 6.9%continued** | **Australia – 6.9%continued** | **Australia – 6.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WiseTech Global Ltd. | 60064 | $2722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. | 570889 | 8939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolworths Group Ltd. | 364043 | 7130 |
|  |  | **428507** |
| **Austria – 0.3%** | **Austria – 0.3%** | **Austria – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank A.G. | 91960 | 11064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMV A.G. | 43277 | 2407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raiffeisen Bank International A.G. | 39274 | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verbund A.G. | 19706 | 1439 |
|  |  | **16666** |
| **Belgium – 0.8%** | **Belgium – 0.8%** | **Belgium – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ageas S.A./N.V. | 43726 | 3065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev S.A./N.V. | 295241 | 18943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group | 6316 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elia Group S.A./N.V. | 13152 | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financiere de Tubize S.A. | 6018 | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Groupe Bruxelles Lambert N.V. | 24854 | 2212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBC Group N.V. | 68476 | 8901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lotus Bakeries N.V. | 119 | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sofina S.A. | 4907 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syensqo S.A. | 22378 | 1797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UCB S.A. | 37745 | 10528 |
|  |  | **52269** |
| **Brazil – 0.0%** | **Brazil – 0.0%** | **Brazil – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA | 49662 | **2035** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antofagasta PLC | 118614 | **5206** |
| **China – 0.6%** | **China – 0.6%** | **China – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. | 1091608 | 5519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prosus N.V.\* | 390562 | 24123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. | 416000 | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wharf Holdings (The) Ltd. | 320000 | 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmar International Ltd.<sup>†</sup> <br>| 565800 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. | 774600 | 2097 |
|  |  | **35472** |
| **Denmark – 1.8%** | **Denmark – 1.8%** | **Denmark – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlsberg A.S., Class B | 28637 | 3754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S, Class B | 37592 | 3227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S | 198704 | 9912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demant A/S<sup>\* †</sup> <br>| 27804 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DSV A/S | 60985 | 15347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S\* | 18423 | 5693 |

---

EQUITY FUNDS **57** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Denmark – 1.8%continued** | **Denmark – 1.8%continued** | **Denmark – 1.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 962020 | $49037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novonesis (Novozymes) B | 105680 | 6768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orsted A.S.<sup>(2) \*</sup> <br>| 154572 | 2966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 23867 | 2640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S, Class B | 27940 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tryg A/S | 99871 | 2614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S | 301689 | 8145 |
|  |  | **112025** |
| **Finland – 1.2%** | **Finland – 1.2%** | **Finland – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ | 43516 | 1931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortum OYJ | 131965 | 2808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kesko OYJ, Class B | 84899 | 1921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ, Class B | 102075 | 7240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metso OYJ | 200415 | 3497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neste OYJ | 124399 | 2815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ | 1580765 | 10239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp | 926789 | 17470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ, Class B | 32858 | 2454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ, Class A | 728451 | 8830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stora Enso OYJ (Registered)<sup>†</sup> <br>| 176686 | 2212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UPM-Kymmene OYJ<sup>†</sup> <br>| 158785 | 4601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp | 151574 | 5363 |
|  |  | **71381** |
| **France – 8.9%** | **France – 8.9%** | **France – 8.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accor S.A. | 59186 | 3354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aeroports de Paris S.A.<sup>†</sup> <br>| 10000 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Liquide S.A. | 172469 | 32456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbus S.E. | 177385 | 41145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alstom S.A.\* | 101763 | 3012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amundi S.A. | 17965 | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AXA S.A. | 518132 | 24919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioMerieux | 12245 | 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas S.A. | 300262 | 28412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bollore S.E. | 207017 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bouygues S.A. | 57889 | 3001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bureau Veritas S.A. | 102475 | 3263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capgemini S.E. | 45992 | 7617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carrefour S.A. | 179486 | 2994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain S.A. | 133813 | 13584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements <br> Michelin S.C.A.<br>| 202296 | 6709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covivio S.A./France | 17384 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole S.A. | 316524 | 6497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danone S.A. | 193341 | 17445 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **France – 8.9%continued** | **France – 8.9%continued** | **France – 8.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation S.A. | 5804 | $1860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes S.E. | 202543 | 5657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edenred S.E. | 74248 | 1649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eiffage S.A. | 20886 | 2996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engie S.A. | 545609 | 14346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica S.A. | 89966 | 28445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FDJ UNITED | 33366 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gecina S.A. | 13737 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getlink S.E. | 88664 | 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hermes International S.C.A. | 9450 | 23348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ipsen S.A. | 11462 | 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kering S.A. | 22208 | 7836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klepierre S.A. | 62721 | 2483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legrand S.A. | 78223 | 11624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L'Oreal S.A. | 71751 | 30819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton S.E. | 74705 | 56320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange S.A. | 555110 | 9262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard S.A. | 60072 | 5143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe S.A. | 69036 | 7162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renault S.A. | 56432 | 2336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rexel S.A. | 66379 | 2609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safran S.A. | 107467 | 37396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech | 8476 | 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale S.A. | 213181 | 17176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sodexo S.A. | 26426 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thales S.A. | 28062 | 7580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies S.E. | 592893 | 38644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield\* | 36588 | 3977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement S.A. | 187408 | 6530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vinci S.A. | 148921 | 20913 |
|  |  | **556124** |
| **Germany – 9.2%** | **Germany – 9.2%** | **Germany – 9.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adidas A.G. | 50970 | 10033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allianz S.E. (Registered) | 115449 | 52953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BASF S.E. | 265369 | 13864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayer A.G. (Registered) | 293495 | 12661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke A.G. | 84175 | 9203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beiersdorf A.G. | 29785 | 3278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brenntag S.E. | 35415 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commerzbank A.G. | 218818 | 9264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental A.G. | 33214 | 2651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTS Eventim A.G. & Co. KGaA | 18278 | 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding A.G. | 143256 | 6282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank A.G. (Registered) | 552744 | 21499 |

---

NORTHERN FUNDS QUARTERLY REPORT **58** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERNATIONAL EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Germany – 9.2%continued** | **Germany – 9.2%continued** | **Germany – 9.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse A.G. | 56215 | $14765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa A.G. (Registered) | 181517 | 1795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post A.G. | 286610 | 15698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom A.G. (Registered) | 1099009 | 35649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E.ON S.E. | 671104 | 12722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries A.G. | 80623 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care A.G. | 65927 | 3159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresenius S.E. & Co. KGaA | 125939 | 7248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEA Group A.G. | 43739 | 2970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hannover Rueck S.E. | 18046 | 5638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials A.G. | 39973 | 10468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henkel A.G. & Co. KGaA | 30629 | 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hensoldt A.G. | 19449 | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HOCHTIEF A.G. | 4665 | 1846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies A.G. | 389597 | 17263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knorr-Bremse A.G. | 22188 | 2481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien S.E. | 21697 | 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group A.G. | 215395 | 15200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA | 38556 | 5534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines A.G. | 15981 | 6666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muenchener <br> Rueckversicherungs-Gesellschaft <br> A.G. in Muenchen (Registered)<br>| 39055 | 25791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nemetschek S.E. | 17341 | 1891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rational A.G. | 1462 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall A.G. | 13740 | 25195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWE A.G. | 188857 | 10049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAP S.E. | 311966 | 76331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scout24 S.E. | 22694 | 2287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens A.G. (Registered) | 226979 | 63744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy A.G.\* | 231531 | 32722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers A.G. | 101917 | 5348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Symrise A.G. | 39687 | 3212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talanx A.G. | 19366 | 2585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vonovia S.E. | 228675 | 6593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zalando S.E.\* | 65879 | 1956 |
|  |  | **570238** |
| **Hong Kong – 1.8%** | **Hong Kong – 1.8%** | **Hong Kong – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 3136686 | 32218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 568138 | 2862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Infrastructure Holdings Ltd. | 191853 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CLP Holdings Ltd. | 482514 | 4311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd. ADR | 17136 | 2814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hang Seng Bank Ltd. | 226179 | 4461 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Hong Kong – 1.8%continued** | **Hong Kong – 1.8%continued** | **Hong Kong – 1.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. | 446929 | $1612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HKT Trust & HKT Ltd. | 1156220 | 1709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong & China Gas Co. Ltd. | 3385005 | 3046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 359296 | 18773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. | 325900 | 2262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Link REIT | 788078 | 3510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTR Corp. Ltd. | 457636 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Assets Holdings Ltd. | 420317 | 2977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC | 771854 | 11909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sino Land Co. Ltd. | 1113502 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | 435258 | 5280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific Ltd., Class A | 106051 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. | 436833 | 5019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd.<sup>(2)</sup> <br>| 2469713 | 2750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wharf Real Estate Investment Co. Ltd. | 486766 | 1534 |
|  |  | **112529** |
| **Indonesia – 0.1%** | **Indonesia – 0.1%** | **Indonesia – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jardine Matheson Holdings Ltd.<sup>†</sup> <br>| 48800 | **3328** |
| **Ireland – 0.5%** | **Ireland – 0.5%** | **Ireland – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings N.V. | 53205 | 7649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC | 650583 | 6991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC | 285559 | 5463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Irish Bank Resolution Corp. Ltd.<sup>(3) \*</sup> <br>| 99788 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kerry Group PLC, Class A | 47900 | 4391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingspan Group PLC | 45403 | 3923 |
|  |  | **28417** |
| **Israel – 0.9%** | **Israel – 0.9%** | **Israel – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azrieli Group Ltd. | 11391 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim B.M. | 379926 | 8596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel B.M. | 443691 | 9780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies <br> Ltd.\*<br>| 25598 | 4750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. | 8330 | 4803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICL Group Ltd. | 236708 | 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel Discount Bank Ltd., Class A | 365397 | 3880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizrahi Tefahot Bank Ltd. | 45992 | 3212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd.\* | 18413 | 2089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Ltd.\* | 8757 | 2919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Financial Ltd. | 69092 | 2859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Industries Ltd. <br> ADR\*<br>| 342472 | 10689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wix.com Ltd.\* | 17084 | 1775 |
|  |  | **57999** |

---

EQUITY FUNDS **59** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Italy – 3.3%** | **Italy – 3.3%** | **Italy – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum S.p.A. | 67379 | $1534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banca Monte dei Paschi di Siena S.p.A. | 589096 | 6271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco BPM S.p.A. | 340853 | 5177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPER Banca S.p.A. | 440981 | 5963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC A.G. - CDI\* | 66350 | 3436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Davide Campari-Milano N.V. | 181076 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enel S.p.A. | 2428286 | 25301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eni S.p.A. | 607766 | 11528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrari N.V. | 37645 | 14017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco S.p.A. | 183805 | 4773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Generali | 255004 | 10704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane S.p.A. | 85229 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo S.p.A. | 4249332 | 29430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leonardo S.p.A. | 123263 | 7061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moncler S.p.A. | 70118 | 4507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexi S.p.A.<sup>†</sup> <br>| 160299 | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane S.p.A. | 137640 | 3463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prysmian S.p.A. | 83785 | 8354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recordati Industria Chimica e <br> Farmaceutica S.p.A.<br>| 33828 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC | 253655 | 8809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snam S.p.A. | 599499 | 3983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia S.p.A.\* | 3498769 | 2099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale | 426614 | 4536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniCredit S.p.A. | 418776 | 34765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni S.p.A. | 106280 | 2557 |
|  |  | **202952** |
| **Ivory Coast – 0.1%** | **Ivory Coast – 0.1%** | **Ivory Coast – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining PLC | 58052 | **3006** |
| **Japan – 21.7%** | **Japan – 21.7%** | **Japan – 21.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. | 228900 | 28897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aeon Co. Ltd. | 665200 | 10514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc. | 57600 | 1911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. | 148900 | 2785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. | 267700 | 5662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANA Holdings, Inc. | 45600 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. | 451900 | 4727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | 390200 | 3463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. | 207300 | 4994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. | 543400 | 7260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. | 177300 | 4726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp. | 341000 | 7670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canon, Inc. | 258900 | 7664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capcom Co. Ltd. | 104500 | 2431 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Japan – 21.7%continued** | **Japan – 21.7%continued** | **Japan – 21.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. | 229000 | $6348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chiba Bank (The) Ltd. | 166600 | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. | 207500 | 3194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | 200665 | 10549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. | 117700 | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. | 96600 | 3045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 1050100 | 8718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | 537700 | 11452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries Ltd. | 78800 | 10116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 91500 | 1745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 165600 | 5500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. | 394400 | 3455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denso Corp. | 526700 | 7266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. | 27500 | 8481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East Japan Railway Co. | 288336 | 7631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ebara Corp. | 139400 | 3288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eisai Co. Ltd. | 79100 | 2347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. | 816097 | 5767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. | 278800 | 10851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | 57100 | 20707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. | 42700 | 3237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | 333400 | 7123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. | 75100 | 8388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. | 525900 | 14419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hankyu Hanshin Holdings, Inc. | 72200 | 1816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hikari Tsushin, Inc. | 5400 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. | 1369000 | 42471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 1104100 | 10808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. | 102500 | 15526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hulic Co. Ltd. | 135300 | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. | 229840 | 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. | 307000 | 5413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. | 266300 | 5270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 156200 | 2435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 1775000 | 22405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. | 42200 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. | 296900 | 3169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Post Bank Co. Ltd. | 533800 | 7507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. | 534200 | 5618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Post Insurance Co. Ltd. | 53800 | 1614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc.<sup>†</sup> <br>| 358400 | 12898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. | 176100 | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JX Advanced Metals Corp. | 168200 | 2111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. | 126000 | 4699 |

---

NORTHERN FUNDS QUARTERLY REPORT **60** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERNATIONAL EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Japan – 21.7%continued** | **Japan – 21.7%continued** | **Japan – 21.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power (The) Co., Inc. | 282000 | $4425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kao Corp. | 139300 | 5574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Heavy Industries Ltd. | 45000 | 2977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd.<sup>†</sup> <br>| 107900 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. | 875700 | 15148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. | 58056 | 21034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kikkoman Corp. | 201800 | 1830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kioxia Holdings Corp.\* | 55400 | 3709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. | 233200 | 3508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kobe Bussan Co. Ltd. | 45500 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. | 286400 | 9155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. | 30500 | 4157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kubota Corp. | 292000 | 4123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. | 379200 | 5323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kyowa Kirin Co. Ltd. | 73200 | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. | 24200 | 4593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LY Corp. | 796700 | 2121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M3, Inc. | 133000 | 1801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. | 67100 | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. | 421300 | 11723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. | 97600 | 1694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. | 108300 | 2175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. | 380500 | 2222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 962400 | 22053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. | 568000 | 16663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 317100 | 7723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi HC Capital, Inc. | 263000 | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. | 957700 | 23456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 3425695 | 54401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. | 737400 | 21794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 787900 | 8964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd.<sup>†</sup> <br>| 102600 | 3080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. | 743918 | 27013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. | 78000 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, <br> Inc.<br>| 383929 | 9040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | 498273 | 10344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. | 387100 | 13053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. | 112000 | 2748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NIDEC CORP. | 255000 | 3453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 329900 | 22285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. | 2398 | 2186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Paint Holdings Co. Ltd. | 278800 | 1862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Sanso Holdings Corp. | 53300 | 1592 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Japan – 21.7%continued** | **Japan – 21.7%continued** | **Japan – 21.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. | 1454805 | $5950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen K.K. | 121100 | 3921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd.<sup>\* †</sup> <br>| 677200 | 1682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nitori Holdings Co. Ltd. | 120000 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. | 204600 | 4862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. | 894300 | 7439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. | 110922 | 4270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTT, Inc. | 8906600 | 8986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obayashi Corp. | 187500 | 3917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. | 97500 | 3064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympus Corp. | 343300 | 4373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. Japan | 11300 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oriental Land Co. Ltd. | 322900 | 5973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. | 346700 | 10079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 108000 | 3749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. | 66500 | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | 129715 | 7328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. | 569300 | 3393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. | 693800 | 9076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group, Inc.\* | 453700 | 2911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 420600 | 23994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. | 535100 | 7328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. | 624310 | 5920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryohin Keikaku Co. Ltd.<sup>†</sup> <br>| 150200 | 2669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanrio Co. Ltd. | 52900 | 1660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. | 166420 | 3592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd.<sup>†</sup> <br>| 24500 | 2375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secom Co. Ltd. | 116500 | 4140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seibu Holdings, Inc. | 63300 | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | 115100 | 1931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. | 176400 | 3938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seven & i Holdings Co. Ltd. | 619800 | 8901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SG Holdings Co. Ltd. | 84200 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shimadzu Corp. | 70300 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shimano, Inc. | 22100 | 2333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | 503900 | 15670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | 226700 | 4102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shiseido Co. Ltd. | 115600 | 1687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. | 17400 | 6059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoftBank Corp. | 8579400 | 11778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 1142000 | 32196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. | 264935 | 9020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sony Financial Group, Inc.\* | 1876800 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 1838200 | 46985 |

---

EQUITY FUNDS **61** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Japan – 21.7%continued** | **Japan – 21.7%continued** | **Japan – 21.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 172800 | $3711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. | 325300 | 11250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | 213400 | 8640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Metal Mining Co. Ltd. | 74600 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 1095026 | 35242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. | 189738 | 5765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. <br> Ltd.<br>| 183400 | 4596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suntory Beverage & Food Ltd. | 41500 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | 470700 | 6991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysmex Corp. | 150794 | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings, Inc. | 139100 | 3205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. | 44200 | 4190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | 474966 | 14756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. | 580200 | 8209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. | 401600 | 5851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. | 64500 | 2159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toho Co. Ltd. | 30700 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 549000 | 20382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 133900 | 29407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | 95100 | 3760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Metro Co. Ltd.<sup>†</sup> <br>| 83800 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyu Corp. | 147900 | 1731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. | 70800 | 2102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toray Industries, Inc. | 415500 | 2708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Industries Corp. | 48600 | 5519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 2831420 | 60569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. | 205900 | 6944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. | 38700 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tsuruha Holdings, Inc. | 79500 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unicharm Corp. | 322200 | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. | 122900 | 2458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd.<sup>†</sup> <br>| 275100 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. | 69000 | 2213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yokohama Financial Group, Inc. | 297900 | 2455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zensho Holdings Co. Ltd. | 29800 | 1708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZOZO, Inc. | 140300 | 1160 |
|  |  | **1351667** |
| **Jersey – 0.0%** | **Jersey – 0.0%** | **Jersey – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVC Capital Partners PLC | 60648 | **1016** |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal S.A. | 138977 | 6329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific S.E. | 35744 | 2614 |
|  |  | **8943** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Macau – 0.1%** | **Macau – 0.1%** | **Macau – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. | 591148 | $2899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sands China Ltd. | 728299 | 1836 |
|  |  | **4735** |
| **Mexico – 0.0%** | **Mexico – 0.0%** | **Mexico – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresnillo PLC | 65471 | **2915** |
| **Netherlands – 4.4%** | **Netherlands – 4.4%** | **Netherlands – 4.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank N.V. - C.V.A. | 173500 | 6056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adyen N.V.\* | 7507 | 12045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akzo Nobel N.V. | 51559 | 3581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argenx S.E.\* | 18384 | 15473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASM International N.V. | 14085 | 8491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding N.V. | 115969 | 123961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland N.V. | 46726 | 3317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BE Semiconductor Industries N.V. | 21674 | 3370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euronext N.V. | 23034 | 3457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EXOR N.V. | 27497 | 2330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heineken Holding N.V. | 37946 | 2784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heineken N.V. | 85586 | 7001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IMCD N.V. | 17863 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ING Groep N.V. | 901866 | 25353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's N.V. | 49761 | 1863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize N.V. | 267078 | 10954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN N.V. | 1167636 | 5462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips N.V. | 234000 | 6333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnum Ice Cream (The) Co. N.V.\* | 147935 | 2348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nebius Group N.V.\* | 63969 | 5355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NN Group N.V. | 80530 | 6200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Randstad N.V.<sup>†</sup> <br>| 33939 | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group N.V. | 331331 | 8656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer N.V. | 70168 | 7285 |
|  |  | **274590** |
| **New Zealand – 0.2%** | **New Zealand – 0.2%** | **New Zealand – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auckland International Airport Ltd. | 504119 | 2417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contact Energy Ltd. | 240435 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. | 177115 | 3843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infratil Ltd. | 270082 | 1723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meridian Energy Ltd. | 394876 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd.\* | 49652 | 3754 |
|  |  | **14289** |
| **Norway – 0.5%** | **Norway – 0.5%** | **Norway – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA | 89838 | 2286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA | 268186 | 7469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 231281 | 5468 |

---

NORTHERN FUNDS QUARTERLY REPORT **62** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERNATIONAL EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Norway – 0.5%continued** | **Norway – 0.5%continued** | **Norway – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gjensidige Forsikring ASA | 58644 | $1757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kongsberg Gruppen ASA | 131480 | 3371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mowi ASA | 142020 | 3429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 415713 | 3212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orkla ASA | 202925 | 2265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salmar ASA | 19918 | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA | 178638 | 2600 |
|  |  | **33077** |
| **Poland – 0.0%** | **Poland – 0.0%** | **Poland – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InPost S.A.<sup>\* †</sup> <br>| 78336 | **959** |
| **Portugal – 0.2%** | **Portugal – 0.2%** | **Portugal – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Comercial Portugues S.A. <br> (Registered)<br>| 2253419 | 2362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Espirito Santo S.A. <br> (Registered)<sup>(3) \*</sup> <br>| 882815 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EDP S.A. | 956172 | 4395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS S.A. | 123289 | 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS S.A. | 81740 | 1947 |
|  |  | **10804** |
| **Singapore – 1.7%** | **Singapore – 1.7%** | **Singapore – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT | 1201792 | 2642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial <br> Trust<br>| 1793083 | 3326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Investment Ltd.<sup>†</sup> <br>| 688462 | 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | 635705 | 27821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grab Holdings Ltd., Class A\* | 703748 | 3512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keppel Ltd. | 441950 | 3547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. | 1010751 | 15526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. ADR\* | 114217 | 14571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sembcorp Industries Ltd.<sup>†</sup> <br>| 278300 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore Airlines Ltd.<sup>†</sup> <br>| 452135 | 2249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. | 252500 | 3318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering <br> Ltd.<br>| 472000 | 3079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. | 2230725 | 7904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics N.V. | 201754 | 5229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. | 374549 | 10200 |
|  |  | **105674** |
| **South Africa – 0.2%** | **South Africa – 0.2%** | **South Africa – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC | 333501 | **13743** |
| **South Korea – 0.0%** | **South Korea – 0.0%** | **South Korea – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero S.E.\* | 57370 | **1532** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Spain – 3.7%** | **Spain – 3.7%** | **Spain – 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acciona S.A.<sup>†</sup> <br>| 7195 | $1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y <br> Servicios S.A.<br>| 53207 | 5277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aena SME S.A.<sup>(2)</sup> <br>| 225293 | 6307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group S.A. | 133992 | 9828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A. | 1722174 | 40282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco de Sabadell S.A. | 1495839 | 5866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Santander S.A. | 4448705 | 52205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bankinter S.A. | 201107 | 3330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CaixaBank S.A. | 1163706 | 14211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cellnex Telecom S.A.\* | 148390 | 4773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EDP Renovaveis S.A. | 92866 | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endesa S.A. | 93555 | 3368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grifols S.A.<sup>†</sup> <br>| 90080 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iberdrola S.A. | 1896851 | 41058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil S.A. | 325728 | 21456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mapfre S.A. | 271636 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Naturgy Energy Group S.A. | 73153 | 2227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeia Corp. S.A. | 124028 | 2211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repsol S.A. | 337579 | 6323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telefonica S.A. | 1105716 | 4539 |
|  |  | **228628** |
| **Sweden – 3.2%** | **Sweden – 3.2%** | **Sweden – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AddTech AB, Class B | 76422 | 2716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB | 88196 | 4457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B | 298253 | 11563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A | 810242 | 14516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class B | 455230 | 7301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijer Ref AB<sup>†</sup> <br>| 123669 | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boliden AB\* | 85789 | 4748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class A | 199191 | 4507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class B | 116644 | 2354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQT AB | 149090 | 5817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essity AB, Class B | 183017 | 5272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolution AB | 39980 | 2721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastighets AB Balder, Class B\* | 222803 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H&M Hennes & Mauritz AB, Class B<sup>†</sup> <br>| 148776 | 2993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hexagon AB, Class B | 625622 | 7400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holmen AB, Class B | 21263 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB, Class A | 36171 | 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB, Class C | 46131 | 2069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indutrade AB | 81304 | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment AB Latour, Class B<sup>†</sup> <br>| 43691 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor AB, Class B | 542641 | 19365 |

---

EQUITY FUNDS **63** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Sweden – 3.2%continued** | **Sweden – 3.2%continued** | **Sweden – 3.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L E Lundbergforetagen AB, Class B | 22433 | $1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifco AB, Class B | 69810 | 2638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nibe Industrier AB, Class B | 437307 | 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saab AB, Class B | 95464 | 5553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sagax AB, Class B | 67728 | 1453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB | 315915 | 10233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securitas AB, Class B<sup>†</sup> <br>| 145366 | 2316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, <br> Class A<br>| 450732 | 9515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skanska AB, Class B | 100421 | 2740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SKF AB, Class B | 100236 | 2664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Svenska Cellulosa AB S.C.A., Class B | 184533 | 2451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Class A | 435163 | 6346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB, Class A | 255500 | 8889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB\* | 59530 | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB, Class B | 163080 | 2736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, <br> Class B<br>| 833912 | 8141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB | 689962 | 2948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trelleborg AB, Class B | 60361 | 2554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volvo AB, Class B | 473394 | 15174 |
|  |  | **198458** |
| **Switzerland – 4.9%** | **Switzerland – 4.9%** | **Switzerland – 4.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Registered) | 467798 | 34580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avolta A.G.\* | 26154 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banque Cantonale Vaudoise <br> (Registered)<br>| 8446 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barry Callebaut A.G. (Registered)<sup>†</sup> <br>| 1069 | 1757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belimo Holding A.G. (Registered) | 2919 | 2842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BKW A.G. | 5956 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Participation Certificate)<br>| 289 | 4227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Registered)<br>| 31 | 4541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont S.A., Class A <br> (Registered)<br>| 160491 | 34637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DSM-Firmenich A.G. | 52187 | 4217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMS-Chemie Holding A.G. (Registered) | 2113 | 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galderma Group A.G. | 46160 | 9370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geberit A.G. (Registered) | 10221 | 7962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Givaudan S.A. (Registered)<sup>†</sup> <br>| 2803 | 11144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helvetia Baloise Holding A.G. | 23391 | 6167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. | 61757 | 4828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuehne + Nagel International A.G. <br> (Registered)<sup>†</sup> <br>| 14566 | 3138 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Switzerland – 4.9%continued** | **Switzerland – 4.9%continued** | **Switzerland – 4.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Logitech International S.A. <br> (Registered)<sup>†</sup> <br>| 45454 | $4629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lonza Group A.G. (Registered) | 20958 | 14179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding A.G. | 6845 | 8408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group A.G. | 124724 | 9090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding A.G. (Participation <br> Certificate)<br>| 12192 | 4595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding A.G. (Registered) | 7085 | 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGS S.A. (Registered) | 49196 | 5640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sika A.G. (Registered) | 45160 | 9256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding A.G. (Registered) | 15109 | 3898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Straumann Holding A.G. (Registered)<sup>†</sup> <br>| 33428 | 3914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swatch Group (The) A.G. (Bearer) | 8859 | 1880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding A.G. (Registered) | 8613 | 9951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site A.G. (Registered) | 24307 | 3777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swisscom A.G. (Registered)<sup>†</sup> <br>| 7665 | 5570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group A.G. (Registered) | 947946 | 43821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VAT Group A.G. | 8136 | 3907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group A.G. | 43699 | 33168 |
|  |  | **302949** |
| **United Kingdom – 11.1%** | **United Kingdom – 11.1%** | **United Kingdom – 11.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC | 296609 | 12905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC | 77873 | 3334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group PLC | 125396 | 8555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated British Foods PLC | 99056 | 2840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 463344 | 85344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group PLC | 262121 | 2067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aviva PLC | 910554 | 8337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC | 896312 | 20605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC | 4167252 | 26454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barratt Redrow PLC | 417072 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC | 653130 | 37018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BT Group PLC | 1792220 | 4432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bunzl PLC | 98829 | 2758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrica PLC | 1415094 | 3222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. | 804138 | 5479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC | 62562 | 5674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC | 505799 | 16092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCC PLC<sup>†</sup> <br>| 29134 | 1811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC | 663904 | 14301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entain PLC | 187763 | 1933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halma PLC | 114245 | 5414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC | 51676 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 5143643 | 80641 |

---

NORTHERN FUNDS QUARTERLY REPORT **64** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERNATIONAL EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 11.1%continued** | **United Kingdom – 11.1%continued** | **United Kingdom – 11.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC | 229946 | $9667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Informa PLC | 384082 | 4556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC | 43041 | 6029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines <br> Group S.A. - CDI<br>| 349712 | 1939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intertek Group PLC | 46117 | 2860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury PLC | 509297 | 2244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC | 779073 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC | 516113 | 2164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group PLC | 205068 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group PLC | 1704767 | 5986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC | 17682439 | 23303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | 139423 | 16789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&G PLC | 675766 | 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer Group PLC | 622919 | 2771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Melrose Industries PLC | 373602 | 2939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC | 1458691 | 22480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC | 2399385 | 20927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next PLC | 34617 | 6369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pearson PLC | 170338 | 2404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC | 205018 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 203536 | 16478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RELX PLC | 544822 | 22037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | 754731 | 4508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC | 2512773 | 39056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sage Group (The) PLC | 290140 | 4225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schroders PLC | 215137 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segro PLC | 389260 | 3766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severn Trent PLC | 82726 | 3110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC | 243938 | 4061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC | 97596 | 3075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spirax Group PLC | 22021 | 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSE PLC | 359953 | 10555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC | 580669 | 14180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC | 1940168 | 11552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC | 650998 | 42563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC | 207636 | 3340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC | 5694567 | 7566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitbread PLC | 52678 | 1798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wise PLC, Class A\* | 196614 | 2362 |
|  |  | **690487** |
| **United States – 9.3%** | **United States – 9.3%** | **United States – 9.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd. | 400095 | 3088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcon A.G. | 149039 | 11839 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **United States – 9.3%continued** | **United States – 9.3%continued** | **United States – 9.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S, Class A<sup>†</sup> <br>| 880 | $2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S, Class B<sup>†</sup> <br>| 1199 | 2763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 4695857 | 27259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buzzi S.p.A. | 23122 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 15172 | 6768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Experian PLC | 273496 | 12369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrovial S.E. | 153319 | 9916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 1213974 | 29834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC | 2658381 | 13452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holcim A.G.\* | 152328 | 14933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 13010 | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nestle S.A. (Registered) | 769701 | 76503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novartis A.G. (Registered) | 568023 | 78466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QIAGEN N.V. | 63466 | 2897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roche Holding A.G. (Bearer) | 9778 | 4129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roche Holding A.G. (Genusschein) | 209709 | 86666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanofi S.A. | 329925 | 32008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric S.E. | 163767 | 44889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 1729367 | 63527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology S.A.\* | 46664 | 27098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stellantis N.V. | 605445 | 6684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Re A.G. | 89233 | 14880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenaris S.A. | 110867 | 2139 |
|  |  | **577459** |
| **Total Common Stocks** |  |  |
| **(Cost $3,033,326)** |  | **6080079** |
| **PREFERRED STOCKS – 0.3%**  | **PREFERRED STOCKS – 0.3%**  | **PREFERRED STOCKS – 0.3%**  |
| **Germany – 0.3%** | **Germany – 0.3%** | **Germany – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke A.G., <br> 4.71%<sup>(4)</sup> <br>| 15738 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dr. Ing hc F Porsche A.G., 3.25%<sup>(4)</sup> <br>| 33533 | 1797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henkel A.G. & Co. KGaA, 2.92%<sup>(4)</sup> <br>| 48855 | 3993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Porsche Automobil Holding S.E., <br> 4.80%<sup>(4)</sup> <br>| 45648 | 2141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sartorius A.G., 0.30%<sup>(4)</sup> <br>| 7623 | 2204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volkswagen A.G., 6.11%<sup>(4)</sup> <br>| 61436 | 7472 |
|  |  | **19298** |
| **Total Preferred Stocks** |  |  |
| **(Cost $16,863)** |  | **19298** |
| **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | 458000 | 40972 |

---

EQUITY FUNDS **65** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.1%continued**  | **INVESTMENT COMPANIES – 1.1%continued**  | **INVESTMENT COMPANIES – 1.1%continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(5) (6) (7)</sup> <br>| 2405990 | $2406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(5) (6)</sup> <br>| 23515770 | 23516 |
| **Total Investment Companies** |  |  |
| **(Cost $58,960)** |  | **66894** |
| **Total Investments – 99.2%** |  |  |
| **(Cost $3,109,149)** |  | **6166271** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.8% |  | 52354 |
| **Net Assets – 100.0%** |  | **$6218625** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Adjustment factors obtained from an independent evaluation service were* <br> *used to determine the value of certain foreign securities.*<br>|
| <sup>(2)</sup> <br>| *Security exempt from registration pursuant to Rule 144A under the Securities* <br> *Act of 1933, as amended. These securities may be resold in transactions* <br> *exempt from registration to qualified institutional investors. At December 31,* <br> *2025, the value of these securities amounted to approximately $12,023,000* <br> *or 0.2% of net assets.*<br>|
| <sup>(3)</sup> <br>| *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <sup>(4)</sup> <br>| *Current yield is disclosed. Dividends are calculated based on a percentage* <br> *of the issuer's net income.*<br>|
| <sup>(5)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(6)</sup> <br>| *7-day current yield as of December 31, 2025 is disclosed.* |
| <sup>(7)</sup> <br>| *Investment of cash collateral received from securities lending activities.* |
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| CDI – CREST Depository Interest |
| EAFE – Europe, Australasia and the Far East |
| ETF – Exchange-Traded Fund |
| FTSE – Financial Times Stock Exchange |
| MSCI – Morgan Stanley Capital International |

---

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS**<br> **TO**<br> **DELIVER**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **IN**<br> **EXCHANGE**<br> **FOR**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **SETTLEMENT**<br> **DATE**<br>| **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| Bank of Montreal | United States <br> Dollar<br>| 1740 | Australian <br> Dollar<br>| 2608 | 3/18/26 | $—\* |
| Citibank | Swiss Franc | 2650 | United States <br> Dollar<br>| 3374 | 3/18/26 | 1 |
| Citibank | United States <br> Dollar<br>| 3565 | British Pound | 2655 | 3/18/26 | 13 |
| Citibank | United States <br> Dollar<br>| 1304 | Swedish Krona | 11980 | 3/18/26 | 3 |
| Toronto-Dominion <br> Bank<br>| Japanese Yen | 1425000 | United States <br> Dollar<br>| 9227 | 3/18/26 | 69 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 86 |
| JPMorgan Chase | United States <br> Dollar<br>| 4848 | Euro | 4100 | 3/18/26 | (12)<br>|
| JPMorgan Chase | United States <br> Dollar<br>| 8403 | Japanese Yen | 1290060 | 3/18/26 | (112)<br>|
| Morgan Stanley | United States <br> Dollar<br>| 1543 | Euro | 1308 | 3/18/26 | (—)\*<br>|
| Morgan Stanley | United States <br> Dollar<br>| 3581 | Japanese Yen | 550000 | 3/18/26 | (46)<br>|
| Toronto-Dominion <br> Bank<br>| British Pound | 2655 | United States <br> Dollar<br>| 3551 | 3/18/26 | (27)<br>|
| Toronto-Dominion <br> Bank<br>| Euro | 7708 | United States <br> Dollar<br>| 9073 | 3/18/26 | (19)<br>|
| Toronto-Dominion <br> Bank<br>| Swiss Franc | 2950 | United States <br> Dollar<br>| 3750 | 3/18/26 | (5)<br>|
| UBS | United States <br> Dollar<br>| 2718 | Euro | 2300 | 3/18/26 | (5)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (226)<br>|
| Total |  |  |  |  |  | $(140)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*\** *Amount rounds to less than one thousand.*

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; Euro Stoxx 50 <br> (Euro)<br>| 290 | $19907 | Long | 3/26 | $242 |
| &nbsp;&nbsp; FTSE 100 <br> Index (British <br> Pound)<br>| 77 | 10318 | Long | 3/26 | 183 |
| &nbsp;&nbsp; Hang Seng <br> Index (Hong <br> Kong Dollar)<br>| 6 | 989 | Long | 1/26 | (10)<br>|
| &nbsp;&nbsp; MSCI EAFE <br> Index <br> (United States <br> Dollar)<br>| 199 | 28876 | Long | 3/26 | 187 |

---

NORTHERN FUNDS QUARTERLY REPORT **66** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERNATIONAL EQUITY INDEX FUND continued** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; SPI 200 Index <br> (Australian <br> Dollar)<br>| 33 | $4777 | Long | 3/26 | $16 |
| &nbsp;&nbsp; Topix Index <br> (Japanese <br> Yen)<br>| 47 | 10242 | Long | 3/26 | 124 |
| Total |  |  |  |  | $742 |

---

At December 31, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Financials | 25.5<br> %<br>|
| Industrials | 18.8 |
| Health Care | 11.1 |
| Consumer Discretionary | 9.6 |
| Information Technology | 8.2 |
| Consumer Staples | 7.3 |
| Materials | 5.5 |
| Communication Services | 4.3 |
| Utilities | 3.6 |
| Energy | 3.1 |
| Real Estate | 1.8 |
| Short-Term Investments | 0.4 |
| Total Investments | 99.2 |
| Other Assets less Liabilities | 0.8 |
| Net Assets | 100.0<br> %<br>|

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on December 31, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their categorization as Level 2 investments. <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; $894 | &nbsp;&nbsp; $34578 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; 2063 | &nbsp;&nbsp; 568175 | &nbsp;&nbsp; — | &nbsp;&nbsp; 570238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; 7275 | &nbsp;&nbsp; 105254 | &nbsp;&nbsp; — | &nbsp;&nbsp; 112529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp; 7649 | &nbsp;&nbsp; 20768 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp; 17214 | &nbsp;&nbsp; 40785 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; 7703 | &nbsp;&nbsp; 266887 | &nbsp;&nbsp; — | &nbsp;&nbsp; 274590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp; 18083 | &nbsp;&nbsp; 87591 | &nbsp;&nbsp; — | &nbsp;&nbsp; 105674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; 5674 | &nbsp;&nbsp; 684813 | &nbsp;&nbsp; — | &nbsp;&nbsp; 690487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 35786 | &nbsp;&nbsp; 541673 | &nbsp;&nbsp; — | &nbsp;&nbsp; 577459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3627214 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3627214 |
| Total Common Stocks | &nbsp;&nbsp; 102341 | &nbsp;&nbsp; 5977738 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6080079 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 19298 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19298 |
| Investment Companies | &nbsp;&nbsp; 66894 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 66894 |
| Total Investments | &nbsp;&nbsp; $169235 | &nbsp;&nbsp; $5997036 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6166271 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $86 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; 752 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 752 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (226)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (226)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (10)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $742 | &nbsp;&nbsp; $(140)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $602 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

EQUITY FUNDS **67** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $88294 | $85888 | $16 <br><sup>(1)</sup><br>| $2406 | 2405990 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 1914 | 647562 | 625960 | 545 | 23516 | 23515770 |
| Total | $1914 | $735856 | $711848 | $561 | $25922 | 25921760 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

NORTHERN FUNDS QUARTERLY REPORT **68** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**LARGE CAP CORE FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 99.7%**  | **COMMON STOCKS – 99.7%**  | **COMMON STOCKS – 99.7%**  |
| **Aerospace & Defense – 1.8%** | **Aerospace & Defense – 1.8%** | **Aerospace & Defense – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 7814 | $2631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 8751 | 2695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 1339 | 648 |
|  |  | **5974** |
| **Air Freight & Logistics – 1.0%** | **Air Freight & Logistics – 1.0%** | **Air Freight & Logistics – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 12829 | 2062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, <br> Inc.<br>| 9448 | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 619 | 62 |
|  |  | **3532** |
| **Automobile Components – 0.8%** | **Automobile Components – 0.8%** | **Automobile Components – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 22128 | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 20167 | 909 |
|  |  | **2593** |
| **Automobiles – 1.7%** | **Automobiles – 1.7%** | **Automobiles – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 9164 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 3231 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 11826 | 5318 |
|  |  | **5701** |
| **Banks – 3.8%** | **Banks – 3.8%** | **Banks – 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 49487 | 2722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 22678 | 2646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 19998 | 6444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 12487 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 4649 | 433 |
|  |  | **12912** |
| **Beverages – 0.3%** | **Beverages – 0.3%** | **Beverages – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Beer (The) Co., Inc., Class A\* | 1200 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 9785 | 750 |
|  |  | **984** |
| **Biotechnology – 1.5%** | **Biotechnology – 1.5%** | **Biotechnology – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 5647 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 9673 | 3166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 1826 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 5262 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 719 | 71 |
|  |  | **5106** |
| **Broadline Retail – 4.1%** | **Broadline Retail – 4.1%** | **Broadline Retail – 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 51527 | 11893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 22755 | 1982 |
|  |  | **13875** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.7%continued**  | **COMMON STOCKS - 99.7%continued**  | **COMMON STOCKS - 99.7%continued**  |
| **Building Products – 0.1%** | **Building Products – 0.1%** | **Building Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corp. | 1785 | $120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC | 887 | 141 |
|  |  | **261** |
| **Capital Markets – 3.5%** | **Capital Markets – 3.5%** | **Capital Markets – 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | 6547 | 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon (The) Corp. | 22422 | 2603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 44519 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group (The), Inc. | 4188 | 3681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 216 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 18508 | 2388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | 2100 | 215 |
|  |  | **11876** |
| **Chemicals – 0.6%** | **Chemicals – 0.6%** | **Chemicals – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 25502 | **1972** |
| **Communications Equipment – 1.4%** | **Communications Equipment – 1.4%** | **Communications Equipment – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 6574 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 50527 | 3892 |
|  |  | **4754** |
| **Construction & Engineering – 0.4%** | **Construction & Engineering – 0.4%** | **Construction & Engineering – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 380 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 2883 | 1160 |
|  |  | **1392** |
| **Consumer Finance – 0.8%** | **Consumer Finance – 0.8%** | **Consumer Finance – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. | 21203 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 24354 | 2032 |
|  |  | **2606** |
| **Consumer Staples Distribution & Retail – 1.1%** | **Consumer Staples Distribution & Retail – 1.1%** | **Consumer Staples Distribution & Retail – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 837 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kroger (The) Co. | 31899 | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 1767 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 6762 | 753 |
|  |  | **3598** |
| **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 4080 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. | 25964 | 1076 |
|  |  | **1496** |
| **Diversified Consumer Services – 0.1%** | **Diversified Consumer Services – 0.1%** | **Diversified Consumer Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 6517 | **284** |

---

EQUITY FUNDS **69** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.7%continued**  | **COMMON STOCKS - 99.7%continued**  | **COMMON STOCKS - 99.7%continued**  |
| **Diversified Telecommunication Services – 1.1%** | **Diversified Telecommunication Services – 1.1%** | **Diversified Telecommunication Services – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 82351 | $2046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 39420 | 1605 |
|  |  | **3651** |
| **Electric Utilities – 1.9%** | **Electric Utilities – 1.9%** | **Electric Utilities – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 4041 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edison International | 119 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 30788 | 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 16629 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 8695 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 1692 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 39605 | 1387 |
|  |  | **6365** |
| **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 2851 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 483 | 316 |
|  |  | **694** |
| **Electronic Equipment, Instruments & Components – 0.7%** | **Electronic Equipment, Instruments & Components – 0.7%** | **Electronic Equipment, Instruments & Components – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 12513 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 3099 | 707 |
|  |  | **2398** |
| **Entertainment – 0.9%** | **Entertainment – 0.9%** | **Entertainment – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 33001 | **3094** |
| **Financial Services – 3.7%** | **Financial Services – 3.7%** | **Financial Services – 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B\* | 10222 | 5138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 9552 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 16797 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 978 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 73865 | 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 26851 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 3594 | 1261 |
|  |  | **12625** |
| **Food Products – 0.5%** | **Food Products – 0.5%** | **Food Products – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 18337 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 4598 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 7001 | 273 |
|  |  | **1541** |
| **Ground Transportation – 0.4%** | **Ground Transportation – 0.4%** | **Ground Transportation – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 2511 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 5071 | 1173 |
|  |  | **1378** |
| **Health Care Equipment & Supplies – 1.4%** | **Health Care Equipment & Supplies – 1.4%** | **Health Care Equipment & Supplies – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 8901 | 1115 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.7%continued**  | **COMMON STOCKS - 99.7%continued**  | **COMMON STOCKS - 99.7%continued**  |
| **Health Care Equipment & Supplies – 1.4%continued** | **Health Care Equipment & Supplies – 1.4%continued** | **Health Care Equipment & Supplies – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 15374 | $1477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 9358 | 2254 |
|  |  | **4846** |
| **Health Care Providers & Services – 2.3%** | **Health Care Providers & Services – 2.3%** | **Health Care Providers & Services – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 2428 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 4610 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 5489 | 2563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 3276 | 2687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 1294 | 427 |
|  |  | **7733** |
| **Health Care Technology – 0.1%** | **Health Care Technology – 0.1%** | **Health Care Technology – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc., Class A\* | 5939 | **263** |
| **Hotel & Resort Real Estate Investment Trusts – 0.5%** | **Hotel & Resort Real Estate Investment Trusts – 0.5%** | **Hotel & Resort Real Estate Investment Trusts – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 100941 | **1790** |
| **Hotels, Restaurants & Leisure – 2.0%** | **Hotels, Restaurants & Leisure – 2.0%** | **Hotels, Restaurants & Leisure – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 525 | 2812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\* | 61945 | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 1727 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 1026 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 17568 | 1239 |
|  |  | **6718** |
| **Household Durables – 0.0%** | **Household Durables – 0.0%** | **Household Durables – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 7 | **51** |
| **Household Products – 1.4%** | **Household Products – 1.4%** | **Household Products – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 6069 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble (The) Co. | 28036 | 4018 |
|  |  | **4630** |
| **Industrial Conglomerates – 0.8%** | **Industrial Conglomerates – 0.8%** | **Industrial Conglomerates – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 16219 | **2597** |
| **Insurance – 1.7%** | **Insurance – 1.7%** | **Insurance – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 21018 | 2318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 1622 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 14151 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 14140 | 1977 |
|  |  | **5706** |
| **Interactive Media & Services – 7.9%** | **Interactive Media & Services – 7.9%** | **Interactive Media & Services – 7.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 53897 | 16870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. | 22960 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 13850 | 9142 |
|  |  | **26753** |
| **IT Services – 0.7%** | **IT Services – 0.7%** | **IT Services – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 6061 | 1626 |

---

NORTHERN FUNDS QUARTERLY REPORT **70** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**LARGE CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.7%continued**  | **COMMON STOCKS - 99.7%continued**  | **COMMON STOCKS - 99.7%continued**  |
| **IT Services – 0.7%continued** | **IT Services – 0.7%continued** | **IT Services – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 9755 | $810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 373 | 110 |
|  |  | **2546** |
| **Life Sciences Tools & Services – 0.3%** | **Life Sciences Tools & Services – 0.3%** | **Life Sciences Tools & Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 1836 | **1031** |
| **Machinery – 2.1%** | **Machinery – 2.1%** | **Machinery – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 9639 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 6109 | 3500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | 2455 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 10090 | 2485 |
|  |  | **7146** |
| **Media – 0.7%** | **Media – 0.7%** | **Media – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A | 32460 | **2372** |
| **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 28224 | **2818** |
| **Multi-Utilities – 0.5%** | **Multi-Utilities – 0.5%** | **Multi-Utilities – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 7140 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 10726 | 862 |
|  |  | **1571** |
| **Oil, Gas & Consumable Fuels – 2.4%** | **Oil, Gas & Consumable Fuels – 2.4%** | **Oil, Gas & Consumable Fuels – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 5956 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antero Resources Corp.\* | 399 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 92188 | 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 12656 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 7775 | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 5946 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 40200 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 6346 | 1033 |
|  |  | **8215** |
| **Pharmaceuticals – 4.0%** | **Pharmaceuticals – 4.0%** | **Pharmaceuticals – 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 13946 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 2556 | 2747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 23355 | 4833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 24527 | 2582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 110323 | 2747 |
|  |  | **13661** |
| **Professional Services – 1.2%** | **Professional Services – 1.2%** | **Professional Services – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 7465 | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 9013 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 9561 | 1725 |
|  |  | **4067** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.7%continued**  | **COMMON STOCKS - 99.7%continued**  | **COMMON STOCKS - 99.7%continued**  |
| **Real Estate Management & Development – 0.9%** | **Real Estate Management & Development – 0.9%** | **Real Estate Management & Development – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A\* | 13900 | $2235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 2120 | 713 |
|  |  | **2948** |
| **Retail Real Estate Investment Trusts – 0.5%** | **Retail Real Estate Investment Trusts – 0.5%** | **Retail Real Estate Investment Trusts – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 9040 | **1673** |
| **Semiconductors & Semiconductor Equipment – 14.1%** | **Semiconductors & Semiconductor Equipment – 14.1%** | **Semiconductors & Semiconductor Equipment – 14.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 2754 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 1975 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 33125 | 11465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 2040 | 2479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 6066 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 2043 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 152970 | 28529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 14915 | 2551 |
|  |  | **47742** |
| **Software – 9.5%** | **Software – 9.5%** | **Software – 9.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 8615 | 3015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A\* | 1502 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc., Class A\* | 13298 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 3577 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 8538 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 3954 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 47427 | 22937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 3297 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A\* | 3666 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pegasystems, Inc. | 9246 | 552 |
|  |  | **32315** |
| **Specialty Retail – 0.9%** | **Specialty Retail – 0.9%** | **Specialty Retail – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 3826 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Depot (The), Inc. | 5875 | 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 712 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 1149 | 205 |
|  |  | **2914** |
| **Technology Hardware, Storage & Peripherals – 8.0%** | **Technology Hardware, Storage & Peripherals – 8.0%** | **Technology Hardware, Storage & Peripherals – 8.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 93332 | 25373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 9219 | 1588 |
|  |  | **26961** |
| **Textiles, Apparel & Luxury Goods – 0.8%** | **Textiles, Apparel & Luxury Goods – 0.8%** | **Textiles, Apparel & Luxury Goods – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 3977 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 1407 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 14204 | 1815 |
|  |  | **2725** |

---

EQUITY FUNDS **71** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.7%continued**  | **COMMON STOCKS - 99.7%continued**  | **COMMON STOCKS - 99.7%continued**  |
| **Tobacco – 1.3%** | **Tobacco – 1.3%** | **Tobacco – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 45854 | $2644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 11343 | 1819 |
|  |  | **4463** |
| **Trading Companies & Distributors – 0.0%** | **Trading Companies & Distributors – 0.0%** | **Trading Companies & Distributors – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 770 | **171** |
| **Wireless Telecommunication Services – 0.1%** | **Wireless Telecommunication Services – 0.1%** | **Wireless Telecommunication Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millicom International Cellular S.A. | 7992 | **443** |
| **Total Common Stocks** |  |  |
| **(Cost $175,694)** |  | **337531** |
| **INVESTMENT COMPANIES – 0.3%**  | **INVESTMENT COMPANIES – 0.3%**  | **INVESTMENT COMPANIES – 0.3%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(1) (2)</sup> <br>| 973494 | 973 |
| **Total Investment Companies** |  |  |
| **(Cost $973)** |  | **973** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.0%**  | **SHORT-TERM INVESTMENTS – 0.0%**  | **SHORT-TERM INVESTMENTS – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 5/7/26<sup>(3) (4)</sup> <br>| $93 | **$92** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $92)** | **(Cost $92)** | **92** |
| **Total Investments – 100.0%** | **Total Investments – 100.0%** |  |
| **(Cost $176,759)** | **(Cost $176,759)** | **338596** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.0% | 81 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$338677** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(2)</sup> *7-day current yield as of December 31, 2025 is disclosed.*

<sup>(3)</sup> *Discount rate at the time of purchase.*

<sup>(4)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

*\** *Non-Income Producing Security*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br>| 3 | $1034 | Long | 3/26 | $2 |

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup> <br>| &nbsp;&nbsp; $337531 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $337531 |
| Investment Companies | &nbsp;&nbsp; 973 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 973 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 92 | &nbsp;&nbsp; — | &nbsp;&nbsp; 92 |
| Total Investments | &nbsp;&nbsp; $338504 | &nbsp;&nbsp; $92 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $338596 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

NORTHERN FUNDS QUARTERLY REPORT **72** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LARGE CAP CORE FUND continued**  | **December 31, 2025 (UNAUDITED)**  |

---

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $3426 | $3426 | $— <br><sup>(1),\*</sup><br>| $— |  |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 3105 | 24606 | 26738 | 86 | 973 | 973494 |
| Total | $3105 | $28032 | $30164 | $86 | $973 | 973494 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

*\** *Amount rounds to less than one thousand.*

EQUITY FUNDS **73** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LARGE CAP VALUE FUND**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 99.0%**  | **COMMON STOCKS – 99.0%**  | **COMMON STOCKS – 99.0%**  |
| **Aerospace & Defense – 1.5%** | **Aerospace & Defense – 1.5%** | **Aerospace & Defense – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 2418 | $814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 1139 | 209 |
|  |  | **1023** |
| **Air Freight & Logistics – 0.9%** | **Air Freight & Logistics – 0.9%** | **Air Freight & Logistics – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 6156 | **611** |
| **Banks – 9.2%** | **Banks – 9.2%** | **Banks – 9.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 21519 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 9786 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 8950 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 8268 | 2664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.<br>| 531 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 1992 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 2256 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 7323 | 683 |
|  |  | **6228** |
| **Beverages – 1.4%** | **Beverages – 1.4%** | **Beverages – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Beer (The) Co., Inc., Class A\* | 582 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B<sup>†</sup> <br>| 11725 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 2739 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | 2514 | 117 |
|  |  | **914** |
| **Biotechnology – 2.1%** | **Biotechnology – 2.1%** | **Biotechnology – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 7064 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 2779 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 762 | 371 |
|  |  | **1425** |
| **Broadline Retail – 2.6%** | **Broadline Retail – 2.6%** | **Broadline Retail – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 4369 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dillard's, Inc., Class A<sup>†</sup> <br>| 534 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 5009 | 436 |
|  |  | **1769** |
| **Building Products – 2.2%** | **Building Products – 2.2%** | **Building Products – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corp. | 4544 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 1152 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 6718 | 805 |
|  |  | **1477** |
| **Capital Markets – 4.3%** | **Capital Markets – 4.3%** | **Capital Markets – 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon (The) Corp. | 7213 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab (The) Corp. | 2729 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group (The), Inc. | 818 | 719 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Capital Markets – 4.3%continued** | **Capital Markets – 4.3%continued** | **Capital Markets – 4.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 2086 | $99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 5533 | 982 |
|  |  | **2911** |
| **Chemicals – 0.9%** | **Chemicals – 0.9%** | **Chemicals – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 4412 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 6187 | 249 |
|  |  | **590** |
| **Communications Equipment – 2.4%** | **Communications Equipment – 2.4%** | **Communications Equipment – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 17174 | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 1143 | 292 |
|  |  | **1615** |
| **Construction & Engineering – 0.5%** | **Construction & Engineering – 0.5%** | **Construction & Engineering – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 876 | **352** |
| **Consumer Finance – 0.8%** | **Consumer Finance – 0.8%** | **Consumer Finance – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 223 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. | 9238 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 3654 | 305 |
|  |  | **565** |
| **Consumer Staples Distribution & Retail – 1.9%** | **Consumer Staples Distribution & Retail – 1.9%** | **Consumer Staples Distribution & Retail – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 3637 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kroger (The) Co. | 3737 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 2486 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Foods Holding Corp.\* | 2760 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 1196 | 133 |
|  |  | **1265** |
| **Diversified Consumer Services – 0.4%** | **Diversified Consumer Services – 0.4%** | **Diversified Consumer Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 1638 | **272** |
| **Diversified Telecommunication Services – 1.5%** | **Diversified Telecommunication Services – 1.5%** | **Diversified Telecommunication Services – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 4533 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 22471 | 915 |
|  |  | **1028** |
| **Electric Utilities – 2.4%** | **Electric Utilities – 2.4%** | **Electric Utilities – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 4298 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 4545 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 9185 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 3459 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 6078 | 213 |
|  |  | **1594** |

---

NORTHERN FUNDS QUARTERLY REPORT **74** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**LARGE CAP VALUE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Electrical Equipment – 1.7%** | **Electrical Equipment – 1.7%** | **Electrical Equipment – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 5623 | $746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 853 | 379 |
|  |  | **1125** |
| **Electronic Equipment, Instruments & Components – 0.5%** | **Electronic Equipment, Instruments & Components – 0.5%** | **Electronic Equipment, Instruments & Components – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd.\* | 4718 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 33 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 1696 | 63 |
|  |  | **365** |
| **Entertainment – 1.0%** | **Entertainment – 1.0%** | **Entertainment – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 2785 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walt Disney (The) Co. | 952 | 108 |
|  |  | **677** |
| **Financial Services – 4.6%** | **Financial Services – 4.6%** | **Financial Services – 4.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B\* | 3457 | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 6223 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 11602 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 10596 | 619 |
|  |  | **3109** |
| **Food Products – 2.7%** | **Food Products – 2.7%** | **Food Products – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 3277 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Campbell's (The) Co.<sup>†</sup> <br>| 10668 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 7810 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker (The) Co. | 1749 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz (The) Co. | 8205 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 5972 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 8477 | 331 |
|  |  | **1800** |
| **Gas Utilities – 1.0%** | **Gas Utilities – 1.0%** | **Gas Utilities – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 15842 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 9455 | 354 |
|  |  | **663** |
| **Ground Transportation – 0.9%** | **Ground Transportation – 0.9%** | **Ground Transportation – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 2157 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 1376 | 198 |
|  |  | **617** |
| **Health Care Equipment & Supplies – 2.5%** | **Health Care Equipment & Supplies – 2.5%** | **Health Care Equipment & Supplies – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 1976 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 6967 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 1540 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 1448 | 367 |
|  |  | **1655** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Health Care Providers & Services – 1.1%** | **Health Care Providers & Services – 1.1%** | **Health Care Providers & Services – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 1514 | $417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 1037 | 342 |
|  |  | **759** |
| **Hotel & Resort Real Estate Investment Trusts – 0.5%** | **Hotel & Resort Real Estate Investment Trusts – 0.5%** | **Hotel & Resort Real Estate Investment Trusts – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 20485 | **363** |
| **Hotels, Restaurants & Leisure – 0.5%** | **Hotels, Restaurants & Leisure – 0.5%** | **Hotels, Restaurants & Leisure – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 1934 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 1152 | 153 |
|  |  | **318** |
| **Household Durables – 0.9%** | **Household Durables – 0.9%** | **Household Durables – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 746 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 51 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 979 | 115 |
|  |  | **638** |
| **Household Products – 0.4%** | **Household Products – 0.4%** | **Household Products – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble (The) Co. | 2012 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. | 487 | 11 |
|  |  | **299** |
| **Independent Power & Renewable Electricity Producers – 0.5%** | **Independent Power & Renewable Electricity Producers – 0.5%** | **Independent Power & Renewable Electricity Producers – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AES (The) Corp. | 24535 | **352** |
| **Insurance – 4.1%** | **Insurance – 4.1%** | **Insurance – 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 5397 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 6383 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 3399 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 3100 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 2184 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 6112 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 3854 | 435 |
|  |  | **2795** |
| **Interactive Media & Services – 3.9%** | **Interactive Media & Services – 3.9%** | **Interactive Media & Services – 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 7757 | 2428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 328 | 216 |
|  |  | **2644** |
| **IT Services – 2.0%** | **IT Services – 2.0%** | **IT Services – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 1125 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 4649 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 2289 | 678 |
|  |  | **1366** |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc.\* | 175 | **3** |

---

EQUITY FUNDS **75** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Life Sciences Tools & Services – 1.0%** | **Life Sciences Tools & Services – 1.0%** | **Life Sciences Tools & Services – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 1238 | $283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 84 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QIAGEN N.V. | 3925 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 286 | 166 |
|  |  | **645** |
| **Machinery – 2.9%** | **Machinery – 2.9%** | **Machinery – 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 3345 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | 3970 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 969 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 837 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 3258 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 954 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toro (The) Co. | 3924 | 309 |
|  |  | **1949** |
| **Media – 2.1%** | **Media – 2.1%** | **Media – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 5747 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A | 5610 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Times (The) Co., Class A | 5320 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. | 1789 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 1235 | 100 |
|  |  | **1414** |
| **Metals & Mining – 2.4%** | **Metals & Mining – 2.4%** | **Metals & Mining – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 9376 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 10127 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reliance, Inc. | 332 | 96 |
|  |  | **1605** |
| **Multi-Utilities – 1.1%** | **Multi-Utilities – 1.1%** | **Multi-Utilities – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 3923 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 4221 | 339 |
|  |  | **729** |
| **Office Real Estate Investment Trusts – 0.4%** | **Office Real Estate Investment Trusts – 0.4%** | **Office Real Estate Investment Trusts – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 8030 | **300** |
| **Oil, Gas & Consumable Fuels – 4.7%** | **Oil, Gas & Consumable Fuels – 4.7%** | **Oil, Gas & Consumable Fuels – 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antero Resources Corp.\* | 8752 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 13059 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 10348 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 6000 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 8264 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 3458 | 563 |
|  |  | **3188** |
| **Pharmaceuticals – 5.4%** | **Pharmaceuticals – 5.4%** | **Pharmaceuticals – 5.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 10852 | 586 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Pharmaceuticals – 5.4%continued** | **Pharmaceuticals – 5.4%continued** | **Pharmaceuticals – 5.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC\* | 1924 | $327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 6360 | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 4919 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 36437 | 907 |
|  |  | **3654** |
| **Professional Services – 2.2%** | **Professional Services – 2.2%** | **Professional Services – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 231 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ExlService Holdings, Inc.\* | 8148 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 6957 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 1413 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 1981 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Science Applications International <br> Corp.<br>| 58 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 2270 | 198 |
|  |  | **1470** |
| **Real Estate Management & Development – 0.6%** | **Real Estate Management & Development – 0.6%** | **Real Estate Management & Development – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 1122 | **377** |
| **Residential Real Estate Investment Trusts – 1.1%** | **Residential Real Estate Investment Trusts – 1.1%** | **Residential Real Estate Investment Trusts – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 2097 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 6170 | 389 |
|  |  | **769** |
| **Retail Real Estate Investment Trusts – 0.5%** | **Retail Real Estate Investment Trusts – 0.5%** | **Retail Real Estate Investment Trusts – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 12434 | **326** |
| **Semiconductors & Semiconductor Equipment – 4.0%** | **Semiconductors & Semiconductor Equipment – 4.0%** | **Semiconductors & Semiconductor Equipment – 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 1806 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 3343 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cirrus Logic, Inc.\* | 673 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 909 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 5799 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 180 | 31 |
|  |  | **2711** |
| **Software – 1.9%** | **Software – 1.9%** | **Software – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 1010 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc., Class B | 2174 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 495 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 330 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\* | 1969 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 95 | 42 |
|  |  | **1309** |
| **Specialized Real Estate Investment Trusts – 0.3%** | **Specialized Real Estate Investment Trusts – 0.3%** | **Specialized Real Estate Investment Trusts – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rayonier, Inc. | 8136 | **176** |

---

NORTHERN FUNDS QUARTERLY REPORT **76** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**LARGE CAP VALUE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Specialty Retail – 1.3%** | **Specialty Retail – 1.3%** | **Specialty Retail – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 4703 | $315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 760 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 713 | 431 |
|  |  | **883** |
| **Technology Hardware, Storage & Peripherals – 1.0%** | **Technology Hardware, Storage & Peripherals – 1.0%** | **Technology Hardware, Storage & Peripherals – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 3847 | **663** |
| **Textiles, Apparel & Luxury Goods – 1.7%** | **Textiles, Apparel & Luxury Goods – 1.7%** | **Textiles, Apparel & Luxury Goods – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 2871 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 7474 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 1043 | 369 |
|  |  | **1143** |
| **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc., Class A | 622 | **52** |
| **Wireless Telecommunication Services – 0.5%** | **Wireless Telecommunication Services – 0.5%** | **Wireless Telecommunication Services – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millicom International Cellular S.A. | 6286 | **348** |
| **Total Common Stocks** |  |  |
| **(Cost $51,422)** |  | **66898** |
| **INVESTMENT COMPANIES – 1.9%**  | **INVESTMENT COMPANIES – 1.9%**  | **INVESTMENT COMPANIES – 1.9%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(1) (2) (3)</sup> <br>| 687651 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(1) (2)</sup> <br>| 586757 | 587 |
| **Total Investment Companies** |  |  |
| **(Cost $1,275)** |  | **1275** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 5/7/26<sup>(4) (5)</sup> <br>| $50 | **$49** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $49)** | **(Cost $49)** | **49** |
| **Total Investments – 101.0%** | **Total Investments – 101.0%** |  |
| **(Cost $52,746)** | **(Cost $52,746)** | **68222** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (1.0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (1.0%) | (658)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$67564** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(2)</sup> *7-day current yield as of December 31, 2025 is disclosed.*

<sup>(3)</sup> *Investment of cash collateral received from securities lending activities.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(4)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(5)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; Micro E-Mini <br> S&P 500 <br> Index<br>| 18 | $620 | Long | 3/26 | $(4)<br>|

---

EQUITY FUNDS **77** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup> <br>| &nbsp;&nbsp; $66898 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $66898 |
| Investment Companies | &nbsp;&nbsp; 1275 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1275 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 49 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49 |
| Total Investments | &nbsp;&nbsp; $68173 | &nbsp;&nbsp; $49 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $68222 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $(4)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $5336 | $4648 | $1 <br><sup>(1)</sup><br>| $688 | 687651 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 502 | 4512 | 4427 | 19 | 587 | 586757 |
| Total | $502 | $9848 | $9075 | $20 | $1275 | 1274408 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

NORTHERN FUNDS QUARTERLY REPORT **78** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MID CAP INDEX FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 99.8%**  | **COMMON STOCKS – 99.8%**  | **COMMON STOCKS – 99.8%**  |
| **Aerospace & Defense – 3.5%** | **Aerospace & Defense – 3.5%** | **Aerospace & Defense – 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AeroVironment, Inc.\* | 19708 | $4767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 84983 | 9753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 57175 | 9882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 31154 | 9808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 23046 | 12704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp. | 49876 | 3686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, <br> Inc.\*<br>| 104856 | 7960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 37489 | 11334 |
|  |  | **69894** |
| **Air Freight & Logistics – 0.2%** | **Air Freight & Logistics – 0.2%** | **Air Freight & Logistics – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc.\* | 71949 | **3787** |
| **Automobile Components – 1.1%** | **Automobile Components – 1.1%** | **Automobile Components – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Autoliv, Inc. | 43822 | 5202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 132702 | 5980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gentex Corp. | 137759 | 3206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber (The) Co.\* | 175389 | 1536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lear Corp. | 32079 | 3676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visteon Corp. | 16753 | 1593 |
|  |  | **21193** |
| **Automobiles – 0.2%** | **Automobiles – 0.2%** | **Automobiles – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 72244 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thor Industries, Inc. | 33108 | 3399 |
|  |  | **4879** |
| **Banks – 6.5%** | **Banks – 6.5%** | **Banks – 6.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Banc-Corp | 100910 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank OZK | 65390 | 3009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Bank | 116833 | 5005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 185453 | 5183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc. | 79986 | 6953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 81186 | 4249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 40099 | 5078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 86043 | 9670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc. | 80965 | 2418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 308261 | 7368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flagstar Bank N.A. | 184469 | 2323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNB Corp. | 225006 | 3848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 79526 | 3503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 52587 | 3349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 115007 | 3195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Bancshares Corp. | 34139 | 2268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old National Bancorp | 215522 | 4808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 48258 | 4604 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  |
| **Banks – 6.5%continued** | **Banks – 6.5%continued** | **Banks – 6.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 59645 | $4122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SouthState Corp. | 62357 | 5868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 87120 | 4360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 28140 | 2548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 44262 | 5092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 86580 | 3325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valley National Bancorp | 296472 | 3463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. | 101031 | 6359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Alliance Bancorp | 64007 | 5381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 41967 | 5868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp N.A. | 92556 | 5418 |
|  |  | **131235** |
| **Beverages – 0.5%** | **Beverages – 0.5%** | **Beverages – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Beer (The) Co., Inc., Class A\* | 4647 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celsius Holdings, Inc.\* | 98950 | 4526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 35083 | 5378 |
|  |  | **10811** |
| **Biotechnology – 2.6%** | **Biotechnology – 2.6%** | **Biotechnology – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 119196 | 7084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cytokinetics, Inc.\* | 75744 | 4813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 167881 | 7358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 73638 | 4956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 62365 | 8845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roivant Sciences Ltd.\* | 271869 | 5900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 26905 | 13109 |
|  |  | **52065** |
| **Broadline Retail – 0.4%** | **Broadline Retail – 0.4%** | **Broadline Retail – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 166105 | 3662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc.\* | 38498 | 4220 |
|  |  | **7882** |
| **Building Products – 1.9%** | **Building Products – 1.9%** | **Building Products – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAON, Inc.<sup>†</sup> <br>| 41806 | 3188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | 44565 | 6454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc.<sup>†</sup> <br>| 26080 | 8342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 74317 | 3717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 51508 | 5764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 26026 | 4203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trex Co., Inc.\* | 66059 | 2317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 35998 | 3278 |
|  |  | **37263** |
| **Capital Markets – 3.0%** | **Capital Markets – 3.0%** | **Capital Markets – 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | 17647 | 5087 |

---

EQUITY FUNDS **79** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  |
| **Capital Markets – 3.0%continued** | **Capital Markets – 3.0%continued** | **Capital Markets – 3.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Group (The), Inc. | 161267 | $9533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc., Class A | 24025 | 8175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federated Hermes, Inc. | 46652 | 2429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Lane, Inc., Class A | 25265 | 3393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 33912 | 5907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 77716 | 3697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 103377 | 6406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 14729 | 3201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEI Investments Co. | 58378 | 4788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 63722 | 7979 |
|  |  | **60595** |
| **Chemicals – 1.3%** | **Chemicals – 1.3%** | **Chemicals – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashland, Inc. | 28035 | 1645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 56220 | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 133030 | 4298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cabot Corp. | 33613 | 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NewMarket Corp. | 4905 | 3371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 72216 | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 80221 | 8343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro (The) Co. | 27206 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp.<sup>†</sup> <br>| 20421 | 1510 |
|  |  | **26243** |
| **Commercial Services & Supplies – 1.6%** | **Commercial Services & Supplies – 1.6%** | **Commercial Services & Supplies – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brink's (The) Co. | 26154 | 3053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc.\* | 31439 | 7372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc. | 22757 | 3644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. | 115942 | 11927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 163865 | 5496 |
|  |  | **31492** |
| **Communications Equipment – 1.8%** | **Communications Equipment – 1.8%** | **Communications Equipment – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 88087 | 20601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.\* | 44109 | 16258 |
|  |  | **36859** |
| **Construction & Engineering – 2.3%** | **Construction & Engineering – 2.3%** | **Construction & Engineering – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AECOM | 82881 | 7901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; API Group Corp.\* | 230980 | 8837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries, Inc.\* | 17965 | 6070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fluor Corp.\* | 99791 | 3955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 38379 | 8343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.\* | 19058 | 5836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 12355 | 4971 |
|  |  | **45913** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  |
| **Construction Materials – 0.3%** | **Construction Materials – 0.3%** | **Construction Materials – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 20126 | $4160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knife River Corp.\* | 35722 | 2513 |
|  |  | **6673** |
| **Consumer Finance – 0.8%** | **Consumer Finance – 0.8%** | **Consumer Finance – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 175453 | 7946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstCash Holdings, Inc. | 24399 | 3889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. | 127708 | 3456 |
|  |  | **15291** |
| **Consumer Staples Distribution & Retail – 2.7%** | **Consumer Staples Distribution & Retail – 2.7%** | **Consumer Staples Distribution & Retail – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc., Class A | 244863 | 4204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 82465 | 7424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 23235 | 12842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maplebear, Inc.\* | 113917 | 5124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.<sup>\* †</sup> <br>| 98086 | 8820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc.\* | 61086 | 4867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Foods Holding Corp.\* | 138604 | 10440 |
|  |  | **53721** |
| **Containers & Packaging – 1.0%** | **Containers & Packaging – 1.0%** | **Containers & Packaging – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc.<sup>†</sup> <br>| 41156 | 5019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 70791 | 7289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | 182046 | 2742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greif, Inc., Class A | 16648 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc.<sup>†</sup> <br>| 53940 | 2178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co. | 60884 | 2657 |
|  |  | **21012** |
| **Diversified Consumer Services – 1.0%** | **Diversified Consumer Services – 1.0%** | **Diversified Consumer Services – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duolingo, Inc.\* | 24787 | 4350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings Co., Class B | 2146 | 2358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 17409 | 2895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 79512 | 3465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Corp. International | 87782 | 6844 |
|  |  | **19912** |
| **Diversified Real Estate Investment Trusts – 0.4%** | **Diversified Real Estate Investment Trusts – 0.4%** | **Diversified Real Estate Investment Trusts – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rayonier, Inc. - (Fractional Shares)<sup>(1)</sup> <br>| 50000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. | 136167 | 8764 |
|  |  | **8764** |
| **Diversified Telecommunication Services – 0.3%** | **Diversified Telecommunication Services – 0.3%** | **Diversified Telecommunication Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc.\* | 155291 | **5912** |
| **Electric Utilities – 0.8%** | **Electric Utilities – 0.8%** | **Electric Utilities – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 33925 | 4294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 126301 | 5393 |

---

NORTHERN FUNDS QUARTERLY REPORT **80** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MID CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  |
| **Electric Utilities – 0.8%continued** | **Electric Utilities – 0.8%continued** | **Electric Utilities – 0.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 69516 | $3336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc. (New York Stock <br> Exchange)<br>| 60606 | 3568 |
|  |  | **16591** |
| **Electrical Equipment – 1.9%** | **Electrical Equipment – 1.9%** | **Electrical Equipment – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acuity, Inc. | 19046 | 6857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EnerSys | 23219 | 3408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nextpower, Inc., Class A\* | 92282 | 8039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 100896 | 10288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 41184 | 5779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 89940 | 2994 |
|  |  | **37365** |
| **Electronic Equipment, Instruments & Components – 3.7%** | **Electronic Equipment, Instruments & Components – 3.7%** | **Electronic Equipment, Instruments & Components – 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics, Inc.<sup>\* †</sup> <br>| 32382 | 3568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avnet, Inc. | 51321 | 2467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belden, Inc. | 24751 | 2885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cognex Corp. | 105308 | 3789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.\* | 97809 | 18053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crane NXT Co.<sup>†</sup> <br>| 31409 | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fabrinet\* | 22404 | 10200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd.\* | 231014 | 13958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPG Photonics Corp.\* | 15425 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Littelfuse, Inc. | 15644 | 3957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 22057 | 2624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 47419 | 7124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 90420 | 3362 |
|  |  | **74569** |
| **Energy Equipment & Services – 1.0%** | **Energy Equipment & Services – 1.0%** | **Energy Equipment & Services – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOV, Inc. | 229373 | 3585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC | 251519 | 11208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valaris Ltd.\* | 39742 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weatherford International PLC | 44327 | 3469 |
|  |  | **20265** |
| **Entertainment – 0.1%** | **Entertainment – 0.1%** | **Entertainment – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warner Music Group Corp., Class A | 89995 | **2760** |
| **Financial Services – 1.7%** | **Financial Services – 1.7%** | **Financial Services – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. | 165733 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 179265 | 8542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essent Group Ltd. | 60729 | 3948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 23986 | 1825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 140528 | 4106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc., Class A<sup>\* †</sup> <br>| 41667 | 2624 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  |
| **Financial Services – 1.7%continued** | **Financial Services – 1.7%continued** | **Financial Services – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 58932 | $4390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc.\* | 21309 | 3175 |
|  |  | **33610** |
| **Food Products – 0.8%** | **Food Products – 0.8%** | **Food Products – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.\* | 99481 | 3581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | 129112 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 39877 | 4397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marzetti (The) Co. | 12506 | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 25949 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc.\* | 29812 | 2953 |
|  |  | **15404** |
| **Gas Utilities – 1.1%** | **Gas Utilities – 1.1%** | **Gas Utilities – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 56709 | 4540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 61979 | 2858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 37020 | 2860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 39722 | 3179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 36441 | 3014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 134786 | 5045 |
|  |  | **21496** |
| **Ground Transportation – 1.5%** | **Ground Transportation – 1.5%** | **Ground Transportation – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Group, Inc.<sup>\* †</sup> <br>| 10760 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, <br> Inc.<br>| 101775 | 5321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 21446 | 3082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 25331 | 4848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.\* | 16568 | 5410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPO, Inc.\* | 73388 | 9974 |
|  |  | **30015** |
| **Health Care Equipment & Supplies – 1.4%** | **Health Care Equipment & Supplies – 1.4%** | **Health Care Equipment & Supplies – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 121942 | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings Corp.\* | 101142 | 2196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Inc., Class A\* | 69810 | 6095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corp.\* | 28814 | 2309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc.\* | 40882 | 2721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LivaNova PLC\* | 33585 | 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masimo Corp.\* | 28242 | 3673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penumbra, Inc.\* | 24514 | 7622 |
|  |  | **28076** |
| **Health Care Providers & Services – 2.0%** | **Health Care Providers & Services – 2.0%** | **Health Care Providers & Services – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 8901 | 3808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp.<sup>†</sup> <br>| 63009 | 6688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ensign Group (The), Inc. | 35710 | 6221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 53402 | 4892 |

---

EQUITY FUNDS **81** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  |
| **Health Care Providers & Services – 2.0%continued** | **Health Care Providers & Services – 2.0%continued** | **Health Care Providers & Services – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc.<sup>\* †</sup> <br>| 129058 | $4190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Option Care Health, Inc.\* | 99877 | 3182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 54946 | 10919 |
|  |  | **39900** |
| **Health Care Real Estate Investment Trusts – 0.7%** | **Health Care Real Estate Investment Trusts – 0.7%** | **Health Care Real Estate Investment Trusts – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | 217464 | 3686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 184650 | 8188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 153868 | 2914 |
|  |  | **14788** |
| **Health Care Technology – 0.2%** | **Health Care Technology – 0.2%** | **Health Care Technology – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc., Class A\* | 84962 | **3762** |
| **Hotel & Resort Real Estate Investment Trusts – 0.1%** | **Hotel & Resort Real Estate Investment Trusts – 0.1%** | **Hotel & Resort Real Estate Investment Trusts – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc.<sup>†</sup> <br>| 122109 | **1277** |
| **Hotels, Restaurants & Leisure – 2.5%** | **Hotels, Restaurants & Leisure – 2.5%** | **Hotels, Restaurants & Leisure – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aramark | 164677 | 6070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 36396 | 3102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cava Group, Inc.\* | 61620 | 3616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Choice Hotels International, Inc.<sup>†</sup> <br>| 12565 | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 41043 | 4670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc.\* | 36662 | 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Class A<sup>†</sup> <br>| 26257 | 4209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Inc., Class A\* | 52011 | 5642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | 41421 | 6876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 40529 | 2858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 22226 | 2952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wingstop, Inc. | 17446 | 4161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 47488 | 3588 |
|  |  | **50582** |
| **Household Durables – 1.8%** | **Household Durables – 1.8%** | **Household Durables – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Home | 40849 | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Somnigroup International, Inc. | 131201 | 11713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp.\* | 61420 | 3616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 60308 | 8155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp.\* | 17472 | 7289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp.<sup>†</sup> <br>| 34610 | 2497 |
|  |  | **35574** |
| **Independent Power & Renewable Electricity Producers – 0.7%** | **Independent Power & Renewable Electricity Producers – 0.7%** | **Independent Power & Renewable Electricity Producers – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 38166 | 4216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corp.\* | 28405 | 10648 |
|  |  | **14864** |
| **Industrial Real Estate Investment Trusts – 1.0%** | **Industrial Real Estate Investment Trusts – 1.0%** | **Industrial Real Estate Investment Trusts – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 33039 | 5886 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  |
| **Industrial Real Estate Investment Trusts – 1.0%continued** | **Industrial Real Estate Investment Trusts – 1.0%continued** | **Industrial Real Estate Investment Trusts – 1.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 83079 | $4758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 144092 | 5579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 115624 | 4250 |
|  |  | **20473** |
| **Insurance – 4.0%** | **Insurance – 4.0%** | **Insurance – 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 42939 | 5869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.<sup>\* †</sup> <br>| 36104 | 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 60151 | 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. | 9647 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 159422 | 8703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp. | 64001 | 3932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanover Insurance Group (The), Inc. | 22349 | 4085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | 37237 | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | 13855 | 5419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp. | 142599 | 6508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primerica, Inc.<sup>†</sup> <br>| 20015 | 5171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 41119 | 8366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. | 28858 | 8114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLI Corp. | 56799 | 3634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, Inc.<sup>†</sup> <br>| 70086 | 3618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 37302 | 3121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 96367 | 7468 |
|  |  | **80710** |
| **Interactive Media & Services – 0.6%** | **Interactive Media & Services – 0.6%** | **Interactive Media & Services – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc., Class A\* | 370320 | 9587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc.\* | 167936 | 1708 |
|  |  | **11295** |
| **IT Services – 1.4%** | **IT Services – 1.4%** | **IT Services – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASGN, Inc.\* | 25993 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 141369 | 3755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc.\* | 104697 | 9053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., Class A\* | 94744 | 13476 |
|  |  | **27536** |
| **Leisure Products – 0.6%** | **Leisure Products – 0.6%** | **Leisure Products – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | 40954 | 3040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc.\* | 195238 | 3874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polaris, Inc. | 33754 | 2135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings, Inc.\* | 47812 | 2112 |
|  |  | **11161** |
| **Life Sciences Tools & Services – 2.0%** | **Life Sciences Tools & Services – 2.0%** | **Life Sciences Tools & Services – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc.<sup>\* †</sup> <br>| 422407 | 4841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A\* | 11236 | 3404 |

---

NORTHERN FUNDS QUARTERLY REPORT **82** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MID CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  |
| **Life Sciences Tools & Services – 2.0%continued** | **Life Sciences Tools & Services – 2.0%continued** | **Life Sciences Tools & Services – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bruker Corp. | 68539 | $3229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc.\* | 95494 | 12525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 13928 | 7823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repligen Corp.\* | 33180 | 5437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sotera Health Co.\* | 127572 | 2250 |
|  |  | **39509** |
| **Machinery – 5.5%** | **Machinery – 5.5%** | **Machinery – 5.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp. | 38898 | 4058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc.\* | 27500 | 5671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial N.V. | 548616 | 5058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 30684 | 5659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | 72547 | 6432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esab Corp. | 35843 | 4004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp. | 79679 | 5528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 103730 | 8503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 52975 | 9192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 34430 | 8251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middleby (The) Corp.\* | 29096 | 4326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 69036 | 7925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oshkosh Corp. | 39671 | 4984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\* | 19693 | 8831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies, Inc.\* | 30933 | 6189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terex Corp. | 41466 | 2213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Timken (The) Co. | 39870 | 3354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toro (The) Co. | 61427 | 4836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc., Class A | 17195 | 4746 |
|  |  | **109760** |
| **Marine Transportation – 0.2%** | **Marine Transportation – 0.2%** | **Marine Transportation – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp.\* | 34067 | **3754** |
| **Media – 1.0%** | **Media – 1.0%** | **Media – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp., Class A\* | 84217 | 9154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Times (The) Co., Class A | 101179 | 7024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. | 17624 | 3579 |
|  |  | **19757** |
| **Metals & Mining – 2.5%** | **Metals & Mining – 2.5%** | **Metals & Mining – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 160810 | 8546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.\* | 352868 | 4686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co. | 69608 | 4818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Co. | 416205 | 7987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MP Materials Corp.<sup>\* †</sup> <br>| 83415 | 4214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reliance, Inc. | 32701 | 9446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 50443 | 11213 |
|  |  | **50910** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  |
| **Mortgage Real Estate Investment Trusts – 0.7%** | **Mortgage Real Estate Investment Trusts – 0.7%** | **Mortgage Real Estate Investment Trusts – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 424489 | $9492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. | 215389 | 3879 |
|  |  | **13371** |
| **Multi-Utilities – 0.3%** | **Multi-Utilities – 0.3%** | **Multi-Utilities – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 46630 | 3237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 37876 | 2445 |
|  |  | **5682** |
| **Office Real Estate Investment Trusts – 0.5%** | **Office Real Estate Investment Trusts – 0.5%** | **Office Real Estate Investment Trusts – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COPT Defense Properties | 69401 | 1929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 103690 | 2673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 67209 | 2512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 99710 | 3318 |
|  |  | **10432** |
| **Oil, Gas & Consumable Fuels – 2.9%** | **Oil, Gas & Consumable Fuels – 2.9%** | **Oil, Gas & Consumable Fuels – 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 209561 | 3728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antero Resources Corp.\* | 181815 | 6265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp. | 35126 | 3256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 46744 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp.\* | 84864 | 3121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 63644 | 7617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 96852 | 4463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | 72104 | 3060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp. | 84616 | 2644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 157093 | 6157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PBF Energy, Inc., Class A | 50331 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Corp. | 430747 | 6043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp. | 148594 | 5240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viper Energy, Inc., Class A | 104239 | 4027 |
|  |  | **58252** |
| **Paper & Forest Products – 0.2%** | **Paper & Forest Products – 0.2%** | **Paper & Forest Products – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp.<sup>†</sup> <br>| 39868 | **3220** |
| **Passenger Airlines – 0.5%** | **Passenger Airlines – 0.5%** | **Passenger Airlines – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.\* | 71742 | 3608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Group, Inc.\* | 413421 | 6338 |
|  |  | **9946** |
| **Personal Care Products – 0.3%** | **Personal Care Products – 0.3%** | **Personal Care Products – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BellRing Brands, Inc.\* | 79515 | 2126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coty, Inc., Class A\* | 219836 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; elf Beauty, Inc.\* | 36800 | 2798 |
|  |  | **5601** |

---

EQUITY FUNDS **83** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  |
| **Pharmaceuticals – 0.7%** | **Pharmaceuticals – 0.7%** | **Pharmaceuticals – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\* | 311114 | $7041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC\* | 37708 | 6410 |
|  |  | **13451** |
| **Professional Services – 2.9%** | **Professional Services – 2.9%** | **Professional Services – 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 75275 | 6350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc., Class A\* | 13820 | 7363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 26797 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ExlService Holdings, Inc.\* | 99664 | 4230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc. | 30698 | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTI Consulting, Inc.\* | 19045 | 3254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 99341 | 4647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 79783 | 3207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximus, Inc. | 35475 | 3062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parsons Corp.\* | 32709 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 27263 | 4158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Science Applications International <br> Corp.<br>| 28993 | 2919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 120718 | 10352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UL Solutions, Inc., Class A | 46531 | 3669 |
|  |  | **58478** |
| **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 29515 | **9931** |
| **Residential Real Estate Investment Trusts – 0.8%** | **Residential Real Estate Investment Trusts – 0.8%** | **Residential Real Estate Investment Trusts – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 202302 | 6494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 120358 | 7295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 147070 | 2571 |
|  |  | **16360** |
| **Retail Real Estate Investment Trusts – 0.9%** | **Retail Real Estate Investment Trusts – 0.9%** | **Retail Real Estate Investment Trusts – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. | 71114 | 5122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 192018 | 5035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 133704 | 3205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 117660 | 4663 |
|  |  | **18025** |
| **Semiconductors & Semiconductor Equipment – 2.7%** | **Semiconductors & Semiconductor Equipment – 2.7%** | **Semiconductors & Semiconductor Equipment – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc.\* | 76201 | 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amkor Technology, Inc. | 70341 | 2777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cirrus Logic, Inc.\* | 32064 | 3800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 94176 | 7934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.\* | 85685 | 6305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions <br> Holdings, Inc.\*<br>| 40101 | 6868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MKS, Inc. | 42070 | 6723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation, Inc.\* | 30458 | 4808 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  |
| **Semiconductors & Semiconductor Equipment – 2.7%continued** | **Semiconductors & Semiconductor Equipment – 2.7%continued** | **Semiconductors & Semiconductor Equipment – 2.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 67434 | $6197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.\* | 20658 | 2700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 23902 | 1769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Display Corp. | 27310 | 3189 |
|  |  | **55080** |
| **Software – 3.7%** | **Software – 3.7%** | **Software – 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appfolio, Inc., Class A\* | 14255 | 3316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc., Class B | 92108 | 3515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BILL Holdings, Inc.\* | 55021 | 3001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackbaud, Inc.<sup>\* †</sup> <br>| 22388 | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commvault Systems, Inc.\* | 27740 | 3478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Docusign, Inc.\* | 124937 | 8546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dolby Laboratories, Inc., Class A | 37745 | 2424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc., Class A\* | 107696 | 2994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc.\* | 187288 | 8117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guidewire Software, Inc.\* | 52851 | 10624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.\* | 37740 | 6541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc., Class A\* | 168204 | 8694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pegasystems, Inc.<sup>†</sup> <br>| 57656 | 3443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc.\* | 22566 | 2999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UiPath, Inc., Class A\* | 263648 | 4321 |
|  |  | **73431** |
| **Specialized Real Estate Investment Trusts – 1.4%** | **Specialized Real Estate Investment Trusts – 1.4%** | **Specialized Real Estate Investment Trusts – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 141333 | 5095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 46908 | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 175767 | 7855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 54390 | 6885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 43082 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 43590 | 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rayonier, Inc. | 91393 | 1978 |
|  |  | **27103** |
| **Specialty Retail – 3.4%** | **Specialty Retail – 3.4%** | **Specialty Retail – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co., Class A\* | 29088 | 3661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 16910 | 3492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 127022 | 2551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.\* | 38939 | 11248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chewy, Inc., Class A\* | 139418 | 4608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 41072 | 8131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 34551 | 6508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc., Class A\* | 66693 | 4061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GameStop Corp., Class A<sup>\* †</sup> <br>| 255568 | 5132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gap (The), Inc. | 142225 | 3641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 15207 | 5054 |

---

NORTHERN FUNDS QUARTERLY REPORT **84** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MID CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  | **COMMON STOCKS - 99.8%continued**  |
| **Specialty Retail – 3.4%continued** | **Specialty Retail – 3.4%continued** | **Specialty Retail – 3.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy U.S.A., Inc. | 10702 | $4318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc.<sup>†</sup> <br>| 11318 | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RH\* | 9517 | 1705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valvoline, Inc.\* | 80229 | 2331 |
|  |  | **68232** |
| **Technology Hardware, Storage & Peripherals – 0.6%** | **Technology Hardware, Storage & Peripherals – 0.6%** | **Technology Hardware, Storage & Peripherals – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pure Storage, Inc., Class A\* | 195081 | **13072** |
| **Textiles, Apparel & Luxury Goods – 0.6%** | **Textiles, Apparel & Luxury Goods – 0.6%** | **Textiles, Apparel & Luxury Goods – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capri Holdings Ltd.\* | 73262 | 1788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | 15260 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc.\* | 32040 | 2740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PVH Corp. | 30413 | 2038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VF Corp. | 206207 | 3728 |
|  |  | **11135** |
| **Trading Companies & Distributors – 1.7%** | **Trading Companies & Distributors – 1.7%** | **Trading Companies & Distributors – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 23607 | 6062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc., Class A\* | 118339 | 6150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GATX Corp. | 22435 | 3805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc., Class A | 28204 | 2372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc. | 21686 | 7307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 30445 | 7448 |
|  |  | **33144** |
| **Water Utilities – 0.3%** | **Water Utilities – 0.3%** | **Water Utilities – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 175642 | **6738** |
| **Total Common Stocks** |  |  |
| **(Cost $1,280,789)** |  | **1997843** |
| **INVESTMENT COMPANIES – 1.0%**  | **INVESTMENT COMPANIES – 1.0%**  | **INVESTMENT COMPANIES – 1.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(2) (3) (4)</sup> <br>| 13876451 | 13876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(2) (3)</sup> <br>| 7146184 | 7146 |
| **Total Investment Companies** |  |  |
| **(Cost $21,023)** |  | **21022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.0%**  | **SHORT-TERM INVESTMENTS – 0.0%**  | **SHORT-TERM INVESTMENTS – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 5/7/26<sup>(5) (6)</sup> <br>| $587 | **$580** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $580)** | **(Cost $580)** | **580** |
| **Total Investments – 100.8%** | **Total Investments – 100.8%** |  |
| **(Cost $1,302,392)** | **(Cost $1,302,392)** | **2019445** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (0.8%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (0.8%) | (16657)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2002788** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <sup>(2)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(3)</sup> <br>| *7-day current yield as of December 31, 2025 is disclosed.* |
| <sup>(4)</sup> <br>| *Investment of cash collateral received from securities lending activities.* |
| <sup>(5)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(6)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; E-Mini S&P <br> MidCap 400<br>| 15 | $4988 | Long | 3/26 | $(37)<br>|

---

EQUITY FUNDS **85** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup> <br>| &nbsp;&nbsp; $1997843 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1997843 |
| Investment Companies | &nbsp;&nbsp; 21022 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21022 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 580 | &nbsp;&nbsp; — | &nbsp;&nbsp; 580 |
| Total Investments | &nbsp;&nbsp; $2018865 | &nbsp;&nbsp; $580 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2019445 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $(37)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $272586 | $258710 | $76 <br><sup>(1)</sup><br>| $13876 | 13876451 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 21363 | 189413 | 203630 | 398 | 7146 | 7146184 |
| Total | $21363 | $461999 | $462340 | $474 | $21022 | 21022635 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

NORTHERN FUNDS QUARTERLY REPORT **86** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.0%** <sup>(1)</sup> | **COMMON STOCKS – 94.0%** <sup>(1)</sup> | **COMMON STOCKS – 94.0%** <sup>(1)</sup> |
| **Australia – 5.3%** | **Australia – 5.3%** | **Australia – 5.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Arteria Ltd. | 4016893 | $13082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleanaway Waste Management Ltd. | 1652812 | 2849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qube Holdings Ltd. | 2963910 | 9411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transurban Group | 2738080 | 25895 |
|  |  | **51237** |
| **Brazil – 1.1%** | **Brazil – 1.1%** | **Brazil – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cia Paranaense de Energia - Copel | 1153569 | 2757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equatorial S.A. | 147235 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motiva Infraestrutura de Mobilidade <br> S.A.<br>| 1372084 | 3755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rumo S.A. | 1304400 | 3484 |
|  |  | **11028** |
| **Canada – 3.8%** | **Canada – 3.8%** | **Canada – 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ag Growth International, Inc.<sup>†</sup> <br>| 14952 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. | 112420 | 11119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. | 98011 | 4690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hydro One Ltd. | 19411 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keyera Corp. | 17061 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keyera Corp. | 68674 | 2126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northland Power, Inc. | 56880 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockpoint Gas Storage, Inc., Class A | 42283 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Bow Corp. | 39286 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TC Energy Corp. | 250655 | 13802 |
|  |  | **35993** |
| **China – 2.1%** | **China – 2.1%** | **China – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Capital International Airport Co. <br> Ltd., Class H<sup>\* †</sup> <br>| 9302000 | 3294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Merchants Port Holdings Co. Ltd. | 1340000 | 2602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Tower Corp. Ltd., Class H | 3129249 | 4642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Water Affairs Group Ltd. | 280282 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENN Energy Holdings Ltd. | 875800 | 7777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guangdong Investment Ltd. | 333046 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Expressway Co. Ltd., Class H | 1956000 | 1801 |
|  |  | **20593** |
| **Denmark – 0.6%** | **Denmark – 0.6%** | **Denmark – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orsted A.S.<sup>(2) \*</sup> <br>| 305607 | **5864** |
| **France – 6.7%** | **France – 6.7%** | **France – 6.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aeroports de Paris S.A. | 94743 | 12378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eiffage S.A. | 36969 | 5302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engie S.A. | 169868 | 4466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getlink S.E. | 756046 | 13976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexans S.A. | 2716 | 399 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  |
| **France – 6.7%continued** | **France – 6.7%continued** | **France – 6.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement S.A. | 38444 | $1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vinci S.A. | 188244 | 26435 |
|  |  | **64296** |
| **Germany – 1.1%** | **Germany – 1.1%** | **Germany – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E.ON S.E. | 29965 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fraport A.G. Frankfurt Airport Services <br> Worldwide\*<br>| 57288 | 4687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWE A.G. | 82598 | 4395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens A.G. (Registered) | 1842 | 517 |
|  |  | **10167** |
| **Hong Kong – 2.8%** | **Hong Kong – 2.8%** | **Hong Kong – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Infrastructure Holdings Ltd. | 1156800 | 8561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CLP Holdings Ltd. | 506500 | 4526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Assets Holdings Ltd. | 1943820 | 13768 |
|  |  | **26855** |
| **India – 0.2%** | **India – 0.2%** | **India – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMR Airports Ltd.\* | 1003476 | 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTPC Ltd. | 301048 | 1104 |
|  |  | **2269** |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greencoat Renewables PLC<sup>†</sup> <br>| 942386 | **760** |
| **Italy – 7.6%** | **Italy – 7.6%** | **Italy – 7.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enav S.p.A. | 260107 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enel S.p.A. | 205377 | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hera S.p.A. | 2955856 | 13946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane S.p.A. | 751526 | 6964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italgas S.p.A. | 1086799 | 12152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snam S.p.A. | 2743505 | 18227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale | 1638543 | 17423 |
|  |  | **72290** |
| **Japan – 1.7%** | **Japan – 1.7%** | **Japan – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. | 65100 | 1805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. | 119200 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Airport Terminal Co. Ltd. | 210700 | 5905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kurita Water Industries Ltd. | 17100 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 51300 | 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. | 199300 | 3985 |
|  |  | **16004** |
| **Luxembourg – 0.4%** | **Luxembourg – 0.4%** | **Luxembourg – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SES S.A. | 563417 | **3646** |
| **Malaysia – 0.4%** | **Malaysia – 0.4%** | **Malaysia – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenaga Nasional Bhd. | 1172100 | **3966** |

---

EQUITY FUNDS **87** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  |
| **Mexico – 3.1%** | **Mexico – 3.1%** | **Mexico – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Centro Norte <br> S.A.B. de C.V.<br>| 332422 | $4512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Pacifico <br> S.A.B. de C.V., Class B<br>| 377798 | 9882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Sureste S.A.B. <br> de C.V., Class B<br>| 325132 | 10489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promotora y Operadora de <br> Infraestructura S.A.B. de C.V.<br>| 330876 | 4910 |
|  |  | **29793** |
| **Netherlands – 0.1%** | **Netherlands – 0.1%** | **Netherlands – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcadis N.V. | 16093 | **669** |
| **New Zealand – 0.8%** | **New Zealand – 0.8%** | **New Zealand – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auckland International Airport Ltd. | 1535107 | **7360** |
| **Philippines – 0.3%** | **Philippines – 0.3%** | **Philippines – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Container Terminal <br> Services, Inc.<br>| 305180 | **2926** |
| **Portugal – 0.3%** | **Portugal – 0.3%** | **Portugal – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REN - Redes Energeticas Nacionais <br> SGPS S.A.<br>| 715507 | **2703** |
| **Spain – 4.3%** | **Spain – 4.3%** | **Spain – 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aena SME S.A.<sup>(2)</sup> <br>| 703313 | 19689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cellnex Telecom S.A.\* | 96720 | 3111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EDP Renovaveis S.A. | 36633 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iberdrola S.A. | 642125 | 13899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeia Corp. S.A. | 215080 | 3834 |
|  |  | **41050** |
| **Switzerland – 1.6%** | **Switzerland – 1.6%** | **Switzerland – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flughafen Zurich A.G. (Registered) | 46994 | 14890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landis+Gyr Group A.G.\* | 5257 | 340 |
|  |  | **15230** |
| **United Kingdom – 8.5%** | **United Kingdom – 8.5%** | **United Kingdom – 8.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC | 2718630 | 41897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennon Group PLC | 907686 | 6438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severn Trent PLC | 346131 | 13012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSE PLC | 40033 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC | 1197352 | 19262 |
|  |  | **81783** |
| **United States – 41.1%** | **United States – 41.1%** | **United States – 41.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | 2043 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AECOM | 4175 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 4335 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 81274 | 5284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 13915 | 1390 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  |
| **United States – 41.1%continued** | **United States – 41.1%continued** | **United States – 41.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 103380 | $11921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 130919 | 22985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 13002 | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Array Technologies, Inc.\* | 46824 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 16009 | 2684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 29050 | 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bunge Global S.A. | 10897 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 53337 | 2045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 68416 | 13299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class C | 14667 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 60357 | 5995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 29761 | 10514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 181562 | 16135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 762677 | 27647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 155015 | 9082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 65283 | 7813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 20801 | 2683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 119088 | 13958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 73794 | 6821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 6255 | 4792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 26846 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 118930 | 8621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 129086 | 8691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 318218 | 13871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrovial S.E. | 216121 | 13978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 3086 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H2O America | 23002 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.<br>| 18229 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hess Midstream L.P., Class A | 69311 | 2391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 1506 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 58859 | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings, Inc.<sup>†</sup> <br>| 60059 | 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak Gas Services, Inc. | 24500 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 374823 | 30091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 29694 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 5074 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 28704 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 134077 | 9855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 4387 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 613084 | 9852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 42271 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 90689 | 7282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. | 50475 | 9763 |

---

NORTHERN FUNDS QUARTERLY REPORT **88** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  |
| **United States – 41.1%continued** | **United States – 41.1%continued** | **United States – 41.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sempra | 224232 | $19797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A\*<br>| 44014 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 102417 | 18896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 17795 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 73201 | 2740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 53166 | 12298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global, Inc., Class A<sup>†</sup> <br>| 153344 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 12085 | 1950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 6069 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. (New York <br> Stock Exchange)<br>| 4678 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 5021 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams (The) Cos., Inc. | 328765 | 19762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 150401 | 11109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 3722 | 507 |
|  |  | **392817** |
| **Total Common Stocks** |  |  |
| **(Cost $782,126)** |  | **899299** |
| **MASTER LIMITED PARTNERSHIPS – 2.0%**  | **MASTER LIMITED PARTNERSHIPS – 2.0%**  | **MASTER LIMITED PARTNERSHIPS – 2.0%**  |
| **United States – 2.0%** | **United States – 2.0%** | **United States – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer L.P. | 272823 | 4499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Partners L.P. | 141899 | 4549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPLX L.P. | 88125 | 4703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P. | 193214 | 3470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Midstream Partners L.P. | 59000 | 2331 |
|  |  | **19552** |
| **Total Master Limited Partnerships** |  |  |
| **(Cost $20,610)** |  | **19552** |
| **INVESTMENT COMPANIES – 3.6%**  | **INVESTMENT COMPANIES – 3.6%**  | **INVESTMENT COMPANIES – 3.6%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Public Partnerships Ltd. | 562748 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(3) (4) (5)</sup> <br>| 3223524 | 3224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(3) (4)</sup> <br>| 28900659 | 28901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renewables Infrastructure Group (The) <br> Ltd.<br>| 948810 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vh Global Energy Infrastructure PLC | 684836 | 608 |
| **Total Investment Companies** |  |  |
| **(Cost $34,790)** |  | **34561** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 5/7/26<sup>(6) (7)</sup> <br>| $952 | $940 |
| **Total Short-Term Investments** |  |  |
| **(Cost $940)** |  | **940** |
| **Total Investments – 99.7%** |  |  |
| **(Cost $838,466)** |  | **954352** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.3% |  | 2419 |
| **Net Assets – 100.0%** |  | **$956771** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Adjustment factors obtained from an independent evaluation service were* <br> *used to determine the value of certain foreign securities.*<br>|
| <sup>(2)</sup> <br>| *Security exempt from registration pursuant to Rule 144A under the Securities* <br> *Act of 1933, as amended. These securities may be resold in transactions* <br> *exempt from registration to qualified institutional investors. At December 31,* <br> *2025, the value of these securities amounted to approximately* <br> *$25,553,000 or 2.7% of net assets.*<br>|
| <sup>(3)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(4)</sup> <br>| *7-day current yield as of December 31, 2025 is disclosed.* |
| <sup>(5)</sup> <br>| *Investment of cash collateral received from securities lending activities.* |
| <sup>(6)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(7)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| EAFE – Europe, Australasia and the Far East |
| MSCI – Morgan Stanley Capital International |
| S&P – Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had open futures contracts as follows:

EQUITY FUNDS **89** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br> (United States <br> Dollar)<br>| 31 | $10683 | Long | 3/26 | $(63)<br>|
| &nbsp;&nbsp; MSCI EAFE <br> Index <br> (United States <br> Dollar)<br>| 59 | 8561 | Long | 3/26 | 8 |
| Total |  |  |  |  | $(55)<br>|

---

At December 31, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Utilities | 45.1<br> %<br>|
| Industrials | 30.6 |
| Energy | 12.6 |
| Real Estate | 5.6 |
| Communication Services | 1.9 |
| Financials | 0.2 |
| Information Technology | 0.1 |
| Consumer Staples | 0.1 |
| Short-Term Investments | 3.5 |
| Total Investments | 99.7 |
| Other Assets less Liabilities | 0.3 |
| Net Assets | 100.0<br> %<br>|

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar

securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on December 31, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their categorization as Level 2 investments. <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; $35993 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp; 29793 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 378839 | &nbsp;&nbsp; 13978 | &nbsp;&nbsp; — | &nbsp;&nbsp; 392817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 440696 | &nbsp;&nbsp; — | &nbsp;&nbsp; 440696 |
| Total Common Stocks | &nbsp;&nbsp; 444625 | &nbsp;&nbsp; 454674 | &nbsp;&nbsp; — | &nbsp;&nbsp; 899299 |
| Master Limited Partnerships | &nbsp;&nbsp; 19552 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19552 |
| Investment Companies | &nbsp;&nbsp; 32125 | &nbsp;&nbsp; 2436 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34561 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 940 | &nbsp;&nbsp; — | &nbsp;&nbsp; 940 |
| Total Investments | &nbsp;&nbsp; $496302 | &nbsp;&nbsp; $458050 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $954352 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; (63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (63)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(55)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(55)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $52619 | $49395 | $103 <br><sup>(1)</sup><br>| $3224 | 3223524 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 25814 | 241869 | 238782 | 854 | 28901 | 28900659 |
| Total | $25814 | $294488 | $288177 | $957 | $32125 | 32124183 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

NORTHERN FUNDS QUARTERLY REPORT **90** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER GLOBAL REAL ESTATE FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.0%** <sup>(1)</sup> | **COMMON STOCKS – 97.0%** <sup>(1)</sup> | **COMMON STOCKS – 97.0%** <sup>(1)</sup> |
| **Australia – 8.6%** | **Australia – 8.6%** | **Australia – 8.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Group | 51738 | $841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodman Group | 132497 | 2724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPT Group (The) | 219132 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Storage REIT | 173056 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scentre Group | 606435 | 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockland | 121940 | 465 |
|  |  | **6828** |
| **Belgium – 1.6%** | **Belgium – 1.6%** | **Belgium – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aedifica S.A. | 3750 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shurgard Self Storage Ltd. | 21240 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VGP N.V. | 2267 | 262 |
|  |  | **1288** |
| **France – 2.0%** | **France – 2.0%** | **France – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield\* | 14550 | **1581** |
| **Germany – 1.9%** | **Germany – 1.9%** | **Germany – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAG Immobilien A.G. | 12200 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vonovia S.E. | 47051 | 1357 |
|  |  | **1546** |
| **Hong Kong – 2.4%** | **Hong Kong – 2.4%** | **Hong Kong – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. | 66800 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Link REIT | 120500 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | 34500 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swire Properties Ltd. | 179800 | 484 |
|  |  | **1903** |
| **Japan – 10.6%** | **Japan – 10.6%** | **Japan – 10.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comforia Residential REIT, Inc. | 123 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial & Infrastructure Fund <br> Investment Corp.<br>| 306 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invincible Investment Corp. | 704 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Metropolitan Fund Invest | 1462 | 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Real Estate Investment Corp. | 452 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KDX Realty Investment Corp. | 487 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 67400 | 1642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Accommodations Fund, <br> Inc.<br>| 327 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 153000 | 1741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. | 820 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Asia Investment Corp. | 684 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. <br> Ltd.<br>| 16800 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Urban Investment Corp. | 310 | 362 |
|  |  | **8396** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  |
| **Netherlands – 0.3%** | **Netherlands – 0.3%** | **Netherlands – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTP N.V. | 12000 | **$251** |
| **Singapore – 1.8%** | **Singapore – 1.8%** | **Singapore – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial <br> Trust<br>| 195013 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Investment Ltd. | 158900 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centurion Accommodation REIT\* | 172713 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keppel DC REIT | 137896 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkway Life Real Estate Investment <br> Trust<br>| 98500 | 312 |
|  |  | **1399** |
| **Spain – 0.5%** | **Spain – 0.5%** | **Spain – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merlin Properties Socimi S.A. | 25000 | **364** |
| **Sweden – 0.6%** | **Sweden – 0.6%** | **Sweden – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastighets AB Balder, Class B\* | 61000 | **451** |
| **United Kingdom – 5.3%** | **United Kingdom – 5.3%** | **United Kingdom – 5.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Big Yellow Group PLC | 31172 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British Land (The) Co. PLC | 44000 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derwent London PLC | 10142 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grainger PLC | 251598 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hammerson PLC | 39000 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helical PLC | 43729 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safestore Holdings PLC | 28000 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segro PLC | 123281 | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shaftesbury Capital PLC | 209851 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tritax Big Box REIT PLC | 167046 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNITE Group (The) PLC | 18430 | 138 |
|  |  | **4171** |
| **United States – 61.4%** | **United States – 61.4%** | **United States – 61.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust | 41496 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. | 8288 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 58813 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 31826 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 5447 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 10875 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A\* | 4723 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 21882 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 2756 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 22477 | 3477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc. | 26679 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. | 28821 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 5572 | 4269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 26047 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 13886 | 412 |

---

EQUITY FUNDS **91** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  |
| **United States – 61.4%continued** | **United States – 61.4%continued** | **United States – 61.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 3007 | $787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 9791 | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 14894 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | 102211 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 54220 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 42979 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 6779 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macerich (The) Co. | 36854 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 2201 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, <br> Inc.<br>| 12630 | 1754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp. | 47246 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 17837 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 49487 | 6318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 4753 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 9514 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 22731 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 6392 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 36806 | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 9199 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 52289 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 40217 | 3112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 10224 | 1898 |
|  |  | **48529** |
| **Total Common Stocks** |  |  |
| **(Cost $67,871)** |  | **76707** |
| **INVESTMENT COMPANIES – 3.0%**  | **INVESTMENT COMPANIES – 3.0%**  | **INVESTMENT COMPANIES – 3.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(2) (3) (4)</sup> <br>| 437608 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(2) (3)</sup> <br>| 1936357 | 1936 |
| **Total Investment Companies** |  |  |
| **(Cost $2,374)** |  | **2374** |
| **Total Investments – 100.0%** |  |  |
| **(Cost $70,245)** |  | **79081** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (0.0%) |  | (13)<br>|
| **Net Assets – 100.0%** |  | **$79068** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Adjustment factors obtained from an independent evaluation service were* *used to determine the value of certain foreign securities.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(2)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(3)</sup> *7-day current yield as of December 31, 2025 is disclosed.*

<sup>(4)</sup> *Investment of cash collateral received from securities lending activities.*

*\** *Non-Income Producing Security*

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Real Estate | 95.1<br> %<br>|
| Consumer Discretionary | 1.4 |
| Financials | 0.5 |
| Short-Term Investments | 3.0 |
| Total Investments | 100.0 |
| Liabilities less Other Assets | (0.0)<br>|
| Net Assets | 100.0<br> %<br>|

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on December 31, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their categorization as Level 2 investments. <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; $48529 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 28178 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28178 |
| Total Common Stocks | &nbsp;&nbsp; 48529 | &nbsp;&nbsp; 28178 | &nbsp;&nbsp; — | &nbsp;&nbsp; 76707 |
| Investment Companies | &nbsp;&nbsp; 2374 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2374 |
| Total Investments | &nbsp;&nbsp; $50903 | &nbsp;&nbsp; $28178 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $79081 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

NORTHERN FUNDS QUARTERLY REPORT **92** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **MULTI-MANAGER GLOBAL REAL ESTATE FUND continued**  | **December 31, 2025 (UNAUDITED)**  |

---

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $7407 | $6969 | $1 <br><sup>(1)</sup><br>| $438 | 437608 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 2984 | 32809 | 33857 | 80 | 1936 | 1936357 |
| Total | $2984 | $40216 | $40826 | $81 | $2374 | 2373965 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

EQUITY FUNDS **93** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SMALL CAP CORE FUND**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.7%**  | **COMMON STOCKS – 96.7%**  | **COMMON STOCKS – 96.7%**  |
| **Aerospace & Defense – 1.5%** | **Aerospace & Defense – 1.5%** | **Aerospace & Defense – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAR Corp.\* | 4689 | $388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AeroVironment, Inc.\* | 2907 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astronics Corp.\* | 6238 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadre Holdings, Inc. | 3672 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ducommun, Inc.\* | 2690 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, <br> Inc.\*<br>| 17303 | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc.\* | 6436 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moog, Inc., Class A | 3314 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Presto Industries, Inc. | 821 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Aerospace Corp. | 3066 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; V2X, Inc.\* | 2857 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VSE Corp. | 3075 | 531 |
|  |  | **5266** |
| **Air Freight & Logistics – 0.0%** | **Air Freight & Logistics – 0.0%** | **Air Freight & Logistics – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Air Corp.\* | 4438 | **111** |
| **Automobile Components – 1.2%** | **Automobile Components – 1.2%** | **Automobile Components – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adient PLC\* | 11934 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing <br> Holdings, Inc.\*<br>| 8349 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooper-Standard Holdings, Inc.\* | 1413 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc. | 16643 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dorman Products, Inc.\* | 4571 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garrett Motion, Inc. | 19186 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gentherm, Inc.\* | 5360 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber (The) Co.\* | 36494 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCI Industries | 4738 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motorcar Parts of America, Inc.\* | 3406 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc. | 4374 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc. | 3731 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Motor Products, Inc. | 2839 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stoneridge, Inc.\* | 3045 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strattec Security Corp.\* | 1022 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visteon Corp. | 3241 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPEL, Inc.\* | 1981 | 99 |
|  |  | **4068** |
| **Automobiles – 0.1%** | **Automobiles – 0.1%** | **Automobiles – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. | 5676 | **230** |
| **Banks – 9.6%** | **Banks – 9.6%** | **Banks – 9.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1st Source Corp. | 4012 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amalgamated Financial Corp. | 3834 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 6766 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriServ Financial, Inc. | 2282 | 7 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Banks – 9.6%continued** | **Banks – 9.6%continued** | **Banks – 9.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ames National Corp. | 1114 | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrow Financial Corp. | 3517 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Banc-Corp | 14546 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 17024 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axos Financial, Inc.\* | 8583 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banc of California, Inc. | 16711 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BancFirst Corp. | 2805 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bancorp (The), Inc.\* | 6012 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank First Corp. | 2060 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Hawaii Corp. | 4268 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | 2362 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of NT Butterfield & Son (The) Ltd. | 5594 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of South Carolina Corp. | 4148 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank7 Corp. | 5619 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BankFinancial Corp. | 2198 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. | 8205 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bankwell Financial Group, Inc. | 4746 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Corp. | 5394 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bar Harbor Bankshares | 1261 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayfirst Financial Corp. | 5433 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCB Bancorp, Inc. | 1483 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Ridge Bankshares, Inc. | 27046 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burke & Herbert Financial Services <br> Corp.<br>| 1485 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business First Bancshares, Inc. | 2001 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C&F Financial Corp. | 1023 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Bank | 22176 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California BanCorp | 6396 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camden National Corp. | 2484 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital City Bank Group, Inc. | 1360 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitol Federal Financial, Inc. | 15421 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cathay General Bancorp | 9998 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CB Financial Services, Inc.<sup>†</sup> <br>| 263 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | 3209 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Bankshares, Inc. | 3909 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chain Bridge Bancorp, Inc., Class A\* | 3960 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemung Financial Corp. | 1817 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens & Northern Corp. | 776 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Community Bancorp, Inc. | 1069 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Services, Inc. | 195 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Holding Co. | 2420 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civista Bancshares, Inc. | 487 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNB Financial Corp. | 4817 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colony Bankcorp, Inc. | 920 | 16 |

---

NORTHERN FUNDS QUARTERLY REPORT **94** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Banks – 9.6%continued** | **Banks – 9.6%continued** | **Banks – 9.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Financial, Inc.\* | 3286 | $51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Financial System, Inc. | 5930 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Trust Bancorp, Inc. | 1803 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community West Bancshares | 4951 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc. | 2732 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp, Inc.\* | 3559 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVB Financial Corp. | 15929 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. | 4262 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 21195 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | 3423 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Bancshares, Inc., Class A | 2228 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esquire Financial Holdings, Inc. | 826 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmers National Banc Corp. | 7107 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FB Financial Corp. | 4273 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Institutions, Inc. | 2885 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Bancorp | 5142 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First BanCorp | 19559 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Bancorp (The), Inc. | 594 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Busey Corp. | 10781 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Business Financial Services, Inc. | 778 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | 18357 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Community Bankshares, Inc. | 2060 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Community Corp. | 3960 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 9239 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc. | 18361 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Corp. | 1699 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Foundation, Inc.\* | 3713 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Guaranty Bancshares, Inc. | 537 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 12626 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Internet Bancorp | 1084 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc., Class A | 9182 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Merchants Corp. | 6634 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mid Bancshares, Inc. | 2750 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Savings Financial Group, Inc. | 7212 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First U.S. Bancshares, Inc. | 7551 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First United Corp. | 4945 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Five Star Bancorp | 1981 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flushing Financial Corp. | 4309 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FS Bancorp, Inc. | 1544 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulton Financial Corp. | 21475 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; German American Bancorp, Inc. | 3389 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 13696 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Southern Bancorp, Inc. | 1091 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 10540 | 671 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Banks – 9.6%continued** | **Banks – 9.6%continued** | **Banks – 9.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | 3182 | $86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harleysville Financial Corp. | 203 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawthorn Bancshares, Inc. | 688 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBT Financial, Inc. | 2971 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Commerce Corp. | 5940 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Financial Corp. | 5159 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilltop Holdings, Inc. | 9645 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Bancorp, Inc. | 2001 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 22646 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeTrust Bancshares, Inc. | 2450 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hope Bancorp, Inc. | 13110 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Bancorp, Inc. | 5213 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 10343 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 7400 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 1981 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Bancshares Corp. | 7801 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investar Holding Corp. | 7050 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeffersonville Bancorp | 514 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kearny Financial Corp. | 15456 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky First Federal Bancorp\* | 942 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake Shore Bancorp, Inc. | 786 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeland Financial Corp. | 3053 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landmark Bancorp, Inc.<sup>†</sup> <br>| 1103 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magyar Bancorp, Inc. | 973 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mechanics Bancorp, Class A | 3020 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercantile Bank Corp. | 3698 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metrocity Bankshares, Inc. | 2476 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank Holding Corp. | 1156 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid Penn Bancorp, Inc. | 671 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidWestOne Financial Group, Inc. | 919 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NASB Financial, Inc. | 725 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank Holdings Corp., Class A | 4221 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bankshares, Inc. | 577 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NB Bancorp, Inc. | 4681 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NBT Bancorp, Inc. | 6672 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | 1900 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Bank | 1428 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Community Bancorp, Inc. | 1716 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northfield Bancorp, Inc. | 10095 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northrim BanCorp, Inc. | 4287 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Bancshares, Inc. | 14955 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norwood Financial Corp.<sup>†</sup> <br>| 735 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 5920 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OFG Bancorp | 6753 | 277 |

---

EQUITY FUNDS **95** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Banks – 9.6%continued** | **Banks – 9.6%continued** | **Banks – 9.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Valley Banc Corp. | 1044 | $42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Second Bancorp, Inc. | 1703 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orrstown Financial Services, Inc. | 1817 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park National Corp. | 1870 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathfinder Bancorp, Inc. | 1003 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 2296 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot National Bancorp, Inc.\* | 87191 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoples Bancorp of North Carolina, <br> Inc.<br>| 997 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoples Bancorp, Inc. | 4131 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoples Financial Corp. | 201 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoples Financial Services Corp. | 670 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Bank | 2430 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primis Financial Corp. | 524 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Holdings, Inc.<sup>†</sup> <br>| 1136 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Services, Inc. | 15138 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renasant Corp. | 10842 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic Bancorp, Inc., Class A | 2027 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&T Bancorp, Inc. | 4580 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of Florida | 10154 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc. | 8137 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shore Bancshares, Inc. | 5591 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sierra Bancorp | 641 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simmons First National Corp., Class A | 12054 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SmartFinancial, Inc. | 1651 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Plains Financial, Inc. | 1485 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern First Bancshares, Inc.\* | 2852 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Missouri Bancorp, Inc. | 461 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southside Bancshares, Inc. | 3144 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stellar Bancorp, Inc. | 5908 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock Yards Bancorp, Inc. | 3958 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 5576 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Coast Bancshares, Inc.\* | 2805 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Timberland Bancorp, Inc. | 1171 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tompkins Financial Corp. | 1531 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towne Bank | 8176 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriCo Bancshares | 3154 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrustCo Bank Corp. NY | 1629 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustmark Corp. | 8036 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 7652 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Bankshares, Inc. | 4208 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Bancorp, Inc. | 1060 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 15897 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Community Banks, Inc. | 14379 | 449 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Banks – 9.6%continued** | **Banks – 9.6%continued** | **Banks – 9.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Bancorp, Inc. | 1518 | $79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univest Financial Corp. | 3472 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia National Bankshares Corp. | 105 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WaFd, Inc. | 7239 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Trust Bancorp, Inc. | 2721 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WesBanco, Inc. | 14560 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West BanCorp, Inc. | 803 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westamerica BanCorp | 3852 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western New England Bancorp, Inc. | 5564 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 10838 | 599 |
|  |  | **33288** |
| **Beverages – 0.3%** | **Beverages – 0.3%** | **Beverages – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Beer (The) Co., Inc., Class A\* | 1001 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGP Ingredients, Inc. | 2122 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Beverage Corp.\* | 10086 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vita Coco (The) Co., Inc.\* | 6095 | 323 |
|  |  | **892** |
| **Biotechnology – 7.9%** | **Biotechnology – 7.9%** | **Biotechnology – 7.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4D Molecular Therapeutics, Inc.\* | 6122 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abeona Therapeutics, Inc.<sup>\* †</sup> <br>| 15510 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 13181 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Achieve Life Sciences, Inc.\* | 25354 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actuate Therapeutics, Inc.<sup>\* †</sup> <br>| 13364 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acumen Pharmaceuticals, Inc.\* | 903 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adaptimmune Therapeutics PLC ADR<sup>(1)</sup> <br>\* <br>| 16891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADMA Biologics, Inc.\* | 27733 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agenus, Inc.<sup>\* †</sup> <br>| 6007 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc.\* | 3307 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alector, Inc.\* | 10687 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkermes PLC\* | 18220 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allogene Therapeutics, Inc.\* | 18568 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altimmune, Inc.\* | 8025 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALX Oncology Holdings, Inc.\* | 17558 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amicus Therapeutics, Inc.\* | 44824 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AnaptysBio, Inc.\* | 7366 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anavex Life Sciences Corp.<sup>\* †</sup> <br>| 15081 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anika Therapeutics, Inc.\* | 3345 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annexon, Inc.\* | 4427 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annovis Bio, Inc.<sup>\* †</sup> <br>| 24514 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 11347 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aravive, Inc.<sup>(2) \*</sup> <br>| 8839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arbutus Biopharma Corp.\* | 5236 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcellx, Inc.\* | 6599 | 430 |

---

NORTHERN FUNDS QUARTERLY REPORT **96** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Biotechnology – 7.9%continued** | **Biotechnology – 7.9%continued** | **Biotechnology – 7.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcturus Therapeutics Holdings, Inc.<sup>\* †</sup> <br>| 5679 | $35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcus Biosciences, Inc.\* | 10659 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcutis Biotherapeutics, Inc.\* | 12379 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardelyx, Inc.\* | 4404 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArriVent Biopharma, Inc.<sup>\* †</sup> <br>| 4307 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc.\* | 12970 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARS Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 9262 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assembly Biosciences, Inc.\* | 5179 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astria Therapeutics, Inc.<sup>\* †</sup> <br>| 15451 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aura Biosciences, Inc.\* | 15279 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurinia Pharmaceuticals, Inc.\* | 13810 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avita Medical, Inc.<sup>\* †</sup> <br>| 11221 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beyondspring, Inc.\* | 5429 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc.\* | 20689 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biomea Fusion, Inc.\* | 21888 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boundless Bio, Inc.\* | 54577 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C4 Therapeutics, Inc.\* | 4640 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cabaletta Bio, Inc.\* | 9306 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capricor Therapeutics, Inc.<sup>\* †</sup> <br>| 14645 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CareDx, Inc.\* | 5282 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caribou Biosciences, Inc.<sup>\* †</sup> <br>| 11187 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cartesian Therapeutics, Inc.\* | 3413 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc.\* | 23781 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celcuity, Inc.\* | 11522 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celldex Therapeutics, Inc.\* | 6218 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CervoMed, Inc.\* | 3978 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cibus, Inc.<sup>(1) \* †</sup> <br>| 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cidara Therapeutics, Inc.\* | 6175 | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Climb Bio, Inc.\* | 10890 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogent Biosciences, Inc.\* | 8772 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coherus Oncology, Inc.<sup>\* †</sup> <br>| 10225 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corbus Pharmaceuticals Holdings, Inc.\* | 1777 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRISPR Therapeutics A.G.<sup>\* †</sup> <br>| 8173 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cullinan Therapeutics, Inc.\* | 7460 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CureVac N.V.\* | 21317 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cytokinetics, Inc.\* | 10679 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CytomX Therapeutics, Inc.<sup>\* †</sup> <br>| 39765 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Day One Biopharmaceuticals, Inc.\* | 4490 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Therapeutics, Inc.\* | 13678 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Design Therapeutics, Inc.\* | 16422 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DiaMedica Therapeutics, Inc.<sup>\* †</sup> <br>| 13716 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dianthus Therapeutics, Inc.\* | 3007 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disc Medicine, Inc.\* | 1522 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dyadic International, Inc.\* | 11601 | 11 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Biotechnology – 7.9%continued** | **Biotechnology – 7.9%continued** | **Biotechnology – 7.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynavax Technologies Corp.\* | 19588 | $301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dyne Therapeutics, Inc.\* | 10659 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Pharmaceuticals, Inc.\* | 2878 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Editas Medicine, Inc.\* | 5829 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elicio Therapeutics, Inc.<sup>\* †</sup> <br>| 10496 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc.<sup>\* †</sup> <br>| 6856 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enanta Pharmaceuticals, Inc.\* | 9791 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engene Holdings, Inc.\* | 8938 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entrada Therapeutics, Inc.\* | 9782 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foghorn Therapeutics, Inc.\* | 6941 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Biotech, Inc.<sup>\* †</sup> <br>| 51854 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galectin Therapeutics, Inc.<sup>\* †</sup> <br>| 5380 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genelux Corp.<sup>\* †</sup> <br>| 25185 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geron Corp.\* | 17637 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenwich Lifesciences, Inc.<sup>\* †</sup> <br>| 4713 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gyre Therapeutics, Inc.<sup>\* †</sup> <br>| 6906 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humacyte, Inc.<sup>\* †</sup> <br>| 12593 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immatics N.V.\* | 6621 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immix Biopharma, Inc.<sup>\* †</sup> <br>| 15008 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ImmuCell Corp.<sup>\* †</sup> <br>| 2005 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immunome, Inc.\* | 8439 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inhibrx Biosciences, Inc.\* | 6716 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inmune Bio, Inc.<sup>\* †</sup> <br>| 11549 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inovio Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 47318 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ironwood Pharmaceuticals, Inc.\* | 28386 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jasper Therapeutics, Inc.<sup>\* †</sup> <br>| 3638 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KalVista Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 12154 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keros Therapeutics, Inc.\* | 1725 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kiniksa Pharmaceuticals International <br> PLC\*<br>| 6929 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak Sciences, Inc.\* | 24579 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korro Bio, Inc.\* | 2194 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.\* | 1897 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kura Oncology, Inc.\* | 12044 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Larimar Therapeutics, Inc.\* | 375 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lexeo Therapeutics, Inc.\* | 4992 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MacroGenics, Inc.\* | 6690 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MannKind Corp.\* | 25984 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MDxHealth S.A.\* | 57475 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MediciNova, Inc.<sup>\* †</sup> <br>| 13894 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MeiraGTx Holdings PLC\* | 8992 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mereo Biopharma Group PLC ADR<sup>(1) \*</sup> <br>† <br>| 1007 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merrimack Pharmaceuticals, Inc.<sup>(2) \* †</sup> <br>| 7504 |  |

---

EQUITY FUNDS **97** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Biotechnology – 7.9%continued** | **Biotechnology – 7.9%continued** | **Biotechnology – 7.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MiMedx Group, Inc.\* | 9449 | $64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineralys Therapeutics, Inc.\* | 6340 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirum Pharmaceuticals, Inc.\* | 8894 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monte Rosa Therapeutics, Inc.\* | 8449 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neurogene, Inc.<sup>\* †</sup> <br>| 2439 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nkarta, Inc.\* | 16775 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novavax, Inc.<sup>\* †</sup> <br>| 14015 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nurix Therapeutics, Inc.\* | 4063 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olema Pharmaceuticals, Inc.\* | 13756 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organogenesis Holdings, Inc.\* | 5778 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ORIC Pharmaceuticals, Inc.\* | 14890 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDL BioPharma, Inc.<sup>(2) \*</sup> <br>| 24608 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PepGen, Inc.\* | 4891 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perspective Therapeutics, Inc.\* | 6514 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PMV Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 6605 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Praxis Precision Medicines, Inc.\* | 2703 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Precigen, Inc.<sup>\* †</sup> <br>| 63753 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Precision BioSciences, Inc.<sup>\* †</sup> <br>| 7395 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Medicine, Inc.<sup>\* †</sup> <br>| 11943 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProKidney Corp.\* | 5668 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProQR Therapeutics N.V.<sup>\* †</sup> <br>| 4690 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc.\* | 3801 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protalix BioTherapeutics, Inc.<sup>\* †</sup> <br>| 503 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prothena Corp. PLC\* | 3817 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc.\* | 7425 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REGENXBIO, Inc.\* | 10274 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Relay Therapeutics, Inc.\* | 10642 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repare Therapeutics, Inc.\* | 77829 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Replimune Group, Inc.\* | 11401 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rezolute, Inc.<sup>\* †</sup> <br>| 22558 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals, Inc.\* | 5756 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sana Biotechnology, Inc.<sup>\* †</sup> <br>| 36255 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Savara, Inc.\* | 5082 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scholar Rock Holding Corp.\* | 15042 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sera Prognostics, Inc., Class A<sup>\* †</sup> <br>| 10320 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Serina Therapeutics, Inc.<sup>\* †</sup> <br>| 6599 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shattuck Labs, Inc.<sup>\* †</sup> <br>| 3786 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Biosciences, Inc.\* | 372 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spero Therapeutics, Inc.\* | 6106 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spyre Therapeutics, Inc.\* | 2928 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stoke Therapeutics, Inc.\* | 8962 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sutro Biopharma, Inc.\* | 252 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Therapeutics, Inc.<sup>\* †</sup> <br>| 8206 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenaya Therapeutics, Inc.\* | 5333 | 4 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Biotechnology – 7.9%continued** | **Biotechnology – 7.9%continued** | **Biotechnology – 7.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TG Therapeutics, Inc.\* | 12675 | $378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc.\* | 6846 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyra Biosciences, Inc.\* | 4389 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc.\* | 8676 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UroGen Pharma Ltd.\* | 11690 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanda Pharmaceuticals, Inc.\* | 6975 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vaxcyte, Inc.\* | 7666 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veracyte, Inc.\* | 8223 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vericel Corp.\* | 5526 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyager Therapeutics, Inc.\* | 7342 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; vTv Therapeutics, Inc., Class A<sup>\* †</sup> <br>| 3982 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XBiotech, Inc.<sup>\* †</sup> <br>| 5012 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xencor, Inc.\* | 3623 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XOMA Royalty Corp.\* | 6353 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zymeworks, Inc.\* | 4671 | 123 |
|  |  | **27362** |
| **Broadband and Communications – 0.0%** | **Broadband and Communications – 0.0%** | **Broadband and Communications – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machten, Inc.\* | 862 | **7** |
| **Broadline Retail – 0.0%** | **Broadline Retail – 0.0%** | **Broadline Retail – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Savers Value Village, Inc.\* | 14922 | **139** |
| **Building Products – 1.6%** | **Building Products – 1.6%** | **Building Products – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Woodmark Corp.\* | 1897 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apogee Enterprises, Inc. | 4148 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AZZ, Inc. | 2848 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSW Industrials, Inc. | 1750 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gibraltar Industries, Inc.\* | 4657 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp. | 6731 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 20428 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insteel Industries, Inc. | 5006 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JELD-WEN Holding, Inc.\* | 8379 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modine Manufacturing Co.\* | 5488 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanex Building Products Corp. | 3962 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resideo Technologies, Inc.\* | 16369 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tecnoglass, Inc. | 4786 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 8358 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions Corp. | 17333 | 806 |
|  |  | **5469** |
| **Capital Markets – 1.6%** | **Capital Markets – 1.6%** | **Capital Markets – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc. | 3376 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, <br> Inc., Class A<br>| 5723 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Capital Group, Inc., Class A | 1927 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B. Riley Financial, Inc.<sup>\* †</sup> <br>| 1907 | 9 |

---

NORTHERN FUNDS QUARTERLY REPORT **98** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Capital Markets – 1.6%continued** | **Capital Markets – 1.6%continued** | **Capital Markets – 1.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BGC Group, Inc., Class A | 32830 | $293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Southwest Corp.<sup>†</sup> <br>| 5154 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cohen & Steers, Inc. | 3369 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coincheck Group N.V.<sup>\* †</sup> <br>| 17765 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond Hill Investment Group, Inc. | 848 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc. | 18197 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GAMCO Investors, Inc., Class A | 5044 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moelis & Co., Class A | 7285 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Direct Lending Fund<sup>†</sup> <br>| 8413 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oaktree Specialty Lending Corp. | 8350 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patria Investments Ltd., Class A | 13068 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 2479 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PJT Partners, Inc., Class A | 2725 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siebert Financial Corp.<sup>\* †</sup> <br>| 5033 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StepStone Group, Inc., Class A | 5771 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc.\* | 5953 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc., Class A | 7975 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Investment Partners, Inc. | 756 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westwood Holdings Group, Inc. | 1626 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree, Inc.<sup>†</sup> <br>| 10881 | 133 |
|  |  | **5676** |
| **Chemicals – 1.9%** | **Chemicals – 1.9%** | **Chemicals – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdvanSix, Inc. | 3105 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alto Ingredients, Inc.\* | 7346 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Vanguard Corp.\* | 2973 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arq, Inc.\* | 713 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascent Industries Co.\* | 108 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashland, Inc. | 4291 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aspen Aerogels, Inc.\* | 3403 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 10535 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 4095 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cabot Corp. | 7231 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemours (The) Co. | 14211 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H.B. Fuller Co. | 8196 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawkins, Inc. | 5196 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntsman Corp. | 16345 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingevity Corp.\* | 5267 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innospec, Inc. | 3066 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intrepid Potash, Inc.\* | 622 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koppers Holdings, Inc. | 5418 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kronos Worldwide, Inc. | 3449 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSB Industries, Inc.\* | 4244 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings, Inc. | 9737 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. | 4873 | 297 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Chemicals – 1.9%continued** | **Chemicals – 1.9%continued** | **Chemicals – 1.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 10725 | $223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion S.A. | 5360 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perimeter Solutions, Inc.\* | 13856 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp. | 2607 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro (The) Co. | 5340 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensient Technologies Corp. | 5697 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stepan Co. | 3101 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tronox Holdings PLC | 13443 | 56 |
|  |  | **6562** |
| **Commercial Services & Supplies – 1.4%** | **Commercial Services & Supplies – 1.4%** | **Commercial Services & Supplies – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 8468 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACCO Brands Corp. | 13528 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACV Auctions, Inc., Class A\* | 14303 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brink's (The) Co. | 6169 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc., Class A\* | 5562 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cimpress PLC\* | 3391 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civeo Corp. | 239 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CompX International, Inc.<sup>†</sup> <br>| 2044 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc.\* | 13982 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp. | 5673 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ennis, Inc. | 4082 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEO Group (The), Inc.\* | 13695 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HNI Corp. | 8884 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interface, Inc. | 5935 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidity Services, Inc.\* | 3191 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | 10776 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NL Industries, Inc. | 5510 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odyssey Marine Exploration, Inc.\* | 377 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPENLANE, Inc.\* | 16576 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perma-Fix Environmental Services, Inc.<sup>\*</sup> <br>† <br>| 1043 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pitney Bowes, Inc. | 18875 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quad/Graphics, Inc. | 1820 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 1922 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virco Mfg. Corp.<sup>†</sup> <br>| 2997 | 19 |
|  |  | **4727** |
| **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADTRAN Holdings, Inc.\* | 6024 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Optoelectronics, Inc.\* | 5377 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aviat Networks, Inc.\* | 1948 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BK Technologies Corp.\* | 271 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calix, Inc.\* | 5887 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearfield, Inc.\* | 3167 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommScope Holding Co., Inc.\* | 23083 | 419 |

---

EQUITY FUNDS **99** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Communications Equipment – 0.9%continued** | **Communications Equipment – 0.9%continued** | **Communications Equipment – 0.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comtech Telecommunications Corp.\* | 3514 | $19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc.\* | 6955 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extreme Networks, Inc.\* | 13256 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilat Satellite Networks Ltd.<sup>\* †</sup> <br>| 7676 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmonic, Inc.\* | 12238 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ituran Location and Control Ltd. | 2654 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KVH Industries, Inc.\* | 5262 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETGEAR, Inc.\* | 3882 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetScout Systems, Inc.\* | 9452 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ribbon Communications, Inc.\* | 3698 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 12257 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\* | 24992 | 445 |
|  |  | **3265** |
| **Construction & Engineering – 2.5%** | **Construction & Engineering – 2.5%** | **Construction & Engineering – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc. | 7075 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argan, Inc. | 2351 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centuri Holdings, Inc.\* | 8350 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Partners, Inc., Class A\* | 5026 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries, Inc.\* | 3758 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fluor Corp.\* | 17986 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granite Construction, Inc. | 7068 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp.\* | 5355 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IES Holdings, Inc.\* | 1082 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limbach Holdings, Inc.\* | 1066 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matrix Service Co.\* | 6993 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MYR Group, Inc.\* | 2037 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NWPX Infrastructure, Inc.\* | 3410 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Group Holdings, Inc.\* | 1996 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp. | 3854 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.\* | 5062 | 1550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tutor Perini Corp. | 3574 | 239 |
|  |  | **8645** |
| **Construction Materials – 0.3%** | **Construction Materials – 0.3%** | **Construction Materials – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knife River Corp.\* | 5851 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Lime & Minerals, Inc. | 4300 | 515 |
|  |  | **926** |
| **Consumer Finance – 1.3%** | **Consumer Finance – 1.3%** | **Consumer Finance – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antalpha Platform Holding Co., <br> Class A\*<br>| 8173 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp.\* | 863 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | 5511 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dave, Inc.\* | 1244 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.\* | 4395 | 239 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Consumer Finance – 1.3%continued** | **Consumer Finance – 1.3%continued** | **Consumer Finance – 1.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc.\* | 3154 | $496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Inc., Class A\* | 4703 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstCash Holdings, Inc. | 5297 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Dot Corp., Class A\* | 7218 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LendingClub Corp.\* | 8000 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medallion Financial Corp.<sup>†</sup> <br>| 836 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navient Corp. | 21636 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nelnet, Inc., Class A | 4377 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRA Group, Inc.\* | 6548 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc. | 9267 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upstart Holdings, Inc.<sup>\* †</sup> <br>| 8365 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Acceptance Corp.\* | 1119 | 157 |
|  |  | **4510** |
| **Consumer Staples Distribution & Retail – 0.4%** | **Consumer Staples Distribution & Retail – 0.4%** | **Consumer Staples Distribution & Retail – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andersons (The), Inc. | 2570 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chefs' Warehouse (The), Inc.\* | 2037 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp.<sup>\* †</sup> <br>| 9579 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingles Markets, Inc., Class A | 3587 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Grocers by Vitamin Cottage, <br> Inc.<br>| 1175 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 2686 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc.\* | 5525 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Village Super Market, Inc., Class A | 1212 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weis Markets, Inc. | 3031 | 194 |
|  |  | **1388** |
| **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging S.A. | 61446 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greif, Inc., Class A | 3155 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myers Industries, Inc. | 4444 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; O-I Glass, Inc.\* | 15081 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriMas Corp. | 6154 | 218 |
|  |  | **989** |
| **Distributors – 0.1%** | **Distributors – 0.1%** | **Distributors – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold.com, Inc. | 6340 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyco Group, Inc. | 2708 | 83 |
|  |  | **299** |
| **Diversified Consumer Services – 1.2%** | **Diversified Consumer Services – 1.2%** | **Diversified Consumer Services – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc.\* | 8163 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Afya Ltd., Class A | 8528 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Public Education, Inc.\* | 3700 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coursera, Inc.\* | 15279 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc.\* | 16334 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontdoor, Inc.\* | 7150 | 412 |

---

NORTHERN FUNDS QUARTERLY REPORT **100** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Diversified Consumer Services – 1.2%continued** | **Diversified Consumer Services – 1.2%continued** | **Diversified Consumer Services – 1.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings Co., Class B | 589 | $647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laureate Education, Inc.\* | 13520 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matthews International Corp., Class A | 4693 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mister Car Wash, Inc.\* | 30715 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneSpaWorld Holdings Ltd. | 9771 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 6503 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strategic Education, Inc. | 2826 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stride, Inc.\* | 4307 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Udemy, Inc.\* | 13325 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Technical Institute, Inc.\* | 2163 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WW International, Inc.<sup>(1) \*</sup> <br>| 1 |  |
|  |  | **4313** |
| **Diversified Real Estate Investment Trusts – 0.4%** | **Diversified Real Estate Investment Trusts – 0.4%** | **Diversified Real Estate Investment Trusts – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. | 8343 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust, Inc. | 5603 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc. | 3851 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. | 15676 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTO Realty Growth, Inc. | 7520 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 19588 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gladstone Commercial Corp. | 3614 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease, Inc. | 19264 | 166 |
|  |  | **1500** |
| **Diversified Telecommunication Services – 0.5%** | **Diversified Telecommunication Services – 0.5%** | **Diversified Telecommunication Services – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anterix, Inc.\* | 5005 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATN International, Inc.<sup>†</sup> <br>| 1524 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bandwidth, Inc., Class A\* | 1950 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globalstar, Inc.\* | 11055 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDT Corp., Class B | 3421 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IHS Holding Ltd.\* | 31694 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications, Inc. | 13590 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Latin America Ltd., Class C\* | 10702 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LICT Corp.\* | 6 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenandoah Telecommunications Co. | 5857 | 68 |
|  |  | **1711** |
| **Electric Utilities – 0.7%** | **Electric Utilities – 0.7%** | **Electric Utilities – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc.\* | 16345 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGE Energy, Inc. | 5487 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corp. | 6679 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 12883 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc. (New York Stock <br> Exchange)<br>| 9329 | 550 |
|  |  | **2339** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Electrical Equipment – 2.1%** | **Electrical Equipment – 2.1%** | **Electrical Equipment – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allient, Inc. | 2723 | $146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Superconductor Corp.\* | 478 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Array Technologies, Inc.\* | 17068 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc. | 5762 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Babcock & Wilcox Enterprises, Inc.\* | 5222 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A\* | 22287 | 1937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EnerSys | 5357 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSI Industries, Inc. | 3139 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nextpower, Inc., Class A\* | 14687 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Energy Systems, Inc.\* | 296 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plug Power, Inc.<sup>\* †</sup> <br>| 67728 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powell Industries, Inc. | 2713 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Solutions International, Inc.\* | 2337 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preformed Line Products Co. | 1212 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A\*<br>| 19309 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunrun, Inc.\* | 19355 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermon Group Holdings, Inc.\* | 2161 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPI Composites, Inc.<sup>(1) \*</sup> <br>| 4933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultralife Corp.\* | 1955 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vicor Corp.\* | 3811 | 418 |
|  |  | **7191** |
| **Electronic Equipment, Instruments & Components – 4.2%** | **Electronic Equipment, Instruments & Components – 4.2%** | **Electronic Equipment, Instruments & Components – 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 908 Devices, Inc.<sup>\* †</sup> <br>| 11347 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | 4482 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arlo Technologies, Inc.\* | 7617 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Badger Meter, Inc. | 3548 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bel Fuse, Inc., Class B | 3402 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belden, Inc. | 4629 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Electronics, Inc. | 6021 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Climb Global Solutions, Inc. | 3587 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTS Corp. | 3377 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daktronics, Inc.\* | 5258 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ePlus, Inc. | 6758 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fabrinet\* | 5187 | 2362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frequency Electronics, Inc.<sup>\* †</sup> <br>| 4406 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identiv, Inc.\* | 260 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insight Enterprises, Inc.\* | 5987 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Itron, Inc.\* | 5505 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimball Electronics, Inc.\* | 3336 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knowles Corp.\* | 9299 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methode Electronics, Inc.<sup>(3)</sup> <br>| 5279 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirion Technologies, Inc.\* | 22028 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M-Tron Industries, Inc.\* | 2310 | 123 |

---

EQUITY FUNDS **101** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Electronic Equipment, Instruments & Components – 4.2%continued** | **Electronic Equipment, Instruments & Components – 4.2%continued** | **Electronic Equipment, Instruments & Components – 4.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Napco Security Technologies, Inc. | 3376 | $141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nLight, Inc.\* | 7975 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 4591 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OSI Systems, Inc.<sup>\* †</sup> <br>| 3382 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PC Connection, Inc. | 4279 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plexus Corp.\* | 3881 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powerfleet, Inc. NJ\* | 1546 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Corp.\* | 2257 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp.\* | 8323 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ScanSource, Inc.\* | 2982 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SmartRent, Inc.<sup>\* †</sup> <br>| 75402 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc.\* | 10612 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unusual Machines, Inc.<sup>\* †</sup> <br>| 6341 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vishay Intertechnology, Inc. | 13458 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vishay Precision Group, Inc.\* | 3721 | 143 |
|  |  | **14423** |
| **Energy Equipment & Services – 1.7%** | **Energy Equipment & Services – 1.7%** | **Energy Equipment & Services – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archrock, Inc. | 17002 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc.<sup>†</sup> <br>| 11725 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristow Group, Inc.\* | 4403 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cactus, Inc., Class A | 6991 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMC Global, Inc.\* | 3635 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expro Group Holdings N.V.\* | 11511 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forum Energy Technologies, Inc.\* | 416 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geospace Technologies Corp.\* | 4131 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulf Island Fabrication, Inc.\* | 3619 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 23683 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | 11238 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovex International, Inc.\* | 4098 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KLX Energy Services Holdings, Inc.\* | 590 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak Gas Services, Inc. | 9668 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Energy, Inc. | 16470 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mammoth Energy Services, Inc.\* | 1811 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd.\* | 1144 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Services Group, Inc. | 2432 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next Bridge Hydrocarbons, Inc.<sup>(2) (4) \*</sup> <br>| 2700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nine Energy Service, Inc.\* | 2298 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Corp. PLC | 17778 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc.\* | 11565 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil States International, Inc.\* | 4003 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 40349 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProFrac Holding Corp., Class A\* | 15099 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProPetro Holding Corp.\* | 6877 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPC, Inc. | 26631 | 145 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Energy Equipment & Services – 1.7%continued** | **Energy Equipment & Services – 1.7%continued** | **Energy Equipment & Services – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEACOR Marine Holdings, Inc.\* | 6954 | $42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seadrill Ltd.\* | 9900 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc. | 3490 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TETRA Technologies, Inc.\* | 7887 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc.\* | 6072 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transocean Ltd.\* | 101880 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valaris Ltd.\* | 6996 | 353 |
|  |  | **5737** |
| **Entertainment – 0.5%** | **Entertainment – 0.5%** | **Entertainment – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc., Class C\* | 13380 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cinemark Holdings, Inc. | 10612 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CuriosityStream, Inc. | 18830 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IMAX Corp.\* | 4326 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden Entertainment <br> Corp.\*<br>| 2779 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manchester United PLC, Class A<sup>\* †</sup> <br>| 17051 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcus (The) Corp. | 3379 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playtika Holding Corp. | 24688 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reading International, Inc., Class A<sup>\* †</sup> <br>| 2207 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sphere Entertainment Co.\* | 2779 | 264 |
|  |  | **1844** |
| **Financial Services – 2.3%** | **Financial Services – 2.3%** | **Financial Services – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acacia Research Corp.\* | 4829 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Latinoamericano de Comercio <br> Exterior S.A., Class E<br>| 5811 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California First Leasing Corp.\* | 1239 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cannae Holdings, Inc. | 8988 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cass Information Systems, Inc. | 1408 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enact Holdings, Inc. | 14455 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essent Group Ltd. | 12702 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 1005 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVERTEC, Inc. | 7268 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp., <br> Class C<br>| 812 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flywire Corp.\* | 9830 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.<br>| 8119 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jackson Financial, Inc., Class A | 7588 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lesaka Technologies, Inc.\* | 4114 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marqeta, Inc., Class A\* | 43944 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merchants Bancorp | 4265 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp.\* | 6612 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMI Holdings, Inc.\* | 8007 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagseguro Digital Ltd., Class A | 28807 | 278 |

---

NORTHERN FUNDS QUARTERLY REPORT **102** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Financial Services – 2.3%continued** | **Financial Services – 2.3%continued** | **Financial Services – 2.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payoneer Global, Inc.\* | 30843 | $173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc. | 4276 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radian Group, Inc. | 22176 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remitly Global, Inc.\* | 16087 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security National Financial Corp., <br> Class A\*<br>| 5751 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sezzle, Inc.\* | 3199 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneCo Ltd., Class A\* | 27759 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | 5108 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waterstone Financial, Inc. | 3187 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Union (The) Co. | 31249 | 291 |
|  |  | **7848** |
| **Food Products – 0.8%** | **Food Products – 0.8%** | **Food Products – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alico, Inc. | 4005 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc.<sup>†</sup> <br>| 8613 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgford Foods Corp.\* | 4578 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calavo Growers, Inc. | 1949 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 4803 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmer Bros. Co.\* | 3321 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresh Del Monte Produce, Inc. | 3857 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hain Celestial Group (The), Inc.\* | 9921 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J&J Snack Foods Corp. | 2304 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John B. Sanfilippo & Son, Inc. | 877 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifeway Foods, Inc.\* | 1540 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limoneira Co. | 1821 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marzetti (The) Co. | 2540 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomad Foods Ltd.<sup>†</sup> <br>| 19660 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seneca Foods Corp., Class A\* | 3345 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simply Good Foods (The) Co.\* | 10601 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tootsie Roll Industries, Inc. | 7624 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vital Farms, Inc.\* | 4549 | 145 |
|  |  | **2797** |
| **Gas Utilities – 1.0%** | **Gas Utilities – 1.0%** | **Gas Utilities – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp. | 2879 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 12994 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 4978 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 15120 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RGC Resources, Inc. | 1100 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 7542 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 7361 | 609 |
|  |  | **3595** |
| **Ground Transportation – 0.3%** | **Ground Transportation – 0.3%** | **Ground Transportation – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArcBest Corp. | 3343 | 248 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Ground Transportation – 0.3%continued** | **Ground Transportation – 0.3%continued** | **Ground Transportation – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covenant Logistics Group, Inc. | 6032 | $133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heartland Express, Inc. | 9911 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hertz Global Holdings, Inc.<sup>\* †</sup> <br>| 31694 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marten Transport Ltd. | 6942 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAMT CORP.\* | 4994 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Logistics Holdings, Inc. | 3514 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Werner Enterprises, Inc. | 5971 | 179 |
|  |  | **1005** |
| **Health Care Equipment & Supplies – 3.2%** | **Health Care Equipment & Supplies – 3.2%** | **Health Care Equipment & Supplies – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuray, Inc.\* | 8776 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphatec Holdings, Inc.\* | 11595 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AngioDynamics, Inc.\* | 6713 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apyx Medical Corp.\* | 3238 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc.\* | 6544 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AtriCure, Inc.\* | 6904 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avanos Medical, Inc.\* | 7849 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axogen, Inc.\* | 6433 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bioventus, Inc., Class A\* | 4651 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerus Corp.\* | 30573 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CONMED Corp. | 3761 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVRx, Inc.\* | 6745 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 18830 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electromed, Inc.\* | 9386 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 6336 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enovis Corp.\* | 5291 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Establishment Labs Holdings, Inc.<sup>\* †</sup> <br>| 3387 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FONAR Corp.\* | 6161 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corp.\* | 5332 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 2176 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inmode Ltd.\* | 8292 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inogen, Inc.\* | 1966 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inspire Medical Systems, Inc.\* | 2670 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integer Holdings Corp.\* | 5088 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp.\* | 6501 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iRadimed Corp. | 4332 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc.\* | 3136 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kewaunee Scientific Corp.<sup>\* †</sup> <br>| 3662 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc.\* | 8674 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeMaitre Vascular, Inc. | 6667 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LivaNova PLC\* | 6551 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc.\* | 8223 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neogen Corp.\* | 23758 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NeuroPace, Inc.\* | 11536 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omnicell, Inc.\* | 6163 | 279 |

---

EQUITY FUNDS **103** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Health Care Equipment & Supplies – 3.2%continued** | **Health Care Equipment & Supplies – 3.2%continued** | **Health Care Equipment & Supplies – 3.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OraSure Technologies, Inc.\* | 12295 | $30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orchestra BioMed Holdings, Inc.<sup>\* †</sup> <br>| 10074 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orthofix Medical, Inc.\* | 9245 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OrthoPediatrics Corp.\* | 4484 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Dex, Inc.<sup>\* †</sup> <br>| 7590 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pulmonx Corp.\* | 12675 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pulse Biosciences, Inc.<sup>\* †</sup> <br>| 13582 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\* | 5445 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RxSight, Inc.\* | 6752 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanara Medtech, Inc.\* | 2520 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SANUWAVE Health, Inc.\* | 2667 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semler Scientific, Inc.<sup>\* †</sup> <br>| 2899 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SI-BONE, Inc.\* | 9747 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sight Sciences, Inc.\* | 11699 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STAAR Surgical Co.\* | 5700 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stereotaxis, Inc.\* | 818 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tactile Systems Technology, Inc.\* | 1803 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc.\* | 6218 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tela Bio, Inc.<sup>\* †</sup> <br>| 33961 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransMedics Group, Inc.\* | 3486 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treace Medical Concepts, Inc.\* | 12432 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UFP Technologies, Inc.\* | 2421 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah Medical Products, Inc. | 1939 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varex Imaging Corp.\* | 7466 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zynex, Inc.<sup>\* †</sup> <br>| 7114 | 1 |
|  |  | **11209** |
| **Health Care Providers & Services – 2.9%** | **Health Care Providers & Services – 2.9%** | **Health Care Providers & Services – 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.<sup>\* †</sup> <br>| 8414 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accendra Health, Inc.\* | 6617 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth Corp.\* | 7556 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Addus HomeCare Corp.\* | 2644 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alignment Healthcare, Inc.\* | 17984 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare Services, Inc.\* | 6654 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardent Health, Inc.\* | 13502 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astrana Health, Inc.\* | 6411 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aveanna Healthcare Holdings, Inc.\* | 20024 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BrightSpring Health Services, Inc.\* | 7150 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookdale Senior Living, Inc.\* | 26263 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle Biosciences, Inc.\* | 5155 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Health Systems, Inc.\* | 13453 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 12928 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CorVel Corp.\* | 9864 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross Country Healthcare, Inc.\* | 8742 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cryo-Cell International, Inc. | 638 | 2 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Health Care Providers & Services – 2.9%continued** | **Health Care Providers & Services – 2.9%continued** | **Health Care Providers & Services – 2.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DocGo, Inc.\* | 8989 | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enhabit, Inc.\* | 8613 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ensign Group (The), Inc. | 8306 | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulgent Genetics, Inc.\* | 3870 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GeneDx Holdings Corp.\* | 2682 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 8429 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc.<sup>\* †</sup> <br>| 20603 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint (The) Corp.<sup>\* †</sup> <br>| 7862 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kindly MD, Inc.\* | 7065 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifeStance Health Group, Inc.\* | 34639 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ModivCare, Inc.<sup>(1) \*</sup> <br>| 5774 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National HealthCare Corp. | 2703 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Research Corp. | 5205 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NeoGenomics, Inc.\* | 13225 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPKO Health, Inc.\* | 58440 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Option Care Health, Inc.\* | 18368 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennant Group (The), Inc.\* | 3482 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Privia Health Group, Inc.\* | 10622 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progyny, Inc.\* | 9803 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RadNet, Inc.\* | 6758 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Medical Holdings Corp. | 16023 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonida Senior Living, Inc.\* | 2992 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surgery Partners, Inc.\* | 7945 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Physical Therapy, Inc. | 2178 | 170 |
|  |  | **9923** |
| **Health Care Real Estate Investment Trusts – 0.7%** | **Health Care Real Estate Investment Trusts – 0.7%** | **Health Care Real Estate Investment Trusts – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 9169 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 11548 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Healthcare Trust, Inc. | 2522 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust | 23921 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical REIT, Inc. | 1272 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTC Properties, Inc. | 4736 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc.<sup>†</sup> <br>| 56978 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 5490 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 24989 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sila Realty Trust, Inc. | 5154 | 120 |
|  |  | **2510** |
| **Health Care Technology – 0.5%** | **Health Care Technology – 0.5%** | **Health Care Technology – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Well Corp., Class A\* | 170 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certara, Inc.\* | 12333 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolent Health, Inc., Class A\* | 14301 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoodRx Holdings, Inc., Class A\* | 43439 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthStream, Inc. | 3854 | 89 |

---

NORTHERN FUNDS QUARTERLY REPORT **104** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Health Care Technology – 0.5%continued** | **Health Care Technology – 0.5%continued** | **Health Care Technology – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifeMD, Inc.\* | 9506 | $32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OptimizeRx Corp.\* | 10304 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phreesia, Inc.\* | 5686 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schrodinger, Inc.\* | 6929 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simulations Plus, Inc.\* | 3042 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teladoc Health, Inc.\* | 16522 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TruBridge, Inc.\* | 5656 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veradigm, Inc.\* | 22967 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waystar Holding Corp.\* | 16664 | 546 |
|  |  | **1704** |
| **Hotel & Resort Real Estate Investment Trusts – 0.7%** | **Hotel & Resort Real Estate Investment Trusts – 0.7%** | **Hotel & Resort Real Estate Investment Trusts – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. | 25669 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Braemar Hotels & Resorts, Inc. | 9012 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chatham Lodging Trust | 4510 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 28117 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. | 25929 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust | 15730 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust | 22466 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 5997 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust | 19978 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sotherly Hotels, Inc.\* | 2334 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc. | 8740 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 27486 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 13676 | 193 |
|  |  | **2320** |
| **Hotels, Restaurants & Leisure – 1.5%** | **Hotels, Restaurants & Leisure – 1.5%** | **Hotels, Restaurants & Leisure – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcos Dorados Holdings, Inc., Class A | 24257 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biglari Holdings, Inc., Class B\* | 530 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BJ's Restaurants, Inc.\* | 3646 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 9162 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brightstar Lottery PLC | 10063 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canterbury Park Holding Corp. | 953 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheesecake Factory (The), Inc.<sup>†</sup> <br>| 4621 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc.<sup>†</sup> <br>| 3167 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc.<sup>\* †</sup> <br>| 7092 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denny's Corp.\* | 9556 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dine Brands Global, Inc. | 2060 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genius Sports Ltd.\* | 22558 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Business Travel Group I<sup>\* †</sup> <br>| 43245 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden Entertainment, Inc. | 522 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc.\* | 9086 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jack in the Box, Inc.<sup>†</sup> <br>| 2738 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kura Sushi U.S.A., Inc., Class A<sup>\* †</sup> <br>| 1244 | 65 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Hotels, Restaurants & Leisure – 1.5%continued** | **Hotels, Restaurants & Leisure – 1.5%continued** | **Hotels, Restaurants & Leisure – 1.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc.\* | 18198 | $484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lucky Strike Entertainment Corp.<sup>†</sup> <br>| 13148 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 3249 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc. | 1007 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nathan's Famous, Inc. | 1027 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Papa John's International, Inc. | 3295 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.\* | 13973 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, Inc.\* | 2755 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Robin Gourmet Burgers, Inc.<sup>(1) \*</sup> <br>| 87 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Rock Resorts, Inc., Class A | 8075 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rush Street Interactive, Inc.\* | 9058 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shake Shack, Inc., Class A\* | 3257 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soho House & Co., Inc.\* | 18297 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Town Sports International Holdings, <br> Inc.<sup>(2) \*</sup> <br>| 1105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Parks & Resorts, Inc.\* | 5851 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wendy's (The) Co.<sup>†</sup> <br>| 18554 | 155 |
|  |  | **5269** |
| **Household Durables – 1.7%** | **Household Durables – 1.7%** | **Household Durables – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes U.S.A., Inc.\* | 3363 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cavco Industries, Inc.\* | 1242 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Champion Homes, Inc.\* | 6582 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cricut, Inc., Class A | 19896 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc., Class A\* | 8881 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ethan Allen Interiors, Inc. | 3461 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexsteel Industries, Inc. | 2905 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoPro, Inc., Class A<sup>\* †</sup> <br>| 11216 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Brick Partners, Inc.\* | 4145 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Beach Brands Holding Co., <br> Class A<br>| 1924 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hooker Furnishings Corp.<sup>†</sup> <br>| 1120 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hovnanian Enterprises, Inc., Class A\* | 227 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Installed Building Products, Inc. | 3082 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iRobot Corp.<sup>(1) \*</sup> <br>| 3718 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Home | 10434 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koss Corp.\* | 3099 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 6142 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 12793 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifetime Brands, Inc.<sup>†</sup> <br>| 499 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc.\* | 2785 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 37962 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nobility Homes, Inc. | 630 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonos, Inc.\* | 10896 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp.\* | 15257 | 898 |

---

EQUITY FUNDS **105** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Household Durables – 1.7%continued** | **Household Durables – 1.7%continued** | **Household Durables – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc.\* | 14844 | $467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Electronics, Inc.<sup>\* †</sup> <br>| 2695 | 10 |
|  |  | **5997** |
| **Household Products – 0.4%** | **Household Products – 0.4%** | **Household Products – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co.\* | 7313 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | 7401 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil-Dri Corp. of America | 5250 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Brands Holdings, Inc. | 4548 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WD-40 Co. | 1697 | 334 |
|  |  | **1242** |
| **Independent Power & Renewable Electricity Producers – 0.4%** | **Independent Power & Renewable Electricity Producers – 0.4%** | **Independent Power & Renewable Electricity Producers – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hallador Energy Co.\* | 8075 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenon Holdings Ltd.<sup>†</sup> <br>| 4975 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 5496 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ReNew Energy Global PLC, Class A\* | 34260 | 193 |
|  |  | **1284** |
| **Industrial Real Estate Investment Trusts – 0.3%** | **Industrial Real Estate Investment Trusts – 0.3%** | **Industrial Real Estate Investment Trusts – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Logistics Properties Trust | 7167 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. | 3165 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 5523 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Liberty Properties, Inc. | 8151 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | 3334 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 8435 | 495 |
|  |  | **1197** |
| **Insurance – 2.1%** | **Insurance – 2.1%** | **Insurance – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Coastal Insurance Corp. | 3105 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMERISAFE, Inc. | 2439 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic American Corp.<sup>†</sup> <br>| 4789 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bowhead Specialty Holdings, Inc.\* | 3021 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens, Inc.<sup>\* †</sup> <br>| 4205 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 26647 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donegal Group, Inc., Class A | 3517 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employers Holdings, Inc. | 5974 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. | 11221 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelis Insurance Holdings Ltd. | 10303 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Inc.\* | 45948 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goosehead Insurance, Inc., Class A | 2413 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenlight Capital Re Ltd., Class A\* | 9127 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Insurance Group Ltd., <br> Class B\*<br>| 9771 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCI Group, Inc. | 1066 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 3909 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors Title Co. | 451 | 113 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Insurance – 2.1%continued** | **Insurance – 2.1%continued** | **Insurance – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City Life Insurance Co. | 1381 | $44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kestrel Group Ltd.<sup>\* †</sup> <br>| 197 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lemonade, Inc.<sup>\* †</sup> <br>| 5632 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBIA, Inc.\* | 12334 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury General Corp. | 2787 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Octave Specialty Group, Inc.\* | 4172 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oscar Health, Inc., Class A\* | 21709 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palomar Holdings, Inc.\* | 2735 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProAssurance Corp.\* | 8720 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Root, Inc., Class A\* | 1599 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safety Insurance Group, Inc. | 1577 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 7076 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SiriusPoint Ltd.\* | 8675 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, <br> Inc.\*<br>| 3772 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stewart Information Services Corp. | 1954 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trupanion, Inc.\* | 4086 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Fire Group, Inc. | 2848 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Insurance Holdings, Inc. | 3027 | 102 |
|  |  | **7187** |
| **Interactive Media & Services – 0.7%** | **Interactive Media & Services – 0.7%** | **Interactive Media & Services – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angi, Inc.\* | 5509 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bumble, Inc., Class A\* | 9386 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cargurus, Inc.\* | 9960 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cars.com, Inc.\* | 6927 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EverQuote, Inc., Class A\* | 3021 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; fuboTV, Inc., Class A<sup>\* †</sup> <br>| 33692 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IAC, Inc.\* | 7461 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QuinStreet, Inc.\* | 10818 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shutterstock, Inc. | 2670 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taboola.com Ltd.\* | 30715 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travelzoo\* | 3490 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc.\* | 11181 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yelp, Inc.\* | 10031 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis, Inc.\* | 5589 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZipRecruiter, Inc., Class A\* | 8683 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc.\* | 31069 | 316 |
|  |  | **2416** |
| **IT Services – 0.4%** | **IT Services – 0.4%** | **IT Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASGN, Inc.\* | 6394 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CI&T, Inc., Class A<sup>\* †</sup> <br>| 14034 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crexendo, Inc.\* | 16352 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSP, Inc. | 1893 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc.\* | 7239 | 348 |

---

NORTHERN FUNDS QUARTERLY REPORT **106** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **IT Services – 0.4%continued** | **IT Services – 0.4%continued** | **IT Services – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DXC Technology Co.\* | 17232 | $252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastly, Inc., Class A\* | 13169 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grid Dynamics Holdings, Inc.\* | 12348 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hackett Group (The), Inc. | 4797 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Services Group, Inc. | 2966 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tucows, Inc., Class A\* | 1111 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unisys Corp.\* | 4333 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VTEX, Class A\* | 14391 | 54 |
|  |  | **1543** |
| **Leisure Products – 0.5%** | **Leisure Products – 0.5%** | **Leisure Products – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acushnet Holdings Corp. | 4148 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Outdoor Brands, Inc.\* | 1758 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarus Corp. | 3892 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escalade, Inc.<sup>†</sup> <br>| 3394 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JAKKS Pacific, Inc. | 439 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson Outdoors, Inc., Class A | 2181 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malibu Boats, Inc., Class A\* | 2491 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine Products Corp. | 4791 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MasterCraft Boat Holdings, Inc.\* | 5154 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peloton Interactive, Inc., Class A\* | 37633 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polaris, Inc. | 5330 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sturm Ruger & Co., Inc. | 1811 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp.\* | 10459 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings, Inc.\* | 9155 | 404 |
|  |  | **1868** |
| **Life Sciences Tools & Services – 0.3%** | **Life Sciences Tools & Services – 0.3%** | **Life Sciences Tools & Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10X Genomics, Inc., Class A\* | 11725 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Teknova, Inc.<sup>\* †</sup> <br>| 2232 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc.\* | 8108 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioLife Solutions, Inc.\* | 6752 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Champions Oncology, Inc.\* | 4883 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Codexis, Inc.\* | 6348 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CryoPort, Inc.\* | 3876 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc.\* | 9643 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifecore Biomedical, Inc.\* | 2841 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., <br> Class A\*<br>| 11483 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mesa Laboratories, Inc. | 1322 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omniab, Inc.<sup>(2) \*</sup> <br>| 1740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OmniAb, Inc.\* | 14593 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omniab, Inc. (NASDAQ Exchange)<sup>(2) \*</sup> <br>| 1740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanterix Corp.\* | 8214 | 52 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Life Sciences Tools & Services – 0.3%continued** | **Life Sciences Tools & Services – 0.3%continued** | **Life Sciences Tools & Services – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rapid Micro Biosystems, Inc., Class A<sup>\*</sup> <br>† <br>| 2924 | $9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard BioTools, Inc.\* | 12341 | 16 |
|  |  | **1148** |
| **Machinery – 3.9%** | **Machinery – 3.9%** | **Machinery – 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aebi Schmidt Holding A.G. | 2365 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 1446 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albany International Corp., Class A | 4014 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astec Industries, Inc. | 3587 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, Inc. | 9883 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Bird Corp.\* | 3003 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECO Environmental Corp.\* | 1328 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc.\* | 4359 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus McKinnon Corp. | 2136 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Dynamics, Inc. | 2826 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern (The) Co. | 1060 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enerpac Tool Group Corp. | 7950 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enpro, Inc. | 2423 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 3664 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Signal Corp. | 9939 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Electric Co., Inc. | 5956 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FreightCar America, Inc.\* | 1360 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gorman-Rupp (The) Co. | 4093 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Corp.\* | 2867 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenbrier (The) Cos., Inc. | 3179 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helios Technologies, Inc. | 2486 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | 9628 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hurco Cos., Inc.\* | 1158 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyster-Yale, Inc. | 2355 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBT Marel Corp. | 4042 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kadant, Inc. | 1248 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennametal, Inc. | 11113 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L.B. Foster Co., Class A\* | 1331 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lindsay Corp. | 1355 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miller Industries, Inc. | 2077 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Inc., Class A | 21173 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Flex, Inc. | 1036 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proto Labs, Inc.\* | 3370 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REV Group, Inc. | 4621 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies, Inc.\* | 6702 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standex International Corp. | 2591 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stratasys Ltd.<sup>\* †</sup> <br>| 5857 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taylor Devices, Inc.\* | 907 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennant Co. | 2547 | 188 |

---

EQUITY FUNDS **107** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Machinery – 3.9%continued** | **Machinery – 3.9%continued** | **Machinery – 3.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terex Corp. | 7067 | $377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan International, Inc.\* | 7723 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc. | 11907 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twin Disc, Inc. | 2146 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wabash National Corp. | 4198 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc., Class A | 3785 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worthington Enterprises, Inc. | 7952 | 410 |
|  |  | **13685** |
| **Marine Transportation – 0.4%** | **Marine Transportation – 0.4%** | **Marine Transportation – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danaos Corp.<sup>†</sup> <br>| 1777 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matson, Inc. | 6534 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Bulk Carriers Corp. | 12808 | 246 |
|  |  | **1221** |
| **Media – 1.1%** | **Media – 1.1%** | **Media – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc., Class A\* | 4889 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc.<sup>†</sup> <br>| 644 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulus Media, Inc., Class A<sup>(1) \*</sup> <br>| 5103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DoubleVerify Holdings, Inc.\* | 16087 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp., Class A\* | 17998 | 1956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerald Holding, Inc.<sup>†</sup> <br>| 5944 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entravision Communications Corp., <br> Class A<br>| 41009 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EW Scripps (The) Co., Class A\* | 4695 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Media, Inc. | 14764 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iHeartMedia, Inc., Class A\* | 11868 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Wiley & Sons, Inc., Class A | 5987 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnite, Inc.\* | 7553 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marchex, Inc., Class B\* | 6086 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saga Communications, Inc., Class A | 1005 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scholastic Corp. | 4457 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sinclair, Inc. | 7122 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stagwell, Inc.\* | 25222 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TechTarget, Inc.\* | 2808 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc. | 25742 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thryv Holdings, Inc.\* | 7284 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA TODAY Co., Inc.\* | 15099 | 78 |
|  |  | **3875** |
| **Metals & Mining – 1.5%** | **Metals & Mining – 1.5%** | **Metals & Mining – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources, Inc.\* | 1361 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Battery Technology Co.<sup>\* †</sup> <br>| 72813 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ampco-Pittsburgh Corp.\* | 1957 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Century Aluminum Co.\* | 8676 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc.\* | 29985 | 535 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Metals & Mining – 1.5%continued** | **Metals & Mining – 1.5%continued** | **Metals & Mining – 1.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co. | 14663 | $1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellium S.E.\* | 16999 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contango ORE, Inc.\* | 231 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortitude Gold Corp. | 3512 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Co. | 69139 | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 1971 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materion Corp. | 4408 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympic Steel, Inc. | 2096 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ramaco Resources, Inc., Class A\* | 5340 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 1887 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tredegar Corp.\* | 4309 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worthington Steel, Inc. | 7940 | 275 |
|  |  | **5362** |
| **Mortgage Real Estate Investment Trusts – 0.4%** | **Mortgage Real Estate Investment Trusts – 0.4%** | **Mortgage Real Estate Investment Trusts – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACRES Commercial Realty Corp.\* | 2025 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adamas Trust, Inc. | 7063 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, <br> Inc.<br>| 21301 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arbor Realty Trust, Inc.<sup>†</sup> <br>| 16138 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARMOUR Residential REIT, Inc.<sup>†</sup> <br>| 1043 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., <br> Class A<br>| 16726 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BrightSpire Capital, Inc. | 7767 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cherry Hill Mortgage Investment Corp. | 2918 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynex Capital, Inc. | 2375 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ellington Financial, Inc. | 1051 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin BSP Realty Trust, Inc. | 5485 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granite Point Mortgage Trust, Inc. | 4390 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco Mortgage Capital, Inc.<sup>†</sup> <br>| 1667 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Corp. | 17984 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orchid Island Capital, Inc.<sup>†</sup> <br>| 929 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ready Capital Corp.<sup>†</sup> <br>| 3514 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Trust, Inc. | 7556 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPG Mortgage Investment Trust, Inc. | 1805 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Two Harbors Investment Corp. | 5546 | 58 |
|  |  | **1270** |
| **Multi-Utilities – 0.4%** | **Multi-Utilities – 0.4%** | **Multi-Utilities – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 8952 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 8305 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 7385 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unitil Corp. | 2353 | 114 |
|  |  | **1512** |

---

NORTHERN FUNDS QUARTERLY REPORT **108** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Office Real Estate Investment Trusts – 0.4%** | **Office Real Estate Investment Trusts – 0.4%** | **Office Real Estate Investment Trusts – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brandywine Realty Trust | 21096 | $62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Office REIT, Inc. | 8770 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COPT Defense Properties | 12455 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. | 18784 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. | 4011 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc., Class A | 16527 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Street Properties Corp. | 11685 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc.\* | 2326 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBG SMITH Properties<sup>†</sup> <br>| 6929 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc. | 15103 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 7384 | 339 |
|  |  | **1487** |
| **Oil, Gas & Consumable Fuels – 3.1%** | **Oil, Gas & Consumable Fuels – 3.1%** | **Oil, Gas & Consumable Fuels – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardmore Shipping Corp. | 14612 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BKV Corp.\* | 7995 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp. | 9058 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calumet, Inc.\* | 8173 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrus Energy Corp., Class A<sup>\* †</sup> <br>| 545 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 8704 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Fuels Corp.\* | 9134 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp.\* | 16954 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc.\* | 10854 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Natural Resources, Inc. | 6284 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Co., Class A | 2236 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVR Energy, Inc.\* | 12537 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delek U.S. Holdings, Inc. | 7605 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DHT Holdings, Inc. | 18842 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolution Petroleum Corp. | 11561 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FLEX LNG Ltd.<sup>\* †</sup> <br>| 6664 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FutureFuel Corp. | 4786 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golar LNG Ltd. | 15038 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Plains, Inc.\* | 10483 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulfport Energy Corp.\* | 2271 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HighPeak Energy, Inc.<sup>†</sup> <br>| 11904 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Seaways, Inc. | 6343 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings, Inc.<sup>†</sup> <br>| 7395 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A | 19644 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp. | 17375 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NACCO Industries, Inc., Class A | 2550 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navigator Holdings Ltd. | 8308 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordic American Tankers Ltd. | 8037 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc.<sup>†</sup> <br>| 9253 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par Pacific Holdings, Inc.\* | 3146 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PBF Energy, Inc., Class A | 14784 | 401 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Oil, Gas & Consumable Fuels – 3.1%continued** | **Oil, Gas & Consumable Fuels – 3.1%continued** | **Oil, Gas & Consumable Fuels – 3.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 13881 | $412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PrimeEnergy Resources Corp.<sup>\* †</sup> <br>| 993 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REX American Resources Corp.\* | 15411 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SandRidge Energy, Inc. | 3004 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. | 7970 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SFL Corp. Ltd. | 13034 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 14303 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talos Energy, Inc.\* | 16878 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teekay Corp. Ltd. | 9641 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teekay Tankers Ltd., Class A | 4271 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uranium Energy Corp.\* | 44879 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VAALCO Energy, Inc. | 11210 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W&T Offshore, Inc. | 26421 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Kinect Corp. | 7844 | 184 |
|  |  | **10710** |
| **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper Corp.\* | 2299 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnera Corp.<sup>(1) \*</sup> <br>| 32 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sylvamo Corp. | 4224 | 203 |
|  |  | **244** |
| **Passenger Airlines – 0.2%** | **Passenger Airlines – 0.2%** | **Passenger Airlines – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 7432 | **746** |
| **Personal Care Products – 0.2%** | **Personal Care Products – 0.2%** | **Personal Care Products – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 6883 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interparfums, Inc. | 2413 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medifast, Inc.<sup>\* †</sup> <br>| 2468 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nature's Sunshine Products, Inc.\* | 2361 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nu Skin Enterprises, Inc., Class A | 8560 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oddity Tech Ltd., Class A\* | 6175 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USANA Health Sciences, Inc.\* | 1448 | 29 |
|  |  | **758** |
| **Pharmaceuticals – 2.6%** | **Pharmaceuticals – 2.6%** | **Pharmaceuticals – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alto Neuroscience, Inc.\* | 6745 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals, Inc.\* | 25343 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc.\* | 7044 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amylyx Pharmaceuticals, Inc.\* | 18297 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANI Pharmaceuticals, Inc.\* | 2340 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assertio Holdings, Inc.\* | 173 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atea Pharmaceuticals, Inc.\* | 6573 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avadel Pharmaceuticals PLC\* | 10126 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc.\* | 2965 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biote Corp., Class A\* | 11456 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cassava Sciences, Inc.\* | 7271 | 14 |

---

EQUITY FUNDS **109** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Pharmaceuticals – 2.6%continued** | **Pharmaceuticals – 2.6%continued** | **Pharmaceuticals – 2.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc.\* | 10289 | $476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contineum Therapeutics, Inc., Class A\* | 3900 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enliven Therapeutics, Inc.\* | 5800 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esperion Therapeutics, Inc.<sup>\* †</sup> <br>| 86307 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eton Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 6752 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolus, Inc.\* | 7070 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EyePoint, Inc.\* | 8613 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulcrum Therapeutics, Inc.\* | 15017 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GH Research PLC<sup>\* †</sup> <br>| 6256 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc.\* | 2323 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harrow, Inc.<sup>\* †</sup> <br>| 10500 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indivior PLC\* | 11725 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innoviva, Inc.\* | 17002 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LENZ Therapeutics, Inc.<sup>\* †</sup> <br>| 4903 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lexicon Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 8400 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\* | 3018 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidia Corp.\* | 6012 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maze Therapeutics, Inc.\* | 8350 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MediWound Ltd.<sup>\* †</sup> <br>| 5120 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ocular Therapeutix, Inc.\* | 395 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oculis Holding A.G.\* | 6295 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omeros Corp.<sup>\* †</sup> <br>| 10242 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. | 24514 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc.\* | 7152 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC | 12681 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phathom Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 6340 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phibro Animal Health Corp., Class A | 5400 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pliant Therapeutics, Inc.<sup>\* †</sup> <br>| 8053 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 7694 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rafael Holdings, Inc., Class B\* | 10432 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIGA Technologies, Inc. | 4390 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 6927 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarsus Pharmaceuticals, Inc.\* | 2763 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terns Pharmaceuticals, Inc.\* | 10154 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Theravance Biopharma, Inc.\* | 6143 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Harmonic Bio, Inc.<sup>(2) \* †</sup> <br>| 6789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tilray Brands, Inc.<sup>\* †</sup> <br>| 7777 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verrica Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 1607 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WaVe Life Sciences Ltd.\* | 4722 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xeris Biopharma Holdings, Inc.\* | 20428 | 160 |
|  |  | **9123** |
| **Professional Services – 2.0%** | **Professional Services – 2.0%** | **Professional Services – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alight, Inc., Class A | 38054 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asure Software, Inc.\* | 900 | 9 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Professional Services – 2.0%continued** | **Professional Services – 2.0%continued** | **Professional Services – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrett Business Services, Inc. | 11516 | $417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBIZ, Inc.\* | 14440 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 6042 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conduent, Inc.\* | 18347 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRA International, Inc. | 2430 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSG Systems International, Inc. | 4647 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DLH Holdings Corp.\* | 980 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc. | 7500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forrester Research, Inc.<sup>\* †</sup> <br>| 4012 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Covey Co.\* | 3057 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huron Consulting Group, Inc.\* | 2468 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICF International, Inc. | 2463 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innodata, Inc.<sup>\* †</sup> <br>| 2670 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insperity, Inc. | 5110 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelly Services, Inc., Class A | 3052 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry | 7137 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legalzoom.com, Inc.\* | 17020 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 5471 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximus, Inc. | 6436 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planet Labs PBC\* | 24359 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resources Connection, Inc. | 4797 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIC Solutions, Inc.\* | 8059 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriNet Group, Inc. | 5282 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrueBlue, Inc.\* | 4825 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTEC Holdings, Inc.<sup>\* †</sup> <br>| 3066 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upwork, Inc.\* | 12436 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verra Mobility Corp.\* | 16118 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Where Food Comes From, Inc.\* | 275 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willdan Group, Inc.\* | 1904 | 197 |
|  |  | **7065** |
| **Real Estate Management & Development – 0.6%** | **Real Estate Management & Development – 0.6%** | **Real Estate Management & Development – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altisource Portfolio Solutions S.A.\* | 4010 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Realty Investors, Inc.\* | 1120 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMREP Corp.<sup>\* †</sup> <br>| 1083 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate, Inc.\* | 11421 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass, Inc., Class A\* | 42567 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield Ltd.\* | 13161 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Elliman, Inc.<sup>\* †</sup> <br>| 4582 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eXp World Holdings, Inc.<sup>†</sup> <br>| 6877 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestar Group, Inc.\* | 6654 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FRP Holdings, Inc.\* | 1363 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JW Mays, Inc.\* | 359 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 14798 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcus & Millichap, Inc. | 3731 | 102 |

---

NORTHERN FUNDS QUARTERLY REPORT **110** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Real Estate Management & Development – 0.6%continued** | **Real Estate Management & Development – 0.6%continued** | **Real Estate Management & Development – 0.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmark Group, Inc., Class A | 15044 | $261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RE/MAX Holdings, Inc., Class A\* | 3949 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RMR Group (The), Inc., Class A | 81 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Joe (The) Co. | 4095 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Holdings\* | 2032 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stratus Properties, Inc.<sup>\* †</sup> <br>| 948 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tejon Ranch Co.\* | 5060 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transcontinental Realty Investors, Inc.\* | 292 | 17 |
|  |  | **2090** |
| **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluerock Homes Trust, Inc. | 1250 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BRT Apartments Corp. | 1996 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centerspace | 1056 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elme Communities | 9604 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 25278 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NexPoint Residential Trust, Inc. | 2421 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMH Properties, Inc. | 5253 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veris Residential, Inc. | 11057 | 165 |
|  |  | **1043** |
| **Retail Real Estate Investment Trusts – 1.0%** | **Retail Real Estate Investment Trusts – 1.0%** | **Retail Real Estate Investment Trusts – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust | 11023 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander's, Inc. | 411 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBL & Associates Properties, Inc. | 2487 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curbline Properties Corp. | 7368 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp. | 4767 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InvenTrust Properties Corp. | 8087 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 26269 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macerich (The) Co. | 17313 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp. | 7640 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips Edison & Co., Inc. | 13695 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saul Centers, Inc. | 1262 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SITE Centers Corp. | 3682 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tanger, Inc. | 9772 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties | 13842 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitestone REIT | 10174 | 141 |
|  |  | **3305** |
| **Semiconductors & Semiconductor Equipment – 3.0%** | **Semiconductors & Semiconductor Equipment – 3.0%** | **Semiconductors & Semiconductor Equipment – 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACM Research, Inc., Class A\* | 6906 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aeluma, Inc.<sup>\* †</sup> <br>| 6929 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha & Omega Semiconductor Ltd.\* | 3427 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ambarella, Inc.\* | 4183 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amtech Systems, Inc.\* | 597 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atomera, Inc.<sup>\* †</sup> <br>| 18475 | 41 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Semiconductors & Semiconductor Equipment – 3.0%continued** | **Semiconductors & Semiconductor Equipment – 3.0%continued** | **Semiconductors & Semiconductor Equipment – 3.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc.\* | 7166 | $576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blaize Holdings, Inc.<sup>\* †</sup> <br>| 34084 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Solar, Inc.\* | 7008 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CEVA, Inc.\* | 2729 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cohu, Inc.\* | 3121 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd.\* | 17427 | 2508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diodes, Inc.\* | 5675 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everspin Technologies, Inc.\* | 9011 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FormFactor, Inc.\* | 8952 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ichor Holdings Ltd.\* | 2630 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impinj, Inc.\* | 3089 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; indie Semiconductor, Inc., Class A\* | 24359 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; inTEST Corp.\* | 3099 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kopin Corp.<sup>\* †</sup> <br>| 280 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries, Inc. | 7902 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnachip Semiconductor Corp.\* | 2830 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maxeon Solar Technologies Ltd.\* | 18859 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVE Corp. | 1295 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDF Solutions, Inc.\* | 9443 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penguin Solutions, Inc.\* | 9527 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Photronics, Inc.\* | 4518 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 6426 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 12485 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semtech Corp.\* | 7076 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SiTime Corp.\* | 2027 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 4508 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultra Clean Holdings, Inc.\* | 7975 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valens Semiconductor Ltd.\* | 54714 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veeco Instruments, Inc.\* | 8730 | 249 |
|  |  | **10382** |
| **Software – 5.0%** | **Software – 5.0%** | **Software – 5.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8x8, Inc.\* | 50375 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A10 Networks, Inc. | 6752 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI Worldwide, Inc.\* | 14197 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adeia, Inc. | 11967 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agilysys, Inc.\* | 3678 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airship AI Holdings, Inc.<sup>\* †</sup> <br>| 28197 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alarm.com Holdings, Inc.\* | 4406 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkami Technology, Inc.\* | 10231 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allot Ltd.\* | 9678 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amplitude, Inc., Class A\* | 12436 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appian Corp., Class A\* | 6929 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asana, Inc., Class A\* | 22202 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvePoint, Inc.\* | 18809 | 261 |

---

EQUITY FUNDS **111** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Software – 5.0%continued** | **Software – 5.0%continued** | **Software – 5.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bit Digital, Inc.\* | 29693 | $56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackbaud, Inc.\* | 6172 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackLine, Inc.\* | 6040 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Box, Inc., Class A\* | 17156 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Braze, Inc., Class A\* | 11292 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BTCS, Inc.\* | 20357 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerence, Inc.\* | 118 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Secure, Inc., Class A | 8704 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc., <br> Class A\*<br>| 24444 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cognyte Software Ltd.\* | 10482 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commvault Systems, Inc.\* | 4683 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consensus Cloud Solutions, Inc.\* | 1890 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CS Disco, Inc.\* | 16352 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daily Journal Corp.<sup>\* †</sup> <br>| 207 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digimarc Corp.<sup>\* †</sup> <br>| 3854 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Turbine, Inc.\* | 9264 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domo, Inc., Class B\* | 3989 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eGain Corp.\* | 3860 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EverCommerce, Inc.<sup>\* †</sup> <br>| 17232 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Five9, Inc.\* | 8205 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freshworks, Inc., Class A\* | 18125 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I3 Verticals, Inc., Class A\* | 2501 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intapp, Inc.\* | 7754 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InterDigital, Inc. | 4856 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jamf Holding Corp.\* | 12436 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Karooooo Ltd.<sup>†</sup> <br>| 2843 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life360, Inc.<sup>\* †</sup> <br>| 7284 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc.\* | 6792 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magic Software Enterprises Ltd.<sup>†</sup> <br>| 5508 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N-able, Inc.\* | 17765 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc.\* | 11015 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp.\* | 13225 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nukkleus, Inc.<sup>\* †</sup> <br>| 8704 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ON24, Inc.\* | 11548 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneSpan, Inc. | 7732 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagaya Technologies Ltd., Class A\* | 7341 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PagerDuty, Inc.\* | 9690 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Porch Group, Inc.\* | 9678 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progress Software Corp.\* | 5367 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc.\* | 5942 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc.\* | 4095 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radware Ltd.\* | 4086 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rapid7, Inc.\* | 5752 | 87 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Software – 5.0%continued** | **Software – 5.0%continued** | **Software – 5.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Violet, Inc. | 2476 | $141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rekor Systems, Inc.<sup>\* †</sup> <br>| 82775 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rezolve AI PLC<sup>\* †</sup> <br>| 65791 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rimini Street, Inc.\* | 29653 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RingCentral, Inc., Class A\* | 9512 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEMrush Holdings, Inc., Class A\* | 14034 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoundThinking, Inc.\* | 3089 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprinklr, Inc., Class A\* | 24334 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprout Social, Inc., Class A\* | 6340 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc.\* | 5451 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telos Corp.\* | 15350 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenable Holdings, Inc.\* | 11431 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp.\* | 10937 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upland Software, Inc.<sup>(1) \*</sup> <br>| 51 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varonis Systems, Inc.\* | 10611 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex, Inc., Class A\* | 17068 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viant Technology, Inc., Class A\* | 7590 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weave Communications, Inc.\* | 7920 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WM Technology, Inc.\* | 90566 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workiva, Inc.\* | 4251 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xperi, Inc.<sup>\* †</sup> <br>| 4786 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yext, Inc.\* | 11548 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp., Class A\* | 24525 | 499 |
|  |  | **17393** |
| **Specialized Real Estate Investment Trusts – 0.4%** | **Specialized Real Estate Investment Trusts – 0.4%** | **Specialized Real Estate Investment Trusts – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | 9604 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gladstone Land Corp. | 9668 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 6906 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outfront Media, Inc. | 17866 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 10088 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safehold, Inc. | 2666 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smartstop Self Storage REIT, Inc. | 3199 | 99 |
|  |  | **1472** |
| **Specialty Retail – 2.5%** | **Specialty Retail – 2.5%** | **Specialty Retail – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-800-Flowers.com, Inc., Class A<sup>\* †</sup> <br>| 5358 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co., Class A\* | 7137 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 8185 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. | 20118 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; America's Car-Mart, Inc.\* | 1300 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arhaus, Inc.\* | 12838 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.\* | 2156 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barnes & Noble Education, Inc.<sup>\* †</sup> <br>| 238 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bed Bath & Beyond, Inc.\* | 4080 | 22 |

---

NORTHERN FUNDS QUARTERLY REPORT **112** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Specialty Retail – 2.5%continued** | **Specialty Retail – 2.5%continued** | **Specialty Retail – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.\* | 3334 | $588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckle (The), Inc. | 3710 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Build-A-Bear Workshop, Inc. | 3391 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caleres, Inc. | 6003 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camping World Holdings, Inc., Class A | 4704 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cato (The) Corp., Class A<sup>\* †</sup> <br>| 4036 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Place (The), Inc.\* | 3300 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citi Trends, Inc.\* | 3936 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designer Brands, Inc., Class A<sup>†</sup> <br>| 7452 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesco, Inc.\* | 3002 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 2420 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GrowGeneration Corp.\* | 6680 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guess?, Inc. | 5731 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haverty Furniture Cos., Inc. | 2839 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monro, Inc. | 4368 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.\* | 8010 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PetMed Express, Inc.\* | 3594 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolve Group, Inc.\* | 8012 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RideNow Group, Inc.<sup>\* †</sup> <br>| 29831 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc.\* | 17840 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoe Carnival, Inc. | 7004 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 5783 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sleep Number Corp.<sup>\* †</sup> <br>| 2636 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc., Class A | 6186 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ThredUp, Inc., Class A\* | 10659 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upbound Group, Inc. | 5795 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.\* | 7577 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co.<sup>\* †</sup> <br>| 8286 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winmark Corp. | 670 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zumiez, Inc.\* | 4472 | 117 |
|  |  | **8664** |
| **Technology Hardware, Storage & Peripherals – 0.2%** | **Technology Hardware, Storage & Peripherals – 0.2%** | **Technology Hardware, Storage & Peripherals – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstroNova, Inc.<sup>\* †</sup> <br>| 9968 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CompoSecure, Inc., Class A\* | 9593 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPI Card Group, Inc.\* | 4086 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc.\* | 3554 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immersion Corp. | 5870 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransAct Technologies, Inc.\* | 3106 | 13 |
|  |  | **625** |
| **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carter's, Inc. | 3995 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Culp, Inc.<sup>\* †</sup> <br>| 3104 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fossil Group, Inc.\* | 5042 | 19 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Textiles, Apparel & Luxury Goods – 0.5%continued** | **Textiles, Apparel & Luxury Goods – 0.5%continued** | **Textiles, Apparel & Luxury Goods – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd. | 4742 | $137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | 5051 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Movado Group, Inc. | 2506 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oxford Industries, Inc. | 3082 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocky Brands, Inc. | 2785 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steven Madden Ltd. | 10314 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superior Group of Cos., Inc. | 2785 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc., Class A<sup>\* †</sup> <br>| 39915 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unifi, Inc.\* | 588 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vera Bradley, Inc.\* | 2958 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. | 7640 | 139 |
|  |  | **1647** |
| **Tobacco – 0.1%** | **Tobacco – 0.1%** | **Tobacco – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turning Point Brands, Inc. | 180 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Corp. | 3587 | 189 |
|  |  | **209** |
| **Trading Companies & Distributors – 1.2%** | **Trading Companies & Distributors – 1.2%** | **Trading Companies & Distributors – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc.\* | 2209 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boise Cascade Co. | 5421 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution Solutions Group, Inc.\* | 5258 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNOW, Inc.\* | 21662 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DXP Enterprises, Inc.\* | 1184 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVI Industries, Inc. | 1752 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GATX Corp. | 4332 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Industrial Co. | 5146 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McGrath RentCorp | 3874 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NPK International, Inc.\* | 9471 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rush Enterprises, Inc., Class A | 15440 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Machinery, Inc.\* | 1328 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transcat, Inc.\* | 2603 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis Lease Finance Corp. | 1577 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xometry, Inc., Class A\* | 5006 | 298 |
|  |  | **4055** |
| **Transportation Infrastructure – 0.1%** | **Transportation Infrastructure – 0.1%** | **Transportation Infrastructure – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corp. America Airports S.A.\* | 14850 | **386** |
| **Water Utilities – 0.4%** | **Water Utilities – 0.4%** | **Water Utilities – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American States Water Co. | 5395 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artesian Resources Corp., Class A | 2708 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadiz, Inc.\* | 9632 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Water Service Group | 6781 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Water Co. Ltd. | 6446 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H2O America | 3646 | 179 |

---

EQUITY FUNDS **113** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Water Utilities – 0.4%continued** | **Water Utilities – 0.4%continued** | **Water Utilities – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middlesex Water Co. | 4051 | $204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; York Water (The) Co. | 2843 | 90 |
|  |  | **1525** |
| **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gogo, Inc.\* | 4720 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spok Holdings, Inc. | 9102 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telephone and Data Systems, Inc. | 11675 | 479 |
|  |  | **621** |
| **Total Common Stocks** |  |  |
| **(Cost $203,945)** |  | **335414** |
| **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  |
| **Biotechnology – 0.0%** | **Biotechnology – 0.0%** | **Biotechnology – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adamas Pharmaceuticals, Inc. <br> (Contingent Value Rights)<sup>(2) (4) \*</sup> <br>| 7545 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akero Therapeutics Inc. (Contingent <br> Value Rights)<sup>(2) \* †</sup> <br>| 3564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albireo Pharma, Inc. (Contingent Value <br> Rights)<sup>(2) (4) \*</sup> <br>| 7485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concert Pharmaceuticals, Inc. <br> (Contingent Value Rights)<sup>(2) (4) \*</sup> <br>| 20570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexion Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(2) (4) \*</sup> <br>| 9753 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inhibrx, Inc. (Contingent Value <br> Rights)<sup>(2) \*</sup> <br>| 7862 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sage Therapeutics, Inc.<sup>(2) \*</sup> <br>| 8772 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobira Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(2) (4) \*</sup> <br>| 16926 |  |
|  |  | **5** |
| **Financial Services – 0.0%** | **Financial Services – 0.0%** | **Financial Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gurnet Point Capital LLC (Contingent <br> Value Rights)<sup>(2) (4) \*</sup> <br>| 13493 | **—** |
| **Health Care Equipment & Supplies – 0.0%** | **Health Care Equipment & Supplies – 0.0%** | **Health Care Equipment & Supplies – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Medical Alert Corp.<sup>(2) (4) \*</sup> <br>| 13109 | **—** |
| **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolute Forest Products, Inc., Class A <br> (Contingent Value Rights)<sup>(2) (4) \*</sup> <br>| 11874 | **—** |
| **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc. <br> (Contingent Value Rights)<sup>(2) \*</sup> <br>| 16116 |  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **RIGHTS - 0.0%continued**  | **RIGHTS - 0.0%continued**  | **RIGHTS - 0.0%continued**  |
| **Pharmaceuticals – 0.0%continued** | **Pharmaceuticals – 0.0%continued** | **Pharmaceuticals – 0.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opiant Pharmaceuticals, Inc. <br> (Contingent Value Rights)<sup>(2) (4) \*</sup> <br>| 9938 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Pharmaceutical Industries Ltd. <br> (Contingent Value Rights)<sup>(2) \*</sup> <br>| 44767 |  |
|  |  | **—** |
| **Total Rights** |  |  |
| **(Cost $131)** |  | **5** |
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Bowl America Inc., <br> Class A <sup>(1) (2) (4) \*</sup> <br>| 492 |  |
| **Total Other** |  |  |
| **(Cost $—)** |  | **—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF WARRANTS<br>| VALUE<br> (000S)<br>|
| **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bed Bath & Beyond, Inc., Exp. <br> 10/07/26, Strike $15.50\*<br>| 438 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd., Exp. 6/11/26, <br> Strike $166.67<sup>(1) \*</sup> <br>| 743 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pulse Biosciences, Inc., Exp. 6/27/29, <br> Strike $0.00\*<br>| 1625 | 2 |
| **Total Warrants** |  |  |
| **(Cost $—)** |  | **3** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 6.9%**  | **INVESTMENT COMPANIES – 6.9%**  | **INVESTMENT COMPANIES – 6.9%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ellington Credit Co.<sup>†</sup> <br>| 3118 | $17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(5) (6) (7)</sup> <br>| 13983441 | 13983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(5) (6)</sup> <br>| 9953046 | 9953 |
| **Total Investment Companies** |  |  |
| **(Cost $23,954)** |  | **23953** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

NORTHERN FUNDS QUARTERLY REPORT **114** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.3%**  | **SHORT-TERM INVESTMENTS – 0.3%**  | **SHORT-TERM INVESTMENTS – 0.3%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 5/7/26<sup>(8) (9)</sup> <br>| $940 | **$928** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $928)** | **(Cost $928)** | **928** |
| **Total Investments – 103.9%** | **Total Investments – 103.9%** |  |
| **(Cost $228,958)** | **(Cost $228,958)** | **360303** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (3.9%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (3.9%) | (13526)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$346777** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Value rounds to less than one thousand.*

<sup>(2)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(3)</sup> *Investment in affiliate.*

<sup>(4)</sup> *Restricted security. At December 31, 2025, the value of these restricted* *securities amounted to approximately $3,000 or 0.0% of net assets.* *Additional information on these restricted securities are as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| &nbsp;&nbsp;&nbsp; Adamas Pharmaceuticals, Inc. (Contingent <br> Value Rights)<br>| 11/26/21 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Albireo Pharma, Inc. (Contingent Value <br> Rights)<br>| 3/3/23 | &nbsp;&nbsp; — |
| American Medical Alert Corp. | 1/3/12 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Concert Pharmaceuticals, Inc. (Contingent <br> Value Rights)<br>| 3/7/23 | &nbsp;&nbsp; — |
| Escrow Bowl America Inc., Class A | 11/14/25 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Flexion Therapeutics, Inc. (Contingent Value <br> Rights)<br>| 11/22/21 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Gurnet Point Capital LLC (Contingent Value <br> Rights)<br>| 9/22/23 | &nbsp;&nbsp; — |
| Next Bridge Hydrocarbons, Inc. | 12/13/22 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; Opiant Pharmaceuticals, Inc. (Contingent <br> Value Rights)<br>| 3/3/23 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Resolute Forest Products, Inc., Class A <br> (Contingent Value Rights)<br>| 3/1/23 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Tobira Therapeutics, Inc. (Contingent Value <br> Rights)<br>| 11/2/16 | &nbsp;&nbsp; 131 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(5)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(6)</sup> *7-day current yield as of December 31, 2025 is disclosed.*

<sup>(7)</sup> *Investment of cash collateral received from securities lending activities.*

<sup>(8)</sup> *Discount rate at the time of purchase.*

<sup>(9)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

<sup>†</sup> *Security is either wholly or partially on loan.* <br> *\** *Non-Income Producing Security*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR - American Depositary Receipt |

---

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; E-Mini Russell <br> 2000 Index<br>| 89 | $11116 | Long | 3/26 | $(282)<br>|

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp; $33262 | &nbsp;&nbsp; $26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp; 27351 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 27362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadband and <br> Communications<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp; 5603 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; 269081 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 269081 |
| Total Common Stocks | &nbsp;&nbsp; 335297 | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 335414 |
| Rights<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| Warrants | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| Investment Companies | &nbsp;&nbsp; 23953 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23953 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 928 | &nbsp;&nbsp; — | &nbsp;&nbsp; 928 |
| Total Investments | &nbsp;&nbsp; $359251 | &nbsp;&nbsp; $1036 | &nbsp;&nbsp; $16 | &nbsp;&nbsp; $360303 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $(282)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(282)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

EQUITY FUNDS **115** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **NET CHANGE**<br> **IN UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000S)**<br>| **NET**<br> **REALIZED**<br> **GAINS**<br> **(LOSSES)**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Methode Electronics, Inc. | $40 | $3 | $10 | $10 | $(8)<br>| $2 | $35 | 5279 |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) |  | 64738 | 50755 |  |  | 239 <br><sup>(1)</sup><br>| 13983 | 13983441 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 10890 | 60059 | 60996 |  |  | 260 | 9953 | 9953046 |
| Total | $10930 | $124800 | $111761 | $10 | $(8)<br>| $501 | $23971 | 23941766 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

NORTHERN FUNDS QUARTERLY REPORT **116** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP INDEX FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%**  | **COMMON STOCKS – 97.6%**  | **COMMON STOCKS – 97.6%**  |
| **Aerospace & Defense – 1.9%** | **Aerospace & Defense – 1.9%** | **Aerospace & Defense – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAR Corp.\* | 18338 | $1518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AeroVironment, Inc.\* | 17625 | 4263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerSale Corp.\* | 15663 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIRO Group Holdings, Inc.\* | 3606 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer Aviation, Inc., Class A\* | 293841 | 2210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astronics Corp.\* | 14305 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Byrna Technologies, Inc.\* | 8551 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadre Holdings, Inc.<sup>†</sup> <br>| 13450 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ducommun, Inc.\* | 6507 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eve Holding, Inc.<sup>\* †</sup> <br>| 45105 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Firefly Aerospace, Inc.<sup>\* †</sup> <br>| 10647 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuitive Machines, Inc.<sup>\* †</sup> <br>| 49647 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, <br> Inc.\*<br>| 77330 | 5871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc.\* | 24017 | 1754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moog, Inc., Class A | 13127 | 3197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Presto Industries, Inc. | 2436 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Aerospace Corp. | 8770 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Cat Holdings, Inc.<sup>\* †</sup> <br>| 48186 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwire Corp.<sup>\* †</sup> <br>| 34607 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Satellogic, Inc., Class A<sup>\* †</sup> <br>| 43258 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; V2X, Inc.\* | 10958 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyager Technologies, Inc., Class A<sup>\* †</sup> <br>| 6560 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VSE Corp. | 10699 | 1848 |
|  |  | **26056** |
| **Air Freight & Logistics – 0.1%** | **Air Freight & Logistics – 0.1%** | **Air Freight & Logistics – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrive AI, Inc.\* | 4114 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Air Corp.\* | 10172 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hub Group, Inc., Class A | 27602 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiant Logistics, Inc.\* | 16484 | 105 |
|  |  | **1546** |
| **Automobile Components – 1.0%** | **Automobile Components – 1.0%** | **Automobile Components – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adient PLC\* | 37245 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing <br> Holdings, Inc.\*<br>| 51882 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooper-Standard Holdings, Inc.\* | 7836 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc. | 55259 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dorman Products, Inc.\* | 12732 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fox Factory Holding Corp.\* | 18837 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garrett Motion, Inc. | 74027 | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gentherm, Inc.\* | 14311 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber (The) Co.\* | 128637 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holley, Inc.\* | 34712 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCI Industries | 11102 | 1347 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Automobile Components – 1.0%continued** | **Automobile Components – 1.0%continued** | **Automobile Components – 1.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motorcar Parts of America, Inc.\* | 6569 | $81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc. | 15199 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc. | 17883 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Power, Inc.<sup>\* †</sup> <br>| 71755 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Motor Products, Inc. | 10051 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strattec Security Corp.\* | 1874 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visteon Corp. | 12647 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPEL, Inc.\* | 11974 | 598 |
|  |  | **14404** |
| **Automobiles – 0.1%** | **Automobiles – 0.1%** | **Automobiles – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Faraday Future Intelligent Electric, Inc.<sup>\*</sup> <br>† <br>| 71908 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Livewire Group, Inc.<sup>\* †</sup> <br>| 18271 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. | 12834 | 520 |
|  |  | **674** |
| **Banks – 9.7%** | **Banks – 9.7%** | **Banks – 9.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1st Source Corp. | 8779 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACNB Corp. | 4887 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amalgamated Financial Corp. | 10976 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerant Bancorp, Inc. | 16384 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 30913 | 2296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ames National Corp.<sup>†</sup> <br>| 4453 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrow Financial Corp. | 7824 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Banc-Corp | 77069 | 1985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 66162 | 2336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avidbank Holdings, Inc.\* | 905 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axos Financial, Inc.\* | 25147 | 2167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banc of California, Inc. | 59980 | 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BancFirst Corp. | 9594 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bancorp (The), Inc.\* | 19854 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank First Corp. | 4159 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Hawaii Corp. | 18423 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | 7064 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of NT Butterfield & Son (The) Ltd. | 19367 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank7 Corp. | 1955 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BankFinancial Corp. | 5593 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. | 35290 | 1573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bankwell Financial Group, Inc. | 3267 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Corp. | 15656 | 981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bar Harbor Bankshares | 7711 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BayCom Corp.<sup>†</sup> <br>| 4938 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCB Bancorp, Inc. | 7347 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Financial Corp. | 39168 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Foundry Bancorp\* | 8831 | 110 |

---

EQUITY FUNDS **117** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Banks – 9.7%continued** | **Banks – 9.7%continued** | **Banks – 9.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Ridge Bankshares, Inc. | 32177 | $137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgewater Bancshares, Inc.\* | 9787 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burke & Herbert Financial Services <br> Corp.<br>| 6102 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business First Bancshares, Inc. | 13393 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BV Financial, Inc.\* | 4006 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Byline Bancorp, Inc. | 14640 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C&F Financial Corp. | 1509 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Bank | 87074 | 3730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California BanCorp | 10572 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camden National Corp. | 7952 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Bancorp, Inc. | 5548 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital City Bank Group, Inc. | 6416 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitol Federal Financial, Inc. | 57846 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carter Bankshares, Inc.\* | 10606 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cathay General Bancorp | 31147 | 1507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CB Financial Services, Inc.<sup>†</sup> <br>| 2152 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | 12555 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Bankshares, Inc. | 2078 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chain Bridge Bancorp, Inc., Class A\* | 1128 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemung Financial Corp. | 2055 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ChoiceOne Financial Services, Inc. | 6702 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens & Northern Corp.<sup>†</sup> <br>| 7978 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Community Bancorp, Inc. | 4870 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Services, Inc. | 2202 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Holding Co. | 6527 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civista Bancshares, Inc. | 9082 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNB Financial Corp. | 13869 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coastal Financial Corp.\* | 5929 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoastalSouth Bancshares, Inc.<sup>\* †</sup> <br>| 2215 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colony Bankcorp, Inc. | 8210 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Financial, Inc.\* | 12596 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Bancgroup, Inc.<sup>\* †</sup> <br>| 2728 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Financial System, Inc. | 24408 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Trust Bancorp, Inc. | 7620 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community West Bancshares | 7971 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc. | 21713 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp, Inc.\* | 14708 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVB Financial Corp. | 61354 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. | 18780 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Bancorp Montana, Inc. | 3838 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Bancorp, Inc. | 13188 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Financial Services, Inc.<sup>†</sup> <br>| 2139 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 103604 | 1909 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Banks – 9.7%continued** | **Banks – 9.7%continued** | **Banks – 9.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ECB Bancorp, Inc.<sup>\* †</sup> <br>| 3966 | $69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | 16831 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Bancshares, Inc., Class A | 7081 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esquire Financial Holdings, Inc. | 3411 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmers & Merchants Bancorp, Inc. | 5896 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmers National Banc Corp. | 17058 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FB Bancorp, Inc.\* | 8809 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FB Financial Corp. | 19313 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity D&D Bancorp, Inc. | 2228 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Institutions, Inc. | 9235 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finward Bancorp | 1583 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finwise Bancorp\* | 4204 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Bancorp<sup>†</sup> <br>| 18576 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First BanCorp | 74474 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Bancorp (The), Inc. | 5227 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Bank | 10147 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Busey Corp. | 38793 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Business Financial Services, Inc. | 3790 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Capital, Inc. | 1505 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | 47816 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Community Bankshares, Inc. | 7266 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Community Corp. | 3456 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 44167 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc. | 62142 | 1856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Corp. | 5305 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Foundation, Inc.\* | 29601 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Internet Bancorp | 3632 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc., Class A | 41921 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Merchants Corp. | 26474 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mid Bancshares, Inc. | 10171 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First National Corp. | 3641 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Savings Financial Group, Inc. | 2824 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First United Corp. | 2786 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Western Financial, Inc.\* | 3884 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Firstsun Capital Bancorp\* | 5979 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Five Star Bancorp | 7419 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flagstar Bank N.A. | 142134 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flushing Financial Corp. | 15631 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Financial Services Corp.<sup>†</sup> <br>| 1940 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FS Bancorp, Inc. | 3178 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulton Financial Corp. | 85450 | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVCBankcorp, Inc. | 7651 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBank Financial Holdings, Inc.<sup>\* †</sup> <br>| 4152 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; German American Bancorp, Inc. | 17019 | 667 |

---

NORTHERN FUNDS QUARTERLY REPORT **118** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Banks – 9.7%continued** | **Banks – 9.7%continued** | **Banks – 9.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 59398 | $2616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Southern Bancorp, Inc. | 3996 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greene County Bancorp, Inc. | 3321 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 39580 | 2520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | 14272 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanover Bancorp, Inc. | 2190 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawthorn Bancshares, Inc. | 2686 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBT Financial, Inc. | 5545 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Commerce Corp. | 28056 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Financial Corp. | 15861 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilltop Holdings, Inc. | 20508 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hingham Institution For Savings (The)<sup>†</sup> <br>| 791 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Bancorp, Inc. | 3179 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 87145 | 2421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeTrust Bancshares, Inc. | 7401 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hope Bancorp, Inc. | 56572 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Bancorp, Inc. | 22697 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 23326 | 1705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 9353 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Bancshares Corp. | 25499 | 1694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investar Holding Corp. | 4359 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Marshall Bancorp, Inc. | 6181 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kearny Financial Corp. | 26588 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeland Financial Corp. | 11482 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landmark Bancorp, Inc.<sup>†</sup> <br>| 2187 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCNB Corp. | 6359 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LINKBANCORP, Inc. | 10923 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Live Oak Bancshares, Inc. | 16094 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MainStreet Bancshares, Inc. | 3591 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mechanics Bancorp, Class A | 21674 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercantile Bank Corp. | 7354 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meridian Corp. | 4605 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metrocity Bankshares, Inc. | 9109 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank Holding Corp. | 4299 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid Penn Bancorp, Inc.<sup>†</sup> <br>| 9200 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middlefield Banc Corp.<sup>†</sup> <br>| 3431 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midland States Bancorp, Inc. | 9602 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidWestOne Financial Group, Inc. | 7648 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MVB Financial Corp. | 5400 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank Holdings Corp., Class A | 17788 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bankshares, Inc. | 2917 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NB Bancorp, Inc. | 18232 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NBT Bancorp, Inc. | 23842 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | 6220 | 755 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Banks – 9.7%continued** | **Banks – 9.7%continued** | **Banks – 9.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Bank | 3412 | $355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Community Bancorp, Inc. | 6035 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northfield Bancorp, Inc. | 17191 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northpointe Bancshares, Inc. | 8833 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northrim BanCorp, Inc. | 10332 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Bancshares, Inc. | 66516 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norwood Financial Corp.<sup>†</sup> <br>| 4025 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oak Valley Bancorp | 3410 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 26002 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OFG Bancorp | 20226 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Valley Banc Corp. | 1755 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old National Bancorp | 163346 | 3644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Second Bancorp, Inc. | 23537 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OP Bancorp | 5940 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange County Bancorp, Inc. | 5647 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origin Bancorp, Inc. | 14007 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orrstown Financial Services, Inc. | 8837 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park National Corp. | 6819 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parke Bancorp, Inc. | 4894 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 10654 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot National Bancorp, Inc.<sup>\* †</sup> <br>| 28397 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCB Bancorp | 5355 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peapack-Gladstone Financial Corp. | 7507 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoples Bancorp of North Carolina, <br> Inc.<br>| 1816 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoples Bancorp, Inc. | 16419 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoples Financial Services Corp. | 4333 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pioneer Bancorp, Inc.\* | 5388 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plumas Bancorp | 3009 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ponce Financial Group, Inc.\* | 9140 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Bank | 5377 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primis Financial Corp. | 9761 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Princeton Bancorp, Inc. | 2502 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Services, Inc. | 60100 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QCR Holdings, Inc. | 7595 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBB Bancorp | 7837 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red River Bancshares, Inc. | 2281 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renasant Corp. | 43498 | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic Bancorp, Inc., Class A | 3885 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhinebeck Bancorp, Inc.\* | 2007 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richmond Mutual BanCorp, Inc.<sup>†</sup> <br>| 4639 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverview Bancorp, Inc.<sup>†</sup> <br>| 9772 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&T Bancorp, Inc. | 18027 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SB Financial Group, Inc. | 3093 | 69 |

---

EQUITY FUNDS **119** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Banks – 9.7%continued** | **Banks – 9.7%continued** | **Banks – 9.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of Florida | 40703 | $1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc. | 23817 | 1710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shore Bancshares, Inc. | 14447 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sierra Bancorp | 5952 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simmons First National Corp., Class A | 66885 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SmartFinancial, Inc. | 6741 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sound Financial Bancorp, Inc. | 1026 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Plains Financial, Inc.<sup>†</sup> <br>| 6169 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern First Bancshares, Inc.\* | 3568 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Missouri Bancorp, Inc. | 4526 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southside Bancshares, Inc. | 13491 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SR Bancorp, Inc.<sup>†</sup> <br>| 3571 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stellar Bancorp, Inc. | 22183 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Bancorp, Inc.<sup>(1) \*</sup> <br>| 9809 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock Yards Bancorp, Inc. | 12046 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 21280 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Coast Bancshares, Inc.\* | 5954 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Timberland Bancorp, Inc. | 3452 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tompkins Financial Corp. | 6362 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towne Bank | 33785 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriCo Bancshares | 14284 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triumph Financial, Inc.\* | 10491 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrustCo Bank Corp. NY | 8683 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustmark Corp. | 26405 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 33678 | 3874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Bankshares, Inc. | 1754 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 65313 | 2508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Community Banks, Inc. | 57003 | 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Security Bancshares | 7167 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Bancorp, Inc. | 3407 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univest Financial Corp. | 13460 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USCB Financial Holdings, Inc. | 5289 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valley National Bancorp | 226491 | 2645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia National Bankshares Corp. | 2377 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WaFd, Inc. | 36183 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Trust Bancorp, Inc. | 8449 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WesBanco, Inc. | 44355 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West BanCorp, Inc. | 7025 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westamerica BanCorp | 11216 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western New England Bancorp, Inc. | 8569 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 26090 | 1441 |
|  |  | **133702** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGP Ingredients, Inc. | 6059 | 147 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Beverages – 0.1%continued** | **Beverages – 0.1%continued** | **Beverages – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Beverage Corp.\* | 11272 | $360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vita Coco (The) Co., Inc.\* | 22202 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevia PBC, Class A\* | 28115 | 65 |
|  |  | **1749** |
| **Biotechnology – 9.1%** | **Biotechnology – 9.1%** | **Biotechnology – 9.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4D Molecular Therapeutics, Inc.\* | 17328 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abeona Therapeutics, Inc.<sup>\* †</sup> <br>| 20444 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Absci Corp.<sup>\* †</sup> <br>| 63292 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 58105 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actuate Therapeutics, Inc.<sup>\* †</sup> <br>| 3939 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADC Therapeutics S.A.\* | 41015 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADMA Biologics, Inc.\* | 107057 | 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc.\* | 25759 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akebia Therapeutics, Inc.\* | 117980 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aldeyra Therapeutics, Inc.\* | 25422 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alector, Inc.\* | 34297 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkermes PLC\* | 74941 | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allogene Therapeutics, Inc.\* | 76293 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altimmune, Inc.\* | 41492 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amicus Therapeutics, Inc.\* | 138654 | 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AnaptysBio, Inc.\* | 8741 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anavex Life Sciences Corp.<sup>\* †</sup> <br>| 39436 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anika Therapeutics, Inc.\* | 7083 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annexon, Inc.\* | 45508 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apogee Therapeutics, Inc.\* | 17760 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arbutus Biopharma Corp.\* | 70062 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARCA biopharma, Inc.<sup>\* †</sup> <br>| 17896 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcellx, Inc.\* | 15720 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcturus Therapeutics Holdings, Inc.<sup>\* †</sup> <br>| 12023 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcus Biosciences, Inc.\* | 36268 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcutis Biotherapeutics, Inc.\* | 51303 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardelyx, Inc.\* | 111489 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArriVent Biopharma, Inc.<sup>\* †</sup> <br>| 13888 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc.\* | 61556 | 4087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARS Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 27823 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astria Therapeutics, Inc.<sup>\* †</sup> <br>| 19290 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; aTyr Pharma, Inc.<sup>\* †</sup> <br>| 53385 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aura Biosciences, Inc.\* | 22487 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurinia Pharmaceuticals, Inc.\* | 55029 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avidity Biosciences, Inc.\* | 53718 | 3875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avita Medical, Inc.<sup>\* †</sup> <br>| 1932 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beam Therapeutics, Inc.\* | 43941 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benitec Biopharma, Inc.<sup>\* †</sup> <br>| 6685 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bicara Therapeutics, Inc.<sup>\* †</sup> <br>| 14926 | 251 |

---

NORTHERN FUNDS QUARTERLY REPORT **120** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Biotechnology – 9.1%continued** | **Biotechnology – 9.1%continued** | **Biotechnology – 9.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc.\* | 95601 | $746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biohaven Ltd.\* | 43837 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc.\* | 73651 | 5634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bright Minds Biosciences, Inc.\* | 2246 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candel Therapeutics, Inc.<sup>\* †</sup> <br>| 20786 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capricor Therapeutics, Inc.<sup>\* †</sup> <br>| 17912 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardiff Oncology, Inc.<sup>\* †</sup> <br>| 29200 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CareDx, Inc.\* | 23873 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cartesian Therapeutics, Inc.<sup>\* †</sup> <br>| 6378 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc.\* | 53924 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celcuity, Inc.\* | 14858 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celldex Therapeutics, Inc.\* | 29953 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CG oncology, Inc.\* | 25632 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cidara Therapeutics, Inc.\* | 9067 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogent Biosciences, Inc.\* | 64888 | 2305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coherus Oncology, Inc.<sup>\* †</sup> <br>| 54305 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Therapeutics, Inc.\* | 59228 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corvus Pharmaceuticals, Inc.\* | 27883 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRISPR Therapeutics A.G.<sup>\* †</sup> <br>| 40663 | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cullinan Therapeutics, Inc.\* | 24675 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cytokinetics, Inc.\* | 54474 | 3461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Day One Biopharmaceuticals, Inc.\* | 36811 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Therapeutics, Inc.\* | 60800 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Design Therapeutics, Inc.\* | 12241 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DiaMedica Therapeutics, Inc.<sup>\* †</sup> <br>| 14932 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dianthus Therapeutics, Inc.\* | 11291 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disc Medicine, Inc.\* | 11558 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynavax Technologies Corp.\* | 45692 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dyne Therapeutics, Inc.\* | 56853 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Editas Medicine, Inc.\* | 41502 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eledon Pharmaceuticals, Inc.\* | 26497 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc.\* | 24080 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enanta Pharmaceuticals, Inc.\* | 12331 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entrada Therapeutics, Inc.\* | 12987 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Erasca, Inc.\* | 81202 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fate Therapeutics, Inc.\* | 57942 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fennec Pharmaceuticals, Inc.\* | 10972 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foghorn Therapeutics, Inc.\* | 17064 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geron Corp.\* | 258227 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gossamer Bio, Inc.\* | 92680 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GRAIL, Inc.\* | 16221 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenwich Lifesciences, Inc.<sup>\* †</sup> <br>| 3479 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gyre Therapeutics, Inc.<sup>\* †</sup> <br>| 7133 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heron Therapeutics, Inc.<sup>\* †</sup> <br>| 74210 | 96 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Biotechnology – 9.1%continued** | **Biotechnology – 9.1%continued** | **Biotechnology – 9.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humacyte, Inc.<sup>\* †</sup> <br>| 83270 | $80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ideaya Biosciences, Inc.\* | 36949 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ImmunityBio, Inc.<sup>\* †</sup> <br>| 141155 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immunome, Inc.\* | 43373 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immunovant, Inc.\* | 32120 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inhibikase Therapeutics, Inc.\* | 29265 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inhibrx Biosciences, Inc.\* | 4203 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inmune Bio, Inc.<sup>\* †</sup> <br>| 10614 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intellia Therapeutics, Inc.<sup>\* †</sup> <br>| 49145 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iovance Biotherapeutics, Inc.<sup>\* †</sup> <br>| 146237 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ironwood Pharmaceuticals, Inc.\* | 75645 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jade Biosciences, Inc.<sup>†</sup> <br>| 20905 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janux Therapeutics, Inc.\* | 19382 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KalVista Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 17800 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keros Therapeutics, Inc.<sup>\* †</sup> <br>| 12988 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak Sciences, Inc.\* | 15093 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korro Bio, Inc.<sup>\* †</sup> <br>| 3581 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.\* | 11570 | 2852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kura Oncology, Inc.\* | 36260 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kymera Therapeutics, Inc.\* | 26217 | 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Larimar Therapeutics, Inc.\* | 19056 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lexeo Therapeutics, Inc.\* | 29143 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, Inc.\* | 8664 | 5045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MannKind Corp.\* | 138967 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MapLight Therapeutics, Inc.\* | 7684 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MeiraGTx Holdings PLC\* | 22013 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MiMedx Group, Inc.\* | 55767 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineralys Therapeutics, Inc.\* | 21775 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirum Pharmaceuticals, Inc.\* | 19090 | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monopar Therapeutics, Inc.<sup>\* †</sup> <br>| 2073 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monte Rosa Therapeutics, Inc.\* | 21388 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myriad Genetics, Inc.\* | 43325 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neurogene, Inc.<sup>\* †</sup> <br>| 4611 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nkarta, Inc.\* | 20482 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novavax, Inc.<sup>\* †</sup> <br>| 70682 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nurix Therapeutics, Inc.\* | 46300 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nuvalent, Inc., Class A\* | 23377 | 2351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nuvectis Pharma, Inc.<sup>\* †</sup> <br>| 6216 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olema Pharmaceuticals, Inc.\* | 27667 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organogenesis Holdings, Inc.\* | 32159 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ORIC Pharmaceuticals, Inc.\* | 31795 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perspective Therapeutics, Inc.\* | 30997 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pieris Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 3395 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Praxis Precision Medicines, Inc.\* | 10418 | 3071 |

---

EQUITY FUNDS **121** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Biotechnology – 9.1%continued** | **Biotechnology – 9.1%continued** | **Biotechnology – 9.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Precigen, Inc.\* | 84137 | $352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Medicine, Inc.<sup>\* †</sup> <br>| 47395 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc.\* | 27180 | 2374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protalix BioTherapeutics, Inc.<sup>\* †</sup> <br>| 32575 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protara Therapeutics, Inc.\* | 17343 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prothena Corp. PLC\* | 21152 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc.\* | 36270 | 2755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puma Biotechnology, Inc.\* | 21215 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recursion Pharmaceuticals, Inc., <br> Class A<sup>\* †</sup> <br>| 177751 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REGENXBIO, Inc.\* | 21995 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Relay Therapeutics, Inc.\* | 64365 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Replimune Group, Inc.\* | 30878 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rezolute, Inc.\* | 36494 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals, Inc.\* | 24697 | 2644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rigel Pharmaceuticals, Inc.\* | 8476 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Pharmaceuticals, Inc.\* | 42255 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sana Biotechnology, Inc.<sup>\* †</sup> <br>| 75453 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Savara, Inc.\* | 63788 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scholar Rock Holding Corp.\* | 38360 | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SELLAS Life Sciences Group, Inc.<sup>\* †</sup> <br>| 59230 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sionna Therapeutics, Inc.<sup>\* †</sup> <br>| 7394 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soleno Therapeutics, Inc.\* | 21793 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Biosciences, Inc.\* | 28216 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spyre Therapeutics, Inc.\* | 31778 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stoke Therapeutics, Inc.\* | 21210 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syndax Pharmaceuticals, Inc.\* | 38987 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Therapeutics, Inc.<sup>\* †</sup> <br>| 48858 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taysha Gene Therapies, Inc.\* | 103662 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tectonic Therapeutic, Inc.<sup>\* †</sup> <br>| 4423 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tevogen Bio Holdings, Inc.<sup>\* †</sup> <br>| 22851 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TG Therapeutics, Inc.\* | 67082 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tonix Pharmaceuticals Holding Corp.<sup>\* †</sup> <br>| 5864 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc.\* | 38686 | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriSalus Life Sciences, Inc.<sup>\* †</sup> <br>| 13745 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TuHURA Biosciences, Inc.<sup>\* †</sup> <br>| 14940 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twist Bioscience Corp.\* | 27419 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyra Biosciences, Inc.\* | 12173 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upstream Bio, Inc.<sup>\* †</sup> <br>| 15462 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UroGen Pharma Ltd.\* | 17403 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanda Pharmaceuticals, Inc.\* | 24092 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vaxcyte, Inc.\* | 52905 | 2441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vera Therapeutics, Inc.\* | 25752 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veracyte, Inc.\* | 36575 | 1540 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Biotechnology – 9.1%continued** | **Biotechnology – 9.1%continued** | **Biotechnology – 9.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verastem, Inc.\* | 25456 | $197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vericel Corp.\* | 23075 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vir Biotechnology, Inc.\* | 42089 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viridian Therapeutics, Inc.\* | 36836 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyager Therapeutics, Inc.\* | 23150 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xencor, Inc.\* | 31954 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xenon Pharmaceuticals, Inc.\* | 35422 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XOMA Royalty Corp.<sup>\* †</sup> <br>| 4383 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zenas Biopharma, Inc.<sup>\* †</sup> <br>| 8488 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zymeworks, Inc.\* | 23444 | 617 |
|  |  | **126070** |
| **Broadline Retail – 0.1%** | **Broadline Retail – 0.1%** | **Broadline Retail – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Groupon, Inc.<sup>\* †</sup> <br>| 11795 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kohl's Corp. | 50678 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Savers Value Village, Inc.\* | 18191 | 170 |
|  |  | **1412** |
| **Building Products – 1.4%** | **Building Products – 1.4%** | **Building Products – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Woodmark Corp.\* | 6457 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apogee Enterprises, Inc. | 9533 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AZZ, Inc. | 13688 | 1467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSW Industrials, Inc. | 7534 | 2211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gibraltar Industries, Inc.\* | 13628 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp. | 17891 | 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insteel Industries, Inc. | 8766 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus International Group, Inc.\* | 63974 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JELD-WEN Holding, Inc.\* | 42882 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc.<sup>\* †</sup> <br>| 57972 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modine Manufacturing Co.\* | 24267 | 3240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanex Building Products Corp. | 20646 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resideo Technologies, Inc.\* | 60380 | 2121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tecnoglass, Inc. | 12842 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 26903 | 2450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions Corp. | 69613 | 3236 |
|  |  | **19817** |
| **Capital Markets – 1.8%** | **Capital Markets – 1.8%** | **Capital Markets – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc. | 12695 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AlTi Global, Inc.<sup>\* †</sup> <br>| 19959 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, <br> Inc., Class A<br>| 28801 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bakkt Intermediate Holdings, Inc.<sup>\* †</sup> <br>| 7814 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BGC Group, Inc., Class A | 167137 | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cohen & Steers, Inc. | 12698 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond Hill Investment Group, Inc. | 1191 | 202 |

---

NORTHERN FUNDS QUARTERLY REPORT **122** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Capital Markets – 1.8%continued** | **Capital Markets – 1.8%continued** | **Capital Markets – 1.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc. | 82427 | $1264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donnelley Financial Solutions, Inc.\* | 11609 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forge Global Holdings, Inc.\* | 5129 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCM Grosvenor, Inc., Class A | 24754 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innventure, Inc.<sup>\* †</sup> <br>| 10710 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marex Group PLC | 25451 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MarketWise, Inc. | 1041 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami International Holdings, Inc.\* | 10663 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moelis & Co., Class A | 34370 | 2363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open Lending Corp.\* | 49785 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P10, Inc., Class A<sup>†</sup> <br>| 27434 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patria Investments Ltd., Class A | 30661 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perella Weinberg Partners | 28206 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 8094 | 2750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PJT Partners, Inc., Class A | 10608 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siebert Financial Corp.<sup>\* †</sup> <br>| 7203 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvercrest Asset Management Group, <br> Inc., Class A<br>| 2401 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StepStone Group, Inc., Class A | 32230 | 2068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc.\* | 22645 | 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value Line, Inc. | 559 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc., Class A | 20379 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Investment Partners, Inc. | 2908 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Webull Corp.\* | 127180 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westwood Holdings Group, Inc. | 3807 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree, Inc.<sup>†</sup> <br>| 56825 | 693 |
|  |  | **24277** |
| **Chemicals – 1.4%** | **Chemicals – 1.4%** | **Chemicals – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdvanSix, Inc. | 11457 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Vanguard Corp.\* | 13082 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arq, Inc.\* | 15569 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascent Industries Co.\* | 3621 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP Isotopes, Inc.<sup>\* †</sup> <br>| 43774 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aspen Aerogels, Inc.\* | 28878 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 42332 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 15266 | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cabot Corp. | 24556 | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemours (The) Co. | 68955 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Molding Technologies, Inc.\* | 4250 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecovyst, Inc.\* | 51757 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flotek Industries, Inc.<sup>\* †</sup> <br>| 6686 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H.B. Fuller Co. | 25221 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawkins, Inc. | 8988 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingevity Corp.\* | 16892 | 1000 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Chemicals – 1.4%continued** | **Chemicals – 1.4%continued** | **Chemicals – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innospec, Inc. | 11386 | $871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intrepid Potash, Inc.\* | 5204 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koppers Holdings, Inc. | 8353 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kronos Worldwide, Inc. | 12729 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSB Industries, Inc.\* | 25114 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings, Inc. | 24124 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. | 14480 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion S.A. | 28095 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perimeter Solutions, Inc.\* | 65097 | 1792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PureCycle Technologies, Inc.<sup>\* †</sup> <br>| 61361 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp. | 6308 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rayonier Advanced Materials, Inc.\* | 30644 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensient Technologies Corp. | 19523 | 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solesence, Inc.<sup>\* †</sup> <br>| 9154 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stepan Co. | 9767 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinseo PLC | 5213 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tronox Holdings PLC | 56137 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valhi, Inc. | 1589 | 19 |
|  |  | **20027** |
| **Commercial Services & Supplies – 1.4%** | **Commercial Services & Supplies – 1.4%** | **Commercial Services & Supplies – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 28062 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACCO Brands Corp. | 37373 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACV Auctions, Inc., Class A\* | 77171 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BrightView Holdings, Inc.\* | 32445 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brink's (The) Co. | 19670 | 2296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc., Class A\* | 29103 | 2850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cimpress PLC\* | 8181 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CompX International, Inc.<sup>†</sup> <br>| 1025 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc.\* | 48475 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp. | 20886 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ennis, Inc. | 11524 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enviri Corp.\* | 34660 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEO Group (The), Inc.\* | 62149 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Services Group, Inc.\* | 33375 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HNI Corp. | 29313 | 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interface, Inc. | 26705 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidity Services, Inc.\* | 11001 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | 31101 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobile Infrastructure Corp.<sup>\* †</sup> <br>| 4500 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montrose Environmental Group, Inc.\* | 15121 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NL Industries, Inc. | 4175 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPENLANE, Inc.\* | 49341 | 1469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perma-Fix Environmental Services, Inc.<sup>\*</sup> <br>† <br>| 8033 | 101 |

---

EQUITY FUNDS **123** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Commercial Services & Supplies – 1.4%continued** | **Commercial Services & Supplies – 1.4%continued** | **Commercial Services & Supplies – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pitney Bowes, Inc. | 73825 | $780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quad/Graphics, Inc. | 14398 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 6807 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vestis Corp. | 55360 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virco Mfg. Corp.<sup>†</sup> <br>| 5196 | 33 |
|  |  | **19379** |
| **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADTRAN Holdings, Inc.\* | 35099 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Optoelectronics, Inc.\* | 28017 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aviat Networks, Inc.\* | 5468 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BK Technologies Corp.\* | 1455 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calix, Inc.\* | 27892 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearfield, Inc.\* | 4918 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommScope Holding Co., Inc.\* | 100930 | 1830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc.\* | 16781 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extreme Networks, Inc.\* | 60604 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmonic, Inc.\* | 51086 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inseego Corp.<sup>\* †</sup> <br>| 6295 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETGEAR, Inc.\* | 12978 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetScout Systems, Inc.\* | 32301 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ribbon Communications, Inc.\* | 44065 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 57524 | 1982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\* | 103604 | 1846 |
|  |  | **12410** |
| **Construction & Engineering – 2.3%** | **Construction & Engineering – 2.3%** | **Construction & Engineering – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameresco, Inc., Class A\* | 14517 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc. | 22685 | 2412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argan, Inc. | 6277 | 1967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bowman Consulting Group Ltd.\* | 6518 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centuri Holdings, Inc.\* | 36365 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concrete Pumping Holdings, Inc. | 11268 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Partners, Inc., Class A\* | 21701 | 2356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries, Inc.\* | 13067 | 4415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fluor Corp.\* | 74560 | 2955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granite Construction, Inc. | 20455 | 2359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp.\* | 31418 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IES Holdings, Inc.\* | 4226 | 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legence Corp., Class A<sup>\* †</sup> <br>| 17514 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limbach Holdings, Inc.\* | 5013 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matrix Service Co.\* | 12822 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MYR Group, Inc.\* | 7200 | 1573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NWPX Infrastructure, Inc.\* | 4511 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Group Holdings, Inc.\* | 17769 | 177 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Construction & Engineering – 2.3%continued** | **Construction & Engineering – 2.3%continued** | **Construction & Engineering – 2.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp. | 25054 | $3110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southland Holdings, Inc.<sup>\* †</sup> <br>| 7443 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.\* | 13825 | 4234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tutor Perini Corp. | 20762 | 1391 |
|  |  | **32240** |
| **Construction Materials – 0.2%** | **Construction Materials – 0.2%** | **Construction Materials – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knife River Corp.\* | 26419 | 1858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smith-Midland Corp.<sup>\* †</sup> <br>| 1371 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan America S.A.\* | 11336 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Lime & Minerals, Inc. | 4935 | 591 |
|  |  | **2686** |
| **Consumer Finance – 1.0%** | **Consumer Finance – 1.0%** | **Consumer Finance – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp.\* | 2485 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | 21439 | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Portfolio Services, Inc.<sup>\* †</sup> <br>| 4524 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dave, Inc.\* | 4766 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.\* | 10399 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc.\* | 11286 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstCash Holdings, Inc. | 18492 | 2947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Dot Corp., Class A\* | 25324 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson Capital, Inc. | 4223 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LendingClub Corp.\* | 51960 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LendingTree, Inc.\* | 5325 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medallion Financial Corp.<sup>†</sup> <br>| 8198 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navient Corp. | 30678 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nelnet, Inc., Class A | 5287 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NerdWallet, Inc., Class A\* | 19197 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oportun Financial Corp.\* | 18473 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OppFi, Inc.<sup>†</sup> <br>| 11688 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRA Group, Inc.<sup>\* †</sup> <br>| 17347 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc. | 17876 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Management Corp. | 4305 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upstart Holdings, Inc.<sup>\* †</sup> <br>| 39331 | 1720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vroom, Inc.\* | 560 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Acceptance Corp.\* | 1379 | 194 |
|  |  | **14415** |
| **Consumer Staples Distribution & Retail – 0.4%** | **Consumer Staples Distribution & Retail – 0.4%** | **Consumer Staples Distribution & Retail – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andersons (The), Inc. | 15106 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chefs' Warehouse (The), Inc.\* | 16795 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp.<sup>\* †</sup> <br>| 42840 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HF Foods Group, Inc.\* | 18958 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingles Markets, Inc., Class A | 6941 | 476 |

---

NORTHERN FUNDS QUARTERLY REPORT **124** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Consumer Staples Distribution & Retail – 0.4%continued** | **Consumer Staples Distribution & Retail – 0.4%continued** | **Consumer Staples Distribution & Retail – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Grocers by Vitamin Cottage, <br> Inc.<br>| 6011 | $151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 11988 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc.\* | 27746 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Village Super Market, Inc., Class A | 4392 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weis Markets, Inc. | 6551 | 420 |
|  |  | **5930** |
| **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging S.A. | 65890 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greif, Inc., Class A | 11926 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greif, Inc., Class B | 2251 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myers Industries, Inc. | 17245 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; O-I Glass, Inc.\* | 71285 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ranpak Holdings Corp.\* | 23165 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriMas Corp. | 15092 | 535 |
|  |  | **3281** |
| **Distributors – 0.1%** | **Distributors – 0.1%** | **Distributors – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GigaCloud Technology, Inc., Class A\* | 11240 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold.com, Inc. | 9012 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyco Group, Inc. | 2890 | 88 |
|  |  | **837** |
| **Diversified Consumer Services – 1.1%** | **Diversified Consumer Services – 1.1%** | **Diversified Consumer Services – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc.\* | 16559 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Public Education, Inc.\* | 8039 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carriage Services, Inc. | 6647 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coursera, Inc.\* | 67503 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc.<sup>\* †</sup> <br>| 27826 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Wax Center, Inc., Class A\* | 15106 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontdoor, Inc.\* | 34227 | 1975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings Co., Class B | 1482 | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KinderCare Learning Cos., Inc.\* | 15729 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laureate Education, Inc.\* | 59469 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln Educational Services Corp.\* | 14002 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matthews International Corp., Class A | 14060 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McGraw Hill, Inc.<sup>\* †</sup> <br>| 13366 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mister Car Wash, Inc.\* | 43962 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nerdy, Inc.<sup>\* †</sup> <br>| 28165 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneSpaWorld Holdings Ltd. | 46889 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 30876 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Education Partners, Inc.<sup>\* †</sup> <br>| 2474 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strategic Education, Inc. | 10702 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stride, Inc.\* | 19674 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Udemy, Inc.<sup>\* †</sup> <br>| 42409 | 248 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Diversified Consumer Services – 1.1%continued** | **Diversified Consumer Services – 1.1%continued** | **Diversified Consumer Services – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Technical Institute, Inc.\* | 21223 | $555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zspace, Inc.<sup>\* †</sup> <br>| 19166 | 9 |
|  |  | **15035** |
| **Diversified Real Estate Investment Trusts – 0.5%** | **Diversified Real Estate Investment Trusts – 0.5%** | **Diversified Real Estate Investment Trusts – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. | 34270 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpine Income Property Trust, Inc. | 5948 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust, Inc. | 24430 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc. | 37559 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. | 87483 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTO Realty Growth, Inc. | 14307 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc.<sup>†</sup> <br>| 91965 | 2728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gladstone Commercial Corp. | 21682 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease, Inc. | 92067 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modiv Industrial, Inc. | 4811 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NexPoint Diversified Real Estate Trust<sup>†</sup> <br>| 16984 | 65 |
|  |  | **7186** |
| **Diversified Telecommunication Services – 0.5%** | **Diversified Telecommunication Services – 0.5%** | **Diversified Telecommunication Services – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anterix, Inc.\* | 5266 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATN International, Inc.<sup>†</sup> <br>| 4162 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bandwidth, Inc., Class A\* | 13675 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Holdings, Inc.<sup>†</sup> <br>| 22890 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globalstar, Inc.\* | 23358 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDT Corp., Class B | 7709 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Latin America Ltd., Class A\* | 12069 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Latin America Ltd., Class C\* | 57447 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.\* | 444982 | 3458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenandoah Telecommunications Co.<sup>†</sup> <br>| 23941 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniti Group, Inc.<sup>\* †</sup> <br>| 78376 | 549 |
|  |  | **7537** |
| **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genie Energy Ltd., Class B | 10396 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc.\* | 80747 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGE Energy, Inc. | 17006 | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklo, Inc.<sup>\* †</sup> <br>| 50364 | 3614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corp. | 17772 | 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 52895 | 2538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc. (New York Stock <br> Exchange)<br>| 47040 | 2770 |
|  |  | **12828** |
| **Electrical Equipment – 2.4%** | **Electrical Equipment – 2.4%** | **Electrical Equipment – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allient, Inc. | 6771 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Superconductor Corp.\* | 19885 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amprius Technologies, Inc.\* | 51560 | 407 |

---

EQUITY FUNDS **125** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Electrical Equipment – 2.4%continued** | **Electrical Equipment – 2.4%continued** | **Electrical Equipment – 2.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Array Technologies, Inc.\* | 69115 | $637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc. | 15452 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A\* | 101561 | 8825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EnerSys | 17440 | 2559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enovix Corp.<sup>\* †</sup> <br>| 77759 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eos Energy Enterprises, Inc.<sup>\* †</sup> <br>| 143161 | 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fluence Energy, Inc.<sup>\* †</sup> <br>| 28998 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyliion Holdings Corp.<sup>\* †</sup> <br>| 61156 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KULR Technology Group, Inc.<sup>\* †</sup> <br>| 18103 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSI Industries, Inc. | 12536 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NANO Nuclear Energy, Inc.<sup>\* †</sup> <br>| 18785 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Power, Inc.<sup>\* †</sup> <br>| 15125 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nextpower, Inc., Class A\* | 67968 | 5921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NuScale Power Corp.<sup>\* †</sup> <br>| 58132 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plug Power, Inc.<sup>\* †</sup> <br>| 522525 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powell Industries, Inc. | 4455 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Solutions International, Inc.\* | 3891 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preformed Line Products Co. | 1226 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A\*<br>| 76682 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SKYX Platforms Corp.<sup>\* †</sup> <br>| 34340 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SunPower, Inc.<sup>\* †</sup> <br>| 28812 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunrun, Inc.\* | 104358 | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T1 Energy, Inc.<sup>\* †</sup> <br>| 59902 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermon Group Holdings, Inc.\* | 15441 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vicor Corp.\* | 10813 | 1185 |
|  |  | **32526** |
| **Electronic Equipment, Instruments & Components – 3.3%** | **Electronic Equipment, Instruments & Components – 3.3%** | **Electronic Equipment, Instruments & Components – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 908 Devices, Inc.<sup>\* †</sup> <br>| 12831 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | 17584 | 3682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aeva Technologies, Inc.<sup>\* †</sup> <br>| 16718 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arlo Technologies, Inc.\* | 45292 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Badger Meter, Inc. | 13725 | 2394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bel Fuse, Inc., Class A | 802 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bel Fuse, Inc., Class B | 4891 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belden, Inc. | 18095 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Electronics, Inc. | 16336 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Climb Global Solutions, Inc. | 1836 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTS Corp. | 13099 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daktronics, Inc.\* | 18037 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ePlus, Inc. | 12253 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolv Technologies Holdings, Inc.\* | 69645 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fabrinet\* | 16822 | 7659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frequency Electronics, Inc.<sup>\* †</sup> <br>| 3298 | 178 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Electronic Equipment, Instruments & Components – 3.3%continued** | **Electronic Equipment, Instruments & Components – 3.3%continued** | **Electronic Equipment, Instruments & Components – 3.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insight Enterprises, Inc.\* | 13433 | $1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Itron, Inc.\* | 20988 | 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimball Electronics, Inc.\* | 11660 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knowles Corp.\* | 39357 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methode Electronics, Inc.<sup>(2) †</sup> <br>| 15765 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MicroVision, Inc.<sup>\* †</sup> <br>| 147083 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirion Technologies, Inc.\* | 111156 | 2603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M-Tron Industries, Inc.\* | 1283 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Napco Security Technologies, Inc. | 15761 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neonode, Inc.<sup>\* †</sup> <br>| 2370 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nLight, Inc.\* | 21883 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 16677 | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OSI Systems, Inc.<sup>\* †</sup> <br>| 7520 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ouster, Inc.\* | 25409 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PC Connection, Inc. | 5204 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plexus Corp.\* | 12573 | 1848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powerfleet, Inc. NJ\* | 58614 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richardson Electronics Ltd. | 5738 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Corp.\* | 8254 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp.\* | 24377 | 3658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ScanSource, Inc.\* | 10447 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc.\* | 47677 | 3290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vishay Intertechnology, Inc. | 55463 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vishay Precision Group, Inc.\* | 5726 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vuzix Corp.<sup>\* †</sup> <br>| 30259 | 114 |
|  |  | **46091** |
| **Energy Equipment & Services – 1.7%** | **Energy Equipment & Services – 1.7%** | **Energy Equipment & Services – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archrock, Inc. | 80792 | 2102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc.<sup>†</sup> <br>| 36887 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borr Drilling Ltd.<sup>\* †</sup> <br>| 124529 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristow Group, Inc.\* | 12886 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cactus, Inc., Class A | 31877 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Laboratories, Inc. | 21990 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMC Global, Inc.\* | 9149 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Services of America Corp.<sup>†</sup> <br>| 6191 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expro Group Holdings N.V.\* | 40496 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flowco Holdings, Inc., Class A | 9987 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forum Energy Technologies, Inc.\* | 4835 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 62807 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | 44493 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovex International, Inc.\* | 18109 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak Gas Services, Inc. | 38937 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Energy, Inc. | 72706 | 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mammoth Energy Services, Inc.\* | 12040 | 22 |

---

NORTHERN FUNDS QUARTERLY REPORT **126** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Energy Equipment & Services – 1.7%continued** | **Energy Equipment & Services – 1.7%continued** | **Energy Equipment & Services – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd.\* | 6721 | $365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Energy Services Reunited <br> Corp.\*<br>| 28321 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Services Group, Inc. | 4944 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Corp. PLC | 58273 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc.\* | 46444 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil States International, Inc.\* | 25244 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 159241 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProFrac Holding Corp., Class A\* | 13955 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProPetro Holding Corp.\* | 35869 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ranger Energy Services, Inc., Class A | 9751 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPC, Inc. | 42475 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEACOR Marine Holdings, Inc.<sup>\* †</sup> <br>| 10501 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seadrill Ltd.\* | 28794 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Water Solutions, Inc. | 44149 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc. | 19694 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TETRA Technologies, Inc.\* | 58986 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc.\* | 22637 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transocean Ltd.\* | 433100 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valaris Ltd.\* | 28762 | 1450 |
|  |  | **24144** |
| **Entertainment – 0.5%** | **Entertainment – 0.5%** | **Entertainment – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc., <br> Class A<sup>\* †</sup> <br>| 246862 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc., Class A\* | 3263 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc., Class C\* | 21148 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cinemark Holdings, Inc. | 47795 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CuriosityStream, Inc. | 20071 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eventbrite, Inc., Class A\* | 34908 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gaia, Inc.\* | 9305 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden Matrix Group, Inc.\* | 11734 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IMAX Corp.\* | 20021 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lionsgate Studios Corp.\* | 95843 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden Entertainment <br> Corp.\*<br>| 18363 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcus (The) Corp. | 10939 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playstudios, Inc.\* | 59804 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playtika Holding Corp. | 23141 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reservoir Media, Inc.<sup>\* †</sup> <br>| 9597 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sphere Entertainment Co.<sup>\* †</sup> <br>| 12910 | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starz Entertainment Corp.\* | 5447 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vivid Seats, Inc., Class A<sup>\* †</sup> <br>| 1015 | 7 |
|  |  | **7019** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Financial Services – 2.1%** | **Financial Services – 2.1%** | **Financial Services – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acacia Research Corp.\* | 16284 | $61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alerus Financial Corp. | 11110 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Latinoamericano de Comercio <br> Exterior S.A., Class E<br>| 13091 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Better Home & Finance Holding Co.<sup>\* †</sup> <br>| 2297 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burford Capital Ltd. | 92167 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cannae Holdings, Inc. | 22377 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cantaloupe, Inc.\* | 25864 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cass Information Systems, Inc. | 5733 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Diversified Holdings | 33262 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enact Holdings, Inc. | 13240 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essent Group Ltd. | 44232 | 2876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVERTEC, Inc. | 29487 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp., <br> Class C<br>| 4269 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance of America Cos., Inc., Class A\* | 2047 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flywire Corp.\* | 53909 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.<br>| 56704 | 1782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Money Express, Inc.\* | 13105 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jackson Financial, Inc., Class A | 32310 | 3446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; loanDepot, Inc., Class A\* | 36323 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marqeta, Inc., Class A\* | 167250 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merchants Bancorp | 12243 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp.\* | 33764 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NewtekOne, Inc.<sup>†</sup> <br>| 9395 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMI Holdings, Inc.\* | 36145 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onity Group, Inc.\* | 3220 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagseguro Digital Ltd., Class A | 81970 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payoneer Global, Inc.\* | 127355 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paysafe Ltd.\* | 13695 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paysign, Inc.\* | 16593 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc. | 13684 | 1804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Priority Technology Holdings, Inc.\* | 11721 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radian Group, Inc. | 62684 | 2256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remitly Global, Inc.\* | 78909 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repay Holdings Corp.\* | 32250 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security National Financial Corp., <br> Class A\*<br>| 7313 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sezzle, Inc.<sup>\* †</sup> <br>| 7538 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneCo Ltd., Class A\* | 115896 | 1714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SWK Holdings Corp.<sup>†</sup> <br>| 1549 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triller Group, Inc.<sup>\* †</sup> <br>| 24866 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Velocity Financial, Inc.\* | 5499 | 114 |

---

EQUITY FUNDS **127** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Financial Services – 2.1%continued** | **Financial Services – 2.1%continued** | **Financial Services – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | 15124 | $910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waterstone Financial, Inc. | 7567 | 125 |
|  |  | **28836** |
| **Food Products – 0.7%** | **Food Products – 0.7%** | **Food Products – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alico, Inc.<sup>†</sup> <br>| 2677 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc.<sup>†</sup> <br>| 37911 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beyond Meat, Inc.<sup>\* †</sup> <br>| 189729 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BRC, Inc., Class A<sup>\* †</sup> <br>| 53047 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calavo Growers, Inc. | 7892 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 20431 | 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dole PLC | 39177 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forafric Global PLC<sup>\* †</sup> <br>| 1760 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresh Del Monte Produce, Inc. | 15739 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hain Celestial Group (The), Inc.\* | 51803 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J&J Snack Foods Corp. | 7344 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John B. Sanfilippo & Son, Inc. | 3446 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifeway Foods, Inc.<sup>\* †</sup> <br>| 2582 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limoneira Co. | 8146 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mama's Creations, Inc.\* | 17354 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marzetti (The) Co. | 9269 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc.\* | 20045 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seneca Foods Corp., Class A\* | 2171 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simply Good Foods (The) Co.\* | 42472 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SunOpta, Inc.\* | 45022 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tootsie Roll Industries, Inc. | 8487 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc.\* | 22853 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utz Brands, Inc. | 34037 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vital Farms, Inc.\* | 15721 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westrock Coffee Co.<sup>\* †</sup> <br>| 17048 | 69 |
|  |  | **9597** |
| **Gas Utilities – 1.0%** | **Gas Utilities – 1.0%** | **Gas Utilities – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Infrastructure Corp., Class A<sup>†</sup> <br>| 56274 | 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp. | 10816 | 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 47224 | 2178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 19225 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 27998 | 2163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RGC Resources, Inc.<sup>†</sup> <br>| 4141 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 30248 | 2420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 27270 | 2255 |
|  |  | **13907** |
| **Ground Transportation – 0.3%** | **Ground Transportation – 0.3%** | **Ground Transportation – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArcBest Corp. | 10677 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covenant Logistics Group, Inc. | 7082 | 156 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Ground Transportation – 0.3%continued** | **Ground Transportation – 0.3%continued** | **Ground Transportation – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTAI Infrastructure, Inc. | 51178 | $236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heartland Express, Inc. | 19046 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hertz Global Holdings, Inc.<sup>\* †</sup> <br>| 54915 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marten Transport Ltd. | 26292 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAMT CORP.<sup>\* †</sup> <br>| 2912 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proficient Auto Logistics, Inc.\* | 11894 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RXO, Inc.\* | 74678 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Logistics Holdings, Inc.<sup>†</sup> <br>| 2391 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Werner Enterprises, Inc. | 28227 | 847 |
|  |  | **3915** |
| **Health Care Equipment & Supplies – 2.6%** | **Health Care Equipment & Supplies – 2.6%** | **Health Care Equipment & Supplies – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuray, Inc.\* | 51318 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acme United Corp.<sup>†</sup> <br>| 1711 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphatec Holdings, Inc.\* | 54805 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AngioDynamics, Inc.\* | 18262 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anteris Technologies Global Corp.<sup>\* †</sup> <br>| 16262 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc.\* | 19574 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AtriCure, Inc.\* | 22361 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avanos Medical, Inc.\* | 21862 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axogen, Inc.\* | 20481 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beta Bionics, Inc.<sup>\* †</sup> <br>| 18456 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bioventus, Inc., Class A\* | 22242 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Butterfly Network, Inc.<sup>\* †</sup> <br>| 93232 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapsoVision, Inc.\* | 2287 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlsmed, Inc.<sup>\* †</sup> <br>| 3622 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceribell, Inc.\* | 12333 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerus Corp.\* | 80231 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ClearPoint Neuro, Inc.<sup>\* †</sup> <br>| 12302 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CONMED Corp. | 14173 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVRx, Inc.\* | 8658 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delcath Systems, Inc.\* | 14009 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electromed, Inc.\* | 3409 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 26153 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enovis Corp.\* | 26118 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glaukos Corp.\* | 25870 | 2921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corp.\* | 22393 | 1795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 11292 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inogen, Inc.<sup>\* †</sup> <br>| 11823 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integer Holdings Corp.\* | 15856 | 1244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp.\* | 30221 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iRadimed Corp. | 3784 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc.\* | 14744 | 2616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kestra Medical Technologies Ltd.<sup>\* †</sup> <br>| 9279 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KORU Medical Systems, Inc.\* | 21744 | 126 |

---

NORTHERN FUNDS QUARTERLY REPORT **128** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Health Care Equipment & Supplies – 2.6%continued** | **Health Care Equipment & Supplies – 2.6%continued** | **Health Care Equipment & Supplies – 2.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc.\* | 30954 | $2060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeMaitre Vascular, Inc. | 9551 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LENSAR, Inc.<sup>\* †</sup> <br>| 4509 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LivaNova PLC\* | 25454 | 1566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lucid Diagnostics, Inc.<sup>\* †</sup> <br>| 52725 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc.\* | 27036 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myomo, Inc.<sup>\* †</sup> <br>| 3179 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neogen Corp.\* | 102787 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuronetics, Inc.<sup>\* †</sup> <br>| 17301 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NeuroPace, Inc.<sup>\* †</sup> <br>| 11309 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novocure Ltd.\* | 46213 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omnicell, Inc.\* | 21444 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OraSure Technologies, Inc.\* | 28010 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orthofix Medical, Inc.\* | 18295 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OrthoPediatrics Corp.\* | 7159 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outset Medical, Inc.<sup>\* †</sup> <br>| 9104 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROCEPT BioRobotics Corp.\* | 25133 | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Dex, Inc.<sup>\* †</sup> <br>| 930 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pulmonx Corp.\* | 14480 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pulse Biosciences, Inc.<sup>\* †</sup> <br>| 8243 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\* | 31917 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RxSight, Inc.\* | 16495 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanara Medtech, Inc.\* | 1617 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SANUWAVE Health, Inc.<sup>\* †</sup> <br>| 3240 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semler Scientific, Inc.<sup>\* †</sup> <br>| 6855 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoulder Innovations, Inc.\* | 2701 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SI-BONE, Inc.\* | 17848 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sight Sciences, Inc.\* | 20935 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STAAR Surgical Co.\* | 22721 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stereotaxis, Inc.\* | 30944 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tactile Systems Technology, Inc.\* | 10162 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc.\* | 31664 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransMedics Group, Inc.\* | 15505 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treace Medical Concepts, Inc.\* | 19524 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UFP Technologies, Inc.\* | 3441 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah Medical Products, Inc. | 1436 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varex Imaging Corp.\* | 19757 | 230 |
|  |  | **36629** |
| **Health Care Providers & Services – 3.2%** | **Health Care Providers & Services – 3.2%** | **Health Care Providers & Services – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accendra Health, Inc.\* | 38727 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth Corp.\* | 47923 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Addus HomeCare Corp.\* | 8329 | 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; agilon health, Inc.\* | 154917 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AirSculpt Technologies, Inc.\* | 8851 | 17 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Health Care Providers & Services – 3.2%continued** | **Health Care Providers & Services – 3.2%continued** | **Health Care Providers & Services – 3.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alignment Healthcare, Inc.\* | 78260 | $1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare Services, Inc.\* | 17055 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardent Health, Inc.\* | 10851 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astrana Health, Inc.\* | 19300 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aveanna Healthcare Holdings, Inc.\* | 32601 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BrightSpring Health Services, Inc.\* | 51540 | 1930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookdale Senior Living, Inc.\* | 108493 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle Biosciences, Inc.\* | 13402 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clover Health Investments Corp.\* | 190548 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Health Systems, Inc.\* | 61927 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 53669 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CorVel Corp.\* | 13356 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross Country Healthcare, Inc.\* | 14664 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DocGo, Inc.\* | 52427 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enhabit, Inc.\* | 23210 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ensign Group (The), Inc. | 26178 | 4560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulgent Genetics, Inc.\* | 9826 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GeneDx Holdings Corp.\* | 8875 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardant Health, Inc.\* | 56470 | 5768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Pharmacy Services, Inc., <br> Class A\*<br>| 10370 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 39532 | 3622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc.<sup>\* †</sup> <br>| 95646 | 3106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovage Holding Corp.\* | 10142 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint (The) Corp.<sup>\* †</sup> <br>| 6689 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifeStance Health Group, Inc.\* | 78050 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nano-X Imaging Ltd.<sup>\* †</sup> <br>| 33340 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National HealthCare Corp. | 5863 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Research Corp. | 6173 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NeoGenomics, Inc.\* | 58885 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutex Health, Inc.<sup>\* †</sup> <br>| 1619 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omada Health, Inc.<sup>\* †</sup> <br>| 4559 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oncology Institute (The), Inc.\* | 30076 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPKO Health, Inc.\* | 194109 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Option Care Health, Inc.\* | 74599 | 2377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PACS Group, Inc.\* | 20445 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc.\* | 40328 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennant Group (The), Inc.\* | 15326 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Privia Health Group, Inc.\* | 54286 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progyny, Inc.\* | 35242 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RadNet, Inc.\* | 31560 | 2252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBC Medical Group Holdings, Inc.<sup>\* †</sup> <br>| 3051 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Medical Holdings Corp. | 49139 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonida Senior Living, Inc.\* | 2809 | 92 |

---

EQUITY FUNDS **129** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Health Care Providers & Services – 3.2%continued** | **Health Care Providers & Services – 3.2%continued** | **Health Care Providers & Services – 3.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strata Critical Medical, Inc.<sup>\* †</sup> <br>| 30534 | $147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surgery Partners, Inc.\* | 35160 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talkspace, Inc.\* | 69112 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Physical Therapy, Inc. | 6852 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viemed Healthcare, Inc.\* | 16257 | 121 |
|  |  | **44028** |
| **Health Care Real Estate Investment Trusts – 1.0%** | **Health Care Real Estate Investment Trusts – 1.0%** | **Health Care Real Estate Investment Trusts – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 78869 | 3711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 104835 | 3791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Healthcare Trust, Inc. | 12865 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust<sup>†</sup> <br>| 99564 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical REIT, Inc. | 5980 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTC Properties, Inc. | 20796 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 21905 | 1673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 109875 | 2081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sila Realty Trust, Inc. | 25341 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strawberry Fields REIT, Inc. | 3956 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Health Realty Income Trust | 6080 | 238 |
|  |  | **13748** |
| **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claritev Corp.<sup>\* †</sup> <br>| 3570 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Definitive Healthcare Corp.\* | 8596 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolent Health, Inc., Class A\* | 52846 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Catalyst, Inc.\* | 34353 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthStream, Inc. | 10545 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HeartFlow, Inc.<sup>\* †</sup> <br>| 9455 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifeMD, Inc.\* | 18468 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OptimizeRx Corp.\* | 7673 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phreesia, Inc.\* | 26171 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schrodinger, Inc.\* | 26847 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simulations Plus, Inc.\* | 8138 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teladoc Health, Inc.\* | 81016 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TruBridge, Inc.\* | 4690 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waystar Holding Corp.\* | 50811 | 1664 |
|  |  | **4553** |
| **Hotel & Resort Real Estate Investment Trusts – 0.6%** | **Hotel & Resort Real Estate Investment Trusts – 0.6%** | **Hotel & Resort Real Estate Investment Trusts – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. | 103110 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Braemar Hotels & Resorts, Inc. | 27757 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chatham Lodging Trust<sup>†</sup> <br>| 23388 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 94523 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust | 53580 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust | 62253 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 28589 | 2705 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Hotel & Resort Real Estate Investment Trusts – 0.6%continued** | **Hotel & Resort Real Estate Investment Trusts – 0.6%continued** | **Hotel & Resort Real Estate Investment Trusts – 0.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust | 78347 | $144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc. | 47105 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 83232 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 43360 | 613 |
|  |  | **7814** |
| **Hotels, Restaurants & Leisure – 1.7%** | **Hotels, Restaurants & Leisure – 1.7%** | **Hotels, Restaurants & Leisure – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accel Entertainment, Inc.\* | 22656 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bally's Corp.\* | 4095 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biglari Holdings, Inc., Class B\* | 324 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BJ's Restaurants, Inc.\* | 9458 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Rock Coffee Bar, Inc., Class A<sup>\* †</sup> <br>| 8156 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 40012 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brightstar Lottery PLC | 47993 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brinker International, Inc.\* | 20498 | 2942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheesecake Factory (The), Inc.<sup>†</sup> <br>| 21344 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc.<sup>†</sup> <br>| 10489 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc.<sup>\* †</sup> <br>| 11976 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denny's Corp.\* | 24600 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dine Brands Global, Inc.<sup>†</sup> <br>| 7144 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Pollo Loco Holdings, Inc.\* | 12341 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Watch Restaurant Group, Inc.\* | 26136 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genius Sports Ltd.\* | 100893 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Business Travel Group I<sup>\* †</sup> <br>| 62241 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden Entertainment, Inc. | 9125 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc.\* | 28523 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inspired Entertainment, Inc.\* | 11682 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jack in the Box, Inc.<sup>†</sup> <br>| 8015 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Krispy Kreme, Inc.<sup>†</sup> <br>| 36306 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kura Sushi U.S.A., Inc., Class A<sup>\* †</sup> <br>| 2979 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc.\* | 70713 | 1880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions Holdings, Inc.\* | 17694 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 12741 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc. | 6028 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nathan's Famous, Inc. | 1398 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navan, Inc., Class A<sup>\* †</sup> <br>| 18322 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Papa John's International, Inc. | 14904 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portillo's, Inc., Class A<sup>\* †</sup> <br>| 32975 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, Inc.\* | 10013 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCI Hospitality Holdings, Inc.<sup>†</sup> <br>| 4275 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Rock Resorts, Inc., Class A | 22794 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rush Street Interactive, Inc.\* | 41945 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabre Corp.\* | 180196 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Serve Robotics, Inc.<sup>\* †</sup> <br>| 29175 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shake Shack, Inc., Class A\* | 17923 | 1455 |

---

NORTHERN FUNDS QUARTERLY REPORT **130** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Hotels, Restaurants & Leisure – 1.7%continued** | **Hotels, Restaurants & Leisure – 1.7%continued** | **Hotels, Restaurants & Leisure – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.\* | 44447 | $682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Super Group SGHC Ltd. | 73557 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweetgreen, Inc., Class A\* | 49145 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Target Hospitality Corp.\* | 15621 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Parks & Resorts, Inc.\* | 12274 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xponential Fitness, Inc., Class A\* | 13396 | 110 |
|  |  | **22896** |
| **Household Durables – 1.6%** | **Household Durables – 1.6%** | **Household Durables – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bassett Furniture Industries, Inc. | 4214 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes U.S.A., Inc.\* | 12257 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cavco Industries, Inc.\* | 3612 | 2134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Century Communities, Inc. | 11918 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Champion Homes, Inc.\* | 26431 | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cricut, Inc., Class A<sup>†</sup> <br>| 21592 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc., Class A\* | 13050 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ethan Allen Interiors, Inc. | 10937 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexsteel Industries, Inc. | 1767 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Brick Partners, Inc.\* | 14337 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Beach Brands Holding Co., <br> Class A<br>| 2540 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helen of Troy Ltd.\* | 11005 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hovnanian Enterprises, Inc., Class A\* | 2124 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Installed Building Products, Inc. | 10775 | 2795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Home | 29555 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 18976 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legacy Housing Corp.\* | 4239 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 63059 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc.\* | 9383 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lovesac (The) Co.\* | 6714 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc.\* | 12034 | 1540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 32200 | 2119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonos, Inc.\* | 55540 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp.\* | 44432 | 2616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Traeger, Inc.<sup>\* †</sup> <br>| 3324 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc.\* | 39031 | 1228 |
|  |  | **22354** |
| **Household Products – 0.3%** | **Household Products – 0.3%** | **Household Products – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co.\* | 3524 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co., Class A\* | 23658 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | 28521 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil-Dri Corp. of America | 4735 | 232 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Household Products – 0.3%continued** | **Household Products – 0.3%continued** | **Household Products – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Brands Holdings, Inc.<sup>†</sup> <br>| 10931 | $646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WD-40 Co. | 6266 | 1234 |
|  |  | **3482** |
| **Independent Power & Renewable Electricity Producers – 0.3%** | **Independent Power & Renewable Electricity Producers – 0.3%** | **Independent Power & Renewable Electricity Producers – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hallador Energy Co.\* | 14338 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montauk Renewables, Inc.\* | 34002 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 28500 | 3148 |
|  |  | **3478** |
| **Industrial Conglomerates – 0.0%** | **Industrial Conglomerates – 0.0%** | **Industrial Conglomerates – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Business Corp., Class A<sup>†</sup> <br>| 10911 | **391** |
| **Industrial Real Estate Investment Trusts – 0.4%** | **Industrial Real Estate Investment Trusts – 0.4%** | **Industrial Real Estate Investment Trusts – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Logistics Properties Trust | 25393 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. | 12702 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 27155 | 1346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Liberty Properties, Inc. | 8647 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | 19404 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 47343 | 2779 |
|  |  | **5468** |
| **Insurance – 2.0%** | **Insurance – 2.0%** | **Insurance – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abacus Global Management, Inc. | 18432 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Coastal Insurance Corp. | 11816 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Integrity Insurance Group, <br> Inc.<sup>\* †</sup> <br>| 3781 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMERISAFE, Inc. | 8950 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aspen Insurance Holdings Ltd., <br> Class A\*<br>| 7334 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ategrity Specialty Holdings LLC\* | 3252 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group (The), Inc.\* | 33494 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bowhead Specialty Holdings, Inc.\* | 8170 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens, Inc.<sup>\* †</sup> <br>| 20948 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 45011 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crawford & Co., Class A | 8194 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donegal Group, Inc., Class A | 7859 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eHealth, Inc.\* | 13710 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employers Holdings, Inc. | 10678 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. | 17217 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelis Insurance Holdings Ltd. | 26339 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Inc.\* | 189720 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoHealth, Inc., Class A<sup>\* †</sup> <br>| 7115 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goosehead Insurance, Inc., Class A | 10844 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenlight Capital Re Ltd., Class A\* | 12289 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Insurance Group Ltd., <br> Class B\*<br>| 21047 | 587 |

---

EQUITY FUNDS **131** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Insurance – 2.0%continued** | **Insurance – 2.0%continued** | **Insurance – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCI Group, Inc. | 4998 | $958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Insurance Holdings, Inc.\* | 11399 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hippo Holdings, Inc.\* | 8381 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 18906 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors Title Co. | 662 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James River Group Holdings, Inc. | 15433 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kestrel Group Ltd.<sup>\* †</sup> <br>| 1318 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingstone Cos., Inc. | 5326 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingsway Financial Services, Inc.\* | 9924 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lemonade, Inc.<sup>\* †</sup> <br>| 27987 | 1992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBIA, Inc.\* | 21334 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury General Corp. | 12531 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NI Holdings, Inc.\* | 3700 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Octave Specialty Group, Inc.\* | 17941 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oscar Health, Inc., Class A\* | 91799 | 1319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palomar Holdings, Inc.\* | 12160 | 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProAssurance Corp.\* | 23230 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Root, Inc., Class A\* | 5696 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safety Insurance Group, Inc. | 6715 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 28124 | 2353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selectquote, Inc.\* | 69199 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SiriusPoint Ltd.\* | 47551 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, <br> Inc.\*<br>| 16472 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Slide Insurance Holdings, Inc.<sup>\* †</sup> <br>| 12859 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stewart Information Services Corp. | 12837 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tiptree, Inc. | 11209 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trupanion, Inc.\* | 16919 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Fire Group, Inc. | 9830 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Insurance Holdings, Inc. | 11999 | 406 |
|  |  | **27203** |
| **Interactive Media & Services – 0.5%** | **Interactive Media & Services – 0.5%** | **Interactive Media & Services – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angi, Inc.<sup>\* †</sup> <br>| 15752 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arena Group Holdings (The), Inc.<sup>\* †</sup> <br>| 6247 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bumble, Inc., Class A\* | 36958 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cargurus, Inc.\* | 38376 | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cars.com, Inc.\* | 24098 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EverQuote, Inc., Class A\* | 13861 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; fuboTV, Inc., Class A<sup>\* †</sup> <br>| 152175 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getty Images Holdings, Inc.<sup>\* †</sup> <br>| 51504 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grindr, Inc.\* | 16094 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MediaAlpha, Inc., Class A\* | 15849 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nextdoor Holdings, Inc.\* | 95370 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QuinStreet, Inc.\* | 25661 | 369 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Interactive Media & Services – 0.5%continued** | **Interactive Media & Services – 0.5%continued** | **Interactive Media & Services – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rumble, Inc.<sup>\* †</sup> <br>| 47680 | $301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shutterstock, Inc. | 11527 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teads Holding Co.\* | 17759 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travelzoo\* | 3053 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc.<sup>\* †</sup> <br>| 53595 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrueCar, Inc.\* | 31612 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Webtoon Entertainment, Inc.<sup>\* †</sup> <br>| 8540 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yelp, Inc.\* | 27741 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis, Inc.\* | 18554 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZipRecruiter, Inc., Class A<sup>\* †</sup> <br>| 27583 | 108 |
|  |  | **7067** |
| **IT Services – 0.6%** | **IT Services – 0.6%** | **IT Services – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Digital Corp.<sup>\* †</sup> <br>| 110460 | 2708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASGN, Inc.\* | 19113 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Backblaze, Inc., Class A\* | 24996 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BigBear.ai Holdings, Inc.<sup>\* †</sup> <br>| 202630 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commerce.com, Inc.\* | 33899 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crexendo, Inc.\* | 7788 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSP, Inc.<sup>†</sup> <br>| 3812 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc.\* | 31505 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastly, Inc., Class A\* | 64663 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grid Dynamics Holdings, Inc.\* | 32196 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hackett Group (The), Inc.<sup>†</sup> <br>| 11734 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Services Group, Inc. | 17580 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rackspace Technology, Inc.<sup>\* †</sup> <br>| 27110 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TSS, Inc.<sup>\* †</sup> <br>| 10668 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tucows, Inc., Class A\* | 3507 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unisys Corp.\* | 34723 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VTEX, Class A\* | 27082 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitefiber, Inc.<sup>\* †</sup> <br>| 5521 | 87 |
|  |  | **8340** |
| **Leisure Products – 0.4%** | **Leisure Products – 0.4%** | **Leisure Products – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acushnet Holdings Corp. | 12801 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Outdoor Brands, Inc.\* | 5861 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarus Corp. | 14054 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escalade, Inc.<sup>†</sup> <br>| 4767 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funko, Inc., Class A\* | 21682 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JAKKS Pacific, Inc. | 4202 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson Outdoors, Inc., Class A | 2539 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latham Group, Inc.\* | 21094 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malibu Boats, Inc., Class A\* | 8165 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine Products Corp. | 4859 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MasterCraft Boat Holdings, Inc.\* | 6726 | 127 |

---

NORTHERN FUNDS QUARTERLY REPORT **132** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Leisure Products – 0.4%continued** | **Leisure Products – 0.4%continued** | **Leisure Products – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peloton Interactive, Inc., Class A\* | 186091 | $1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polaris, Inc. | 24908 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smith & Wesson Brands, Inc. | 20614 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sturm Ruger & Co., Inc. | 6317 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp.\* | 60302 | 704 |
|  |  | **5800** |
| **Life Sciences Tools & Services – 0.5%** | **Life Sciences Tools & Services – 0.5%** | **Life Sciences Tools & Services – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10X Genomics, Inc., Class A\* | 51015 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adaptive Biotechnologies Corp.\* | 69348 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Teknova, Inc.<sup>\* †</sup> <br>| 5375 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic International Corp.\* | 7123 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc.\* | 19317 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioLife Solutions, Inc.\* | 19553 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Codexis, Inc.\* | 46878 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CryoPort, Inc.\* | 23023 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cytek Biosciences, Inc.\* | 56708 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc.\* | 43190 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ginkgo Bioworks Holdings, Inc.<sup>\* †</sup> <br>| 18510 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifecore Biomedical, Inc.\* | 12931 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., <br> Class A\*<br>| 52822 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MaxCyte, Inc.\* | 54802 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mesa Laboratories, Inc. | 2285 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Niagen Bioscience, Inc.\* | 24641 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omniab, Inc.<sup>(1) \*</sup> <br>| 3016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OmniAb, Inc.\* | 47871 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omniab, Inc. (NASDAQ Exchange)<sup>(1) \*</sup> <br>| 3016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Biosciences of California, Inc.<sup>\* †</sup> <br>| 130542 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personalis, Inc.<sup>\* †</sup> <br>| 23499 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanterix Corp.\* | 20995 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quantum-Si, Inc.<sup>\* †</sup> <br>| 73490 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard BioTools, Inc.\* | 131185 | 168 |
|  |  | **6187** |
| **Machinery – 3.7%** | **Machinery – 3.7%** | **Machinery – 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3D Systems Corp.<sup>\* †</sup> <br>| 56884 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aebi Schmidt Holding A.G. | 17747 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AirJoule Technologies Corp.<sup>\* †</sup> <br>| 12512 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 4736 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albany International Corp., Class A | 13476 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliance Laundry Holdings, Inc.<sup>\* †</sup> <br>| 20893 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astec Industries, Inc. | 10425 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, Inc. | 39042 | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Bird Corp.\* | 14489 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECO Environmental Corp.\* | 13797 | 826 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Machinery – 3.7%continued** | **Machinery – 3.7%continued** | **Machinery – 3.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc.\* | 21086 | $4349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus McKinnon Corp. | 13861 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Dynamics, Inc. | 10816 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern (The) Co. | 2827 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Recovery, Inc.\* | 23189 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enerpac Tool Group Corp. | 24376 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enpro, Inc. | 9766 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 12024 | 2349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Signal Corp. | 27811 | 3020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Electric Co., Inc. | 18161 | 1735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gencor Industries, Inc.\* | 4925 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gorman-Rupp (The) Co. | 9792 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Corp.\* | 4914 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenbrier (The) Cos., Inc. | 13793 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helios Technologies, Inc. | 15309 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | 32433 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corp.\* | 90681 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyster-Yale, Inc. | 5064 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBT Marel Corp. | 24363 | 3671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kadant, Inc. | 5435 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennametal, Inc. | 35068 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L.B. Foster Co., Class A\* | 4758 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lindsay Corp. | 4966 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxfer Holdings PLC | 12390 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manitowoc (The) Co., Inc.\* | 16203 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mayville Engineering Co., Inc.\* | 5939 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microvast Holdings, Inc.<sup>\* †</sup> <br>| 93846 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miller Industries, Inc. | 5186 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Inc., Class A | 72012 | 1715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Flex, Inc. | 1696 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palladyne AI Corp.<sup>\* †</sup> <br>| 16952 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park-Ohio Holdings Corp. | 4758 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proto Labs, Inc.\* | 10824 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REV Group, Inc. | 22634 | 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richtech Robotics, Inc., Class B<sup>\* †</sup> <br>| 71998 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies, Inc.\* | 22475 | 4496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standex International Corp. | 5597 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennant Co. | 8417 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terex Corp. | 29739 | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan International, Inc.\* | 22874 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc. | 36945 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wabash National Corp. | 19300 | 167 |

---

EQUITY FUNDS **133** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Machinery – 3.7%continued** | **Machinery – 3.7%continued** | **Machinery – 3.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc., Class A | 12724 | $3512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worthington Enterprises, Inc. | 14396 | 742 |
|  |  | **51425** |
| **Marine Transportation – 0.2%** | **Marine Transportation – 0.2%** | **Marine Transportation – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costamare Bulkers Holdings Ltd.<sup>\* †</sup> <br>| 4191 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costamare, Inc. | 20946 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genco Shipping & Trading Ltd. | 14540 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Himalaya Shipping Ltd.<sup>\* †</sup> <br>| 14318 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matson, Inc. | 14712 | 1818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pangaea Logistics Solutions Ltd. | 14494 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safe Bulkers, Inc. | 23237 | 112 |
|  |  | **2823** |
| **Media – 1.0%** | **Media – 1.0%** | **Media – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantage Solutions, Inc.<sup>\* †</sup> <br>| 58113 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc., Class A\* | 14520 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Omaha Corp., Class A<sup>\* †</sup> <br>| 10554 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc.<sup>†</sup> <br>| 2437 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp., Class A\* | 63154 | 6865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerald Holding, Inc.<sup>†</sup> <br>| 7925 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entravision Communications Corp., <br> Class A<br>| 31678 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EW Scripps (The) Co., Class A\* | 29527 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gambling.com Group Ltd.\* | 7791 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Media, Inc. | 41506 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ibotta, Inc., Class A\* | 7041 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iHeartMedia, Inc., Class A\* | 56536 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Wiley & Sons, Inc., Class A | 18549 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnite, Inc.\* | 64330 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National CineMedia, Inc.<sup>†</sup> <br>| 30998 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newsmax, Inc.<sup>\* †</sup> <br>| 22322 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexxen International Ltd.\* | 14156 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optimum Communications, Inc., <br> Class A\*<br>| 114445 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PubMatic, Inc., Class A\* | 17265 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scholastic Corp. | 9584 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sinclair, Inc. | 18216 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stagwell, Inc.\* | 49653 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TechTarget, Inc.\* | 12882 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc. | 74139 | 1439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thryv Holdings, Inc.\* | 15302 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S.A. TODAY Co., Inc.\* | 63328 | 326 |
|  |  | **13417** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Metals & Mining – 2.3%** | **Metals & Mining – 2.3%** | **Metals & Mining – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources, Inc.\* | 5378 | $1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Battery Technology Co.<sup>\* †</sup> <br>| 53817 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caledonia Mining Corp. PLC | 7836 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Century Aluminum Co.\* | 24372 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc.\* | 296941 | 5294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co. | 51937 | 3595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Minerals International, Inc.<sup>\* †</sup> <br>| 16398 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellium S.E.\* | 63096 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contango ORE, Inc.\* | 5083 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Critical Metals Corp.<sup>\* †</sup> <br>| 22422 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dakota Gold Corp.\* | 39808 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferroglobe PLC | 55865 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Friedman Industries, Inc. | 3448 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Co. | 295009 | 5661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idaho Strategic Resources, Inc.\* | 6625 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Electric, Inc.\* | 49563 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 7433 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifezone Metals Ltd.\* | 13284 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materion Corp. | 9625 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metallus, Inc.\* | 17289 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NioCorp. Developments Ltd.<sup>\* †</sup> <br>| 50869 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novagold Resources, Inc.\* | 141279 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympic Steel, Inc. | 4883 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perpetua Resources Corp.<sup>\* †</sup> <br>| 39349 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ramaco Resources, Inc., Class A\* | 19378 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryerson Holding Corp.<sup>†</sup> <br>| 12799 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSR Mining, Inc.\* | 94099 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 40186 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tredegar Corp.\* | 12553 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Gold Corp.<sup>\* †</sup> <br>| 5404 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Goldmining, Inc.<sup>\* †</sup> <br>| 1043 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S.A. Rare Earth, Inc., Class A<sup>\* †</sup> <br>| 41597 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Antimony Corp.\* | 56507 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vox Royalty Corp. | 26699 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 24369 | 2149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worthington Steel, Inc. | 14928 | 517 |
|  |  | **32331** |
| **Mortgage Real Estate Investment Trusts – 0.8%** | **Mortgage Real Estate Investment Trusts – 0.8%** | **Mortgage Real Estate Investment Trusts – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACRES Commercial Realty Corp.\* | 2819 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adamas Trust, Inc. | 39947 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Flower Capital, Inc. | 5714 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angel Oak Mortgage REIT, Inc. | 6431 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, <br> Inc.<br>| 63716 | 617 |

---

NORTHERN FUNDS QUARTERLY REPORT **134** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Mortgage Real Estate Investment Trusts – 0.8%continued** | **Mortgage Real Estate Investment Trusts – 0.8%continued** | **Mortgage Real Estate Investment Trusts – 0.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arbor Realty Trust, Inc.<sup>†</sup> <br>| 90293 | $701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Commercial Real Estate Corp.<sup>†</sup> <br>| 24293 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARMOUR Residential REIT, Inc.<sup>†</sup> <br>| 53186 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., <br> Class A<br>| 73300 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BrightSpire Capital, Inc.<sup>†</sup> <br>| 60518 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Atlantic Real Estate Finance, <br> Inc.<sup>†</sup> <br>| 8554 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chimera Investment Corp.<sup>†</sup> <br>| 37558 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claros Mortgage Trust, Inc.\* | 43605 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynex Capital, Inc. | 69187 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ellington Financial, Inc. | 46280 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin BSP Realty Trust, Inc. | 36898 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco Mortgage Capital, Inc.<sup>†</sup> <br>| 31824 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Real Estate Finance Trust, Inc. | 26959 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Corp. | 52012 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lument Finance Trust, Inc. | 21851 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFA Financial, Inc. | 46596 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexpoint Real Estate Finance, Inc.<sup>†</sup> <br>| 3657 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orchid Island Capital, Inc.<sup>†</sup> <br>| 72355 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment Trust | 39593 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ready Capital Corp.<sup>†</sup> <br>| 72456 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Trust, Inc. | 59203 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rithm Property Trust, Inc. | 3135 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seven Hills Realty Trust | 10446 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunrise Realty Trust, Inc.<sup>†</sup> <br>| 5330 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPG Mortgage Investment Trust, Inc.<sup>†</sup> <br>| 13532 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPG RE Finance Trust, Inc. | 31874 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Two Harbors Investment Corp. | 49127 | 516 |
|  |  | **11393** |
| **Multi-Utilities – 0.4%** | **Multi-Utilities – 0.4%** | **Multi-Utilities – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 37560 | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 34194 | 2374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 28865 | 1863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc.<sup>(1) \*</sup> <br>| 50000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unitil Corp. | 8491 | 411 |
|  |  | **6096** |
| **Office Real Estate Investment Trusts – 0.5%** | **Office Real Estate Investment Trusts – 0.5%** | **Office Real Estate Investment Trusts – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brandywine Realty Trust<sup>†</sup> <br>| 84029 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Office REIT, Inc. | 18302 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COPT Defense Properties | 52553 | 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. | 74223 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. | 19177 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc., Class A | 63236 | 412 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Office Real Estate Investment Trusts – 0.5%continued** | **Office Real Estate Investment Trusts – 0.5%continued** | **Office Real Estate Investment Trusts – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Street Properties Corp. | 39152 | $37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc.\* | 23585 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBG SMITH Properties<sup>†</sup> <br>| 28372 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET Lease Office Properties | 7098 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peakstone Realty Trust | 17342 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc. | 59202 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Postal Realty Trust, Inc., Class A | 10737 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 33127 | 1520 |
|  |  | **6862** |
| **Oil, Gas & Consumable Fuels – 3.0%** | **Oil, Gas & Consumable Fuels – 3.0%** | **Oil, Gas & Consumable Fuels – 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardmore Shipping Corp. | 16389 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BKV Corp.\* | 10158 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp. | 36806 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calumet, Inc.\* | 32574 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrus Energy Corp., Class A<sup>\* †</sup> <br>| 7826 | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Fuels Corp.\* | 81902 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp.\* | 60958 | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc.\* | 34112 | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Natural Resources, Inc. | 23537 | 2083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Co., Class A | 110724 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVR Energy, Inc.\* | 14016 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delek U.S. Holdings, Inc. | 27591 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DHT Holdings, Inc. | 62205 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Energy Co. | 29313 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dorian LPG Ltd. | 17531 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empire Petroleum Corp.<sup>\* †</sup> <br>| 8713 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encore Energy Corp.<sup>\* †</sup> <br>| 86560 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Fuels, Inc.<sup>\* †</sup> <br>| 105741 | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Epsilon Energy Ltd. | 9285 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolution Petroleum Corp. | 14706 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excelerate Energy, Inc., Class A | 10841 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FLEX LNG Ltd.<sup>\* †</sup> <br>| 14746 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FutureFuel Corp. | 13512 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gevo, Inc.<sup>\* †</sup> <br>| 109797 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golar LNG Ltd. | 45079 | 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granite Ridge Resources, Inc. | 25432 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Plains, Inc.\* | 32343 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulfport Energy Corp.\* | 7340 | 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HighPeak Energy, Inc.<sup>†</sup> <br>| 12759 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infinity Natural Resources, Inc., <br> Class A\*<br>| 7203 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Seaways, Inc. | 18460 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings, Inc.<sup>†</sup> <br>| 20239 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kolibri Global Energy, Inc.<sup>\* †</sup> <br>| 14089 | 55 |

---

EQUITY FUNDS **135** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Oil, Gas & Consumable Fuels – 3.0%continued** | **Oil, Gas & Consumable Fuels – 3.0%continued** | **Oil, Gas & Consumable Fuels – 3.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kosmos Energy Ltd.<sup>\* †</sup> <br>| 232454 | $211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lightbridge Corp.<sup>\* †</sup> <br>| 12888 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A | 83576 | 1829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp. | 62453 | 1952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NACCO Industries, Inc., Class A | 2009 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navigator Holdings Ltd. | 15287 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Fortress Energy, Inc.<sup>\* †</sup> <br>| 72184 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextDecade Corp.<sup>\* †</sup> <br>| 63197 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextNRG, Inc.<sup>\* †</sup> <br>| 24132 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordic American Tankers Ltd. | 96359 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc.<sup>†</sup> <br>| 44904 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPAL Fuels, Inc., Class A<sup>\* †</sup> <br>| 10629 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par Pacific Holdings, Inc.\* | 23441 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PBF Energy, Inc., Class A | 38500 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 57176 | 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prairie Operating Co.<sup>\* †</sup> <br>| 16784 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PrimeEnergy Resources Corp.<sup>\* †</sup> <br>| 200 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REX American Resources Corp.\* | 13488 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riley Exploration Permian, Inc. | 7066 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sable Offshore Corp.<sup>\* †</sup> <br>| 34362 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SandRidge Energy, Inc. | 16916 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. | 21048 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SFL Corp. Ltd. | 57158 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 52417 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Midstream Corp.\* | 4677 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talos Energy, Inc.\* | 60988 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teekay Corp. Ltd. | 24797 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teekay Tankers Ltd., Class A | 10939 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uranium Energy Corp.\* | 221062 | 2582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VAALCO Energy, Inc. | 48489 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verde Clean Fuels, Inc.<sup>\* †</sup> <br>| 4407 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vitesse Energy, Inc.<sup>†</sup> <br>| 13805 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W&T Offshore, Inc.<sup>†</sup> <br>| 46725 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Kinect Corp. | 24667 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XCF Global, Inc., Class A<sup>\* †</sup> <br>| 21918 | 6 |
|  |  | **40830** |
| **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper Corp.\* | 7421 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnera Corp.<sup>\* †</sup> <br>| 15675 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sylvamo Corp. | 16037 | 772 |
|  |  | **1139** |
| **Passenger Airlines – 0.5%** | **Passenger Airlines – 0.5%** | **Passenger Airlines – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co.\* | 6818 | 581 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Passenger Airlines – 0.5%continued** | **Passenger Airlines – 0.5%continued** | **Passenger Airlines – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; flyExclusive, Inc.<sup>\* †</sup> <br>| 2844 | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontier Group Holdings, Inc.\* | 39234 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JetBlue Airways Corp.\* | 135475 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joby Aviation, Inc.\* | 226387 | 2988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 18687 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, Inc.\* | 23818 | 343 |
|  |  | **6602** |
| **Personal Care Products – 0.2%** | **Personal Care Products – 0.2%** | **Personal Care Products – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beauty Health (The) Co.<sup>\* †</sup> <br>| 54661 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 20520 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FitLife Brands, Inc.\* | 2203 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herbalife Ltd.\* | 47595 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honest (The) Co., Inc.<sup>\* †</sup> <br>| 43724 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interparfums, Inc. | 8379 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifevantage Corp. | 5049 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medifast, Inc.<sup>\* †</sup> <br>| 5094 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nature's Sunshine Products, Inc.\* | 7548 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nu Skin Enterprises, Inc., Class A | 23129 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olaplex Holdings, Inc.\* | 56100 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USANA Health Sciences, Inc.\* | 4415 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waldencast PLC, Class A\* | 20301 | 38 |
|  |  | **2570** |
| **Pharmaceuticals – 2.6%** | **Pharmaceuticals – 2.6%** | **Pharmaceuticals – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aardvark Therapeutics, Inc.\* | 5794 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aclaris Therapeutics, Inc.\* | 42210 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alumis, Inc.\* | 25708 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals, Inc.\* | 69527 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc.\* | 16562 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amylyx Pharmaceuticals, Inc.\* | 40857 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANI Pharmaceuticals, Inc.\* | 8365 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aquestive Therapeutics, Inc.<sup>\* †</sup> <br>| 48961 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arvinas, Inc.\* | 30790 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atea Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 31108 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avadel Pharmaceuticals PLC\* | 41290 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc.\* | 19127 | 3493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioAge Labs, Inc.<sup>\* †</sup> <br>| 11244 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biote Corp., Class A\* | 18152 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc.\* | 14757 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CorMedix, Inc.<sup>\* †</sup> <br>| 34716 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, Inc.\* | 41753 | 1944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edgewise Therapeutics, Inc.\* | 31549 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enliven Therapeutics, Inc.\* | 17524 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esperion Therapeutics, Inc.<sup>\* †</sup> <br>| 108135 | 400 |

---

NORTHERN FUNDS QUARTERLY REPORT **136** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Pharmaceuticals – 2.6%continued** | **Pharmaceuticals – 2.6%continued** | **Pharmaceuticals – 2.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eton Pharmaceuticals, Inc.\* | 11836 | $200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolus, Inc.\* | 24647 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EyePoint, Inc.\* | 34761 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulcrum Therapeutics, Inc.\* | 20785 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc.\* | 20136 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harrow, Inc.<sup>\* †</sup> <br>| 14387 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indivior PLC\* | 56698 | 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innoviva, Inc.\* | 28642 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Journey Medical Corp.<sup>\* †</sup> <br>| 5901 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LB Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 8816 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LENZ Therapeutics, Inc.<sup>\* †</sup> <br>| 7591 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\* | 9018 | 1705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidia Corp.\* | 29777 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maze Therapeutics, Inc.\* | 9991 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBX Biosciences, Inc.<sup>\* †</sup> <br>| 13145 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MediWound Ltd.<sup>\* †</sup> <br>| 5071 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mind Medicine MindMed, Inc.\* | 43109 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nuvation Bio, Inc.<sup>\* †</sup> <br>| 113489 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ocular Therapeutix, Inc.\* | 86065 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omeros Corp.<sup>\* †</sup> <br>| 29218 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc.\* | 20299 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phathom Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 17657 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phibro Animal Health Corp., Class A | 9691 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 22796 | 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rapport Therapeutics, Inc.\* | 13077 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Septerna, Inc.<sup>\* †</sup> <br>| 10329 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIGA Technologies, Inc. | 19707 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 25109 | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarsus Pharmaceuticals, Inc.\* | 18262 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terns Pharmaceuticals, Inc.\* | 39549 | 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Theravance Biopharma, Inc.\* | 17592 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Harmonic Bio, Inc.<sup>(1) \* †</sup> <br>| 11686 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trevi Therapeutics, Inc.\* | 41282 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tvardi Therapeutics, Inc.\* | 5063 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WaVe Life Sciences Ltd.\* | 53676 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xeris Biopharma Holdings, Inc.\* | 69582 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevra Therapeutics, Inc.\* | 25544 | 229 |
|  |  | **35528** |
| **Professional Services – 1.7%** | **Professional Services – 1.7%** | **Professional Services – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alight, Inc., Class A | 197153 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asure Software, Inc.\* | 10357 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrett Business Services, Inc. | 11243 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackSky Technology, Inc.<sup>\* †</sup> <br>| 14671 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBIZ, Inc.\* | 22725 | 1146 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Professional Services – 1.7%continued** | **Professional Services – 1.7%continued** | **Professional Services – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conduent, Inc.\* | 73755 | $142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRA International, Inc. | 3030 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSG Systems International, Inc. | 12930 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc. | 23461 | 1630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Falcon's Beyond Global, Inc., Class A<sup>\*</sup> <br>† <br>| 6626 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Advantage Corp.\* | 35976 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forrester Research, Inc.<sup>\* †</sup> <br>| 7001 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Covey Co.\* | 5736 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HireQuest, Inc.<sup>†</sup> <br>| 2737 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huron Consulting Group, Inc.\* | 7964 | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBEX Holdings Ltd.\* | 4561 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICF International, Inc. | 8394 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innodata, Inc.<sup>\* †</sup> <br>| 14030 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insperity, Inc. | 16456 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelly Services, Inc., Class A | 14211 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kforce, Inc. | 8720 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry | 24459 | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legalzoom.com, Inc.\* | 60436 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximus, Inc. | 26171 | 2259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mistras Group, Inc.\* | 6747 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planet Labs PBC\* | 110391 | 2177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCM Technologies, Inc.\* | 2537 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolute Holdings Management, Inc.<sup>\* †</sup> <br>| 2007 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resources Connection, Inc. | 15507 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skillsoft Corp.<sup>\* †</sup> <br>| 2139 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spire Global, Inc.<sup>\* †</sup> <br>| 12874 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIC Solutions, Inc.\* | 93377 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriNet Group, Inc. | 13709 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrueBlue, Inc.\* | 10777 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTEC Holdings, Inc.<sup>\* †</sup> <br>| 9649 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upwork, Inc.\* | 57199 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verra Mobility Corp.\* | 73683 | 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willdan Group, Inc.\* | 6572 | 681 |
|  |  | **23201** |
| **Real Estate Management & Development – 0.7%** | **Real Estate Management & Development – 0.7%** | **Real Estate Management & Development – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Realty Investors, Inc.<sup>\* †</sup> <br>| 890 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate, Inc.\* | 48818 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass, Inc., Class A\* | 227672 | 2406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield Ltd.\* | 109530 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Elliman, Inc.<sup>\* †</sup> <br>| 36257 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eXp World Holdings, Inc.<sup>†</sup> <br>| 39691 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestar Group, Inc.\* | 9083 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FRP Holdings, Inc.\* | 5646 | 129 |

---

EQUITY FUNDS **137** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Real Estate Management & Development – 0.7%continued** | **Real Estate Management & Development – 0.7%continued** | **Real Estate Management & Development – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 54998 | $532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Logistic Properties of The Americas\* | 1801 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcus & Millichap, Inc. | 10703 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maui Land & Pineapple Co., Inc.\* | 3524 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmark Group, Inc., Class A | 68093 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RE/MAX Holdings, Inc., Class A\* | 9170 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Brokerage (The), Inc.\* | 64053 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RMR Group (The), Inc., Class A<sup>†</sup> <br>| 7246 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seaport Entertainment Group, Inc.\* | 3735 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Joe (The) Co. | 17621 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stratus Properties, Inc.<sup>\* †</sup> <br>| 3449 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tejon Ranch Co.\* | 10112 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transcontinental Realty Investors, Inc.\* | 1036 | 61 |
|  |  | **9587** |
| **Residential Real Estate Investment Trusts – 0.4%** | **Residential Real Estate Investment Trusts – 0.4%** | **Residential Real Estate Investment Trusts – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apartment Investment and <br> Management Co., Class A<br>| 61886 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BRT Apartments Corp. | 5442 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centerspace | 7947 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clipper Realty, Inc. | 7045 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elme Communities | 40202 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 112553 | 1967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NexPoint Residential Trust, Inc. | 10526 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMH Properties, Inc. | 37618 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veris Residential, Inc. | 34253 | 510 |
|  |  | **5097** |
| **Retail Real Estate Investment Trusts – 1.1%** | **Retail Real Estate Investment Trusts – 1.1%** | **Retail Real Estate Investment Trusts – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust | 60743 | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander's, Inc. | 1023 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBL & Associates Properties, Inc. | 8494 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curbline Properties Corp. | 45739 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FrontView REIT, Inc. | 9411 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp. | 25093 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InvenTrust Properties Corp. | 35849 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 101635 | 2436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macerich (The) Co. | 117395 | 2167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp.<sup>†</sup> <br>| 38390 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips Edison & Co., Inc. | 58604 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saul Centers, Inc. | 5816 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SITE Centers Corp. | 25237 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tanger, Inc. | 52258 | 1744 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Retail Real Estate Investment Trusts – 1.1%continued** | **Retail Real Estate Investment Trusts – 1.1%continued** | **Retail Real Estate Investment Trusts – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties<sup>†</sup> <br>| 58511 | $1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitestone REIT | 21288 | 296 |
|  |  | **15556** |
| **Semiconductors & Semiconductor Equipment – 3.3%** | **Semiconductors & Semiconductor Equipment – 3.3%** | **Semiconductors & Semiconductor Equipment – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACM Research, Inc., Class A\* | 23378 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aehr Test Systems<sup>\* †</sup> <br>| 13462 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aeluma, Inc.<sup>\* †</sup> <br>| 5824 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha & Omega Semiconductor Ltd.<sup>\* †</sup> <br>| 11812 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ambarella, Inc.\* | 18765 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ambiq Micro, Inc.<sup>\* †</sup> <br>| 2369 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atomera, Inc.<sup>\* †</sup> <br>| 13876 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc.\* | 14279 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blaize Holdings, Inc.<sup>\* †</sup> <br>| 35820 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CEVA, Inc.\* | 11041 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cohu, Inc.\* | 21083 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd.\* | 71357 | 10268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diodes, Inc.\* | 21084 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FormFactor, Inc.\* | 35981 | 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ichor Holdings Ltd.\* | 16011 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impinj, Inc.\* | 12536 | 2181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; indie Semiconductor, Inc., Class A<sup>\* †</sup> <br>| 91469 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kopin Corp.<sup>\* †</sup> <br>| 83887 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries, Inc. | 23414 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc.\* | 38548 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navitas Semiconductor Corp.<sup>\* †</sup> <br>| 75340 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVE Corp. | 2303 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDF Solutions, Inc.\* | 15026 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penguin Solutions, Inc.\* | 24563 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Photronics, Inc.\* | 26889 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 25668 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 50024 | 4597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rigetti Computing, Inc.\* | 147959 | 3277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semtech Corp.\* | 40705 | 2999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.\* | 15062 | 1969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SiTime Corp.\* | 10031 | 3543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SkyWater Technology, Inc.\* | 14884 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 17903 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultra Clean Holdings, Inc.\* | 20246 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veeco Instruments, Inc.\* | 28021 | 801 |
|  |  | **45600** |
| **Software – 5.5%** | **Software – 5.5%** | **Software – 5.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8x8, Inc.\* | 62651 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A10 Networks, Inc. | 32741 | 579 |

---

NORTHERN FUNDS QUARTERLY REPORT **138** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Software – 5.5%continued** | **Software – 5.5%continued** | **Software – 5.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI Worldwide, Inc.\* | 47849 | $2288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adeia, Inc. | 49570 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agilysys, Inc.\* | 12032 | 1430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airship AI Holdings, Inc.<sup>\* †</sup> <br>| 9490 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alarm.com Holdings, Inc.\* | 21899 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkami Technology, Inc.<sup>\* †</sup> <br>| 32242 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amplitude, Inc., Class A\* | 41845 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appian Corp., Class A\* | 18648 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arteris, Inc.\* | 13916 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asana, Inc., Class A\* | 40928 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AudioEye, Inc.\* | 4247 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvePoint, Inc.\* | 69178 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bit Digital, Inc.<sup>\* †</sup> <br>| 141631 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bitdeer Technologies Group, Class A<sup>\* †</sup> <br>| 47020 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackbaud, Inc.<sup>\* †</sup> <br>| 17603 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackLine, Inc.<sup>\* †</sup> <br>| 23997 | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blend Labs, Inc., Class A\* | 95711 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Box, Inc., Class A\* | 64903 | 1941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Braze, Inc., Class A\* | 39670 | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C3.ai, Inc., Class A<sup>\* †</sup> <br>| 59354 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerence, Inc.\* | 19276 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chaince Digital Holdings, Inc.<sup>\* †</sup> <br>| 19901 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cipher Mining, Inc.<sup>\* †</sup> <br>| 150623 | 2223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleanspark, Inc.<sup>\* †</sup> <br>| 127916 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Secure, Inc., Class A | 40243 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc., <br> Class A\*<br>| 130262 | 3142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commvault Systems, Inc.\* | 20685 | 2593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consensus Cloud Solutions, Inc.\* | 9029 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Scientific, Inc.<sup>\* †</sup> <br>| 134445 | 1958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CS Disco, Inc.\* | 12157 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daily Journal Corp.<sup>\* †</sup> <br>| 593 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digimarc Corp.<sup>\* †</sup> <br>| 8181 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Turbine, Inc.\* | 49479 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domo, Inc., Class B<sup>\* †</sup> <br>| 15303 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D-Wave Quantum, Inc.<sup>\* †</sup> <br>| 155522 | 4067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eGain Corp.\* | 7008 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EverCommerce, Inc.<sup>\* †</sup> <br>| 7385 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expensify, Inc., Class A\* | 28453 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Five9, Inc.\* | 35409 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freshworks, Inc., Class A\* | 92386 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hut 8 Corp.\* | 44571 | 2048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I3 Verticals, Inc., Class A<sup>\* †</sup> <br>| 10827 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intapp, Inc.\* | 26742 | 1225 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Software – 5.5%continued** | **Software – 5.5%continued** | **Software – 5.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InterDigital, Inc. | 12004 | $3822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jamf Holding Corp.\* | 36111 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaltura, Inc.<sup>\* †</sup> <br>| 42560 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life360, Inc.<sup>\* †</sup> <br>| 9678 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc.\* | 29632 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MARA Holdings, Inc.<sup>\* †</sup> <br>| 171533 | 1540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitek Systems, Inc.\* | 20961 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N-able, Inc.\* | 31896 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp.<sup>\* †</sup> <br>| 63469 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextNav, Inc.<sup>\* †</sup> <br>| 44045 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ON24, Inc.\* | 18523 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneSpan, Inc. | 17056 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ooma, Inc.<sup>\* †</sup> <br>| 12217 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagaya Technologies Ltd., Class A<sup>\* †</sup> <br>| 23716 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PagerDuty, Inc.\* | 42476 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAR Technology Corp.\* | 18972 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Porch Group, Inc.<sup>\* †</sup> <br>| 40443 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progress Software Corp.\* | 19626 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc.\* | 28756 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc.\* | 16904 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rapid7, Inc.\* | 30469 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Violet, Inc. | 5354 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ReposiTrak, Inc.<sup>†</sup> <br>| 5445 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rezolve AI PLC<sup>\* †</sup> <br>| 87898 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rimini Street, Inc.\* | 23204 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riot Platforms, Inc.\* | 161144 | 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEMrush Holdings, Inc., Class A\* | 23990 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvaco Group, Inc.<sup>\* †</sup> <br>| 4963 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoundHound AI, Inc., Class A<sup>\* †</sup> <br>| 175101 | 1746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoundThinking, Inc.\* | 5017 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprinklr, Inc., Class A\* | 50737 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprout Social, Inc., Class A\* | 25493 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc.\* | 17570 | 1566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchronoss Technologies, Inc.\* | 4992 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telos Corp.\* | 25839 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenable Holdings, Inc.\* | 55952 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terawulf, Inc.<sup>\* †</sup> <br>| 140999 | 1620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varonis Systems, Inc.\* | 54418 | 1785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex, Inc., Class A\* | 33191 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Via Transportation, Inc., Class A\* | 5171 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viant Technology, Inc., Class A\* | 6963 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weave Communications, Inc.\* | 29920 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WM Technology, Inc.\* | 41501 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workiva, Inc.\* | 23502 | 2027 |

---

EQUITY FUNDS **139** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Software – 5.5%continued** | **Software – 5.5%continued** | **Software – 5.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xperi, Inc.<sup>\* †</sup> <br>| 23182 | $136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yext, Inc.\* | 47837 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp., Class A\* | 86889 | 1768 |
|  |  | **76234** |
| **Specialized Real Estate Investment Trusts – 0.4%** | **Specialized Real Estate Investment Trusts – 0.4%** | **Specialized Real Estate Investment Trusts – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmland Partners, Inc. | 16890 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | 49737 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gladstone Land Corp.<sup>†</sup> <br>| 15834 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outfront Media, Inc. | 69190 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 36061 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safehold, Inc. | 26404 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smartstop Self Storage REIT, Inc.<sup>†</sup> <br>| 14125 | 437 |
|  |  | **5356** |
| **Specialty Retail – 2.2%** | **Specialty Retail – 2.2%** | **Specialty Retail – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-800-Flowers.com, Inc., Class A<sup>\* †</sup> <br>| 10341 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co., Class A\* | 21542 | 2711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 30982 | 1548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 27611 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. | 74589 | 1967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; America's Car-Mart, Inc.\* | 3514 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arhaus, Inc.\* | 24112 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arko Corp. | 35436 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.\* | 8994 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BARK, Inc.<sup>\* †</sup> <br>| 44383 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barnes & Noble Education, Inc.<sup>\* †</sup> <br>| 8257 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bed Bath & Beyond, Inc.<sup>\* †</sup> <br>| 32215 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.\* | 14363 | 2535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckle (The), Inc. | 14557 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Build-A-Bear Workshop, Inc. | 5902 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caleres, Inc. | 15516 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camping World Holdings, Inc., Class A | 26794 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citi Trends, Inc.\* | 2290 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designer Brands, Inc., Class A<sup>†</sup> <br>| 16870 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Envela Corp.<sup>\* †</sup> <br>| 3960 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVgo, Inc.\* | 55489 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesco, Inc.\* | 4771 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 5731 | 2254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haverty Furniture Cos., Inc. | 6510 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J Jill, Inc. | 4244 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lands' End, Inc.\* | 4478 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MarineMax, Inc.\* | 8866 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monro, Inc. | 14120 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.\* | 35785 | 924 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Specialty Retail – 2.2%continued** | **Specialty Retail – 2.2%continued** | **Specialty Retail – 2.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneWater Marine, Inc., Class A<sup>\* †</sup> <br>| 4120 | $45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outdoor Holding Co.<sup>\* †</sup> <br>| 44203 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc.\* | 36743 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RealReal (The), Inc.\* | 46589 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolve Group, Inc.\* | 18961 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc.\* | 45291 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoe Carnival, Inc. | 9076 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 18476 | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sleep Number Corp.<sup>\* †</sup> <br>| 8924 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc., Class A | 7071 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stitch Fix, Inc., Class A\* | 50469 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ThredUp, Inc., Class A\* | 46275 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tile Shop Holdings, Inc.<sup>\* †</sup> <br>| 14418 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Torrid Holdings, Inc.<sup>\* †</sup> <br>| 8431 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upbound Group, Inc. | 23714 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.\* | 28600 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co.<sup>\* †</sup> <br>| 32372 | 1754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warby Parker, Inc., Class A\* | 45254 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winmark Corp. | 1363 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zumiez, Inc.\* | 6126 | 160 |
|  |  | **29883** |
| **Technology Hardware, Storage & Peripherals – 0.7%** | **Technology Hardware, Storage & Peripherals – 0.7%** | **Technology Hardware, Storage & Peripherals – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CompoSecure, Inc., Class A\* | 26377 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corsair Gaming, Inc.\* | 22293 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPI Card Group, Inc.\* | 2715 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc.\* | 11673 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastman Kodak Co.\* | 23878 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immersion Corp. | 13215 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc.<sup>\* †</sup> <br>| 157317 | 7059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quantum Computing, Inc.<sup>\* †</sup> <br>| 94359 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turtle Beach Corp.\* | 6991 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xerox Holdings Corp.<sup>†</sup> <br>| 58821 | 139 |
|  |  | **10030** |
| **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capri Holdings Ltd.\* | 54562 | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carter's, Inc. | 16909 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ermenegildo Zegna N.V.<sup>†</sup> <br>| 28717 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Figs, Inc., Class A\* | 41574 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd. | 17275 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | 25417 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeland Industries, Inc.<sup>†</sup> <br>| 4726 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Movado Group, Inc. | 7245 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oxford Industries, Inc. | 6899 | 236 |

---

NORTHERN FUNDS QUARTERLY REPORT **140** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Textiles, Apparel & Luxury Goods – 0.5%continued** | **Textiles, Apparel & Luxury Goods – 0.5%continued** | **Textiles, Apparel & Luxury Goods – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocky Brands, Inc. | 3495 | $103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steven Madden Ltd. | 33646 | 1401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superior Group of Cos., Inc. | 5348 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. | 36799 | 668 |
|  |  | **7350** |
| **Tobacco – 0.1%** | **Tobacco – 0.1%** | **Tobacco – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ispire Technology, Inc.<sup>\* †</sup> <br>| 10631 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turning Point Brands, Inc. | 8095 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Corp. | 11022 | 581 |
|  |  | **1489** |
| **Trading Companies & Distributors – 1.0%** | **Trading Companies & Distributors – 1.0%** | **Trading Companies & Distributors – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alta Equipment Group, Inc. | 9596 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc.\* | 3364 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boise Cascade Co. | 17560 | 1292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custom Truck One Source, Inc.\* | 28184 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution Solutions Group, Inc.<sup>\* †</sup> <br>| 4573 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNOW, Inc.\* | 86807 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DXP Enterprises, Inc.\* | 5966 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVI Industries, Inc. | 2605 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GATX Corp. | 16619 | 2819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Industrial Co. | 6685 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | 15171 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Technologies, Inc.\* | 18397 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Karat Packaging, Inc. | 4253 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McGrath RentCorp | 11293 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NPK International, Inc.\* | 38321 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rush Enterprises, Inc., Class A | 28528 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rush Enterprises, Inc., Class B<sup>†</sup> <br>| 4082 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Machinery, Inc.\* | 9959 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transcat, Inc.\* | 4330 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis Lease Finance Corp. | 1356 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xometry, Inc., Class A\* | 20216 | 1202 |
|  |  | **14379** |
| **Transportation Infrastructure – 0.0%** | **Transportation Infrastructure – 0.0%** | **Transportation Infrastructure – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sky Harbour Group Corp.<sup>\* †</sup> <br>| 10520 | **94** |
| **Water Utilities – 0.3%** | **Water Utilities – 0.3%** | **Water Utilities – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American States Water Co. | 17817 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadiz, Inc.\* | 27110 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Water Service Group | 27516 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Water Co. Ltd. | 7043 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Water Resources, Inc. | 5996 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H2O America | 15741 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middlesex Water Co. | 8397 | 423 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Water Utilities – 0.3%continued** | **Water Utilities – 0.3%continued** | **Water Utilities – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pure Cycle Corp.\* | 9270 | $102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; York Water (The) Co. | 6677 | 213 |
|  |  | **4444** |
| **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gogo, Inc.\* | 36264 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spok Holdings, Inc. | 9521 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telephone and Data Systems, Inc. | 46580 | 1910 |
|  |  | **2204** |
| **Total Common Stocks** |  |  |
| **(Cost $776,094)** |  | **1350491** |
| **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  |
| **Biotechnology – 0.0%** | **Biotechnology – 0.0%** | **Biotechnology – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cartesian Therapeutics, Inc.<sup>(1) \*</sup> <br>| 50322 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chinook Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(1) \*</sup> <br>| 7412 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chinook Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(1) \*</sup> <br>| 26398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inhibrx, Inc. (Contingent Value <br> Rights)<sup>(1) \*</sup> <br>| 15255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oncternal Therapeutics, Inc. <br> (Contingent Value Rights)<sup>(1) (3) \* †</sup> <br>| 398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobira Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(1) (3) \*</sup> <br>| 5175 |  |
|  |  | **100** |
| **Total Rights** |  |  |
| **(Cost $40)** |  | **100** |
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow DLB Oil & Gas, Inc. <sup>(1) \*</sup> <br>| 1200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Petrocorp, Inc. <sup>(1) \*</sup> <br>| 420 |  |
| **Total Other** |  |  |
| **(Cost $—)** |  | **—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF WARRANTS<br>| VALUE<br> (000S)<br>|
| **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pulse Biosciences, Inc., Exp. 6/27/29, <br> Strike $0.00<sup>\* †</sup> <br>| 836 | $1 |
| **Total Warrants** |  |  |
| **(Cost $—)** |  | **1** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQUITY FUNDS **141** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 8.3%**  | **INVESTMENT COMPANIES – 8.3%**  | **INVESTMENT COMPANIES – 8.3%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(4) (5) (6)</sup> <br>| 87280047 | $87280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(4) (5)</sup> <br>| 27882328 | 27882 |
| **Total Investment Companies** |  |  |
| **(Cost $115,162)** |  | **115162** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.2%**  | **SHORT-TERM INVESTMENTS – 0.2%**  | **SHORT-TERM INVESTMENTS – 0.2%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 5/7/26<sup>(7) (8)</sup> <br>| $2359 | **$2330** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $2,329)** | **(Cost $2,329)** | **2330** |
| **Total Investments – 106.1%** | **Total Investments – 106.1%** |  |
| **(Cost $893,625)** | **(Cost $893,625)** | **1468084** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (6.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (6.1%) | (83855)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1384229** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(2)</sup> *Investment in affiliate.*

<sup>(3)</sup> *Restricted security. At December 31, 2025, the value of these restricted* *securities amounted to $0 or 0.0% of net assets. Additional information on* *these restricted securities are as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| &nbsp;&nbsp;&nbsp; Oncternal Therapeutics, Inc. (Contingent <br> Value Rights)<br>| 6/10/19 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Tobira Therapeutics, Inc. (Contingent Value <br> Rights)<br>| 11/2/16 | &nbsp;&nbsp; 40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(4)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(5)</sup> <br>| *7-day current yield as of December 31, 2025 is disclosed.* |
| <sup>(6)</sup> <br>| *Investment of cash collateral received from securities lending activities.* |
| <sup>(7)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(8)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; E-Mini Russell <br> 2000 Index<br>| 260 | $32474 | Long | 3/26 | $(739)<br>|

---

NORTHERN FUNDS QUARTERLY REPORT **142** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SMALL CAP INDEX FUND continued**  | **December 31, 2025 (UNAUDITED)**  |

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup> <br>| &nbsp;&nbsp; $1350491 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1350491 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Investment Companies | &nbsp;&nbsp; 115162 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 115162 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 2330 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2330 |
| Total Investments | &nbsp;&nbsp; $1465653 | &nbsp;&nbsp; $2331 | &nbsp;&nbsp; $100 | &nbsp;&nbsp; $1468084 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $(739)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(739)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **NET CHANGE**<br> **IN UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000S)**<br>| **NET**<br> **REALIZED**<br> **GAINS**<br> **(LOSSES)**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Methode Electronics, Inc. | $109 | $47 | $65 | $25 | $(11)<br>| $4 | $105 | 15765 |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) |  | 393113 | 305833 |  |  | 765 <br><sup>(1)</sup><br>| 87280 | 87280047 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 22924 | 98566 | 93608 |  |  | 527 | 27882 | 27882328 |
| Total | $23033 | $491726 | $399506 | $25 | $(11)<br>| $1296 | $115267 | 115178140 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

EQUITY FUNDS **143** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SMALL CAP VALUE FUND**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.7%**  | **COMMON STOCKS – 97.7%**  | **COMMON STOCKS – 97.7%**  |
| **Automobile Components – 1.3%** | **Automobile Components – 1.3%** | **Automobile Components – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing <br> Holdings, Inc.\*<br>| 490242 | $3142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber (The) Co.\* | 53533 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCI Industries | 6614 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc. | 13497 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Motor Products, Inc. | 64049 | 2360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visteon Corp. | 6057 | 576 |
|  |  | **8196** |
| **Automobiles – 0.1%** | **Automobiles – 0.1%** | **Automobiles – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 23280 | **477** |
| **Banks – 17.1%** | **Banks – 17.1%** | **Banks – 17.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1st Source Corp. | 9605 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACNB Corp. | 13933 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amalgamated Financial Corp. | 23467 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 41160 | 3057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axos Financial, Inc.\* | 75445 | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank First Corp. | 5579 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of NT Butterfield & Son (The) Ltd. | 41529 | 2069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank7 Corp. | 14304 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Corp. | 29054 | 1821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bar Harbor Bankshares | 19368 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Financial Corp. | 23014 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business First Bancshares, Inc. | 23787 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Bank | 138551 | 5936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camden National Corp. | 14370 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cathay General Bancorp | 91685 | 4437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | 35353 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ChoiceOne Financial Services, Inc. | 20537 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNB Financial Corp. | 15288 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colony Bankcorp, Inc. | 35547 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Financial System, Inc. | 53422 | 3069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Trust Bancorp, Inc. | 64590 | 3649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp, Inc.\* | 40240 | 2942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVB Financial Corp. | 97239 | 1809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | 21887 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Bancshares, Inc., Class A | 14568 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmers National Banc Corp. | 43838 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FB Financial Corp. | 12455 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Bancorp | 23156 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First BanCorp | 313876 | 6507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Bank | 38566 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Business Financial Services, Inc. | 13782 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 98253 | 2458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Corp. | 16363 | 989 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Banks – 17.1%continued** | **Banks – 17.1%continued** | **Banks – 17.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 8475 | $214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Merchants Corp. | 30699 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mid Bancshares, Inc. | 16590 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FS Bancorp, Inc. | 14947 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 40271 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 65160 | 4149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | 25520 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBT Financial, Inc. | 25339 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Financial Corp. | 32105 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Bancorp, Inc. | 29227 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 18723 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercantile Bank Corp. | 13388 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metrocity Bankshares, Inc. | 20804 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank Holding Corp. | 10578 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NBT Bancorp, Inc. | 98915 | 4107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | 5216 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Community Bancorp, Inc. | 24516 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northrim BanCorp, Inc. | 31572 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Bancshares, Inc. | 98864 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OFG Bancorp | 58071 | 2380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Second Bancorp, Inc. | 20020 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 15831 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCB Bancorp | 30541 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Bank | 16771 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QCR Holdings, Inc. | 15670 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&T Bancorp, Inc. | 15402 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shore Bancshares, Inc. | 42890 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sierra Bancorp | 54190 | 1771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SmartFinancial, Inc. | 18823 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Missouri Bancorp, Inc. | 11161 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southside Bancshares, Inc. | 19638 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock Yards Bancorp, Inc. | 9289 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 26269 | 2378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriCo Bancshares | 59288 | 2809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustmark Corp. | 30332 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 22436 | 2581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Bancorp, Inc. | 13626 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univest Financial Corp. | 31962 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USCB Financial Holdings, Inc. | 31549 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westamerica BanCorp | 31195 | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 10607 | 586 |
|  |  | **106977** |
| **Biotechnology – 3.6%** | **Biotechnology – 3.6%** | **Biotechnology – 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc.\* | 22635 | 616 |

---

NORTHERN FUNDS QUARTERLY REPORT **144** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP VALUE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Biotechnology – 3.6%continued** | **Biotechnology – 3.6%continued** | **Biotechnology – 3.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akebia Therapeutics, Inc.\* | 219339 | $353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Diamond Therapeutics, Inc.\* | 276845 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRISPR Therapeutics A.G.<sup>\* †</sup> <br>| 16402 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CureVac N.V.\* | 188621 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc.\* | 149623 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GRAIL, Inc.\* | 45028 | 3854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immatics N.V.\* | 139500 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keros Therapeutics, Inc.<sup>\* †</sup> <br>| 38489 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monte Rosa Therapeutics, Inc.<sup>\* †</sup> <br>| 278208 | 4362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myriad Genetics, Inc.\* | 117184 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novavax, Inc.<sup>\* †</sup> <br>| 118499 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nurix Therapeutics, Inc.\* | 11670 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDL BioPharma, Inc.<sup>(1) \*</sup> <br>| 1029654 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puma Biotechnology, Inc.\* | 274417 | 1633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rezolute, Inc.<sup>\* †</sup> <br>| 75179 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tonix Pharmaceuticals Holding Corp.<sup>\* †</sup> <br>| 80050 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veracyte, Inc.\* | 41021 | 1727 |
|  |  | **22658** |
| **Building Products – 0.8%** | **Building Products – 0.8%** | **Building Products – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Woodmark Corp.\* | 3330 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gibraltar Industries, Inc.\* | 10011 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insteel Industries, Inc. | 2699 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc.\* | 43552 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 42494 | 3869 |
|  |  | **5110** |
| **Capital Markets – 0.3%** | **Capital Markets – 0.3%** | **Capital Markets – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hercules Capital, Inc.<sup>†</sup> <br>| 63945 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Investment Partners, Inc. | 3133 | 511 |
|  |  | **1715** |
| **Chemicals – 1.4%** | **Chemicals – 1.4%** | **Chemicals – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdvanSix, Inc. | 1893 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 16483 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecovyst, Inc.\* | 16238 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flotek Industries, Inc.\* | 54686 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H.B. Fuller Co. | 19044 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innospec, Inc. | 24575 | 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koppers Holdings, Inc. | 20604 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perimeter Solutions, Inc.\* | 100511 | 2767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stepan Co. | 10197 | 483 |
|  |  | **8469** |
| **Commercial Services & Supplies – 1.3%** | **Commercial Services & Supplies – 1.3%** | **Commercial Services & Supplies – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc.\* | 26195 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp. | 35267 | 787 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Commercial Services & Supplies – 1.3%continued** | **Commercial Services & Supplies – 1.3%continued** | **Commercial Services & Supplies – 1.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ennis, Inc. | 38193 | $688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Services Group, Inc.\* | 10247 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HNI Corp. | 2945 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interface, Inc. | 28389 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPENLANE, Inc.\* | 24604 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 22376 | 4316 |
|  |  | **8137** |
| **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceragon Networks Ltd.\* | 242388 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearfield, Inc.\* | 17967 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc.\* | 64177 | 2778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmonic, Inc.\* | 61731 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETGEAR, Inc.\* | 25044 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ribbon Communications, Inc.\* | 152183 | 438 |
|  |  | **5474** |
| **Construction & Engineering – 1.8%** | **Construction & Engineering – 1.8%** | **Construction & Engineering – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc. | 54546 | 5799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concrete Pumping Holdings, Inc. | 100317 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fluor Corp.\* | 56990 | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granite Construction, Inc. | 2910 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp.\* | 62507 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp. | 9696 | 1204 |
|  |  | **11090** |
| **Consumer Finance – 1.7%** | **Consumer Finance – 1.7%** | **Consumer Finance – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp.\* | 11405 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | 11953 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navient Corp. | 129088 | 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nelnet, Inc., Class A | 36735 | 4884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc. | 21048 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Management Corp. | 18466 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Acceptance Corp.\* | 10011 | 1405 |
|  |  | **10953** |
| **Consumer Staples Distribution & Retail – 1.1%** | **Consumer Staples Distribution & Retail – 1.1%** | **Consumer Staples Distribution & Retail – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andersons (The), Inc. | 125688 | **6683** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myers Industries, Inc. | 50111 | **938** |
| **Distributors – 0.5%** | **Distributors – 0.5%** | **Distributors – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GigaCloud Technology, Inc., Class A\* | 85598 | **3362** |
| **Diversified Consumer Services – 0.4%** | **Diversified Consumer Services – 0.4%** | **Diversified Consumer Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Public Education, Inc.\* | 23851 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings Co., Class B | 566 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mister Car Wash, Inc.\* | 71807 | 399 |

---

EQUITY FUNDS **145** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Diversified Consumer Services – 0.4%continued** | **Diversified Consumer Services – 0.4%continued** | **Diversified Consumer Services – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 9116 | $267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strategic Education, Inc. | 6513 | 522 |
|  |  | **2712** |
| **Diversified Real Estate Investment Trusts – 1.3%** | **Diversified Real Estate Investment Trusts – 1.3%** | **Diversified Real Estate Investment Trusts – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. | 31254 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust, Inc. | 74082 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc. | 77409 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. | 92060 | 1599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 130881 | 3882 |
|  |  | **8041** |
| **Diversified Telecommunication Services – 0.4%** | **Diversified Telecommunication Services – 0.4%** | **Diversified Telecommunication Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bandwidth, Inc., Class A\* | 5807 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDT Corp., Class B | 4890 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniti Group, Inc.\* | 336138 | 2356 |
|  |  | **2697** |
| **Electric Utilities – 1.7%** | **Electric Utilities – 1.7%** | **Electric Utilities – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corp. | 32712 | 2643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 84842 | 4072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc. (New York Stock <br> Exchange)<br>| 63146 | 3718 |
|  |  | **10433** |
| **Electrical Equipment – 3.2%** | **Electrical Equipment – 3.2%** | **Electrical Equipment – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allient, Inc. | 26221 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc. | 40905 | 2587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EnerSys | 39824 | 5844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nextpower, Inc., Class A\* | 30410 | 2649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Solutions International, Inc.\* | 8816 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preformed Line Products Co. | 5343 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 80667 | 2685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A\*<br>| 259446 | 2205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermon Group Holdings, Inc.\* | 20627 | 767 |
|  |  | **19755** |
| **Electronic Equipment, Instruments & Components – 3.1%** | **Electronic Equipment, Instruments & Components – 3.1%** | **Electronic Equipment, Instruments & Components – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bel Fuse, Inc., Class B | 1458 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Electronics, Inc. | 4951 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ePlus, Inc. | 8169 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Itron, Inc.\* | 8026 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimball Electronics, Inc.\* | 20090 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PC Connection, Inc. | 73966 | 4272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp.\* | 64973 | 9751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ScanSource, Inc.\* | 3491 | 136 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Electronic Equipment, Instruments & Components – 3.1%continued** | **Electronic Equipment, Instruments & Components – 3.1%continued** | **Electronic Equipment, Instruments & Components – 3.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc.\* | 30925 | $2134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vishay Precision Group, Inc.\* | 21141 | 814 |
|  |  | **19587** |
| **Energy Equipment & Services – 1.9%** | **Energy Equipment & Services – 1.9%** | **Energy Equipment & Services – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc.<sup>†</sup> <br>| 33882 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expro Group Holdings N.V.\* | 184521 | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 71045 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovex International, Inc.\* | 33419 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Energy, Inc. | 45539 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Corp. PLC | 53797 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TETRA Technologies, Inc.\* | 149366 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc.\* | 19323 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valaris Ltd.\* | 61305 | 3090 |
|  |  | **11784** |
| **Entertainment – 0.1%** | **Entertainment – 0.1%** | **Entertainment – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcus (The) Corp. | 39557 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reservoir Media, Inc.<sup>\* †</sup> <br>| 9006 | 68 |
|  |  | **682** |
| **Financial Services – 2.1%** | **Financial Services – 2.1%** | **Financial Services – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burford Capital Ltd. | 49698 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enact Holdings, Inc. | 5956 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essent Group Ltd. | 51891 | 3373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merchants Bancorp | 35373 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagseguro Digital Ltd., Class A | 219780 | 2119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radian Group, Inc. | 158255 | 5696 |
|  |  | **13072** |
| **Food Products – 0.4%** | **Food Products – 0.4%** | **Food Products – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adecoagro S.A. | 12223 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc.\* | 9840 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seneca Foods Corp., Class A\* | 6028 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Village Farms International, Inc.<sup>\* †</sup> <br>| 384329 | 1403 |
|  |  | **2281** |
| **Gas Utilities – 1.8%** | **Gas Utilities – 1.8%** | **Gas Utilities – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 31905 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 70441 | 3249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 33060 | 1545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 15777 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 54255 | 4487 |
|  |  | **11166** |

---

NORTHERN FUNDS QUARTERLY REPORT **146** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP VALUE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Ground Transportation – 0.6%** | **Ground Transportation – 0.6%** | **Ground Transportation – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArcBest Corp. | 52627 | $3905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Logistics Holdings, Inc.<sup>†</sup> <br>| 5403 | 82 |
|  |  | **3987** |
| **Health Care Equipment & Supplies – 1.0%** | **Health Care Equipment & Supplies – 1.0%** | **Health Care Equipment & Supplies – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc.\* | 14889 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avanos Medical, Inc.\* | 13286 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 7990 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 12124 | 1730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inmode Ltd.\* | 11742 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integer Holdings Corp.\* | 5904 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp.\* | 74085 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LivaNova PLC\* | 14293 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outset Medical, Inc.<sup>\* †</sup> <br>| 83759 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\* | 19558 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varex Imaging Corp.\* | 50160 | 584 |
|  |  | **6542** |
| **Health Care Providers & Services – 1.3%** | **Health Care Providers & Services – 1.3%** | **Health Care Providers & Services – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth Corp.\* | 138307 | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Addus HomeCare Corp.\* | 2221 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aveanna Healthcare Holdings, Inc.\* | 72852 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle Biosciences, Inc.\* | 7732 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 29323 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross Country Healthcare, Inc.\* | 28015 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovage Holding Corp.\* | 98068 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National HealthCare Corp. | 5741 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NeoGenomics, Inc.\* | 110808 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Medical Holdings Corp. | 109066 | 1620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surgery Partners, Inc.\* | 33310 | 515 |
|  |  | **8049** |
| **Health Care Real Estate Investment Trusts – 1.6%** | **Health Care Real Estate Investment Trusts – 1.6%** | **Health Care Real Estate Investment Trusts – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 94356 | 3412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 50895 | 3887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 118551 | 2245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sila Realty Trust, Inc. | 23886 | 557 |
|  |  | **10101** |
| **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certara, Inc.\* | 54772 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Definitive Healthcare Corp.\* | 142315 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolent Health, Inc., Class A\* | 53143 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthStream, Inc. | 4201 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teladoc Health, Inc.\* | 131398 | 920 |
|  |  | **2120** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Hotel & Resort Real Estate Investment Trusts – 1.1%** | **Hotel & Resort Real Estate Investment Trusts – 1.1%** | **Hotel & Resort Real Estate Investment Trusts – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. | 108165 | $1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 244886 | 2194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust | 89482 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 266343 | 2381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 44714 | 632 |
|  |  | **7156** |
| **Hotels, Restaurants & Leisure – 1.1%** | **Hotels, Restaurants & Leisure – 1.1%** | **Hotels, Restaurants & Leisure – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BJ's Restaurants, Inc.\* | 3226 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brightstar Lottery PLC | 102058 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc.<sup>†</sup> <br>| 14020 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden Entertainment, Inc. | 18916 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc.\* | 21617 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 28196 | 1627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portillo's, Inc., Class A\* | 47239 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, Inc.\* | 16302 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCI Hospitality Holdings, Inc.<sup>†</sup> <br>| 12987 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Rock Resorts, Inc., Class A | 18727 | 1160 |
|  |  | **7012** |
| **Household Durables – 3.9%** | **Household Durables – 3.9%** | **Household Durables – 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ethan Allen Interiors, Inc. | 82483 | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Brick Partners, Inc.\* | 18662 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hovnanian Enterprises, Inc., Class A\* | 8342 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Home | 89784 | 5065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 5938 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc.\* | 24483 | 3132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 36594 | 2408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp.\* | 138742 | 8168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc.\* | 57321 | 1804 |
|  |  | **24665** |
| **Industrial Real Estate Investment Trusts – 1.2%** | **Industrial Real Estate Investment Trusts – 1.2%** | **Industrial Real Estate Investment Trusts – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 25164 | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Liberty Properties, Inc. | 68679 | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | 55751 | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 61191 | 3593 |
|  |  | **7454** |
| **Insurance – 3.4%** | **Insurance – 3.4%** | **Insurance – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 9742 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 184209 | 7823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employers Holdings, Inc. | 116133 | 5013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. | 31919 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Inc.\* | 301174 | 2720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Insurance Holdings, Inc.\* | 34295 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | 23615 | 957 |

---

EQUITY FUNDS **147** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Insurance – 3.4%continued** | **Insurance – 3.4%continued** | **Insurance – 3.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury General Corp. | 9734 | $916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stewart Information Services Corp. | 17633 | 1239 |
|  |  | **21288** |
| **Interactive Media & Services – 1.0%** | **Interactive Media & Services – 1.0%** | **Interactive Media & Services – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angi, Inc.\* | 145532 | 1882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cars.com, Inc.\* | 103496 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taboola.com Ltd.\* | 155731 | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc.\* | 42265 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis, Inc.\* | 31404 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc.\* | 55936 | 569 |
|  |  | **6150** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASGN, Inc.\* | 22928 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DXC Technology Co.\* | 38551 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grid Dynamics Holdings, Inc.\* | 10618 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hackett Group (The), Inc. | 3834 | 75 |
|  |  | **1840** |
| **Leisure Products – 0.2%** | **Leisure Products – 0.2%** | **Leisure Products – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | 11176 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JAKKS Pacific, Inc. | 25079 | 423 |
|  |  | **1253** |
| **Life Sciences Tools & Services – 0.3%** | **Life Sciences Tools & Services – 0.3%** | **Life Sciences Tools & Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbCellera Biologics, Inc.<sup>\* †</sup> <br>| 126700 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CryoPort, Inc.\* | 60411 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omniab, Inc.<sup>(1) \*</sup> <br>| 6939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omniab, Inc. (NASDAQ Exchange)<sup>(1) \*</sup> <br>| 6939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quantum-Si, Inc.<sup>\* †</sup> <br>| 879016 | 967 |
|  |  | **1980** |
| **Machinery – 1.8%** | **Machinery – 1.8%** | **Machinery – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astec Industries, Inc. | 14096 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enpro, Inc. | 4834 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenbrier (The) Cos., Inc. | 11373 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helios Technologies, Inc. | 19332 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennametal, Inc. | 27014 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miller Industries, Inc. | 1592 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proto Labs, Inc.\* | 14412 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standex International Corp. | 18551 | 4031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terex Corp. | 26312 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc. | 21655 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worthington Enterprises, Inc. | 10245 | 528 |
|  |  | **11304** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Marine Transportation – 0.7%** | **Marine Transportation – 0.7%** | **Marine Transportation – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matson, Inc. | 32098 | $3966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safe Bulkers, Inc. | 74021 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Bulk Carriers Corp. | 6845 | 131 |
|  |  | **4454** |
| **Media – 2.1%** | **Media – 2.1%** | **Media – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp., Class A\* | 20846 | 2266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Media, Inc. | 220524 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ibotta, Inc., Class A\* | 23519 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexxen International Ltd.<sup>\* †</sup> <br>| 64462 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sinclair, Inc. | 36344 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stagwell, Inc.\* | 113747 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc. | 363737 | 7060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S.A. TODAY Co., Inc.\* | 148852 | 767 |
|  |  | **13229** |
| **Metals & Mining – 3.8%** | **Metals & Mining – 3.8%** | **Metals & Mining – 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc.\* | 246190 | 4390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co. | 132477 | 9170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellium S.E.\* | 40102 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Co. | 424307 | 8143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 2206 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 68609 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worthington Steel, Inc. | 22824 | 790 |
|  |  | **23996** |
| **Mortgage Real Estate Investment Trusts – 0.9%** | **Mortgage Real Estate Investment Trusts – 0.9%** | **Mortgage Real Estate Investment Trusts – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arbor Realty Trust, Inc.<sup>†</sup> <br>| 182523 | 1416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynex Capital, Inc. | 103284 | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ellington Financial, Inc. | 93848 | 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Corp. | 108600 | 1194 |
|  |  | **5331** |
| **Multi-Utilities – 1.6%** | **Multi-Utilities – 1.6%** | **Multi-Utilities – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 58409 | 4055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 61821 | 3990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unitil Corp. | 40262 | 1950 |
|  |  | **9995** |
| **Office Real Estate Investment Trusts – 0.7%** | **Office Real Estate Investment Trusts – 0.7%** | **Office Real Estate Investment Trusts – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. | 50130 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc., Class A | 199371 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 14670 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBG SMITH Properties<sup>†</sup> <br>| 25799 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 30950 | 1419 |
|  |  | **4088** |

---

NORTHERN FUNDS QUARTERLY REPORT **148** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP VALUE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Oil, Gas & Consumable Fuels – 4.4%** | **Oil, Gas & Consumable Fuels – 4.4%** | **Oil, Gas & Consumable Fuels – 4.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp. | 70766 | $3164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrus Energy Corp., Class A<sup>\* †</sup> <br>| 5185 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 32097 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp.\* | 143451 | 5275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Natural Resources, Inc. | 14528 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DHT Holdings, Inc. | 329185 | 4019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dorian LPG Ltd. | 19323 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HighPeak Energy, Inc.<sup>†</sup> <br>| 118079 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordic American Tankers Ltd. | 14350 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. | 48924 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REX American Resources Corp.\* | 38235 | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riley Exploration Permian, Inc. | 36182 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SandRidge Energy, Inc. | 50680 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. | 40252 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SFL Corp. Ltd. | 63446 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 58330 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teekay Tankers Ltd., Class A | 44531 | 2379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Kinect Corp. | 20401 | 478 |
|  |  | **27413** |
| **Passenger Airlines – 0.5%** | **Passenger Airlines – 0.5%** | **Passenger Airlines – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 14999 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, Inc.\* | 129999 | 1871 |
|  |  | **3377** |
| **Personal Care Products – 0.0%** | **Personal Care Products – 0.0%** | **Personal Care Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USANA Health Sciences, Inc.\* | 10715 | **210** |
| **Pharmaceuticals – 2.3%** | **Pharmaceuticals – 2.3%** | **Pharmaceuticals – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals, Inc.\* | 102971 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc.\* | 3921 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amylyx Pharmaceuticals, Inc.\* | 152617 | 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulcrum Therapeutics, Inc.\* | 151151 | 1709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\* | 13211 | 2498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc.\* | 43801 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 49412 | 3048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 46113 | 2292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Theravance Biopharma, Inc.\* | 9279 | 174 |
|  |  | **14101** |
| **Professional Services – 0.9%** | **Professional Services – 0.9%** | **Professional Services – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 10930 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry | 42804 | 2826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mistras Group, Inc.\* | 53568 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willdan Group, Inc.\* | 13267 | 1375 |
|  |  | **5333** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Real Estate Management & Development – 1.0%** | **Real Estate Management & Development – 1.0%** | **Real Estate Management & Development – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield Ltd.\* | 236991 | $3837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.\* | 7590 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmark Group, Inc., Class A | 111586 | 1935 |
|  |  | **6377** |
| **Retail Real Estate Investment Trusts – 1.4%** | **Retail Real Estate Investment Trusts – 1.4%** | **Retail Real Estate Investment Trusts – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust | 28821 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp. | 46079 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InvenTrust Properties Corp. | 19684 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 27715 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips Edison & Co., Inc. | 57071 | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tanger, Inc. | 37479 | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties | 93278 | 1790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitestone REIT | 47847 | 665 |
|  |  | **8808** |
| **Semiconductors & Semiconductor Equipment – 3.2%** | **Semiconductors & Semiconductor Equipment – 3.2%** | **Semiconductors & Semiconductor Equipment – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACM Research, Inc., Class A\* | 49904 | 1969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc.\* | 50740 | 4076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diodes, Inc.\* | 34451 | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Photronics, Inc.\* | 203347 | 6507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 36163 | 2677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veeco Instruments, Inc.\* | 113631 | 3247 |
|  |  | **20176** |
| **Software – 1.0%** | **Software – 1.0%** | **Software – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Box, Inc., Class A\* | 15978 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daily Journal Corp.<sup>\* †</sup> <br>| 1408 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I3 Verticals, Inc., Class A\* | 38405 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc.\* | 21548 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitek Systems, Inc.\* | 68414 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N-able, Inc.\* | 146401 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneSpan, Inc. | 40469 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Porch Group, Inc.\* | 93947 | 858 |
|  |  | **5959** |
| **Specialized Real Estate Investment Trusts – 0.2%** | **Specialized Real Estate Investment Trusts – 0.2%** | **Specialized Real Estate Investment Trusts – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 10971 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmland Partners, Inc. | 26828 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 14268 | 568 |
|  |  | **1375** |
| **Specialty Retail – 2.3%** | **Specialty Retail – 2.3%** | **Specialty Retail – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 13665 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. | 76810 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.\* | 2857 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 1439 | 566 |

---

EQUITY FUNDS **149** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Specialty Retail – 2.3%continued** | **Specialty Retail – 2.3%continued** | **Specialty Retail – 2.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lands' End, Inc.\* | 21841 | $317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.\* | 23962 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc.\* | 14555 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoe Carnival, Inc. | 75700 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 19665 | 1630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc., Class A | 55174 | 3413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.\* | 12877 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co.<sup>\* †</sup> <br>| 36026 | 1951 |
|  |  | **14323** |
| **Technology Hardware, Storage & Peripherals – 0.6%** | **Technology Hardware, Storage & Peripherals – 0.6%** | **Technology Hardware, Storage & Peripherals – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corsair Gaming, Inc.\* | 85144 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc.\* | 40635 | 2758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turtle Beach Corp.\* | 40969 | 575 |
|  |  | **3839** |
| **Textiles, Apparel & Luxury Goods – 0.4%** | **Textiles, Apparel & Luxury Goods – 0.4%** | **Textiles, Apparel & Luxury Goods – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd. | 6345 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PVH Corp. | 19536 | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocky Brands, Inc. | 37066 | 1087 |
|  |  | **2580** |
| **Trading Companies & Distributors – 2.1%** | **Trading Companies & Distributors – 2.1%** | **Trading Companies & Distributors – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boise Cascade Co. | 12279 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNOW, Inc.\* | 39686 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GATX Corp. | 32961 | 5590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Technologies, Inc.\* | 94813 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NPK International, Inc.\* | 191064 | 2278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rush Enterprises, Inc., Class A | 50949 | 2748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis Lease Finance Corp. | 3534 | 479 |
|  |  | **13174** |
| **Water Utilities – 0.1%** | **Water Utilities – 0.1%** | **Water Utilities – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artesian Resources Corp., Class A | 16097 | **509** |
| **Total Common Stocks** |  |  |
| **(Cost $402,154)** |  | **611997** |
| **MASTER LIMITED PARTNERSHIPS – 0.1%**  | **MASTER LIMITED PARTNERSHIPS – 0.1%**  | **MASTER LIMITED PARTNERSHIPS – 0.1%**  |
| **Oil, Gas & Consumable Fuels – 0.1%** | **Oil, Gas & Consumable Fuels – 0.1%** | **Oil, Gas & Consumable Fuels – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Midstream Partners L.P. | 8110 | **321** |
| **Total Master Limited Partnerships** |  |  |
| **(Cost $303)** |  | **321** |
| **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  |
| **Biotechnology – 0.0%** | **Biotechnology – 0.0%** | **Biotechnology – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chinook Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(1) \*</sup> <br>| 89437 | **—** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **RIGHTS - 0.0%continued**  | **RIGHTS - 0.0%continued**  | **RIGHTS - 0.0%continued**  |
| **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (Contingent Value <br> Rights)<sup>(1) \*</sup> <br>| 28202 | **$—** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **—** |
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow DLB Oil & Gas, Inc. <sup>(1) \*</sup> <br>| 2100 |  |
| **Total Other** |  |  |
| **(Cost $—)** |  | **—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF WARRANTS<br>| VALUE<br> (000S)<br>|
| **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd., Exp. 6/11/26, <br> Strike $166.67\*<br>| 6861 | $1 |
| **Total Warrants** |  |  |
| **(Cost $—)** |  | **1** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 4.1%**  | **INVESTMENT COMPANIES – 4.1%**  | **INVESTMENT COMPANIES – 4.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(2) (3) (4)</sup> <br>| 12382369 | $12382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(2) (3)</sup> <br>| 13597993 | 13598 |
| **Total Investment Companies** |  |  |
| **(Cost $25,980)** |  | **25980** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.2%**  | **SHORT-TERM INVESTMENTS – 0.2%**  | **SHORT-TERM INVESTMENTS – 0.2%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 5/7/26<sup>(5) (6)</sup> <br>| $1142 | **$1128** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $1,127)** | **(Cost $1,127)** | **1128** |
| **Total Investments – 102.1%** | **Total Investments – 102.1%** |  |
| **(Cost $429,564)** | **(Cost $429,564)** | **639427** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (2.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (2.1%) | (13306)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$626121** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(2)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(3)</sup> *7-day current yield as of December 31, 2025 is disclosed.*

NORTHERN FUNDS QUARTERLY REPORT **150** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SMALL CAP VALUE FUND continued**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(4)</sup> <br>| *Investment of cash collateral received from securities lending activities.* |
| <sup>(5)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(6)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; E-Mini Russell <br> 2000 Index<br>| 91 | $11366 | Long | 3/26 | $(226)<br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br>| 7 | 2412 | Long | 3/26 | 13 |
| Total |  |  |  |  | $(213)<br>|

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp; $22195 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $463 | &nbsp;&nbsp; $22658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; 589339 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 589339 |
| Total Common Stocks | &nbsp;&nbsp; 611534 | &nbsp;&nbsp; — | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 611997 |
| Master Limited Partnerships | &nbsp;&nbsp; 321 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 321 |
| Warrants | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Investment Companies | &nbsp;&nbsp; 25980 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25980 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1128 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1128 |
| Total Investments | &nbsp;&nbsp; $637836 | &nbsp;&nbsp; $1128 | &nbsp;&nbsp; $463 | &nbsp;&nbsp; $639427 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $13 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; (226)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (226)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(213)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(213)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $119318 | $106936 | $285 <br><sup>(1)</sup><br>| $12382 | 12382369 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 14658 | 184293 | 185353 | 638 | 13598 | 13597993 |
| Total | $14658 | $303611 | $292289 | $923 | $25980 | 25980362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

EQUITY FUNDS **151** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **STOCK INDEX FUND**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.4%**  | **COMMON STOCKS – 98.4%**  | **COMMON STOCKS – 98.4%**  |
| **Aerospace & Defense – 2.2%** | **Aerospace & Defense – 2.2%** | **Aerospace & Defense – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 22841 | $12972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boeing (The) Co.\* | 228136 | 49533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 74153 | 24964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 310096 | 95519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 119683 | 24537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 11209 | 3812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 55696 | 16351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 60479 | 29252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 40006 | 22812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 394732 | 72394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 49797 | 4341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 16147 | 21473 |
|  |  | **377960** |
| **Air Freight & Logistics – 0.3%** | **Air Freight & Logistics – 0.3%** | **Air Freight & Logistics – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 34188 | 5496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, <br> Inc.<br>| 42051 | 6266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 65028 | 18784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 220496 | 21871 |
|  |  | **52417** |
| **Automobile Components – 0.0%** | **Automobile Components – 0.0%** | **Automobile Components – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 63354 | **4821** |
| **Automobiles – 2.3%** | **Automobiles – 2.3%** | **Automobiles – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 1114196 | 14618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 278182 | 22622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 821418 | 369408 |
|  |  | **406648** |
| **Banks – 3.6%** | **Banks – 3.6%** | **Banks – 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 1973751 | 108556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 527427 | 61546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 127445 | 7444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 202359 | 9472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 435981 | 7564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 797972 | 257123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 292489 | 6037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 47056 | 9481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.<br>| 116781 | 24376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 265651 | 7199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 382895 | 18842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 462823 | 24696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 923210 | 86043 |
|  |  | **628379** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Beverages – 1.0%** | **Beverages – 1.0%** | **Beverages – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B<sup>†</sup> <br>| 37564 | $979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola (The) Co. | 1128811 | 78915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 40929 | 5646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 384395 | 10767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | 41573 | 1941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 207132 | 15881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 397228 | 57010 |
|  |  | **171139** |
| **Biotechnology – 1.7%** | **Biotechnology – 1.7%** | **Biotechnology – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 519096 | 118608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 156278 | 51151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 45407 | 7991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 366641 | 45002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 48393 | 4780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 115960 | 3420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 28960 | 22353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 73313 | 33237 |
|  |  | **286542** |
| **Broadline Retail – 3.8%** | **Broadline Retail – 3.8%** | **Broadline Retail – 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 2844864 | 656651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 137471 | 11974 |
|  |  | **668625** |
| **Building Products – 0.4%** | **Building Products – 0.4%** | **Building Products – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corp. | 27470 | 1837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC | 25913 | 4126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 28243 | 2906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 228209 | 12059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 182413 | 21844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc.<sup>†</sup> <br>| 9534 | 4629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 54320 | 3447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC<sup>†</sup> <br>| 65961 | 25672 |
|  |  | **76520** |
| **Capital Markets – 3.4%** | **Capital Markets – 3.4%** | **Capital Markets – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc.<sup>†</sup> <br>| 28060 | 13759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 57823 | 9346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon (The) Corp. | 207782 | 24121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 42598 | 45594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 215086 | 33153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 31046 | 7793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab (The) Corp. | 493217 | 49277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 105873 | 28912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Class A\* | 65087 | 14719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc.<sup>†</sup> <br>| 9511 | 2760 |

---

NORTHERN FUNDS QUARTERLY REPORT **152** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**STOCK INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Capital Markets – 3.4%continued** | **Capital Markets – 3.4%continued** | **Capital Markets – 3.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 72404 | $1730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group (The), Inc. | 88253 | 77574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 128239 | 8247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 165091 | 26738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 126463 | 3322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 199408 | 25421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 45737 | 23365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 355872 | 63178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. | 22759 | 13058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc.<sup>(1)</sup> <br>| 127345 | 12369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp.<sup>(1)</sup> <br>| 58149 | 7943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 53972 | 8667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc., Class A\* | 226557 | 25624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 91566 | 47851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 84435 | 10893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | 63508 | 6502 |
|  |  | **591916** |
| **Chemicals – 0.9%** | **Chemicals – 0.9%** | **Chemicals – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | 63374 | 15655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp. | 37683 | 5330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 44030 | 3405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 202729 | 13589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 189399 | 4428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 118244 | 4753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 74473 | 19551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 81519 | 5494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 135642 | 57836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V., Class A | 65471 | 2835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mosaic (The) Co. | 74780 | 1801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 61571 | 6309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams (The) Co. | 66198 | 21450 |
|  |  | **162436** |
| **Commercial Services & Supplies – 0.4%** | **Commercial Services & Supplies – 0.4%** | **Commercial Services & Supplies – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 100832 | 18963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.\* | 249715 | 9776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 60023 | 12721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 85915 | 5157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 68385 | 6823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 106521 | 23404 |
|  |  | **76844** |
| **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 303503 | 39768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 1158667 | 89252 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Communications Equipment – 0.9%continued** | **Communications Equipment – 0.9%continued** | **Communications Equipment – 0.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 17133 | $4374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 48373 | 18542 |
|  |  | **151936** |
| **Construction & Engineering – 0.2%** | **Construction & Engineering – 0.2%** | **Construction & Engineering – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems U.S.A., Inc. | 9860 | 9202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 12420 | 7599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 43644 | 18420 |
|  |  | **35221** |
| **Construction Materials – 0.3%** | **Construction Materials – 0.3%** | **Construction Materials – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 192798 | 24061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 17641 | 10984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 38677 | 11032 |
|  |  | **46077** |
| **Consumer Finance – 0.7%** | **Consumer Finance – 0.7%** | **Consumer Finance – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 158349 | 58581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 187795 | 45514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 110492 | 9219 |
|  |  | **113314** |
| **Consumer Staples Distribution & Retail – 1.8%** | **Consumer Staples Distribution & Retail – 1.8%** | **Consumer Staples Distribution & Retail – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 129196 | 111411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 65938 | 8755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 57212 | 7038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kroger (The) Co. | 182816 | 11422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 140046 | 10320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 128624 | 12573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 1280048 | 142610 |
|  |  | **304129** |
| **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC | 726553 | 6059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 24939 | 4536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 86628 | 4589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 143522 | 5653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 24068 | 4964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | 141666 | 5478 |
|  |  | **31279** |
| **Distributors – 0.0%** | **Distributors – 0.0%** | **Distributors – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 40335 | 4959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 7798 | 1784 |
|  |  | **6743** |

---

EQUITY FUNDS **153** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Diversified Telecommunication Services – 0.6%** | **Diversified Telecommunication Services – 0.6%** | **Diversified Telecommunication Services – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 2070249 | $51425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 1223447 | 49831 |
|  |  | **101256** |
| **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 79608 | 5175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 157641 | 18178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 92401 | 32643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 227684 | 26687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edison International | 115465 | 6930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 131840 | 12186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 68390 | 4958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 110582 | 7445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 285939 | 12464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 161786 | 7243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 604220 | 48507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 58529 | 9320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 645457 | 10372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 30189 | 2678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 218877 | 7665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern (The) Co. | 322717 | 28141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 169926 | 12551 |
|  |  | **253143** |
| **Electrical Equipment – 0.8%** | **Electrical Equipment – 0.8%** | **Electrical Equipment – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 68210 | 14004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 114946 | 36612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 166621 | 22114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 80016 | 52296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 14439 | 1969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 15926 | 7073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 33467 | 13021 |
|  |  | **147089** |
| **Electronic Equipment, Instruments & Components – 0.7%** | **Electronic Equipment, Instruments & Components – 0.7%** | **Electronic Equipment, Instruments & Components – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 357616 | 48328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 36224 | 4934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 228128 | 19975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 32011 | 7299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 52364 | 10640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity PLC | 87961 | 20012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 13821 | 7059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A\* | 13453 | 3266 |
|  |  | **121513** |
| **Energy Equipment & Services – 0.2%** | **Energy Equipment & Services – 0.2%** | **Energy Equipment & Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 291709 | 13285 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Energy Equipment & Services – 0.2%continued** | **Energy Equipment & Services – 0.2%continued** | **Energy Equipment & Services – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 251886 | $7118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd. | 448466 | 17212 |
|  |  | **37615** |
| **Entertainment – 1.3%** | **Entertainment – 1.3%** | **Entertainment – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 67766 | 13847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 46513 | 6628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 1236870 | 115969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 50132 | 12835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 19868 | 4152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walt Disney (The) Co. | 526241 | 59870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warner Bros. Discovery, Inc.\* | 724030 | 20867 |
|  |  | **234168** |
| **Financial Services – 3.8%** | **Financial Services – 3.8%** | **Financial Services – 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 132995 | 19252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B\* | 535770 | 269305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Block, Inc.\* | 153686 | 10003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 21832 | 6570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 145166 | 9648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 151120 | 10151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 64152 | 4965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 18981 | 3464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 239611 | 136789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 280729 | 16389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 495089 | 173633 |
|  |  | **660169** |
| **Food Products – 0.4%** | **Food Products – 0.4%** | **Food Products – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 133771 | 7690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bunge Global S.A. | 35005 | 3118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Campbell's (The) Co.<sup>†</sup> <br>| 42689 | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 163924 | 2837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 153176 | 7123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hershey (The) Co. | 43036 | 7832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 103254 | 2447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker (The) Co. | 26960 | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz (The) Co. | 266601 | 6465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 33677 | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. (Non Voting) | 80328 | 5471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 385472 | 20750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | 75530 | 4428 |
|  |  | **73399** |
| **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 47064 | **7889** |

---

NORTHERN FUNDS QUARTERLY REPORT **154** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**STOCK INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Ground Transportation – 0.8%** | **Ground Transportation – 0.8%** | **Ground Transportation – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 556466 | $20172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 19824 | 3853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 67108 | 19375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 56553 | 8867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 613292 | 50112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 171779 | 39736 |
|  |  | **142115** |
| **Health Care Equipment & Supplies – 2.0%** | **Health Care Equipment & Supplies – 2.0%** | **Health Care Equipment & Supplies – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 509016 | 63775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 22134 | 3456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc.<sup>†</sup> <br>| 128135 | 2449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 83511 | 16207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 429244 | 40928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooper (The) Cos., Inc.\* | 63419 | 5198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 107733 | 7150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 170161 | 14506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 130815 | 10730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 61335 | 4569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 23993 | 16232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 19115 | 5433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 103796 | 58786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 379683 | 36472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 43469 | 10470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp.\* | 48413 | 3836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 30400 | 7707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 100625 | 35367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 53323 | 4795 |
|  |  | **348066** |
| **Health Care Providers & Services – 1.6%** | **Health Care Providers & Services – 1.6%** | **Health Care Providers & Services – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 70890 | 14568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 55492 | 18742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 147542 | 6071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 76698 | 21110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 374716 | 29738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 11441 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 63828 | 22375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 47648 | 22245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 28345 | 2142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 33551 | 8593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc.<sup>†</sup> <br>| 24744 | 6208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 36643 | 30058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 12401 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 32953 | 5718 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Health Care Providers & Services – 1.6%continued** | **Health Care Providers & Services – 1.6%continued** | **Health Care Providers & Services – 1.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 266350 | $87925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | 14820 | 3231 |
|  |  | **282176** |
| **Health Care Real Estate Investment Trusts – 0.3%** | **Health Care Real Estate Investment Trusts – 0.3%** | **Health Care Real Estate Investment Trusts – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 36475 | 1785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 177405 | 2853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 133473 | 10328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 198612 | 36864 |
|  |  | **51830** |
| **Hotel & Resort Real Estate Investment Trusts – 0.0%** | **Hotel & Resort Real Estate Investment Trusts – 0.0%** | **Hotel & Resort Real Estate Investment Trusts – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 208110 | **3690** |
| **Hotels, Restaurants & Leisure – 1.8%** | **Hotels, Restaurants & Leisure – 1.8%** | **Hotels, Restaurants & Leisure – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A\* | 121238 | 16454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 9511 | 50935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\* | 325990 | 9956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 398854 | 14758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 33737 | 6208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 8411 | 3506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A\* | 107532 | 24354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 35731 | 10123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 69504 | 19965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 82725 | 5385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 66567 | 20652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 209751 | 64106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International\* | 51654 | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd.\* | 113506 | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 73551 | 20515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 330311 | 27815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 24834 | 2988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 84063 | 12717 |
|  |  | **314855** |
| **Household Durables – 0.2%** | **Household Durables – 0.2%** | **Household Durables – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 78492 | 11305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 45805 | 9291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 63334 | 6511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 887 | 6469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 60356 | 7077 |
|  |  | **40653** |
| **Household Products – 0.8%** | **Household Products – 0.8%** | **Household Products – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 67147 | 5630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clorox (The) Co. | 31441 | 3170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 230514 | 18215 |

---

EQUITY FUNDS **155** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Household Products – 0.8%continued** | **Household Products – 0.8%continued** | **Household Products – 0.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 92971 | $9380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble (The) Co. | 680883 | 97578 |
|  |  | **133973** |
| **Independent Power & Renewable Electricity Producers – 0.1%** | **Independent Power & Renewable Electricity Producers – 0.1%** | **Independent Power & Renewable Electricity Producers – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AES (The) Corp. | 207483 | 2975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 95592 | 15422 |
|  |  | **18397** |
| **Industrial Conglomerates – 0.4%** | **Industrial Conglomerates – 0.4%** | **Industrial Conglomerates – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 158057 | 25305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 187932 | 36664 |
|  |  | **61969** |
| **Industrial Real Estate Investment Trusts – 0.2%** | **Industrial Real Estate Investment Trusts – 0.2%** | **Industrial Real Estate Investment Trusts – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 269925 | **34459** |
| **Insurance – 1.8%** | **Insurance – 1.8%** | **Insurance – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 141915 | 15649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allstate (The) Corp. | 77253 | 16080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 162922 | 13938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aon PLC, Class A | 63605 | 22445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.\* | 107994 | 10359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 73464 | 19012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc.<sup>†</sup> <br>| 15319 | 3690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 80678 | 6430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 108470 | 33856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 46387 | 7576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Erie Indemnity Co., Class A<sup>†</sup> <br>| 8911 | 2554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everest Group Ltd. | 10987 | 3728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc.<sup>†</sup> <br>| 25074 | 3507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group (The), Inc. | 84334 | 11621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 52536 | 5533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 141095 | 26176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 167126 | 13193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 53798 | 4745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progressive (The) Corp. | 169768 | 38660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 98794 | 11152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travelers (The) Cos., Inc. | 66742 | 19359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W R Berkley Corp. | 89081 | 6246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC<sup>†</sup> <br>| 29307 | 9630 |
|  |  | **305139** |
| **Interactive Media & Services – 8.0%** | **Interactive Media & Services – 8.0%** | **Interactive Media & Services – 8.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 1703930 | 533330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 1362134 | 427438 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Interactive Media & Services – 8.0%continued** | **Interactive Media & Services – 8.0%continued** | **Interactive Media & Services – 8.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. | 55900 | $1805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 636678 | 420265 |
|  |  | **1382838** |
| **IT Services – 0.9%** | **IT Services – 0.9%** | **IT Services – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 179913 | 48271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 46926 | 4094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 140457 | 11658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 17365 | 3558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 19578 | 4939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A\* | 36141 | 4484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 272134 | 80609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. | 24131 | 5863 |
|  |  | **163476** |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 44296 | **3632** |
| **Life Sciences Tools & Services – 0.9%** | **Life Sciences Tools & Services – 0.9%** | **Life Sciences Tools & Services – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 82993 | 11293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 38202 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories <br> International, Inc.\*<br>| 12226 | 2439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 182220 | 41714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 47920 | 10802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 5988 | 8348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc. | 28766 | 2783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 109200 | 63276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\* | 16300 | 6191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 19556 | 5380 |
|  |  | **154473** |
| **Machinery – 1.6%** | **Machinery – 1.6%** | **Machinery – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 137668 | 78866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 40562 | 20705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 74445 | 34659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 37975 | 7414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 89835 | 4960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 24300 | 4324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 78445 | 19321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 106331 | 8423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 17423 | 4189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 112520 | 9829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 152012 | 16647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 37412 | 32884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 49115 | 5115 |

---

NORTHERN FUNDS QUARTERLY REPORT **156** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**STOCK INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Machinery – 1.6%continued** | **Machinery – 1.6%continued** | **Machinery – 1.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 15092 | $5201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 39491 | 2933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies <br> Corp.<br>| 50577 | 10796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 68494 | 9327 |
|  |  | **275593** |
| **Media – 0.4%** | **Media – 0.4%** | **Media – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A\* | 23741 | 4956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 1069427 | 31965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A | 63091 | 4610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class B | 43447 | 2821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class A | 93181 | 2434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class B<sup>†</sup> <br>| 29245 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 98610 | 7963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paramount Skydance Corp., Class B<sup>†</sup> <br>| 66144 | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade Desk (The), Inc., Class A\* | 117261 | 4451 |
|  |  | **60953** |
| **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 421158 | 21391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 323673 | 32319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 64995 | 10601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 42682 | 7232 |
|  |  | **71543** |
| **Multi-Utilities – 0.6%** | **Multi-Utilities – 0.6%** | **Multi-Utilities – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 80001 | 7989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 193272 | 7410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 88169 | 6166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 101328 | 10064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 242727 | 14221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 57474 | 7413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 139565 | 5828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 145645 | 11695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sempra | 192976 | 17038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 91127 | 9610 |
|  |  | **97434** |
| **Office Real Estate Investment Trusts – 0.0%** | **Office Real Estate Investment Trusts – 0.0%** | **Office Real Estate Investment Trusts – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc.<sup>†</sup> <br>| 37120 | **2505** |
| **Oil, Gas & Consumable Fuels – 2.5%** | **Oil, Gas & Consumable Fuels – 2.5%** | **Oil, Gas & Consumable Fuels – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 105305 | 2576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 550977 | 83974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 362195 | 33905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 206018 | 5422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 195673 | 7167 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Oil, Gas & Consumable Fuels – 2.5%continued** | **Oil, Gas & Consumable Fuels – 2.5%continued** | **Oil, Gas & Consumable Fuels – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 54256 | $8156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 154610 | 16236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 176691 | 9471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 65712 | 7252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 1237790 | 148956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 556785 | 15306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 90369 | 14697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 199551 | 8206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 178164 | 13095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 117389 | 15148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 64540 | 11908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 15393 | 4421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 91919 | 14963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams (The) Cos., Inc. | 358015 | 21520 |
|  |  | **442379** |
| **Passenger Airlines – 0.2%** | **Passenger Airlines – 0.2%** | **Passenger Airlines – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 195384 | 13560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 153904 | 6361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 96523 | 10793 |
|  |  | **30714** |
| **Personal Care Products – 0.1%** | **Personal Care Products – 0.1%** | **Personal Care Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder (The) Cos., Inc., Class A | 74147 | 7765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 585251 | 10095 |
|  |  | **17860** |
| **Pharmaceuticals – 3.3%** | **Pharmaceuticals – 3.3%** | **Pharmaceuticals – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 591180 | 31888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 232790 | 250175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 707071 | 146328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 725060 | 76320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 1647195 | 41015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 299986 | 3735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 126040 | 15858 |
|  |  | **565319** |
| **Professional Services – 0.5%** | **Professional Services – 0.5%** | **Professional Services – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 119296 | 30687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 34672 | 7738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dayforce, Inc.\* | 40694 | 2814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 33873 | 7350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 35663 | 4724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 38277 | 6905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 91728 | 10290 |

---

EQUITY FUNDS **157** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Professional Services – 0.5%continued** | **Professional Services – 0.5%continued** | **Professional Services – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 11691 | $1863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 41446 | 9271 |
|  |  | **81642** |
| **Real Estate Management & Development – 0.1%** | **Real Estate Management & Development – 0.1%** | **Real Estate Management & Development – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A\* | 87464 | 14063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 117349 | 7891 |
|  |  | **21954** |
| **Residential Real Estate Investment Trusts – 0.2%** | **Residential Real Estate Investment Trusts – 0.2%** | **Residential Real Estate Investment Trusts – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc.<sup>†</sup> <br>| 38985 | 7069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 35205 | 3875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 108313 | 6828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 20510 | 5367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 180864 | 5026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, <br> Inc.<br>| 31073 | 4316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 99985 | 3668 |
|  |  | **36149** |
| **Retail Real Estate Investment Trusts – 0.2%** | **Retail Real Estate Investment Trusts – 0.2%** | **Retail Real Estate Investment Trusts – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 21153 | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 219322 | 4445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 261802 | 14758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 41847 | 2889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 97861 | 18115 |
|  |  | **42339** |
| **Semiconductors & Semiconductor Equipment – 14.0%** | **Semiconductors & Semiconductor Equipment – 14.0%** | **Semiconductors & Semiconductor Equipment – 14.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 478128 | 102396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 145488 | 39456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 234765 | 60332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 1380680 | 477853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 31067 | 8116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp.\* | 1300729 | 47997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 38797 | 47142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 370159 | 63364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 162091 | 10329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 330298 | 94270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 14053 | 12737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 7113397 | 1326649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors N.V. | 73612 | 15978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 113171 | 6128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qnity Electronics, Inc. | 57603 | 4703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 315823 | 54022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 44036 | 2792 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Semiconductors & Semiconductor Equipment – 14.0%continued** | **Semiconductors & Semiconductor Equipment – 14.0%continued** | **Semiconductors & Semiconductor Equipment – 14.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 43620 | $8443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 263502 | 45715 |
|  |  | **2428422** |
| **Software – 10.2%** | **Software – 10.2%** | **Software – 10.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 122192 | 42766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A\* | 78585 | 52952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 63542 | 18809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 80984 | 25314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A\* | 72729 | 34092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc., Class A\* | 96702 | 13151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 7175 | 12130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 185314 | 14716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 161246 | 4384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 82222 | 54466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 2174075 | 1051426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 490830 | 95668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A\* | 666212 | 118419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 197887 | 36451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\* | 33551 | 5845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 31070 | 13830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 276921 | 73359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 303990 | 46568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 53852 | 25295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 71622 | 5612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 11947 | 5423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., Class A\* | 65467 | 14061 |
|  |  | **1764737** |
| **Specialized Real Estate Investment Trusts – 0.7%** | **Specialized Real Estate Investment Trusts – 0.7%** | **Specialized Real Estate Investment Trusts – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 137509 | 24142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 130297 | 11580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 91663 | 14181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 29293 | 22443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 65361 | 8511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 86289 | 7158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 44624 | 11580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. | 33415 | 6464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 297526 | 8366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 192704 | 4565 |
|  |  | **118990** |
| **Specialty Retail – 1.7%** | **Specialty Retail – 1.7%** | **Specialty Retail – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 4960 | 16822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 59564 | 3987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Co.\* | 40452 | 17071 |

---

NORTHERN FUNDS QUARTERLY REPORT **158** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**STOCK INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Specialty Retail – 1.7%continued** | **Specialty Retail – 1.7%continued** | **Specialty Retail – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Depot (The), Inc. | 291972 | $100468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 165089 | 39813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 251585 | 22947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 96470 | 17378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TJX (The) Cos., Inc. | 328422 | 50449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 158296 | 7916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 13548 | 8197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 35703 | 6376 |
|  |  | **291424** |
| **Technology Hardware, Storage & Peripherals – 7.2%** | **Technology Hardware, Storage & Peripherals – 7.2%** | **Technology Hardware, Storage & Peripherals – 7.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 4325610 | 1175960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc., Class C | 87724 | 11043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 384692 | 9240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 256420 | 5713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 58739 | 6290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 38713 | 9190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC | 62741 | 17278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc.<sup>\* †</sup> <br>| 133328 | 3903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 102484 | 17655 |
|  |  | **1256272** |
| **Textiles, Apparel & Luxury Goods – 0.3%** | **Textiles, Apparel & Luxury Goods – 0.3%** | **Textiles, Apparel & Luxury Goods – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 38574 | 3999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 33633 | 6989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 341706 | 21770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 11904 | 4209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 61520 | 7861 |
|  |  | **44828** |
| **Tobacco – 0.6%** | **Tobacco – 0.6%** | **Tobacco – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 498395 | 28737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 457592 | 73398 |
|  |  | **102135** |
| **Trading Companies & Distributors – 0.2%** | **Trading Companies & Distributors – 0.2%** | **Trading Companies & Distributors – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 339146 | 13610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 19078 | 15440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 13010 | 13128 |
|  |  | **42178** |
| **Water Utilities – 0.0%** | **Water Utilities – 0.0%** | **Water Utilities – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 53900 | **7034** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T-Mobile U.S., Inc. | 141150 | **$28659** |
| **Total Common Stocks** |  |  |
| **(Cost $3,799,468)** |  | **17101991** |
| **INVESTMENT COMPANIES – 1.5%**  | **INVESTMENT COMPANIES – 1.5%**  | **INVESTMENT COMPANIES – 1.5%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(2) (3) (4)</sup> <br>| 4330872 | 4331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(2) (3)</sup> <br>| 244404626 | 244405 |
| **Total Investment Companies** |  |  |
| **(Cost $248,736)** |  | **248736** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 5/7/26<sup>(5) (6)</sup> <br>| $18139 | **$17916** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $17,904)** | **(Cost $17,904)** | **17916** |
| **Total Investments – 100.0%** | **Total Investments – 100.0%** |  |
| **(Cost $4,066,108)** | **(Cost $4,066,108)** | **17368643** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.0% | 6952 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$17375595** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Investment in affiliate.* |
| <sup>(2)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(3)</sup> <br>| *7-day current yield as of December 31, 2025 is disclosed.* |
| <sup>(4)</sup> <br>| *Investment of cash collateral received from securities lending activities.* |
| <sup>(5)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(6)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had open futures contracts as follows:

EQUITY FUNDS **159** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br>| 762 | $262604 | Long | 3/26 | $186 |

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks | &nbsp;&nbsp; $17101991 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17101991 |
| Investment Companies | &nbsp;&nbsp; 248736 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 248736 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 17916 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17916 |
| Total Investments | &nbsp;&nbsp; $17350727 | &nbsp;&nbsp; $17916 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17368643 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $186 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $186 |

---

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **NET CHANGE**<br> **IN UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000S)**<br>| **NET**<br> **REALIZED**<br> **GAINS**<br> **(LOSSES)**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Nasdaq, Inc. | $9517 | $457 | $275 | $2599 | $71 | $101 | $12369 | 127345 |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) |  | 184973 | 180642 |  |  | 21 <br><sup>(1)</sup><br>| 4331 | 4330872 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 129995 | 785415 | 671005 |  |  | 5855 | 244405 | 244404626 |
| Northern Trust Corp. | 5886 | 28 | 196 | 2189 | 36 | 137 | 7943 | 58149 |
| Total | $145398 | $970873 | $852118 | $4788 | $107 | $6114 | $269048 | 248920992 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

NORTHERN FUNDS QUARTERLY REPORT **160** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**U.S. QUALITY ESG FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.6%**  | **COMMON STOCKS – 98.6%**  | **COMMON STOCKS – 98.6%**  |
| **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 4741 | **$972** |
| **Air Freight & Logistics – 0.7%** | **Air Freight & Logistics – 0.7%** | **Air Freight & Logistics – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 6721 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, <br> Inc.<br>| 12106 | 1804 |
|  |  | **2884** |
| **Automobiles – 1.4%** | **Automobiles – 1.4%** | **Automobiles – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 12976 | **5835** |
| **Banks – 3.8%** | **Banks – 3.8%** | **Banks – 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 5631 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 43384 | 5063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 14121 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 33759 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 28553 | 9200 |
|  |  | **16166** |
| **Biotechnology – 3.5%** | **Biotechnology – 3.5%** | **Biotechnology – 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 26060 | 5954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 7934 | 2597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 33217 | 4077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 22033 | 1483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 9338 | 922 |
|  |  | **15033** |
| **Broadline Retail – 3.6%** | **Broadline Retail – 3.6%** | **Broadline Retail – 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 55237 | 12750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 19260 | 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc.\* | 15793 | 876 |
|  |  | **15303** |
| **Building Products – 1.0%** | **Building Products – 1.0%** | **Building Products – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 2555 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 10457 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 5946 | 2314 |
|  |  | **4218** |
| **Capital Markets – 3.4%** | **Capital Markets – 3.4%** | **Capital Markets – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | 1045 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 1598 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon (The) Corp. | 20236 | 2349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group (The), Inc. | 959 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 75000 | 1970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 30413 | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 27245 | 4837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 16439 | 2121 |
|  |  | **14651** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  |
| **Chemicals – 0.8%** | **Chemicals – 0.8%** | **Chemicals – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 7171 | $1882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams (The) Co. | 5301 | 1718 |
|  |  | **3600** |
| **Commercial Services & Supplies – 0.4%** | **Commercial Services & Supplies – 0.4%** | **Commercial Services & Supplies – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 1413 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 15877 | 1584 |
|  |  | **1850** |
| **Communications Equipment – 0.7%** | **Communications Equipment – 0.7%** | **Communications Equipment – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 27347 | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 1059 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 1169 | 448 |
|  |  | **2825** |
| **Construction & Engineering – 0.6%** | **Construction & Engineering – 0.6%** | **Construction & Engineering – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AECOM | 6786 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 2831 | 1732 |
|  |  | **2379** |
| **Consumer Finance – 0.9%** | **Consumer Finance – 0.9%** | **Consumer Finance – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 13692 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. | 49183 | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 24055 | 2007 |
|  |  | **3958** |
| **Consumer Staples Distribution & Retail – 0.8%** | **Consumer Staples Distribution & Retail – 0.8%** | **Consumer Staples Distribution & Retail – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 2774 | 2392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 8990 | 1002 |
|  |  | **3394** |
| **Containers & Packaging – 0.9%** | **Containers & Packaging – 0.9%** | **Containers & Packaging – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 5786 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 11233 | 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. | 40914 | 1695 |
|  |  | **3904** |
| **Diversified Consumer Services – 0.0%** | **Diversified Consumer Services – 0.0%** | **Diversified Consumer Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 4003 | **174** |
| **Diversified Telecommunication Services – 0.0%** | **Diversified Telecommunication Services – 0.0%** | **Diversified Telecommunication Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications, Inc. | 11193 | **194** |
| **Electric Utilities – 0.4%** | **Electric Utilities – 0.4%** | **Electric Utilities – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 7135 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 17521 | 764 |
|  |  | **1600** |
| **Electrical Equipment – 1.3%** | **Electrical Equipment – 1.3%** | **Electrical Equipment – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acuity, Inc. | 4054 | 1460 |

---

EQUITY FUNDS **161** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  |
| **Electrical Equipment – 1.3%continued** | **Electrical Equipment – 1.3%continued** | **Electrical Equipment – 1.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 5950 | $3889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 713 | 277 |
|  |  | **5626** |
| **Energy Equipment & Services – 0.7%** | **Energy Equipment & Services – 0.7%** | **Energy Equipment & Services – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd. | 29727 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC | 42100 | 1876 |
|  |  | **3017** |
| **Entertainment – 1.6%** | **Entertainment – 1.6%** | **Entertainment – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 10956 | 2239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 35942 | 3370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology S.A.\* | 2083 | 1209 |
|  |  | **6818** |
| **Financial Services – 3.6%** | **Financial Services – 3.6%** | **Financial Services – 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B\* | 8197 | 4120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 29088 | 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 21626 | 1437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 10774 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 3344 | 1909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 55954 | 1635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 12566 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 7791 | 2732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 8383 | 625 |
|  |  | **15302** |
| **Food Products – 0.3%** | **Food Products – 0.3%** | **Food Products – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 10944 | **1207** |
| **Gas Utilities – 0.4%** | **Gas Utilities – 0.4%** | **Gas Utilities – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 43713 | **1636** |
| **Ground Transportation – 0.8%** | **Ground Transportation – 0.8%** | **Ground Transportation – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 5808 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 10594 | 2450 |
|  |  | **3285** |
| **Health Care Equipment & Supplies – 0.8%** | **Health Care Equipment & Supplies – 0.8%** | **Health Care Equipment & Supplies – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 18859 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 3060 | 2070 |
|  |  | **3475** |
| **Health Care Providers & Services – 2.0%** | **Health Care Providers & Services – 2.0%** | **Health Care Providers & Services – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 10712 | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 1130 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 6914 | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 9633 | 1094 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  |
| **Health Care Providers & Services – 2.0%continued** | **Health Care Providers & Services – 2.0%continued** | **Health Care Providers & Services – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 3348 | $2746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 581 | 192 |
|  |  | **8518** |
| **Health Care Technology – 0.5%** | **Health Care Technology – 0.5%** | **Health Care Technology – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc., Class A\* | 23522 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A\* | 5592 | 1248 |
|  |  | **2290** |
| **Hotels, Restaurants & Leisure – 2.1%** | **Hotels, Restaurants & Leisure – 2.1%** | **Hotels, Restaurants & Leisure – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A\* | 4149 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 730 | 3909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 935 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 7445 | 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 25362 | 1789 |
|  |  | **8790** |
| **Household Durables – 0.4%** | **Household Durables – 0.4%** | **Household Durables – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp.\* | 4046 | **1688** |
| **Household Products – 1.7%** | **Household Products – 1.7%** | **Household Products – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clorox (The) Co. | 5938 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 21856 | 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 13430 | 1355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble (The) Co. | 23919 | 3428 |
|  |  | **7109** |
| **Independent Power & Renewable Electricity Producers – 0.8%** | **Independent Power & Renewable Electricity Producers – 0.8%** | **Independent Power & Renewable Electricity Producers – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Corp.<sup>†</sup> <br>| 47541 | 1823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class C | 43971 | 1462 |
|  |  | **3285** |
| **Industrial Conglomerates – 0.4%** | **Industrial Conglomerates – 0.4%** | **Industrial Conglomerates – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 11593 | **1856** |
| **Insurance – 2.4%** | **Insurance – 2.4%** | **Insurance – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 15683 | 1729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 4834 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group (The), Inc. | 13297 | 1832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 22632 | 1787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 12049 | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 18428 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 4835 | 1589 |
|  |  | **10139** |
| **Interactive Media & Services – 6.9%** | **Interactive Media & Services – 6.9%** | **Interactive Media & Services – 6.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 68803 | 21535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 11885 | 7845 |
|  |  | **29380** |

---

NORTHERN FUNDS QUARTERLY REPORT **162** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**U.S. QUALITY ESG FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  |
| **IT Services – 1.5%** | **IT Services – 1.5%** | **IT Services – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 7644 | $2051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 15320 | 4538 |
|  |  | **6589** |
| **Leisure Products – 0.4%** | **Leisure Products – 0.4%** | **Leisure Products – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 19339 | **1586** |
| **Life Sciences Tools & Services – 0.9%** | **Life Sciences Tools & Services – 0.9%** | **Life Sciences Tools & Services – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 1422 | 1983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\* | 5084 | 1931 |
|  |  | **3914** |
| **Machinery – 1.8%** | **Machinery – 1.8%** | **Machinery – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 5921 | 3392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 7839 | 1931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 3403 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 401 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 15810 | 1646 |
|  |  | **7619** |
| **Metals & Mining – 0.9%** | **Metals & Mining – 0.9%** | **Metals & Mining – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 17515 | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 9012 | 2003 |
|  |  | **3752** |
| **Oil, Gas & Consumable Fuels – 1.0%** | **Oil, Gas & Consumable Fuels – 1.0%** | **Oil, Gas & Consumable Fuels – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 7811 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 1274 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 11002 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 11044 | 1329 |
|  |  | **4197** |
| **Pharmaceuticals – 2.9%** | **Pharmaceuticals – 2.9%** | **Pharmaceuticals – 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 41699 | 2249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 2678 | 2878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 11282 | 2335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 7348 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 135857 | 3383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 4997 | 629 |
|  |  | **12247** |
| **Professional Services – 2.1%** | **Professional Services – 2.1%** | **Professional Services – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 10869 | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 7178 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ExlService Holdings, Inc.\* | 26411 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 2871 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 2719 | 433 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  |
| **Professional Services – 2.1%continued** | **Professional Services – 2.1%continued** | **Professional Services – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 7719 | $1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 5769 | 1291 |
|  |  | **8742** |
| **Real Estate Management & Development – 0.4%** | **Real Estate Management & Development – 0.4%** | **Real Estate Management & Development – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A\* | 11872 | **1909** |
| **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 6997 | **1269** |
| **Retail Real Estate Investment Trusts – 0.0%** | **Retail Real Estate Investment Trusts – 0.0%** | **Retail Real Estate Investment Trusts – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 7560 | **198** |
| **Semiconductors & Semiconductor Equipment – 13.2%** | **Semiconductors & Semiconductor Equipment – 13.2%** | **Semiconductors & Semiconductor Equipment – 13.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 20652 | 5307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 29853 | 10332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 904 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 34104 | 5838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 173033 | 32271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 7923 | 1355 |
|  |  | **56202** |
| **Software – 11.6%** | **Software – 11.6%** | **Software – 11.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 7086 | 2480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A\* | 3455 | 2328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 6373 | 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc., Class B | 24028 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 4618 | 1444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc., Class A\* | 49764 | 1384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 672 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 6415 | 4249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.\* | 1092 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 53944 | 26088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 4919 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A\* | 2508 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\* | 8658 | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 14487 | 3838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp.\* | 12102 | 368 |
|  |  | **49221** |
| **Specialty Retail – 2.4%** | **Specialty Retail – 2.4%** | **Specialty Retail – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 7688 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Depot (The), Inc. | 11007 | 3788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 14374 | 3466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 1129 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 8726 | 1558 |
|  |  | **10010** |

---

EQUITY FUNDS **163** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  |
| **Technology Hardware, Storage & Peripherals – 7.1%** | **Technology Hardware, Storage & Peripherals – 7.1%** | **Technology Hardware, Storage & Peripherals – 7.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 104919 | $28523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 20345 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 6562 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 4040 | 696 |
|  |  | **30375** |
| **Textiles, Apparel & Luxury Goods – 1.2%** | **Textiles, Apparel & Luxury Goods – 1.2%** | **Textiles, Apparel & Luxury Goods – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc.\* | 12455 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 11745 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 7748 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 16652 | 2128 |
|  |  | **4904** |
| **Trading Companies & Distributors – 0.7%** | **Trading Companies & Distributors – 0.7%** | **Trading Companies & Distributors – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 41179 | 1653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 1463 | 1476 |
|  |  | **3129** |
| **Wireless Telecommunication Services – 0.4%** | **Wireless Telecommunication Services – 0.4%** | **Wireless Telecommunication Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millicom International Cellular S.A. | 30696 | **1702** |
| **Total Common Stocks** |  |  |
| **(Cost $246,845)** |  | **419926** |
| **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(1) (2) (3)</sup> <br>| 66456 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(1) (2)</sup> <br>| 4791784 | 4792 |
| **Total Investment Companies** |  |  |
| **(Cost $4,858)** |  | **4858** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 5/7/26<sup>(4) (5)</sup> <br>| $345 | **$341** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $340)** | **(Cost $340)** | **341** |
| **Total Investments – 99.8%** | **Total Investments – 99.8%** |  |
| **(Cost $252,043)** | **(Cost $252,043)** | **425125** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.2% | 663 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$425788** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(2)</sup> <br>| *7-day current yield as of December 31, 2025 is disclosed.* |
| <sup>(3)</sup> <br>| *Investment of cash collateral received from securities lending activities.* |
| <sup>(4)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(5)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br>| 14 | $4825 | Long | 3/26 | $2 |

---

NORTHERN FUNDS QUARTERLY REPORT **164** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **U.S. QUALITY ESG FUND continued**  | **December 31, 2025 (UNAUDITED)**  |

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup> <br>| &nbsp;&nbsp; $419926 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $419926 |
| Investment Companies | &nbsp;&nbsp; 4858 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4858 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 341 | &nbsp;&nbsp; — | &nbsp;&nbsp; 341 |
| Total Investments | &nbsp;&nbsp; $424784 | &nbsp;&nbsp; $341 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $425125 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $5834 | $5768 | $— <br><sup>(1),\*</sup><br>| $66 | 66456 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 5176 | 34966 | 35350 | 135 | 4792 | 4791784 |
| Total | $5176 | $40800 | $41118 | $135 | $4858 | 4858240 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

*\** *Amount rounds to less than one thousand.*

EQUITY FUNDS **165** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **WORLD SELECTION INDEX FUND**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.5%** <sup>(1)</sup> | **COMMON STOCKS – 98.5%** <sup>(1)</sup> | **COMMON STOCKS – 98.5%** <sup>(1)</sup> |
| **Australia – 1.2%** | **Australia – 1.2%** | **Australia – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. | 132874 | $3215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APA Group | 56715 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. | 25304 | 981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASX Ltd. | 8187 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. | 59110 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAR Group Ltd. | 16832 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cochlear Ltd. | 2893 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. | 59855 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. | 24226 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 21037 | 2424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. | 88503 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. | 74918 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodman Group | 88559 | 1821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd. | 16413 | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. | 59798 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. | 68625 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REA Group Ltd. | 2606 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd. | 202600 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. | 48481 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transurban Group | 139926 | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WiseTech Global Ltd. | 8338 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. | 84000 | 1315 |
|  |  | **22624** |
| **Austria – 0.0%** | **Austria – 0.0%** | **Austria – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMV A.G. | 6883 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verbund A.G. | 2717 | 198 |
|  |  | **581** |
| **Belgium – 0.1%** | **Belgium – 0.1%** | **Belgium – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ageas S.A./N.V. | 6342 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elia Group S.A./N.V. | 2224 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBC Group N.V. | 10095 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lotus Bakeries N.V. | 23 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syensqo S.A. | 3500 | 281 |
|  |  | **2537** |
| **Brazil – 0.4%** | **Brazil – 0.4%** | **Brazil – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 2019 | 4067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | 20856 | 2452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA | 8185 | 335 |
|  |  | **6854** |
| **Canada – 3.3%** | **Canada – 3.3%** | **Canada – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. (TSX Toronto Exchange)  | 3799 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 22570 | 3827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal | 32095 | 4168 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  |
| **Canada – 3.3%continued** | **Canada – 3.3%continued** | **Canada – 3.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) | 55081 | $4062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp. | 92923 | 4267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAE, Inc.\* | 14187 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cameco Corp. | 19703 | 1804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. | 22896 | 2265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Tire Corp. Ltd., Class A | 2544 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGI, Inc. | 9421 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollarama, Inc. | 12505 | 1869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Element Fleet Management Corp. | 19573 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. | 96064 | 4597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstService Corp. | 1927 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortis, Inc. | 22456 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; George Weston Ltd. | 7320 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hydro One Ltd. | 14520 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Oil Ltd. | 8136 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp. | 8208 | 1709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keyera Corp. | 10222 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 53371 | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loblaw Cos. Ltd. | 26259 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metro, Inc. | 9657 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada | 17474 | 2198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd. | 21876 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open Text Corp. | 10970 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pembina Pipeline Corp. | 25004 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. | 8723 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., Class B | 14497 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc., Class A\* | 55061 | 8866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Life Financial, Inc. | 24982 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | 18800 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomson Reuters Corp. | 6489 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) | 75247 | 7092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WSP Global, Inc. | 6080 | 1101 |
|  |  | **63747** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antofagasta PLC | 17577 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lundin Mining Corp. | 32404 | 696 |
|  |  | **1468** |
| **China – 0.2%** | **China – 0.2%** | **China – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prosus N.V.\* | 59132 | **3652** |
| **Congo, The Democ. Rep. of – 0.0%** | **Congo, The Democ. Rep. of – 0.0%** | **Congo, The Democ. Rep. of – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd., Class A\* | 31250 | **355** |
| **Denmark – 0.8%** | **Denmark – 0.8%** | **Denmark – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S, Class B | 5325 | 457 |

---

NORTHERN FUNDS QUARTERLY REPORT **166** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**WORLD SELECTION INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  |
| **Denmark – 0.8%continued** | **Denmark – 0.8%continued** | **Denmark – 0.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DSV A/S | 9247 | $2327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S\* | 2824 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 143127 | 7295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novonesis (Novozymes) B | 16148 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orsted A.S.<sup>(2) \*</sup> <br>| 23487 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 3350 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S, Class B | 5304 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tryg A/S | 14394 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S | 44117 | 1191 |
|  |  | **14562** |
| **Finland – 0.3%** | **Finland – 0.3%** | **Finland – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ | 5821 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kesko OYJ, Class B | 12014 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ, Class B | 14736 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metso OYJ | 31672 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neste OYJ | 17741 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ | 240566 | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ, Class A | 109039 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stora Enso OYJ (Registered) | 26687 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UPM-Kymmene OYJ | 22593 | 655 |
|  |  | **6398** |
| **France – 2.8%** | **France – 2.8%** | **France – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aeroports de Paris S.A.<sup>†</sup> <br>| 1504 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Liquide S.A. | 25466 | 4792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AXA S.A. | 78522 | 3776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas S.A. | 45554 | 4311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bouygues S.A. | 7890 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bureau Veritas S.A. | 14104 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carrefour S.A. | 25589 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements <br> Michelin S.C.A.<br>| 28832 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covivio S.A./France | 3139 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole S.A. | 47481 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danone S.A. | 28930 | 2610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes S.E. | 27238 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eiffage S.A. | 3190 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica S.A. | 13565 | 4289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gecina S.A. | 2410 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getlink S.E. | 14606 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hermes International S.C.A. | 1416 | 3499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kering S.A. | 3291 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legrand S.A. | 11758 | 1747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L'Oreal S.A. | 10868 | 4668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton S.E. | 11281 | 8505 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  |
| **France – 2.8%continued** | **France – 2.8%continued** | **France – 2.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe S.A. | 10232 | $1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rexel S.A. | 10940 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale S.A. | 31626 | 2548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies S.E. | 89712 | 5847 |
|  |  | **54583** |
| **Germany – 1.0%** | **Germany – 1.0%** | **Germany – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adidas A.G. | 7252 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beiersdorf A.G. | 3854 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commerzbank A.G. | 32994 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse A.G. | 8199 | 2153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa A.G. (Registered) | 27068 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries A.G. | 5638 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEA Group A.G. | 6794 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials A.G. | 6023 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henkel A.G. & Co. KGaA | 4370 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies A.G. | 58740 | 2603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knorr-Bremse A.G. | 3360 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien S.E. | 2940 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA | 6188 | 888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines A.G. | 2383 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muenchener <br> Rueckversicherungs-Gesellschaft <br> A.G. in Muenchen (Registered)<br>| 5881 | 3884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scout24 S.E. | 3501 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Symrise A.G. | 5533 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vonovia S.E. | 33579 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zalando S.E.\* | 9628 | 286 |
|  |  | **19144** |
| **Hong Kong – 0.6%** | **Hong Kong – 0.6%** | **Hong Kong – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 464000 | 4766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Infrastructure Holdings Ltd. | 33500 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hang Seng Bank Ltd. | 34378 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HKT Trust & HKT Ltd. | 181000 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong & China Gas Co. Ltd. | 513463 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 54000 | 2822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTR Corp. Ltd. | 63626 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC | 109601 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sino Land Co. Ltd. | 172380 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific Ltd., Class A | 17500 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd.<sup>(2)</sup> <br>| 362000 | 403 |
|  |  | **11947** |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings N.V. | 7891 | 1134 |

---

EQUITY FUNDS **167** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  |
| **Ireland – 0.1%continued** | **Ireland – 0.1%continued** | **Ireland – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kerry Group PLC, Class A | 6536 | $599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingspan Group PLC | 6824 | 590 |
|  |  | **2323** |
| **Israel – 0.0%** | **Israel – 0.0%** | **Israel – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd.\* | 2080 | **236** |
| **Italy – 0.7%** | **Italy – 0.7%** | **Italy – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC A.G. - CDI\* | 10391 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enel S.p.A. | 364586 | 3799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco S.p.A. | 28923 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Generali | 38376 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane S.p.A. | 17347 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo S.p.A. | 641108 | 4440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moncler S.p.A. | 10900 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexi S.p.A.<sup>†</sup> <br>| 20591 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane S.p.A. | 17909 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prysmian S.p.A. | 12558 | 1252 |
|  |  | **13805** |
| **Japan – 5.6%** | **Japan – 5.6%** | **Japan – 5.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aeon Co. Ltd. | 98200 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. | 41400 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANA Holdings, Inc. | 5300 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | 55000 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. | 30200 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. | 80400 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. | 25200 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp. | 50800 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capcom Co. Ltd. | 15300 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. | 19700 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. | 14800 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 160700 | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | 78700 | 1676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries Ltd. | 11600 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 25200 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. | 60800 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eisai Co. Ltd. | 10205 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. | 122700 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. | 41300 | 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | 8700 | 3155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. | 6400 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | 48600 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. | 79900 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hankyu Hanshin Holdings, Inc. | 10600 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. | 206300 | 6400 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  |
| **Japan – 5.6%continued** | **Japan – 5.6%continued** | **Japan – 5.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. | 15300 | $2317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 24700 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 270500 | 3414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. | 28200 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kao Corp. | 19200 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. | 132000 | 2283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kikkoman Corp. | 31300 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kobe Bussan Co. Ltd. | 3600 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. | 43000 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. | 4600 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kubota Corp. | 43400 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LY Corp. | 120700 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. | 62700 | 1745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. | 15800 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. | 56800 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 46700 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 120400 | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. | 110500 | 4012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, <br> Inc.<br>| 56800 | 1337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. | 57600 | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. | 16800 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Paint Holdings Co. Ltd. | 42000 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. | 32600 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. | 134300 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. | 17076 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obayashi Corp. | 27800 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oriental Land Co. Ltd. | 46800 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. | 53600 | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 16000 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. | 79400 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. | 103400 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group, Inc.\* | 67000 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 62700 | 3577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. | 73600 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secom Co. Ltd. | 18800 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | 17800 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. | 26900 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SG Holdings Co. Ltd. | 10900 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shimadzu Corp. | 11100 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | 76000 | 2363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shiseido Co. Ltd. | 14100 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoftBank Corp. | 1301100 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 172000 | 4849 |

---

NORTHERN FUNDS QUARTERLY REPORT **168** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**WORLD SELECTION INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  |
| **Japan – 5.6%continued** | **Japan – 5.6%continued** | **Japan – 5.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. | 40700 | $1386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 277300 | 7088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 22800 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Metal Mining Co. Ltd. | 12100 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 164600 | 5297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. | 29500 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suntory Beverage & Food Ltd. | 7200 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysmex Corp. | 18626 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings, Inc. | 22200 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. | 85700 | 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. | 9800 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toho Co. Ltd. | 5100 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 81600 | 3029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 19900 | 4370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | 14400 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyu Corp. | 16800 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toray Industries, Inc. | 62000 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unicharm Corp. | 49900 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. | 16800 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd.<sup>†</sup> <br>| 35000 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. | 8200 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yokohama Financial Group, Inc. | 49000 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZOZO, Inc. | 22800 | 189 |
|  |  | **108433** |
| **Luxembourg – 0.0%** | **Luxembourg – 0.0%** | **Luxembourg – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific S.E. | 5178 | **379** |
| **Netherlands – 1.6%** | **Netherlands – 1.6%** | **Netherlands – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akzo Nobel N.V. | 8226 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding N.V. | 17410 | 18610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland N.V. | 6348 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ING Groep N.V. | 136896 | 3848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize N.V. | 40721 | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN N.V. | 177901 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NN Group N.V. | 11850 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors N.V. | 11325 | 2458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Randstad N.V. | 4696 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group N.V. | 46261 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer N.V. | 9677 | 1005 |
|  |  | **31745** |
| **New Zealand – 0.0%** | **New Zealand – 0.0%** | **New Zealand – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contact Energy Ltd. | 37751 | 201 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  |
| **New Zealand – 0.0%continued** | **New Zealand – 0.0%continued** | **New Zealand – 0.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meridian Energy Ltd. | 59489 | $191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd.\* | 6397 | 484 |
|  |  | **876** |
| **Norway – 0.2%** | **Norway – 0.2%** | **Norway – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA | 13478 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA | 39244 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 31645 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gjensidige Forsikring ASA | 10577 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mowi ASA | 21558 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 61441 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orkla ASA | 34169 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA | 25379 | 369 |
|  |  | **4247** |
| **Poland – 0.0%** | **Poland – 0.0%** | **Poland – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InPost S.A.<sup>\* †</sup> <br>| 8170 | **100** |
| **Portugal – 0.1%** | **Portugal – 0.1%** | **Portugal – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Espirito Santo S.A. <br> (Registered)<sup>(3) \*</sup> <br>| 29034 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EDP S.A. | 149972 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS S.A. | 22075 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS S.A. | 13504 | 322 |
|  |  | **1387** |
| **Singapore – 0.2%** | **Singapore – 0.2%** | **Singapore – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT | 197000 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Investment Ltd. | 92858 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grab Holdings Ltd., Class A\* | 109397 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keppel Ltd. | 65500 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sembcorp Industries Ltd. | 44000 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. | 40400 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics N.V. | 28784 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. | 57300 | 1560 |
|  |  | **4743** |
| **South Africa – 0.1%** | **South Africa – 0.1%** | **South Africa – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC | 50307 | **2073** |
| **Spain – 0.7%** | **Spain – 0.7%** | **Spain – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y <br> Servicios S.A.<br>| 8129 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aena SME S.A.<sup>(2)</sup> <br>| 32572 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group S.A. | 20805 | 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco de Sabadell S.A. | 231968 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cellnex Telecom S.A.\* | 22241 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endesa S.A. | 13323 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iberdrola S.A. | 285918 | 6189 |

---

EQUITY FUNDS **169** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  |
| **Spain – 0.7%continued** | **Spain – 0.7%continued** | **Spain – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeia Corp. S.A. | 19514 | $348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repsol S.A. | 51186 | 959 |
|  |  | **12844** |
| **Sweden – 0.9%** | **Sweden – 0.9%** | **Sweden – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AddTech AB, Class B | 11232 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB | 13264 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B | 44731 | 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A | 123030 | 2204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class B | 63567 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boliden AB\* | 12825 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class A | 28384 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class B | 19836 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQT AB | 22683 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essity AB, Class B | 27022 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolution AB | 5798 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H&M Hennes & Mauritz AB, Class B | 21453 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holmen AB, Class B | 3548 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indutrade AB | 13389 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nibe Industrier AB, Class B | 65208 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB | 47426 | 1536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skanska AB, Class B | 14490 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SKF AB, Class B | 15145 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Svenska Cellulosa AB S.C.A., Class B | 26069 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Class A | 66021 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB, Class B | 24663 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB | 106460 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volvo AB, Class B | 72930 | 2338 |
|  |  | **17852** |
| **Switzerland – 1.3%** | **Switzerland – 1.3%** | **Switzerland – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Registered) | 70940 | 5244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banque Cantonale Vaudoise <br> (Registered)<br>| 1740 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Participation Certificate)<br>| 42 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Registered)<br>| 5 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DSM-Firmenich A.G. | 7618 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geberit A.G. (Registered) | 1504 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Givaudan S.A. (Registered) | 413 | 1642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. | 9226 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuehne + Nagel International A.G. <br> (Registered)<br>| 2237 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Logitech International S.A. (Registered) | 6737 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lonza Group A.G. (Registered) | 3113 | 2106 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  |
| **Switzerland – 1.3%continued** | **Switzerland – 1.3%continued** | **Switzerland – 1.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGS S.A. (Registered) | 7552 | $866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sika A.G. (Registered) | 6728 | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding A.G. (Registered) | 2230 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding A.G. (Registered) | 1289 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site A.G. (Registered) | 3709 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swisscom A.G. (Registered) | 1102 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VAT Group A.G. | 1223 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group A.G. | 6550 | 4972 |
|  |  | **25481** |
| **United Kingdom – 3.3%** | **United Kingdom – 3.3%** | **United Kingdom – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC | 43214 | 1880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC | 11519 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group PLC | 18674 | 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated British Foods PLC | 14968 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 69511 | 12803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group PLC | 36207 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aviva PLC | 130600 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barratt Redrow PLC | 56952 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BT Group PLC | 271628 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bunzl PLC | 14336 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC | 9798 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCC PLC | 4212 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 773407 | 12125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Informa PLC | 57894 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intertek Group PLC | 5934 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury PLC | 81663 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC | 82304 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group PLC | 34434 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group PLC | 237076 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC | 2675731 | 3526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&G PLC | 99069 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Melrose Industries PLC | 60635 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC | 221957 | 3421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pearson PLC | 24042 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC | 31572 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 30206 | 2446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (London Exchange) | 80804 | 3268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | 108125 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sage Group (The) PLC | 43361 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schroders PLC | 31979 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segro PLC | 62328 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC | 14034 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spirax Group PLC | 3161 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSE PLC | 51958 | 1524 |

---

NORTHERN FUNDS QUARTERLY REPORT **170** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**WORLD SELECTION INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 3.3%continued** | **United Kingdom – 3.3%continued** | **United Kingdom – 3.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC | 298315 | $1776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC | 97580 | 6380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC | 793400 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitbread PLC | 7943 | 271 |
|  |  | **63839** |
| **United States – 72.9%** | **United States – 72.9%** | **United States – 72.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 23981 | 3839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 27455 | 7366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 18507 | 6477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 72506 | 15528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 22730 | 2506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 12490 | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcon A.G. | 22925 | 1821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC | 3793 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allstate (The) Corp. | 11885 | 2474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 5928 | 2357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 260425 | 81513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 218828 | 68668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 25010 | 9252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 20650 | 3626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 8139 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 4180 | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 24238 | 7933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 22155 | 6008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 26416 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S, Class A<sup>†</sup> <br>| 115 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S, Class B<sup>†</sup> <br>| 199 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 35930 | 9234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 9836 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.\* | 16631 | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp., Class A\* | 7499 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 7041 | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 9577 | 2835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 17821 | 4584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 767 | 2601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 3659 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 3293 | 1870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 42708 | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 11892 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon (The) Corp. | 31367 | 3641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 8845 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 6374 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 6646 | 7113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 1451 | 7771 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  |
| **United States – 72.9%continued** | **United States – 72.9%continued** | **United States – 72.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 90474 | $4880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 5411 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bunge Global S.A. | 6477 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.\* | 2760 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 6139 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 5393 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 12267 | 3834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 28694 | 6954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 34288 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 20974 | 12015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 4863 | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A\* | 13186 | 2120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 8190 | 2766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab (The) Corp. | 77513 | 7744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A\* | 4034 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 10057 | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 10288 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 12068 | 3321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 15768 | 2965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 18910 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clorox (The) Co. | 4809 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 12431 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial N.V. | 39957 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola (The) Co. | 183950 | 12860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 33930 | 2681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 163219 | 4879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 16109 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooper (The) Cos., Inc.\* | 8753 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 30067 | 3752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 18743 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 84013 | 3045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 6262 | 3196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 12459 | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 29071 | 6655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 5430 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 6358 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 11591 | 5396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 7131 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 16380 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 2627 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 15147 | 2343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Docusign, Inc.\* | 9115 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 9661 | 1283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 6101 | 1191 |

---

EQUITY FUNDS **171** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  |
| **United States – 72.9%continued** | **United States – 72.9%continued** | **United States – 72.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 17530 | $5583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 20844 | 1816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 11529 | 3027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edison International | 17562 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 26487 | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 10610 | 2168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 9847 | 3452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 36042 | 38734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 2027 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 4276 | 3276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 13332 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 10787 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder (The) Cos., Inc., Class A | 10553 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 15960 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 43957 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, <br> Inc.<br>| 6151 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 1085 | 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 8910 | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrovial S.E. | 23389 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 23649 | 1572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 4481 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 23444 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 15780 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A | 9488 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class B | 6954 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 7398 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 3269 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 47469 | 14622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 23266 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 6233 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 55798 | 6849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 7201 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 37066 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group (The), Inc. | 12845 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 7357 | 3435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 33967 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 59678 | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 10498 | 3016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 9796 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Depot (The), Inc. | 44298 | 15243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 11027 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 39663 | 884 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  |
| **United States – 72.9%continued** | **United States – 72.9%continued** | **United States – 72.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 2393 | $1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc.\* | 2174 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 5084 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 70829 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 3453 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 3608 | 2441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 12303 | 3030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 7292 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 18114 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 3218 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp.\* | 200055 | 7382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 25477 | 4126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 41671 | 12343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 10189 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 20430 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 12556 | 8317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 7795 | 1757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 12745 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker (The) Co. | 3995 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 3537 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 107895 | 22329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 29804 | 3569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 84975 | 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 57193 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 44009 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 7701 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 14261 | 1439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kroger (The) Co. | 28506 | 1781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 3766 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 56689 | 9704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 1509 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 20830 | 8882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 25266 | 6093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 3673 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 4792 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V., Class A | 10387 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 13726 | 2232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 21999 | 4081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 2742 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 38120 | 3239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 38134 | 21770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. (Non Voting) | 10596 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 32146 | 9825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 111768 | 11765 |

---

NORTHERN FUNDS QUARTERLY REPORT **172** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**WORLD SELECTION INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  |
| **United States – 72.9%continued** | **United States – 72.9%continued** | **United States – 72.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 940 | $1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 315996 | 152822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 32604 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 7246 | 3702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 53786 | 9549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc.<sup>(4)</sup> <br>| 20858 | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 8722 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 4575 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 49196 | 4912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 20861 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp.<sup>(4)</sup> <br>| 8673 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novartis A.G. (Registered) | 85277 | 11780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 8866 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 10472 | 1708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 1087183 | 202760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 132 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklo, Inc.\* | 4091 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 8665 | 1359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 14528 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 27242 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 38776 | 3537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 30392 | 5598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 13993 | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 41219 | 2406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 7261 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 61641 | 8847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 18262 | 2357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.<br>| 17647 | 3683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 10122 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 10418 | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble (The) Co. | 104152 | 14926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progressive (The) Corp. | 25877 | 5893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 41760 | 5331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 15799 | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\* | 5456 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 8664 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QIAGEN N.V. | 10434 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 6741 | 2845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 5045 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 8190 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 40766 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A\* | 36209 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 5091 | 1981 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  |
| **United States – 72.9%continued** | **United States – 72.9%continued** | **United States – 72.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Class A | 18674 | $722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 13826 | 7225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 42285 | 11202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. | 4785 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric S.E. | 24771 | 6790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC | 9658 | 2660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sempra | 29226 | 2580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 46826 | 7173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd. | 67082 | 2575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC (London Stock <br> Exchange)<br>| 23745 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp.\* | 7101 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology S.A.\* | 6862 | 3985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 12656 | 1633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 6302 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 4430 | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Re A.G. | 13373 | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 16574 | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 8144 | 3825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 21458 | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | 9667 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 8423 | 2157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 9577 | 1767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 19685 | 1924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 126574 | 56923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 40400 | 7009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TJX (The) Cos., Inc. | 49607 | 7620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 23659 | 1183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 10023 | 3901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 9217 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travelers (The) Cos., Inc. | 10133 | 2939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 10721 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 57487 | 2829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., Class A\* | 6877 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 69966 | 3733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 2054 | 1243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 26503 | 6131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 32169 | 3191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 2906 | 2352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 14012 | 2281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A\* | 6851 | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 11493 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 186658 | 7603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 11552 | 5237 |

---

EQUITY FUNDS **173** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.5%** <sup>(1)</sup>**continued**  |
| **United States – 72.9%continued** | **United States – 72.9%continued** | **United States – 72.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 75858 | $26604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 2012 | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walt Disney (The) Co. | 80961 | 9211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\* | 2734 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 29649 | 5503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 3236 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 15787 | 2720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 31348 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams (The) Cos., Inc. | 54854 | 3297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 5575 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 4473 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., Class A\* | 9355 | 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 10942 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 12740 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 8000 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 19723 | 2482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zscaler, Inc.\* | 4676 | 1052 |
|  |  | **1422558** |
| **Total Common Stocks** |  |  |
| **(Cost $898,901)** |  | **1921373** |
| **PREFERRED STOCKS – 0.0%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.0%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.0%** <sup>(1)</sup> |
| **Germany – 0.0%** | **Germany – 0.0%** | **Germany – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henkel A.G. & Co. KGaA, 2.92%<sup>(5)</sup> <br>| 7254 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sartorius A.G., 0.30%<sup>(5)</sup> <br>| 1200 | 347 |
|  |  | **940** |
| **Total Preferred Stocks** |  |  |
| **(Cost $810)** |  | **940** |
| **RIGHTS – 0.0%**  |  |  |
| **United States – 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABIOMED, Inc. (Contingent Value <br> Rights)<sup>(3) \*</sup> <br>| 2380 | **—** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **—** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.7%**  | **INVESTMENT COMPANIES – 0.7%**  | **INVESTMENT COMPANIES – 0.7%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(6) (7)</sup> <br>| 12879890 | $12880 |
| **Total Investment Companies** |  |  |
| **(Cost $12,880)** |  | **12880** |
| **Total Investments – 99.2%** |  |  |
| **(Cost $912,591)** |  | **1935193** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.8% |  | 16054 |
| **Net Assets – 100.0%** |  | **$1951247** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Adjustment factors obtained from an independent evaluation service were* <br> *used to determine the value of certain foreign securities.*<br>|
| <sup>(2)</sup> <br>| *Security exempt from registration pursuant to Rule 144A under the Securities* <br> *Act of 1933, as amended. These securities may be resold in transactions* <br> *exempt from registration to qualified institutional investors. At December 31,* <br> *2025, the value of these securities amounted to approximately $1,766,000* <br> *or 0.1% of net assets.*<br>|
| <sup>(3)</sup> <br>| *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <sup>(4)</sup> <br>| *Investment in affiliate.* |
| <sup>(5)</sup> <br>| *Current yield is disclosed. Dividends are calculated based on a percentage* <br> *of the issuer's net income.*<br>|
| <sup>(6)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(7)</sup> <br>| *7-day current yield as of December 31, 2025 is disclosed.* |
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| CDI – CREST Depository Interest |
| FTSE – Financial Times Stock Exchange |
| S&P – Standard & Poor's |
| SPI – Standardized Precipitation Index |
| TSX – Toronto Stock Exchange |

---

*Percentages shown are based on Net Assets.* 

NORTHERN FUNDS QUARTERLY REPORT **174** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**WORLD SELECTION INDEX FUND continued** <br>

At December 31, 2025, the Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS**<br> **TO**<br> **DELIVER**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **IN**<br> **EXCHANGE**<br> **FOR**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **SETTLEMENT**<br> **DATE**<br>| **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| Citibank | Danish Krone | 1528 | United States <br> Dollar<br>| 242 | 3/18/26 | $—\* |
| Citibank | New Zealand <br> Dollar<br>| 124 | United States <br> Dollar<br>| 72 | 3/18/26 | 1 |
| Citibank | Swiss Franc | 734 | United States <br> Dollar<br>| 934 | 3/18/26 | —\* |
| Citibank | United States <br> Dollar<br>| 452 | British Pound | 337 | 3/18/26 | 2 |
| Goldman Sachs | Hong Kong <br> Dollar<br>| 391 | United States <br> Dollar<br>| 50 | 3/18/26 | —\* |
| Goldman Sachs | Swiss Franc | 238 | United States <br> Dollar<br>| 303 | 3/18/26 | —\* |
| Morgan Stanley | Euro | 94 | United States <br> Dollar<br>| 111 | 3/18/26 | —\* |
| Morgan Stanley | United States <br> Dollar<br>| 518 | Euro | 440 | 3/18/26 | 1 |
| Toronto-Dominion <br> Bank<br>| United States <br> Dollar<br>| 542 | Canadian <br> Dollar<br>| 743 | 3/18/26 | 1 |
| UBS | Euro | 925 | United States <br> Dollar<br>| 1092 | 3/18/26 | 1 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 6 |
| Bank of Montreal | Australian <br> Dollar<br>| 19 | United States <br> Dollar<br>| 12 | 3/18/26 | (—)\*<br>|
| Goldman Sachs | Australian <br> Dollar<br>| 323 | United States <br> Dollar<br>| 215 | 3/18/26 | (—)\*<br>|
| Goldman Sachs | Canadian <br> Dollar<br>| 646 | United States <br> Dollar<br>| 471 | 3/18/26 | (1)<br>|
| JPMorgan Chase | United States <br> Dollar<br>| 210 | Japanese Yen | 32359 | 3/18/26 | (2)<br>|
| Morgan Stanley | United States <br> Dollar<br>| 776 | Japanese Yen | 119790 | 3/18/26 | (6)<br>|
| Toronto-Dominion <br> Bank<br>| British Pound | 383 | United States <br> Dollar<br>| 515 | 3/18/26 | (1)<br>|
| UBS | Japanese Yen | 117306 | United States <br> Dollar<br>| 753 | 3/18/26 | (1)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (11)<br>|
| Total |  |  |  |  |  | $(5)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*\** *Amount rounds to less than one thousand.*

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br> (United States <br> Dollar)<br>| 58 | $19988 | Long | 3/26 | $57 |
| &nbsp;&nbsp; Euro Stoxx 50 <br> (Euro)<br>| 40 | 2746 | Long | 3/26 | 34 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; FTSE 100 <br> Index (British <br> Pound)<br>| 9 | $1206 | Long | 3/26 | $15 |
| &nbsp;&nbsp; S&P/TSX 60 <br> Index <br> (Canadian <br> Dollar)<br>| 1 | 271 | Long | 3/26 | 1 |
| &nbsp;&nbsp; SPI 200 Index <br> (Australian <br> Dollar)<br>| 5 | 724 | Long | 3/26 | 1 |
| &nbsp;&nbsp; Topix Index <br> (Japanese <br> Yen)<br>| 7 | 1525 | Long | 3/26 | 10 |
| Total |  |  |  |  | $118 |

---

At December 31, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Information Technology | 28.6<br> %<br>|
| Financials | 15.5 |
| Communication Services | 10.5 |
| Health Care | 10.2 |
| Industrials | 10.2 |
| Consumer Discretionary | 9.3 |
| Consumer Staples | 4.8 |
| Materials | 3.5 |
| Energy | 2.1 |
| Real Estate | 1.9 |
| Utilities | 1.9 |
| Short-Term Investments | 0.7 |
| Total Investments | 99.2 |
| Other Assets less Liabilities | 0.8 |
| Net Assets | 100.0<br> %<br>|

---

EQUITY FUNDS **175** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on December 31, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their categorization as Level 2 investments. <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; $6519 | &nbsp;&nbsp; $335 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; 63747 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | &nbsp;&nbsp; 696 | &nbsp;&nbsp; 772 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Congo, The Democ. <br> Rep. of<br>| &nbsp;&nbsp; 355 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 11269 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11947 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp; $1134 | &nbsp;&nbsp; $1189 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; 2458 | &nbsp;&nbsp; 29287 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp; 546 | &nbsp;&nbsp; 4197 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; 889 | &nbsp;&nbsp; 62950 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 1396309 | &nbsp;&nbsp; 26249 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1422558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 311794 | &nbsp;&nbsp; — | &nbsp;&nbsp; 311794 |
| Total Common Stocks | &nbsp;&nbsp; 1473331 | &nbsp;&nbsp; 448042 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1921373 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 940 | &nbsp;&nbsp; — | &nbsp;&nbsp; 940 |
| Investment Companies | &nbsp;&nbsp; 12880 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12880 |
| Total Investments | &nbsp;&nbsp; $1486211 | &nbsp;&nbsp; $448982 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1935193 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; 118 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 118 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (11)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $118 | &nbsp;&nbsp; $(5)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $113 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **NET CHANGE**<br> **IN UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000S)**<br>| **NET**<br> **REALIZED**<br> **GAINS**<br> **(LOSSES)**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Nasdaq, Inc. | $1697 | $187 | $315 | $368 | $89 | $17 | $2026 | 20858 |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) |  | 3937 | 3937 |  |  | — <br><sup>(1),\*</sup><br>|  |  |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 33984 | 143794 | 164898 |  |  | 469 | 12880 | 12879890 |
| Northern Trust Corp. | 1073 |  | 257 | 308 | 61 | 22 | 1185 | 8673 |
| Total | $36754 | $147918 | $169407 | $676 | $150 | $508 | $16091 | 12909421 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

*\** *Amount rounds to less than one thousand.*

NORTHERN FUNDS QUARTERLY REPORT **176** EQUITY FUNDS

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

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

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

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

- **b. EDGAR series identifier (if any):** S000012492

- **c. LEI of Series:** 549300SCMF0V3IDLDG64

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

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

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $603225959.16

**Total Liabilities:** $349776.86

**Net Assets:** $602876182.30

**Cash Not Reported:** $1365793.56

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000033959 | -0.14%               | 0.65%                | 2.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5954861.07              | $-7299426.49                               |
| Month 2  | $3491070.28              | $280261.50                                 |
| Month 3  | $7930245.69              | $7415527.11                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LUKOIL PJSC ADR                               | LUKOIL PJSC ADR                               | CUSIP: 69343P105<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |      4766 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NN GRP. NV                                    | NN GRP. NV                                    | CUSIP: N64038107<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |     24146 | NS      | $1858840.98   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| WPP PLC                                       | WPP PLC                                       | CUSIP: G9788D103<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | JE        |    154511 | NS      | $697867.79    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CK HUTCHISON HLDGS. LTD                       | CK HUTCHISON HLDGS. LTD                       | CUSIP: G21765105<br>LEI: 254900Z8HM1VEPOQ2G79 | Long             | EC               | CORP              | KY        |    143384 | NS      | $976876.40    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| BT GRP. PLC                                   | BT GRP. PLC                                   | CUSIP: G16612106<br>LEI: 213800LRO7NS5CYQMN21 | Long             | EC               | CORP              | GB        |    592064 | NS      | $1464040.94   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| BURBERRY GRP. PLC                             | BURBERRY GRP. PLC                             | CUSIP: G1700D105<br>LEI: 213800PE1KEFCNFR1R50 | Long             | EC               | CORP              | GB        |     49551 | NS      | $844507.91    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| WH GROUP LIMITED USD0.000                     | WH GROUP LIMITED USD0.000                     | CUSIP: G96007102<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | KY        |    637442 | NS      | $709681.00    | 0.12%             |  |  |  | Yes           |                  2 | On Loan: No      |
| JAPAN POST INS. CO LTD                        | JAPAN POST INS. CO LTD                        | CUSIP: J2800E107<br>LEI: 54930042SK2Z708BA841 | Long             | EC               | CORP              | JP        |     48810 | NS      | $1464598.75   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                              | ABN AMRO BANK NV                              | CUSIP: N0162C102<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |     67426 | NS      | $2353506.18   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| VALEO SE EUR1                                 | VALEO SE EUR1                                 | CUSIP: F96221340<br>LEI: 5493006IH2N2WMIBB742 | Long             | EC               | CORP              | FR        |     45485 | NS      | $620478.59    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                                 | UNICREDIT SPA                                 | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |     46884 | NS      | $3892109.46   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| EISAI CO LTD NPV                              | EISAI CO LTD NPV                              | CUSIP: J12852117<br>LEI: 353800HDEE0ZYEX4QV91 | Long             | EC               | CORP              | JP        |     21856 | NS      | $648418.44    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| ISUZU MOTORS LTD                              | ISUZU MOTORS LTD                              | CUSIP: J24994113<br>LEI: 529900C0QSXVCC7AR494 | Long             | EC               | CORP              | JP        |     10021 | NS      | $156221.30    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| KOITO MFG. CO LTD                             | KOITO MFG. CO LTD                             | CUSIP: J34899104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     64580 | NS      | $955046.91    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUBISHI GAS CHEMICAL C                     | MITSUBISHI GAS CHEMICAL C                     | CUSIP: J43959113<br>LEI: 529900G5O4J27ZPLJJ89 | Long             | EC               | CORP              | JP        |     34600 | NS      | $627789.13    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| ONO PHARM. CO LTD                             | ONO PHARM. CO LTD                             | CUSIP: J61546115<br>LEI: 529900G26L4NG4GFJZ86 | Long             | EC               | CORP              | JP        |     13938 | NS      | $193191.78    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| TAIHEIYO CEMENT CORP                          | TAIHEIYO CEMENT CORP                          | CUSIP: J7923L128<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     11781 | NS      | $292622.75    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ROHM CO LTD                                   | ROHM CO LTD                                   | CUSIP: J65328122<br>LEI: 5493009V2FGDEP7JFE59 | Long             | EC               | CORP              | JP        |     79928 | NS      | $1134663.22   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| STANLEY ELEC. CO LTD                          | STANLEY ELEC. CO LTD                          | CUSIP: J76637115<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     22649 | NS      | $445775.09    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO HEAVY INDS. LTD                      | SUMITOMO HEAVY INDS. LTD                      | CUSIP: J77497170<br>LEI: 353800VSTEIRMBC3S374 | Long             | EC               | CORP              | JP        |     15783 | NS      | $416763.16    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO RUBBER INDS. LTD                     | SUMITOMO RUBBER INDS. LTD                     | CUSIP: J77884112<br>LEI: 353800JD4V72SJ3EOX37 | Long             | EC               | CORP              | JP        |     30677 | NS      | $473176.60    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| THK CO LTD                                    | THK CO LTD                                    | CUSIP: J83345108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     15066 | NS      | $385175.59    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| TAKEDA PHARM. CO LTD                          | TAKEDA PHARM. CO LTD                          | CUSIP: J8129E108<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |     27682 | NS      | $859995.97    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| KASIKORNBANK PCL                              | KASIKORNBANK PCL                              | CUSIP: Y4591R118<br>LEI: 5493004COSQ54937AW41 | Long             | EC               | CORP              | TH        |    168237 | NS      | $1038631.85   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| YAMATO HLDGS. CO LTD                          | YAMATO HLDGS. CO LTD                          | CUSIP: J96612114<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     51180 | NS      | $720496.33    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| AMBEV SA COM NPV ABEV3                        | AMBEV SA COM NPV ABEV3                        | CUSIP: P0273U106<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |    457997 | NS      | $1153015.82   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| AXA SA                                        | AXA SA                                        | CUSIP: F06106102<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |     30651 | NS      | $1474153.72   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| ENI SPA                                       | ENI SPA                                       | CUSIP: T3643A145<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |     99162 | NS      | $1880917.55   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                | BNP PARIBAS SA                                | CUSIP: F1058Q238<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     26176 | NS      | $2476919.57   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| HEINEKEN NV                                   | HEINEKEN NV                                   | CUSIP: N39427211<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |     15127 | NS      | $1237410.15   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| ASMPT LTD                                     | ASMPT LTD                                     | CUSIP: G0535Q133<br>LEI: 529900PYFA1HFYKPT360 | Long             | EC               | CORP              | KY        |     70859 | NS      | $705157.54    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| EVONIK INDS. AG                               | EVONIK INDS. AG                               | CUSIP: D2R90Y117<br>LEI: 41GUOJQTALQHLF39XJ34 | Long             | EC               | CORP              | DE        |     52034 | NS      | $816606.94    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| ISHARES CORE MSCI EAFE ET                     | ISHARES CORE MSCI EAFE ET                     | CUSIP: 46432F842<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     10873 | NS      | $972698.58    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PERSOL HLDGS. CO LTD                          | PERSOL HLDGS. CO LTD                          | CUSIP: J6367Q106<br>LEI: 3538000H6OI725NB2008 | Long             | EC               | CORP              | JP        |    340530 | NS      | $631042.47    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS GROUP AG USD0.10 (REG                     | UBS GROUP AG USD0.10 (REG S)                  | CUSIP: H42097107<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |     41899 | NS      | $1936867.72   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| ING GROEP NV                                  | ING GROEP NV                                  | CUSIP: N4578E595<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |     77291 | NS      | $2172742.33   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| KINAXIS INC                                   | KINAXIS INC                                   | CUSIP: 49448Q109<br>LEI: 5299009VAZ14K7PFUQ15 | Long             | EC               | CORP              | CA        |      2502 | NS      | $315504.83    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI ROTEM CO LTD                          | HYUNDAI ROTEM CO LTD                          | CUSIP: Y3R36Z108<br>LEI: 988400HB939UNHXTFY36 | Long             | EC               | CORP              | KR        |      2429 | NS      | $316984.68    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| COMPUTACENTER PLC                             | COMPUTACENTER PLC                             | CUSIP: G23356150<br>LEI: 549300XSXUZ1I19DB105 | Long             | EC               | CORP              | GB        |      8363 | NS      | $330100.31    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SOFTCAT PLC                                   | SOFTCAT PLC                                   | CUSIP: G8251T108<br>LEI: 213800N42YZLR9GLVC42 | Long             | EC               | CORP              | GB        |     11541 | NS      | $219414.62    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ASR NEDERLAND NV                              | ASR NEDERLAND NV                              | CUSIP: N0709G103<br>LEI: 7245000G0HS48PZWUD53 | Long             | EC               | CORP              | NL        |      6427 | NS      | $456232.17    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CTS EVENTIM AG KGAA                           | CTS EVENTIM AG KGAA                           | CUSIP: D1648T108<br>LEI: 529900FDHSN08UBJII80 | Long             | EC               | CORP              | DE        |      2944 | NS      | $270235.21    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| AZIMUT HOLDING SPA                            | AZIMUT HOLDING SPA                            | CUSIP: T0783G106<br>LEI: 81560025690EF8540635 | Long             | EC               | CORP              | IT        |     11663 | NS      | $487259.19    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| JYSKE BANK A/S                                | JYSKE BANK A/S                                | CUSIP: K55633117<br>LEI: 3M5E1GQGKL17HI6CPN30 | Long             | EC               | CORP              | DK        |      3615 | NS      | $494368.90    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| EFG INTL. AG                                  | EFG INTL. AG                                  | CUSIP: H2078C108<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |     11231 | NS      | $268513.90    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ARITZIA INC                                   | ARITZIA INC                                   | CUSIP: 04045U102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      5709 | NS      | $488106.92    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SCATEC ASA                                    | SCATEC ASA                                    | CUSIP: R7562P100<br>LEI: N/A                  | Long             | EC               | CORP              | NO        |     24849 | NS      | $261644.36    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ROYAL UNIBREW A/S                             | ROYAL UNIBREW A/S                             | CUSIP: K8390X122<br>LEI: N/A                  | Long             | EC               | CORP              | DK        |      4101 | NS      | $370655.39    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SPIE SA                                       | SPIE SA                                       | CUSIP: F8691R101<br>LEI: 969500TJNS5GSFWJ8X85 | Long             | EC               | CORP              | FR        |     10699 | NS      | $615862.08    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| ICG PLC                                       | ICG PLC                                       | CUSIP: G4807D192<br>LEI: 549300OGASR5WRKJ8R68 | Long             | EC               | RF                | GB        |     11425 | NS      | $315053.71    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| COLLIERS INTL. GRP. INC                       | COLLIERS INTL. GRP. INC                       | CUSIP: 194693107<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      1825 | NS      | $268241.96    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SCOUT24 SE                                    | SCOUT24 SE                                    | CUSIP: D345XT105<br>LEI: 5493007EIKM2ENQS7U66 | Long             | EC               | CORP              | DE        |      3913 | NS      | $394413.45    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BEAZLEY PLC                                   | BEAZLEY PLC                                   | CUSIP: G0936K107<br>LEI: 213800VTOMUWD41GIT12 | Long             | EC               | CORP              | GB        |     43523 | NS      | $486203.95    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA RUYI                                    | CHINA RUYI                                    | CUSIP: G4404N114<br>LEI: 984500976440498D1C06 | Long             | EC               | CORP              | BM        |    632000 | NS      | $177440.99    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| HEADWATER EXPLORATION INC                     | HEADWATER EXPLORATION INC                     | CUSIP: 422096107<br>LEI: 549300XIU4JQ0GKLRG88 | Long             | EC               | CORP              | CA        |     64092 | NS      | $437537.46    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TECHNIP ENERGIES NV                           | TECHNIP ENERGIES NV                           | CUSIP: N8486R101<br>LEI: 724500FLODI49NSCIP70 | Long             | EC               | CORP              | NL        |     10961 | NS      | $416335.92    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| EASYJET PLC                                   | EASYJET PLC                                   | CUSIP: G3030S109<br>LEI: 2138001S47XKWIB7TH90 | Long             | EC               | CORP              | GB        |     28402 | NS      | $194670.10    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| OCEANAGOLD CORP                               | OCEANAGOLD CORP                               | CUSIP: 675222400<br>LEI: 549300CBMSE8I9N3E232 | Long             | EC               | CORP              | CA        |     40695 | NS      | $1153353.61   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| DPM METALS INC                                | DPM METALS INC                                | CUSIP: 26139R109<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     44897 | NS      | $1387585.69   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ALSTOM SA                                     | ALSTOM SA                                     | CUSIP: F0259M475<br>LEI: 96950032TUYMW11FB530 | Long             | EC               | CORP              | FR        |      8898 | NS      | $263405.98    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| SAWAI GRP. HLDGS. CO LTD                      | SAWAI GRP. HLDGS. CO LTD                      | CUSIP: J69801108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     19400 | NS      | $291315.76    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF IRELAND GRP. PLC                      | BANK OF IRELAND GRP. PLC                      | CUSIP: G0756R109<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |     97872 | NS      | $1866737.34   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| CK ASSET HLDGS. LTD                           | CK ASSET HLDGS. LTD                           | CUSIP: G2177B101<br>LEI: 5299006GJZSGP78B8S35 | Long             | EC               | CORP              | HK        |    177226 | NS      | $892703.26    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| NOKIA OYJ                                     | NOKIA OYJ                                     | CUSIP: X61873133<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |    261998 | NS      | $1696967.04   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| ERICSSON(L.M.)(TELEFONAKT                     | ERICSSON(L.M.)(TELEFONAKT                     | CUSIP: W26049119<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |    140609 | NS      | $1372649.78   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| KONINKLIJKE PHILIPS NV                        | KONINKLIJKE PHILIPS NV                        | CUSIP: N7637U112<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |     69193 | NS      | $1872706.61   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| SBERBANK OF RUSSIA PJSC                       | SBERBANK OF RUSSIA PJSC                       | CUSIP: X76317100<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |    186456 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ALFRESA HLDGS. CORP                           | ALFRESA HLDGS. CORP                           | CUSIP: J0109X107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     26313 | NS      | $408655.98    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| TSURUHA HLDGS. INC                            | TSURUHA HLDGS. INC                            | CUSIP: J9348C105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     40035 | NS      | $734908.77    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI MOBIS CO LTD                          | HYUNDAI MOBIS CO LTD                          | CUSIP: Y3849A109<br>LEI: 988400HJA9E0ZVDHRS65 | Long             | EC               | CORP              | KR        |      5522 | NS      | $1430791.85   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| JGC HLDGS. CORP                               | JGC HLDGS. CORP                               | CUSIP: J26945105<br>LEI: 5493003WMGG79YLARU68 | Long             | EC               | CORP              | JP        |     46180 | NS      | $561256.18    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| KUBOTA CORP                                   | KUBOTA CORP                                   | CUSIP: J36662138<br>LEI: 549300CSY4INHEHQQT13 | Long             | EC               | CORP              | JP        |    103300 | NS      | $1458683.63   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| ADECCO GRP. AG                                | ADECCO GRP. AG                                | CUSIP: H00392318<br>LEI: NI14Y5UMU60O7JE9P611 | Long             | EC               | CORP              | CH        |     23546 | NS      | $684060.75    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| SWATCH GRP. AG/THE                            | SWATCH GRP. AG/THE                            | CUSIP: H83949141<br>LEI: 529900NTES2LEON1JZ55 | Long             | EC               | CORP              | CH        |      5183 | NS      | $1100010.82   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| CIE DE SAINT-GOBAIN SA                        | CIE DE SAINT-GOBAIN SA                        | CUSIP: F80343100<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |     12865 | NS      | $1305965.32   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TRUST GRO                     | SUMITOMO MITSUI TRUST GRO                     | CUSIP: J7772M102<br>LEI: 353800P843RLCDBLNT17 | Long             | EC               | CORP              | JP        |     61034 | NS      | $1854585.19   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML HLDG. NV                                 | ASML HLDG. NV                                 | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       605 | NS      | $646694.25    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC GRP. NV                                   | KBC GRP. NV                                   | CUSIP: B5337G162<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |      8547 | NS      | $1110965.63   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| GLANBIA PLC                                   | GLANBIA PLC                                   | CUSIP: G39021103<br>LEI: 635400SRMCBHVMSKJS84 | Long             | EC               | CORP              | IE        |     43408 | NS      | $744258.61    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| SCHNEIDER ELEC. SE                            | SCHNEIDER ELEC. SE                            | CUSIP: F86921107<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |      3666 | NS      | $1004855.82   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| GENUS PLC                                     | GENUS PLC                                     | CUSIP: G3827X105<br>LEI: 54930022EOITNKSIGH56 | Long             | EC               | CORP              | GB        |      6978 | NS      | $242985.01    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BABCOCK INTL. GRP. PLC                        | BABCOCK INTL. GRP. PLC                        | CUSIP: G0689Q152<br>LEI: 213800TSKOLX4EU6L377 | Long             | EC               | CORP              | GB        |     34780 | NS      | $578923.83    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| MITIE GRP. PLC                                | MITIE GRP. PLC                                | CUSIP: G6164F157<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    113069 | NS      | $253747.96    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CRANSWICK PLC                                 | CRANSWICK PLC                                 | CUSIP: G2504J108<br>LEI: 549300LDZLPU51XOSK43 | Long             | EC               | CORP              | GB        |      5095 | NS      | $338867.12    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| JET2 PLC                                      | JET2 PLC                                      | CUSIP: G5112P101<br>LEI: I72RQ3PNLDPW8R7JIJ56 | Long             | EC               | CORP              | GB        |     11908 | NS      | $224825.83    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| INVESTEC PLC                                  | INVESTEC PLC                                  | CUSIP: G49188116<br>LEI: 2138007Z3U5GWDN3MY22 | Long             | EC               | CORP              | GB        |     39454 | NS      | $291678.39    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| GAMES WORKSHOP GRP. PLC                       | GAMES WORKSHOP GRP. PLC                       | CUSIP: G3715N102<br>LEI: 213800RP9QJQYGWHNT41 | Long             | EC               | CORP              | GB        |      1415 | NS      | $359137.98    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| WEIR GROUP PLC/THE                            | WEIR GROUP PLC/THE                            | CUSIP: G95248137<br>LEI: 549300KDR56WHY9I3D10 | Long             | EC               | CORP              | GB        |      6910 | NS      | $263731.66    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MAGELLAN FINL. GRP. LTD                       | MAGELLAN FINL. GRP. LTD                       | CUSIP: Q5713S107<br>LEI: 549300X5WFW6USQQ9U26 | Long             | EC               | CORP              | AU        |     55547 | NS      | $367717.03    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| POONGSAN CORP                                 | POONGSAN CORP                                 | CUSIP: Y7021M104<br>LEI: 2549007P08ZD5QJS1369 | Long             | EC               | CORP              | KR        |      5776 | NS      | $424880.01    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| TOKYU FUDOSAN HLDGS. CORP                     | TOKYU FUDOSAN HLDGS. CORP                     | CUSIP: J88764105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     44900 | NS      | $408379.23    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| OPEN HOUSE GRP. CO LTD                        | OPEN HOUSE GRP. CO LTD                        | CUSIP: J3072G101<br>LEI: 529900WQOGPBIJEHW865 | Long             | EC               | CORP              | JP        |      4800 | NS      | $281451.21    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| MERLIN PROPS. SOCIMI SA                       | MERLIN PROPS. SOCIMI SA                       | CUSIP: E7390Z100<br>LEI: 959800L8KD863DP30X04 | Long             | EC               | CORP              | ES        |     33569 | NS      | $488765.60    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXTEER AUTOMOTIVE GRP. L                     | NEXTEER AUTOMOTIVE GRP. L                     | CUSIP: G6501M105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    360000 | NS      | $294525.81    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ISS A/S                                       | ISS A/S                                       | CUSIP: K5591Y107<br>LEI: 213800LEZA58SZNCBN19 | Long             | EC               | CORP              | DK        |     10358 | NS      | $353797.76    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| INDRA SISTEMAS SA                             | INDRA SISTEMAS SA                             | CUSIP: E6271Z155<br>LEI: 95980020140005308793 | Long             | EC               | CORP              | ES        |     14439 | NS      | $818749.92    | 0.14%             |  |  |  | No            |                  2 | On Loan: —       |
| PSP SWISS PROP. AG                            | PSP SWISS PROP. AG                            | CUSIP: H64687124<br>LEI: 50670042Y437P8X44F56 | Long             | EC               | CORP              | CH        |      3143 | NS      | $569399.57    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| NCC AB                                        | NCC AB                                        | CUSIP: W5691F104<br>LEI: 213800WRGLW3CY4MHW53 | Long             | EC               | CORP              | SE        |     13049 | NS      | $311052.05    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| HUDBAY MINERALS INC                           | HUDBAY MINERALS INC                           | CUSIP: 443628102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     20774 | NS      | $412437.80    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HD-HYUNDAI MARINE ENGINE                      | HD-HYUNDAI MARINE ENGINE                      | CUSIP: Y8T77T125<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      4584 | NS      | $284491.40    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| MAIRE TECNIMONT SPA                           | MAIRE TECNIMONT SPA                           | CUSIP: T6388T112<br>LEI: 815600D85A61200A1B83 | Long             | EC               | CORP              | IT        |     19180 | NS      | $291944.11    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| KONECRANES OYJ                                | KONECRANES OYJ                                | CUSIP: X4550J108<br>LEI: 549300EF0CDEQZBMA096 | Long             | EC               | CORP              | FI        |      6598 | NS      | $723901.07    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| BUZZI SPA                                     | BUZZI SPA                                     | CUSIP: T2320M109<br>LEI: N/A                  | Long             | EC               | CORP              | IT        |     10861 | NS      | $660178.52    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| IREN SPA                                      | IREN SPA                                      | CUSIP: T5551Y106<br>LEI: 8156001EBD33FD474E60 | Long             | EC               | CORP              | IT        |    116869 | NS      | $350406.17    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| YPSOMED HLDG. AG                              | YPSOMED HLDG. AG                              | CUSIP: H9725B102<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |       478 | NS      | $197130.79    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MEBUKI FINL. GRP. INC                         | MEBUKI FINL. GRP. INC                         | CUSIP: J4248A101<br>LEI: 353800K1RXV3E3JAE812 | Long             | EC               | CORP              | JP        |     93600 | NS      | $618596.18    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| DAICEL CORP                                   | DAICEL CORP                                   | CUSIP: J08484149<br>LEI: 353800ZG4XF6D7NZGS72 | Long             | EC               | CORP              | JP        |     32100 | NS      | $286088.61    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| KANEKA CORP                                   | KANEKA CORP                                   | CUSIP: J2975N106<br>LEI: 529900FWWCF6RY313R16 | Long             | EC               | CORP              | JP        |      5800 | NS      | $162677.14    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| TRITAX BIG BOX REIT PLC                       | TRITAX BIG BOX REIT PLC                       | CUSIP: G9101W101<br>LEI: 213800L6X88MIYPVR714 | Long             | EC               | CORP              | GB        |    143842 | NS      | $294297.16    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| IMI PLC                                       | IMI PLC                                       | CUSIP: G47152114<br>LEI: 2138002W9Q21PF751R30 | Long             | EC               | CORP              | GB        |      9555 | NS      | $318552.20    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| COLRUYT GROUP N.V                             | COLRUYT GROUP N.V                             | CUSIP: B26882231<br>LEI: 5493000O0NZ1BCXO8K39 | Long             | EC               | CORP              | BE        |      5692 | NS      | $211223.69    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BIRD CONSTRUCTION INC                         | BIRD CONSTRUCTION INC                         | CUSIP: 09076P104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     11506 | NS      | $239081.36    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EURONEXT NV                                   | EURONEXT NV                                   | CUSIP: N3113K397<br>LEI: 724500QJ4QSZ3H9QU415 | Long             | EC               | CORP              | NL        |      3389 | NS      | $508665.77    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| FREENET AG                                    | FREENET AG                                    | CUSIP: D3689Q134<br>LEI: 5299003GLDODCVP8DO20 | Long             | EC               | CORP              | DE        |     11264 | NS      | $388193.49    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| KONINKLIJKE HEIJMANS N.V                      | KONINKLIJKE HEIJMANS N.V                      | CUSIP: N3928R264<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |      3147 | NS      | $248836.50    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| VERMILION ENERGY INC                          | VERMILION ENERGY INC                          | CUSIP: 923725105<br>LEI: WT03B8BB1IX8WI9ZGV02 | Long             | EC               | RF                | CA        |     35729 | NS      | $297275.28    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SHENG SIONG GRP. LTD                          | SHENG SIONG GRP. LTD                          | CUSIP: Y7709X109<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    118500 | NS      | $242163.50    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| TOTALENERGIES SE                              | TOTALENERGIES SE                              | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      6770 | NS      | $441254.23    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SAFRAN SA                                     | SAFRAN SA                                     | CUSIP: F4035A557<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |      2693 | NS      | $937112.90    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| STANTEC INC                                   | STANTEC INC                                   | CUSIP: 85472N109<br>LEI: 549300MZ7NGUZDCP2T16 | Long             | EC               | CORP              | CA        |      8401 | NS      | $792756.20    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO MITSUI FINL. GRP                     | SUMITOMO MITSUI FINL. GRP                     | CUSIP: J7771X109<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |     21900 | NS      | $704815.60    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| OVERSEA-CHINESE BANKING C                     | OVERSEA-CHINESE BANKING C                     | CUSIP: Y64248209<br>LEI: 5493007O3QFXCPOGWK22 | Long             | EC               | CORP              | SG        |     64800 | NS      | $995390.43    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                        | BP PLC                                        | CUSIP: G12793108<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    420999 | NS      | $2443890.89   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                        | STANDARD CHARTERED PLC                        | CUSIP: G84228157<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |     55891 | NS      | $1364914.80   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC ORD US                     | SMITH & NEPHEW PLC ORD US                     | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |     50447 | NS      | $839819.88    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH AMERICAN TOBACCO                      | BRITISH AMERICAN TOBACCO                      | CUSIP: G1510J102<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     23026 | NS      | $1305059.65   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| RECKITT BENCKISER GROUP P                     | RECKITT BENCKISER GROUP P                     | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |     47866 | NS      | $3875287.21   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| PRUDENTIAL PLC GBP0.05                        | PRUDENTIAL PLC GBP0.05                        | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |    106592 | NS      | $1644634.47   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| ASTRAZENECA PLC                               | ASTRAZENECA PLC                               | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     25335 | NS      | $4666502.06   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| ARCELORMITTAL SA                              | ARCELORMITTAL SA                              | CUSIP: L0302D210<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |     12281 | NS      | $559306.20    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| EUROBANK SA                                   | EUROBANK SA                                   | CUSIP: X2379U106<br>LEI: N/A                  | Long             | EC               | CORP              | GR        |    122554 | NS      | $491194.24    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| SMURFIT WESTROCK PLC                          | SMURFIT WESTROCK PLC                          | CUSIP: G8267P108<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |     50499 | NS      | $1952796.33   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CARNIVAL CORP                                 | CARNIVAL CORP                                 | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |     90529 | NS      | $2764755.66   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| AKZO NOBEL NV                                 | AKZO NOBEL NV                                 | CUSIP: N01803308<br>LEI: 724500XYIJUGXAA5QD70 | Long             | EC               | CORP              | NL        |     37715 | NS      | $2619452.09   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| HEXAGON AB                                    | HEXAGON AB                                    | CUSIP: W4R431112<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |    115655 | NS      | $1367974.00   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPGEMINI SE                                  | CAPGEMINI SE                                  | CUSIP: F4973Q101<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |     13367 | NS      | $2213744.54   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                        | SAP SE                                        | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     10579 | NS      | $2588452.44   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH MOET HENNESSY LOUIS                      | LVMH MOET HENNESSY LOUIS                      | CUSIP: F58485115<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |      1146 | NS      | $863969.68    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                        | BP PLC                                        | CUSIP: G12793108<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    382931 | NS      | $2222906.90   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITE GRP. PLC/THE                            | UNITE GRP. PLC/THE                            | CUSIP: G9283N101<br>LEI: 213800BBUUWVDH9YI827 | Long             | EC               | CORP              | GB        |     64655 | NS      | $486083.72    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| KERING SA                                     | KERING SA                                     | CUSIP: F5433L103<br>LEI: 549300VGEJKB7SVUZR78 | Long             | EC               | CORP              | FR        |     17645 | NS      | $6226247.62   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SANOFI SA                                     | SANOFI SA                                     | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     25596 | NS      | $2483266.09   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                              | DEUTSCHE BANK AG                              | CUSIP: D18190898<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |     33477 | NS      | $1302076.21   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE TELEKOM AG                           | DEUTSCHE TELEKOM AG                           | CUSIP: D2035M136<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     84954 | NS      | $2755682.65   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                        | STANDARD CHARTERED PLC                        | CUSIP: G84228157<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |    161324 | NS      | $3939695.41   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| KINGFISHER PLC                                | KINGFISHER PLC                                | CUSIP: G5256E441<br>LEI: 213800KBMEV7I92FY281 | Long             | EC               | CORP              | GB        |    229034 | NS      | $960365.55    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| INFINEON TECHS. AG                            | INFINEON TECHS. AG                            | CUSIP: D35415104<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |     64429 | NS      | $2854775.77   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE SA                           | SOCIETE GENERALE SA                           | CUSIP: F8591M517<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | EC               | CORP              | FR        |     22011 | NS      | $1773379.33   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| KONINKLIJKE PHILIPS NV                        | KONINKLIJKE PHILIPS NV                        | CUSIP: N7637U112<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |     95169 | NS      | $2575746.34   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                             | NATWEST GROUP PLC                             | CUSIP: G6422B147<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |    127265 | NS      | $1110000.21   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| J SAINSBURY PLC                               | J SAINSBURY PLC                               | CUSIP: G77732173<br>LEI: 213800VGZAAJIKJ9Y484 | Long             | EC               | CORP              | GB        |    125347 | NS      | $552412.51    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH LAND CO PLC/THE                       | BRITISH LAND CO PLC/THE                       | CUSIP: G15540118<br>LEI: RV5B68J2GV3QGMRPW209 | Long             | EC               | CORP              | GB        |    139782 | NS      | $756045.61    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| SHINHAN FINANCIAL GROUP C                     | SHINHAN FINANCIAL GROUP C                     | CUSIP: Y7749X101<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |     18339 | NS      | $978657.54    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK MANDIRI PERSERO TBK                      | BANK MANDIRI PERSERO TBK                      | CUSIP: Y7123S108<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |   1056100 | NS      | $322964.72    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH AMERICAN TOBACCO                      | BRITISH AMERICAN TOBACCO                      | CUSIP: G1510J102<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     73818 | NS      | $4183831.01   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| RECKITT BENCKISER GROUP P                     | RECKITT BENCKISER GROUP P                     | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |     22917 | NS      | $1855387.06   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| RENESAS ELECTNCS. CORP                        | RENESAS ELECTNCS. CORP                        | CUSIP: J4881V107<br>LEI: 5299000EPC47VJQOFB81 | Long             | EC               | CORP              | JP        |    308300 | NS      | $4222253.57   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI CORP                                     | KDDI CORP                                     | CUSIP: J31843105<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |     67600 | NS      | $1169369.48   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| PRUDENTIAL PLC GBP0.05                        | PRUDENTIAL PLC GBP0.05                        | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |    168659 | NS      | $2602281.65   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| HANKOOK TIRE & TECH. CO L                     | HANKOOK TIRE & TECH. CO L                     | CUSIP: Y3R57J108<br>LEI: 9884001BIEVM09M7AH02 | Long             | EC               | CORP              | KR        |      9350 | NS      | $377333.52    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC CORP                                      | SMC CORP                                      | CUSIP: J75734103<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |      7700 | NS      | $2681111.70   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG ELECTRONICS CO KR                     | SAMSUNG ELECTRONICS CO KR                     | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     47894 | NS      | $3991691.70   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| DCC PLC                                       | DCC PLC                                       | CUSIP: G2689P101<br>LEI: 213800UPS1QEE4TD3T45 | Long             | EC               | CORP              | IE        |     14640 | NS      | $909887.39    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| OLD MUTUAL LTD                                | OLD MUTUAL LTD                                | CUSIP: S5790B132<br>LEI: 213800MON84ZWWPQCN47 | Long             | EC               | CORP              | ZA        |    990073 | NS      | $890950.38    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                                       | E.ON SE                                       | CUSIP: D24914133<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |     35915 | NS      | $680837.25    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| SEGRO PLC                                     | SEGRO PLC                                     | CUSIP: G80277141<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               | CORP              | GB        |    142946 | NS      | $1382804.70   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| ENEL SPA                                      | ENEL SPA                                      | CUSIP: T3679P115<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |    108929 | NS      | $1134944.04   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC KANSAS C                     | CANADIAN PACIFIC KANSAS C                     | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     30476 | NS      | $2243706.82   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICA MOVIL SAB DE CV                       | AMERICA MOVIL SAB DE CV                       | CUSIP: P0280A192<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |   1343261 | NS      | $1386712.31   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AMS-OSRAM AG                                  | AMS-OSRAM AG                                  | CUSIP: A0400Q156<br>LEI: 5299001JPPT2QFTV5D76 | Long             | EC               | CORP              | AT        |     17404 | NS      | $169237.89    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BARRICK MINING CORP                           | BARRICK MINING CORP                           | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     14506 | NS      | $631899.56    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ING GROEP NV                                  | ING GROEP NV                                  | CUSIP: N4578E595<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |     39092 | NS      | $1098922.81   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC                             | NATIONAL GRID PLC                             | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |    146645 | NS      | $2259963.10   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                                      | RELX PLC                                      | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     52761 | NS      | $2150453.20   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK HLDG. AG                        | DAIMLER TRUCK HLDG. AG                        | CUSIP: D1T3RZ100<br>LEI: 529900PW78JIYOUBSR24 | Long             | EC               | CORP              | DE        |      2970 | NS      | $130233.21    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NOVO NORDISK A/S                              | NOVO NORDISK A/S                              | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     44360 | NS      | $2261153.31   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| SYENSQO SA                                    | SYENSQO SA                                    | CUSIP: B8T189100<br>LEI: 549300060XNJ90PLNS10 | Long             | EC               | CORP              | BE        |     14455 | NS      | $1160912.84   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| BERKELEY GRP. HLDGS. PLC                      | BERKELEY GRP. HLDGS. PLC                      | CUSIP: G1191G153<br>LEI: 2138009OQSSLVVHQAL78 | Long             | EC               | CORP              | GB        |     16836 | NS      | $884361.20    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| KONINKLIJKE KPN NV                            | KONINKLIJKE KPN NV                            | CUSIP: N4297B146<br>LEI: 549300YO0JZHAL7FVP81 | Long             | EC               | CORP              | NL        |    117429 | NS      | $549351.19    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CONSTELLATION SOFTWARE IN                     | CONSTELLATION SOFTWARE IN                     | CUSIP: 21037X100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       275 | NS      | $661458.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| WOLTERS KLUWER NV                             | WOLTERS KLUWER NV                             | CUSIP: N9643A197<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |      4187 | NS      | $434721.22    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK LEUMI LE-ISRAEL BM                       | BANK LEUMI LE-ISRAEL BM                       | CUSIP: M16043107<br>LEI: 7JDSZWRGUQY2DSTWCR57 | Long             | EC               | CORP              | IL        |     40964 | NS      | $902971.46    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| RIO TINTO LTD                                 | RIO TINTO LTD                                 | CUSIP: Q81437107<br>LEI: 529900X2VMAQT2PE0V24 | Long             | EC               | CORP              | AU        |      4499 | NS      | $440891.98    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                 | AIB GROUP PLC                                 | CUSIP: G0R4HJ106<br>LEI: 635400AKJBGNS5WNQL34 | Long             | EC               | CORP              | IE        |    139802 | NS      | $1505073.68   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| RAIZEN SA                                     | RAIZEN SA                                     | CUSIP: P79857101<br>LEI: N/A                  | Long             | EP               | CORP              | BR        |    955571 | PA      | $140323.29    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                                       | GSK PLC                                       | CUSIP: G3910J179<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |    151674 | NS      | $3727471.18   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| MOBILE TELESYSTEMS PJSC                       | MOBILE TELESYSTEMS PJSC                       | CUSIP: 607409109<br>LEI: 2534008FX8EXH1FMJA74 | Long             | EC               | CORP              | RU        |     64508 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| LOGISTA INTEGRAL S A                          | LOGISTA INTEGRAL S A                          | CUSIP: E0304S106<br>LEI: 9598000ANNAL42UJ7X28 | Long             | EC               | CORP              | ES        |      7190 | NS      | $254510.99    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| KEPPEL DC REIT                                | KEPPEL DC REIT                                | CUSIP: Y47230100<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    176900 | NS      | $309304.19    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   9944221 | NS      | $9944221.07   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ELIS SA                                       | ELIS SA                                       | CUSIP: F2976F106<br>LEI: 969500UX71LCE8MAY492 | Long             | EC               | CORP              | FR        |     16377 | NS      | $465514.28    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| ZALANDO SE                                    | ZALANDO SE                                    | CUSIP: D98423102<br>LEI: 529900YRFFGH5AXU4S86 | Long             | EC               | CORP              | DE        |     14630 | NS      | $434379.43    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| KT CORP ADR                                   | KT CORP ADR                                   | CUSIP: 48268K101<br>LEI: N/A                  | Long             | EC               | NUSS              | KR        |     55594 | NS      | $1054618.18   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NUTRIEN LTD                                   | NUTRIEN LTD                                   | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     17452 | NS      | $1077137.44   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SMITHS GRP. PLC                               | SMITHS GRP. PLC                               | CUSIP: G82401111<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |     14073 | NS      | $443455.59    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| FOOD & LIFE COS LTD                           | FOOD & LIFE COS LTD                           | CUSIP: J1358G100<br>LEI: 529900CWF7GCVZKS5M87 | Long             | EC               | CORP              | JP        |      7300 | NS      | $370056.39    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| UMICORE SA                                    | UMICORE SA                                    | CUSIP: B95505184<br>LEI: N/A                  | Long             | EC               | CORP              | BE        |     21804 | NS      | $455062.38    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| AVANZA BANK HLDG. AB                          | AVANZA BANK HLDG. AB                          | CUSIP: W1R78Z269<br>LEI: 549300MBWR5H8SIJLE03 | Long             | EC               | CORP              | SE        |     13117 | NS      | $502345.72    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| TRAINLINE PLC                                 | TRAINLINE PLC                                 | CUSIP: G8992Y119<br>LEI: 213800HO26VXTFJ4MO71 | Long             | EC               | CORP              | GB        |     75461 | NS      | $224190.89    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| STORSKOGEN GRP. AB                            | STORSKOGEN GRP. AB                            | CUSIP: W91106117<br>LEI: 549300DL3K4HLJ41KD24 | Long             | EC               | CORP              | SE        |    209811 | NS      | $266761.73    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| SILICON2 CO LTD                               | SILICON2 CO LTD                               | CUSIP: Y7T3EN105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      6723 | NS      | $179546.57    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| KINIKSA PHARMS. INTL. PLC                     | KINIKSA PHARMS. INTL. PLC                     | CUSIP: G52694109<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      6526 | NS      | $269197.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TENCENT HOLDINGS LIMITED                      | TENCENT HOLDINGS LIMITED                      | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     21200 | NS      | $1624497.42   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| CAIRN HOMES PLC                               | CAIRN HOMES PLC                               | CUSIP: G1858L107<br>LEI: 635400DPX6WP2KKDOA83 | Long             | EC               | CORP              | IE        |    106599 | NS      | $259586.07    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| NETCOMPANY GRP. A/S                           | NETCOMPANY GRP. A/S                           | CUSIP: K7020C102<br>LEI: 5299006DEGAWX1Z1X779 | Long             | EC               | CORP              | DK        |      5440 | NS      | $304951.36    | 0.05%             |  |  |  | No            |                  2 | On Loan: —       |
| ON HLDG. AG                                   | ON HLDG. AG                                   | CUSIP: H5919C104<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |      7649 | NS      | $355525.52    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| INFRONEER HLDGS. INC                          | INFRONEER HLDGS. INC                          | CUSIP: J2449Y100<br>LEI: 353800G6TWA2W0MY9K16 | Long             | EC               | CORP              | JP        |     33000 | NS      | $450689.80    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| TUI AG                                        | TUI AG                                        | CUSIP: D8484K455<br>LEI: 529900SL2WSPV293B552 | Long             | EC               | CORP              | DE        |     46512 | NS      | $490845.74    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| SANIL ELEC. CO LTD                            | SANIL ELEC. CO LTD                            | CUSIP: Y7T0PL103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      3588 | NS      | $319212.54    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| GALENICA AG                                   | GALENICA AG                                   | CUSIP: H85158113<br>LEI: 506700W4772BD8016Z20 | Long             | EC               | CORP              | CH        |      3963 | NS      | $488332.26    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| ATALAYA MINING PLC                            | ATALAYA MINING PLC                            | CUSIP: E0R97K105<br>LEI: N/A                  | Long             | EC               | CORP              | ES        |     27186 | NS      | $309661.51    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BE SEMICON. INDS. NV                          | BE SEMICON. INDS. NV                          | CUSIP: N13107144<br>LEI: 7245007A1YFLI2GNYX06 | Long             | EC               | CORP              | NL        |      2367 | NS      | $368082.77    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| HARBOUR ENERGY PLC                            | HARBOUR ENERGY PLC                            | CUSIP: G4289T111<br>LEI: 213800YPC42DYBKVPF97 | Long             | EC               | CORP              | GB        |    119220 | NS      | $314452.63    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 0.00%                      | UNITED STATES TSY. 0.00%                      | CUSIP: 912797SP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    348000 | PA      | $343730.96    | 0.06%             | 2026-05-07      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                  | BARCLAYS PLC                                  | CUSIP: G08036124<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |    594073 | NS      | $3771205.86   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARDWALK REAL ESTATE INV                     | BOARDWALK REAL ESTATE INV                     | CUSIP: 096631106<br>LEI: 549300KXE6YWGWBI0U31 | Long             | EC               | CORP              | CA        |      6988 | NS      | $328284.03    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ENDEAVOUR MINING PLC                          | ENDEAVOUR MINING PLC                          | CUSIP: G3042J105<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |     13390 | NS      | $689523.30    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ANYCOLOR INC                                  | ANYCOLOR INC                                  | CUSIP: J0155B108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     10400 | NS      | $320980.53    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| INDIVIOR PLC                                  | INDIVIOR PLC                                  | CUSIP: G4766E116<br>LEI: 213800V3NCQTY7IED471 | Long             | EC               | CORP              | GB        |     10071 | NS      | $361347.48    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| QIAGEN NV                                     | QIAGEN NV                                     | CUSIP: N72482206<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |      7188 | NS      | $328078.56    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BILFINGER SE                                  | BILFINGER SE                                  | CUSIP: D11648108<br>LEI: 529900H0HULEN2BZ4604 | Long             | EC               | CORP              | DE        |      3182 | NS      | $401598.39    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BECHTLE AG                                    | BECHTLE AG                                    | CUSIP: D0873U103<br>LEI: 529900HA2QT774RUXW59 | Long             | EC               | CORP              | DE        |      5577 | NS      | $286326.78    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SOPRA STERIA GROUP                            | SOPRA STERIA GROUP                            | CUSIP: F20906115<br>LEI: 96950020QIOHAAK9V551 | Long             | EC               | CORP              | FR        |      1761 | NS      | $318492.86    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH AMERICAN TOBACCO                      | BRITISH AMERICAN TOBACCO                      | CUSIP: G1510J102<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     14578 | NS      | $826246.83    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| RECKITT BENCKISER GROUP P                     | RECKITT BENCKISER GROUP P                     | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |      4410 | NS      | $357038.74    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                                      | RELX PLC                                      | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     24090 | NS      | $974398.45    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| PEARSON PLC                                   | PEARSON PLC                                   | CUSIP: G69651100<br>LEI: 2138004JBXWWJKIURC57 | Long             | EC               | CORP              | GB        |     50791 | NS      | $716800.32    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| BOC AVIATION LTD                              | BOC AVIATION LTD                              | CUSIP: Y09292106<br>LEI: 254900H06V5RMEB3KE72 | Long             | EC               | CORP              | SG        |     76000 | NS      | $710406.77    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| KONINKLIJKE AHOLD DELHAIZ                     | KONINKLIJKE AHOLD DELHAIZ                     | CUSIP: N0074E105<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |     10673 | NS      | $437729.52    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| FLSMIDTH A/S                                  | FLSMIDTH A/S                                  | CUSIP: K90242130<br>LEI: 213800MXXDGQ3ITPXI41 | Long             | EC               | CORP              | DK        |      4226 | NS      | $294152.32    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| NORDEX SE                                     | NORDEX SE                                     | CUSIP: D5736K135<br>LEI: 529900HVDYCUWVD0OE76 | Long             | EC               | CORP              | DE        |     12088 | NS      | $413543.97    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                                 | UNICREDIT SPA                                 | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |     10744 | NS      | $891920.99    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| PRYSMIAN SPA NPV                              | PRYSMIAN SPA NPV                              | CUSIP: T7630L105<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |      8164 | NS      | $814048.10    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| WEBUILD SPA                                   | WEBUILD SPA                                   | CUSIP: T9T11U109<br>LEI: N/A                  | Long             | EC               | CORP              | IT        |     53845 | NS      | $215671.22    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ALSTOM SA                                     | ALSTOM SA                                     | CUSIP: F0259M475<br>LEI: 96950032TUYMW11FB530 | Long             | EC               | CORP              | FR        |    158663 | NS      | $4696873.79   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| AVOLTA AG                                     | AVOLTA AG                                     | CUSIP: H2082J107<br>LEI: 549300X53WDBVW7TIF57 | Long             | EC               | CORP              | CH        |      5061 | NS      | $300155.20    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| IPSEN SA                                      | IPSEN SA                                      | CUSIP: F5362H107<br>LEI: 549300M6SGDPB4Z94P11 | Long             | EC               | CORP              | FR        |      2607 | NS      | $364108.62    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| TAG IMMOBILIEN AG                             | TAG IMMOBILIEN AG                             | CUSIP: D8283Q174<br>LEI: 529900TAE68USJNXLR59 | Long             | EC               | CORP              | DE        |     27047 | NS      | $419478.14    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ORION OYJ                                     | ORION OYJ                                     | CUSIP: X6002Y112<br>LEI: 74370029VAHCXDR7B745 | Long             | EC               | CORP              | FI        |      3796 | NS      | $283461.47    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| MAPFRE SA                                     | MAPFRE SA                                     | CUSIP: E7347B107<br>LEI: N/A                  | Long             | EC               | CORP              | ES        |    118293 | NS      | $595324.85    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SUESS MICROTEC SE                             | SUESS MICROTEC SE                             | CUSIP: D82791167<br>LEI: 529900C3KRUTSYDK7N87 | Long             | EC               | CORP              | DE        |      4915 | NS      | $225825.72    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| NETMARBLE CORP                                | NETMARBLE CORP                                | CUSIP: Y6S5CG100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      7189 | NS      | $239856.64    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| AYVENS SA                                     | AYVENS SA                                     | CUSIP: F0195N108<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |     24324 | NS      | $325638.22    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SPORTRADAR GROUP AG CHF0.                     | SPORTRADAR GROUP AG CHF0.                     | CUSIP: H8088L103<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |     11948 | NS      | $284003.96    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTIA SERVS. GRP. PTY LT                     | VENTIA SERVS. GRP. PTY LT                     | CUSIP: Q9394Q109<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    101505 | NS      | $401889.25    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| WIHLBORGS FASTIGHETER AB                      | WIHLBORGS FASTIGHETER AB                      | CUSIP: W9899F163<br>LEI: 549300RC1YDJPITF8X06 | Long             | EC               | CORP              | SE        |     30370 | NS      | $300404.37    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| RESORTTRUST INC                               | RESORTTRUST INC                               | CUSIP: J6448M108<br>LEI: 353800FM9MYWH105SE11 | Long             | EC               | CORP              | JP        |     23700 | NS      | $297145.84    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ABC-MART INC                                  | ABC-MART INC                                  | CUSIP: J00056101<br>LEI: 353800AXWW4CMTSJWL33 | Long             | EC               | CORP              | JP        |     12300 | NS      | $209305.33    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| DENTSU SOKEN INC NPV                          | DENTSU SOKEN INC NPV                          | CUSIP: J2388L101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     16200 | NS      | $283289.68    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG E&A CO LTD KRW500                     | SAMSUNG E&A CO LTD KRW500                     | CUSIP: Y7472L100<br>LEI: 988400HDAY5KIVHGZ188 | Long             | EC               | CORP              | KR        |     10606 | NS      | $176561.07    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ANRITSU CORP                                  | ANRITSU CORP                                  | CUSIP: J01554104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     20400 | NS      | $292869.75    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ISUPETASYS CO LTD                             | ISUPETASYS CO LTD                             | CUSIP: Y42113103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      6339 | NS      | $518011.78    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| AUSTAL LTD                                    | AUSTAL LTD                                    | CUSIP: Q07106109<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     53325 | NS      | $236782.93    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| DAEWOONG PHARM. CO LTD                        | DAEWOONG PHARM. CO LTD                        | CUSIP: Y1915W104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      2114 | NS      | $251998.31    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BENDIGO & ADELAIDE BANK L                     | BENDIGO & ADELAIDE BANK L                     | CUSIP: Q1458B102<br>LEI: 549300Y9URD6W70K0360 | Long             | EC               | CORP              | AU        |     34899 | NS      | $244484.40    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MELCO RESORTS & ENTER ADR                     | MELCO RESORTS & ENTER ADR                     | CUSIP: 585464100<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     30321 | NS      | $229529.97    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EBARA CORP                                    | EBARA CORP                                    | CUSIP: J12600128<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     16800 | NS      | $396254.22    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUI FUDOSAN CO LTD                         | MITSUI FUDOSAN CO LTD                         | CUSIP: J4509L101<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |     78400 | NS      | $891988.13    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| BIPROGY INC                                   | BIPROGY INC                                   | CUSIP: J51097103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     17500 | NS      | $604489.31    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED O/SEAS. BANK LTD                       | UNITED O/SEAS. BANK LTD                       | CUSIP: Y9T10P105<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |     45000 | NS      | $1225504.92   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| WATCHES OF SWITZERLAND GR                     | WATCHES OF SWITZERLAND GR                     | CUSIP: G94648105<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     35493 | NS      | $225389.94    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CLASSYS INC                                   | CLASSYS INC                                   | CUSIP: Y49932109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      9968 | NS      | $375644.05    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| OSB GRP. PLC                                  | OSB GRP. PLC                                  | CUSIP: G6S36L101<br>LEI: 213800ZBKL9BHSL2K459 | Long             | EC               | CORP              | GB        |     38691 | NS      | $330381.53    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| DANONE SA                                     | DANONE SA                                     | CUSIP: F12033134<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |      5994 | NS      | $540835.20    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| BEAZLEY PLC                                   | BEAZLEY PLC                                   | CUSIP: G0936K107<br>LEI: 213800VTOMUWD41GIT12 | Long             | EC               | CORP              | GB        |     48124 | NS      | $537602.62    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| MAREX GRP. PLC                                | MAREX GRP. PLC                                | CUSIP: G5S37H101<br>LEI: 549300DWX0SVICJAL507 | Long             | EC               | CORP              | GB        |      8610 | NS      | $330279.60    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCHE HOLDINGS AG GENUSSC                     | ROCHE HOLDINGS AG GENUSSC                     | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |      9153 | NS      | $3782642.60   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                | BNP PARIBAS SA                                | CUSIP: F1058Q238<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     33288 | NS      | $3149896.80   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| CIE DE SAINT-GOBAIN SA                        | CIE DE SAINT-GOBAIN SA                        | CUSIP: F80343100<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |     28174 | NS      | $2860028.52   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| HEINEKEN NV                                   | HEINEKEN NV                                   | CUSIP: N39427211<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |     26168 | NS      | $2140579.67   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| CES ENERGY SOLS. CORP                         | CES ENERGY SOLS. CORP                         | CUSIP: 15713J104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     36176 | NS      | $323397.71    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HYOSUNG HEAVY INDS. CORP                      | HYOSUNG HEAVY INDS. CORP                      | CUSIP: Y3R1E4102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |       178 | NS      | $217748.93    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CELESTICA INC                                 | CELESTICA INC                                 | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |      1377 | NS      | $407326.34    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ROLLS-ROYCE HLDGS. PLC                        | ROLLS-ROYCE HLDGS. PLC                        | CUSIP: G76225104<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |    170664 | NS      | $2652654.61   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| REPLY SPA                                     | REPLY SPA                                     | CUSIP: T60326112<br>LEI: 815600DAEFB0388F3521 | Long             | EC               | CORP              | IT        |      2355 | NS      | $316667.46    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ACCELLERON INDS. AG                           | ACCELLERON INDS. AG                           | CUSIP: H0029X106<br>LEI: 254900KS0MD2PAARXD14 | Long             | EC               | CORP              | CH        |      6107 | NS      | $473864.83    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| LOTTOMATICA GRP. SPA                          | LOTTOMATICA GRP. SPA                          | CUSIP: T64384109<br>LEI: 549300R72LKEGT4EX026 | Long             | EC               | CORP              | IT        |     12673 | NS      | $332564.97    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| VEON LTD ADR                                  | VEON LTD ADR                                  | CUSIP: 91822M502<br>LEI: 5493008CA3NMHYEVT131 | Long             | EC               | CORP              | BM        |      4930 | NS      | $259170.10    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AIB GRP. PLC                                  | AIB GRP. PLC                                  | CUSIP: G0R4HJ106<br>LEI: 635400AKJBGNS5WNQL34 | Long             | EC               | CORP              | IE        |     34140 | NS      | $370319.90    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCA GENERALI SPA                            | BANCA GENERALI SPA                            | CUSIP: T3000G115<br>LEI: N/A                  | Long             | EC               | CORP              | IT        |      4535 | NS      | $303753.64    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SANKYO CO LTD                                 | SANKYO CO LTD                                 | CUSIP: J67844100<br>LEI: 3538009H2R9ZBZAOAK48 | Long             | EC               | CORP              | JP        |     28900 | NS      | $469105.27    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| SWCC CORP                                     | SWCC CORP                                     | CUSIP: J7863E100<br>LEI: 353800A7RNYOC4KL4T49 | Long             | EC               | CORP              | JP        |      5400 | NS      | $357317.96    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO BAKELITE CO LTD                      | SUMITOMO BAKELITE CO LTD                      | CUSIP: J77024115<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      7900 | NS      | $260769.69    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH LAND CO PLC/THE                       | BRITISH LAND CO PLC/THE                       | CUSIP: G15540118<br>LEI: RV5B68J2GV3QGMRPW209 | Long             | EC               | CORP              | GB        |     60036 | NS      | $324719.60    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| HIKMA PHARMS. PLC                             | HIKMA PHARMS. PLC                             | CUSIP: G4576K104<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               | CORP              | GB        |     27828 | NS      | $581411.50    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| DRAX GRP. PLC                                 | DRAX GRP. PLC                                 | CUSIP: G2904K127<br>LEI: 549300YPSNTXR4ZHSR98 | Long             | EC               | CORP              | GB        |     37658 | NS      | $425403.25    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ST JAMES S PLACE ORD GBP0                     | ST JAMES S PLACE ORD GBP0                     | CUSIP: G5005D124<br>LEI: 213800M993ICXOMBCP87 | Long             | EC               | CORP              | GB        |     26681 | NS      | $493771.47    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRYS PLC                                    | CURRYS PLC                                    | CUSIP: G2601D103<br>LEI: 2138001E12GWLLDQQF16 | Long             | EC               | CORP              | GB        |    221353 | NS      | $375992.60    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| LG INNOTEK CO LTD                             | LG INNOTEK CO LTD                             | CUSIP: Y5S54X104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1614 | NS      | $301265.80    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| AUMOVIO SE                                    | AUMOVIO SE                                    | CUSIP: D0R9B8108<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |      7307 | NS      | $368213.54    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| GILDAN ACTIVEWEAR INC                         | GILDAN ACTIVEWEAR INC                         | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |      4749 | NS      | $296831.96    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| FINNING INTL. INC                             | FINNING INTL. INC                             | CUSIP: 318071404<br>LEI: 549300QLDCP11KB6XW55 | Long             | EC               | CORP              | CA        |     12043 | NS      | $652535.73    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BORALEX INC                                   | BORALEX INC                                   | CUSIP: 09950M300<br>LEI: 5493004UT7HNQU2SVR90 | Long             | EC               | CORP              | CA        |     10297 | NS      | $190028.06    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX CORP                                     | IMAX CORP                                     | CUSIP: 45245E109<br>LEI: 5493002KS2T1Q0X7VZ21 | Long             | EC               | CORP              | CA        |     13845 | NS      | $511711.20    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| METHANEX CORP                                 | METHANEX CORP                                 | CUSIP: 59151K108<br>LEI: 549300TSJHRXT9QXRD13 | Long             | EC               | CORP              | CA        |     10423 | NS      | $413411.62    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| QUEBECOR INC                                  | QUEBECOR INC                                  | CUSIP: 748193208<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      7824 | NS      | $294707.52    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ILJIN ELEC. CO LTD                            | ILJIN ELEC. CO LTD                            | CUSIP: Y3878F102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      6580 | NS      | $244865.95    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| RAMELIUS RES. LTD                             | RAMELIUS RES. LTD                             | CUSIP: Q7982E108<br>LEI: 254900E44AIGW7KKNR98 | Long             | EC               | CORP              | AU        |    302102 | NS      | $833914.55    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| KARDEX HLDG. AG                               | KARDEX HLDG. AG                               | CUSIP: H44577189<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |       566 | NS      | $196100.90    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SANDFIRE RES. LTD                             | SANDFIRE RES. LTD                             | CUSIP: Q82191109<br>LEI: 213800ZW52P23FVH1V47 | Long             | EC               | CORP              | AU        |     42261 | NS      | $505535.60    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| ALGONQUIN POWER & UTILITI                     | ALGONQUIN POWER & UTILITI                     | CUSIP: 015857105<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EC               | CORP              | CA        |     72396 | NS      | $445173.03    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTAIN PLC                                    | ENTAIN PLC                                    | CUSIP: G3167C109<br>LEI: 213800GNI3K45LQR8L28 | Long             | EC               | CORP              | IM        |     30460 | NS      | $313654.87    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| LONDONMETRIC PROP. PLC                        | LONDONMETRIC PROP. PLC                        | CUSIP: G5689W109<br>LEI: 213800OCERWWPQDURL87 | Long             | EC               | CORP              | GB        |    139964 | NS      | $356501.11    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| DKSH HLDG. AG                                 | DKSH HLDG. AG                                 | CUSIP: H2012M121<br>LEI: 549300HUUUNHO6FJUS42 | Long             | EC               | CORP              | CH        |      3210 | NS      | $231946.74    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| KION GRP. AG                                  | KION GRP. AG                                  | CUSIP: D4S14D103<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |      3961 | NS      | $316712.86    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1365994 | NS      | $1365993.70   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MILLICOM INTL. CELLULAR S                     | MILLICOM INTL. CELLULAR S                     | CUSIP: L6388F110<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |      9329 | NS      | $517199.76    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WHITECAP RES. INC                             | WHITECAP RES. INC                             | CUSIP: 96467A200<br>LEI: 5493004AMPGZA0JO5Q37 | Long             | EC               | CORP              | CA        |     76333 | NS      | $639561.04    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| GEA GRP. AG                                   | GEA GRP. AG                                   | CUSIP: D28304109<br>LEI: 549300PHUU0ZZWO8EO07 | Long             | EC               | CORP              | DE        |      5063 | NS      | $343744.38    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| HENKEL AG KGAA                                | HENKEL AG KGAA                                | CUSIP: D3207M110<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EP               | CORP              | DE        |     12591 | PA      | $1029052.51   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| VOLKSWAGEN AG                                 | VOLKSWAGEN AG                                 | CUSIP: D94523103<br>LEI: 529900NNUPAGGOMPXZ31 | Long             | EP               | CORP              | DE        |     14127 | PA      | $1718176.35   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| SATS LTD                                      | SATS LTD                                      | CUSIP: Y7992U101<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |     92500 | NS      | $273636.88    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SUGI HLDGS. CO LTD                            | SUGI HLDGS. CO LTD                            | CUSIP: J7687M106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     11600 | NS      | $273504.81    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| GS YUASA CORP                                 | GS YUASA CORP                                 | CUSIP: J1770L109<br>LEI: 353800MW7O6PQQHLDR79 | Long             | EC               | CORP              | JP        |     15100 | NS      | $362020.79    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| YAMAGUCHI FINL. GRP. INC                      | YAMAGUCHI FINL. GRP. INC                      | CUSIP: J9579M103<br>LEI: 353800898JPV95YSY548 | Long             | EC               | CORP              | JP        |     32100 | NS      | $433955.97    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| KYUSHU ELEC. POWER CO INC                     | KYUSHU ELEC. POWER CO INC                     | CUSIP: J38468104<br>LEI: 549300BYNZPLKQVQH430 | Long             | EC               | CORP              | JP        |     28700 | NS      | $307893.28    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| NISSAN CHEM. CORP                             | NISSAN CHEM. CORP                             | CUSIP: J56988108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      9300 | NS      | $318700.76    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SANKYU INC                                    | SANKYU INC                                    | CUSIP: J68037100<br>LEI: 529900QWTXZZEM1T5G75 | Long             | EC               | CORP              | JP        |      4400 | NS      | $237212.17    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BANKINTER SA                                  | BANKINTER SA                                  | CUSIP: E2116H880<br>LEI: VWMYAEQSTOPNV0SUGU82 | Long             | EC               | CORP              | ES        |     54723 | NS      | $906104.59    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| TOKYO SEIMITSU CO LTD                         | TOKYO SEIMITSU CO LTD                         | CUSIP: J87903100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5400 | NS      | $381838.27    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| TOYO SUISAN KAISHA LTD                        | TOYO SUISAN KAISHA LTD                        | CUSIP: 892306101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5200 | NS      | $356054.52    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| TOYO TIRE CORP                                | TOYO TIRE CORP                                | CUSIP: J92805175<br>LEI: 529900Y41RD7VQM9RF75 | Long             | EC               | CORP              | JP        |     14000 | NS      | $387943.31    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| TOYODA GOSEI CO LTD                           | TOYODA GOSEI CO LTD                           | CUSIP: J91128108<br>LEI: 353800ZV4HXVM4DWPO50 | Long             | EC               | CORP              | JP        |     12200 | NS      | $307542.68    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| AZBIL CORP                                    | AZBIL CORP                                    | CUSIP: J0370G106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     28200 | NS      | $256333.04    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| COCA-COLA HBC AG                              | COCA-COLA HBC AG                              | CUSIP: H1512E100<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |      5515 | NS      | $285603.60    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| JB FINL. GRP. CO LTD                          | JB FINL. GRP. CO LTD                          | CUSIP: Y4S2E5104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     18818 | NS      | $334259.13    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ADECCO GRP. AG                                | ADECCO GRP. AG                                | CUSIP: H00392318<br>LEI: NI14Y5UMU60O7JE9P611 | Long             | EC               | CORP              | CH        |     11530 | NS      | $334970.71    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| TEMENOS AG                                    | TEMENOS AG                                    | CUSIP: H8547Q107<br>LEI: 5067007NW6550481FH64 | Long             | EC               | CORP              | CH        |      3856 | NS      | $385235.55    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| DE LONGHI SPA                                 | DE LONGHI SPA                                 | CUSIP: T3508H102<br>LEI: 8156000E09A52C4F8A38 | Long             | EC               | CORP              | IT        |      8021 | NS      | $342309.34    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| VIRBAC SA                                     | VIRBAC SA                                     | CUSIP: F97900116<br>LEI: 969500QQ1X5XHG649644 | Long             | EC               | CORP              | FR        |       653 | NS      | $273490.47    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| KLEPIERRE SA                                  | KLEPIERRE SA                                  | CUSIP: F5396X102<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               | CORP              | FR        |     13963 | NS      | $552850.96    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| SANWA HLDGS. CORP                             | SANWA HLDGS. CORP                             | CUSIP: J6858G104<br>LEI: 5299003X6BCA4ROO5A70 | Long             | EC               | CORP              | JP        |     17400 | NS      | $452585.41    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| COVIVIO SA/FRANCE                             | COVIVIO SA/FRANCE                             | CUSIP: F2R22T119<br>LEI: 969500P8M3W2XX376054 | Long             | EC               | CORP              | FR        |      6330 | NS      | $420681.14    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BARRICK MINING CORP                           | BARRICK MINING CORP                           | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     29479 | NS      | $1284142.22   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLO AMERICAN PLC                            | ANGLO AMERICAN PLC                            | CUSIP: G03764142<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |     20763 | NS      | $855630.35    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| IG GRP. HLDGS. PLC                            | IG GRP. HLDGS. PLC                            | CUSIP: G4753Q106<br>LEI: 2138003A5Q1M7ANOUD76 | Long             | EC               | CORP              | GB        |     44278 | NS      | $784876.77    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| BUNZL PLC                                     | BUNZL PLC                                     | CUSIP: G16968110<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |     13540 | NS      | $377858.81    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| LONDON STOCK EXCHANGE GRP                     | LONDON STOCK EXCHANGE GRP                     | CUSIP: G5689U103<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |      2802 | NS      | $337401.40    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE SYS. PLC                                  | BAE SYS. PLC                                  | CUSIP: G06940103<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |     51844 | NS      | $1191842.56   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| WEIR GROUP PLC/THE                            | WEIR GROUP PLC/THE                            | CUSIP: G95248137<br>LEI: 549300KDR56WHY9I3D10 | Long             | EC               | CORP              | GB        |     15378 | NS      | $586927.00    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| ASTRAZENECA PLC                               | ASTRAZENECA PLC                               | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      6041 | NS      | $1112703.34   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| OPEN HOUSE GRP. CO LTD                        | OPEN HOUSE GRP. CO LTD                        | CUSIP: J3072G101<br>LEI: 529900WQOGPBIJEHW865 | Long             | EC               | CORP              | JP        |     13800 | NS      | $809172.22    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| INFORMA PLC                                   | INFORMA PLC                                   | CUSIP: G4770L106<br>LEI: 5493006VM2LKUPSEDU20 | Long             | EC               | CORP              | GB        |     67499 | NS      | $800661.59    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP                               | NORDEA BANK ABP                               | CUSIP: X5S8VL105<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |     47412 | NS      | $895084.54    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| NN GRP. NV                                    | NN GRP. NV                                    | CUSIP: N64038107<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |     12926 | NS      | $995087.32    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| COMPASS GRP. PLC                              | COMPASS GRP. PLC                              | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     25764 | NS      | $819681.73    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| BAWAG GRP. AG                                 | BAWAG GRP. AG                                 | CUSIP: A0997C107<br>LEI: N/A                  | Long             | EC               | CORP              | AT        |      4892 | NS      | $735345.87    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| TESCO PLC                                     | TESCO PLC                                     | CUSIP: G8T67X102<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |    192988 | NS      | $1149027.39   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| TAIWAN SEMICON. MFG. ADR                      | TAIWAN SEMICON. MFG. ADR                      | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      4022 | NS      | $1222245.58   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN TIRE CORP LTD                        | CANADIAN TIRE CORP LTD                        | CUSIP: 136681202<br>LEI: 549300RLHDA7VQYMUB14 | Long             | EC               | CORP              | CA        |      4735 | NS      | $600055.30    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA                          | ROYAL BANK OF CANADA                          | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |      2608 | NS      | $444607.42    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TORONTO-DOMINION BANK/THE                     | TORONTO-DOMINION BANK/THE                     | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |      6330 | NS      | $596589.41    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AMADEUS IT GRP. SA                            | AMADEUS IT GRP. SA                            | CUSIP: E04648114<br>LEI: 9598004A3FTY3TEHHN09 | Long             | EC               | CORP              | ES        |      8080 | NS      | $592657.73    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| GALENICA AG                                   | GALENICA AG                                   | CUSIP: H85158113<br>LEI: 506700W4772BD8016Z20 | Long             | EC               | CORP              | CH        |      2991 | NS      | $368559.63    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| HALEON PLC                                    | HALEON PLC                                    | CUSIP: G4232K100<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |     95233 | NS      | $481893.27    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA GRP. LTD                                  | AIA GRP. LTD                                  | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     67600 | NS      | $694352.94    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| KERRY GRP. PLC                                | KERRY GRP. PLC                                | CUSIP: G52416107<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |      3930 | NS      | $360249.46    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                        | SAP SE                                        | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      4874 | NS      | $1192562.36   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| INDUSTRIA DE DISENO TEXTI                     | INDUSTRIA DE DISENO TEXTI                     | CUSIP: E6282J125<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |     14020 | NS      | $923502.80    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| MEDIBANK PVT LTD                              | MEDIBANK PVT LTD                              | CUSIP: Q5921Q109<br>LEI: BDYVSUPTML83OLINBJ17 | Long             | EC               | CORP              | AU        |    169124 | NS      | $539563.29    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| RIGHTMOVE PLC                                 | RIGHTMOVE PLC                                 | CUSIP: G7565D106<br>LEI: 2138001JXGCFKBXYB828 | Long             | EC               | CORP              | GB        |     45582 | NS      | $318668.81    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BOOKING HLDGS. INC                            | BOOKING HLDGS. INC                            | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |        40 | NS      | $214213.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NATWEST GROUP PLC                             | NATWEST GROUP PLC                             | CUSIP: G6422B147<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |    104146 | NS      | $908357.22    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| AIB GRP. PLC                                  | AIB GRP. PLC                                  | CUSIP: G0R4HJ106<br>LEI: 635400AKJBGNS5WNQL34 | Long             | EC               | CORP              | IE        |    104261 | NS      | $1130929.20   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| OBIC CO LTD                                   | OBIC CO LTD                                   | CUSIP: J5946V107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     19200 | NS      | $603334.24    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| ARISTOCRAT LEISURE LTD                        | ARISTOCRAT LEISURE LTD                        | CUSIP: Q0521T108<br>LEI: 529900TE2HO3OZKYKC27 | Long             | EC               | CORP              | AU        |     16716 | NS      | $648248.23    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| SINGAPORE EXCHANGE LTD                        | SINGAPORE EXCHANGE LTD                        | CUSIP: Y79946102<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |     30300 | NS      | $398145.26    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FINL. GRP.                     | MITSUBISHI UFJ FINL. GRP.                     | CUSIP: J44497105<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |     49900 | NS      | $792427.06    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| NICE LTD                                      | NICE LTD                                      | CUSIP: M7494X101<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |      2990 | NS      | $339277.34    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| TAKEDA PHARM. CO LTD                          | TAKEDA PHARM. CO LTD                          | CUSIP: J8129E108<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |     15000 | NS      | $466004.61    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| TOYO SUISAN KAISHA LTD                        | TOYO SUISAN KAISHA LTD                        | CUSIP: 892306101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      8100 | NS      | $554623.39    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| TRYG A/S                                      | TRYG A/S                                      | CUSIP: K9640A110<br>LEI: 213800ZRS8AC4LSTCE39 | Long             | EC               | CORP              | DK        |     35088 | NS      | $918348.44    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| SHELL PLC                                     | SHELL PLC                                     | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     22580 | NS      | $829459.22    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| AXA SA                                        | AXA SA                                        | CUSIP: F06106102<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |     19662 | NS      | $945639.95    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| NOVARTIS AG CHF0.49                           | NOVARTIS AG CHF0.49                           | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      6034 | NS      | $833525.91    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| ROCHE HOLDINGS AG GENUSSC                     | ROCHE HOLDINGS AG GENUSSC                     | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |      2372 | NS      | $980271.85    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB LTD                                       | ABB LTD                                       | CUSIP: H0010V101<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |     10803 | NS      | $798571.83    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| ENEL SPA                                      | ENEL SPA                                      | CUSIP: T3679P115<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |     89742 | NS      | $935032.42    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| SALMAR ASA                                    | SALMAR ASA                                    | CUSIP: R7445C102<br>LEI: 5967007LIEEXZXGDBK67 | Long             | EC               | CORP              | NO        |      4794 | NS      | $293672.42    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL. INC                       | PHILIP MORRIS INTL. INC                       | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      2680 | NS      | $429872.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BRENNTAG SE                                   | BRENNTAG SE                                   | CUSIP: D12459117<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |      5438 | NS      | $316724.99    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HKT TST. & HKT LTD                            | HKT TST. & HKT LTD                            | CUSIP: Y3R29Z107<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    374000 | NS      | $552727.69    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| EURONEXT NV                                   | EURONEXT NV                                   | CUSIP: N3113K397<br>LEI: 724500QJ4QSZ3H9QU415 | Long             | EC               | CORP              | NL        |      6035 | NS      | $905812.32    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| AUTO TRADER GRP. PLC                          | AUTO TRADER GRP. PLC                          | CUSIP: G06708104<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |     36925 | NS      | $291183.62    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| PERSOL HLDGS. CO LTD                          | PERSOL HLDGS. CO LTD                          | CUSIP: J6367Q106<br>LEI: 3538000H6OI725NB2008 | Long             | EC               | CORP              | JP        |    356700 | NS      | $661007.40    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| ENEOS HLDGS. INC                              | ENEOS HLDGS. INC                              | CUSIP: J29699105<br>LEI: 3538001KQ5SAOZSQTT44 | Long             | EC               | CORP              | JP        |     44100 | NS      | $311640.89    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| RYANAIR HLDGS. PLC                            | RYANAIR HLDGS. PLC                            | CUSIP: G7727C186<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |     14860 | NS      | $516056.49    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC                             | NATIONAL GRID PLC                             | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |     50418 | NS      | $776997.65    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| LOTTOMATICA GRP. SPA                          | LOTTOMATICA GRP. SPA                          | CUSIP: T64384109<br>LEI: 549300R72LKEGT4EX026 | Long             | EC               | CORP              | IT        |     22470 | NS      | $589657.92    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| NOVO NORDISK A/S                              | NOVO NORDISK A/S                              | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     10799 | NS      | $550455.24    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| SHELL PLC                                     | SHELL PLC                                     | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     99474 | NS      | $3654102.14   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| LAND SECS. GRP. PLC                           | LAND SECS. GRP. PLC                           | CUSIP: G5375M142<br>LEI: 213800V8IAVKS37D6B88 | Long             | EC               | CORP              | GB        |     99670 | NS      | $829506.08    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| ALIBABA GRP. HLDG. LTD                        | ALIBABA GRP. HLDG. LTD                        | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     17289 | NS      | $316412.87    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| TATE & LYLE PLC                               | TATE & LYLE PLC                               | CUSIP: G86838151<br>LEI: 2138008K14474WPKZ244 | Long             | EC               | CORP              | GB        |     85867 | NS      | $433812.32    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| TELEFONICA BRASIL SA                          | TELEFONICA BRASIL SA                          | CUSIP: P9T369176<br>LEI: 529900MTGG2HSDBIWG79 | Long             | EC               | CORP              | BR        |    183465 | NS      | $1094705.77   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| AIB GRP. PLC                                  | AIB GRP. PLC                                  | CUSIP: G0R4HJ106<br>LEI: 635400AKJBGNS5WNQL34 | Long             | EC               | CORP              | IE        |       451 | NS      | $4846.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BAIDU INC                                     | BAIDU INC                                     | CUSIP: G07034104<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |     91419 | NS      | $1498500.66   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK HLDG. AG                        | DAIMLER TRUCK HLDG. AG                        | CUSIP: D1T3RZ100<br>LEI: 529900PW78JIYOUBSR24 | Long             | EC               | CORP              | DE        |     32183 | NS      | $1411210.56   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| MONDI PLC                                     | MONDI PLC                                     | CUSIP: G6258S115<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |     62809 | NS      | $766294.09    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| CANARA BANK                                   | CANARA BANK                                   | CUSIP: Y1081F125<br>LEI: 335800E4RH82Z8XC3C30 | Long             | EC               | CORP              | IN        |    379046 | NS      | $653346.81    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| DIAGEO ORD GBP0.28 101/10                     | DIAGEO ORD GBP0.28 101/10                     | CUSIP: G42089113<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |     99322 | NS      | $2139465.12   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| SOMPO HLDGS. INC                              | SOMPO HLDGS. INC                              | CUSIP: J7621A101<br>LEI: 353800CWW4SRGEYEB512 | Long             | EC               | CORP              | JP        |     50100 | NS      | $1705644.35   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV SA/N                     | ANHEUSER-BUSCH INBEV SA/N                     | CUSIP: B639CJ108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |     29314 | NS      | $1880798.24   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                                 | UNICREDIT SPA                                 | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |     25661 | NS      | $2130266.63   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG FIRE & MARINE INS                     | SAMSUNG FIRE & MARINE INS                     | CUSIP: Y7473H108<br>LEI: 988400JMBDK47EW0Z936 | Long             | EC               | CORP              | KR        |      1994 | NS      | $687284.45    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL. GRP                     | SUMITOMO MITSUI FINL. GRP                     | CUSIP: J7771X109<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |     28800 | NS      | $926880.79    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| FANUC CORP                                    | FANUC CORP                                    | CUSIP: J13440102<br>LEI: 529900QTSW745LOKW705 | Long             | EC               | CORP              | JP        |     85900 | NS      | $3343201.76   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| MURATA MFG. CO LTD                            | MURATA MFG. CO LTD                            | CUSIP: J46840104<br>LEI: 529900QZG6DL8ZRI7140 | Long             | EC               | CORP              | JP        |     23900 | NS      | $496155.03    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    203452 | NS      | $203451.65    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NOMURA RESEARCH INSTITUTE                     | NOMURA RESEARCH INSTITUTE                     | CUSIP: J5900F106<br>LEI: 5299005F1HCVF4M4QN79 | Long             | EC               | CORP              | JP        |     10800 | NS      | $415764.27    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CHUGAI PHARM. CO LTD                          | CHUGAI PHARM. CO LTD                          | CUSIP: J06930101<br>LEI: 529900T9LAII161DCN95 | Long             | EC               | CORP              | JP        |      6600 | NS      | $346948.91    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| HONDA MOTOR CO LTD                            | HONDA MOTOR CO LTD                            | CUSIP: J22302111<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | EC               | CORP              | JP        |     39900 | NS      | $390575.60    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| VINCI SA                                      | VINCI SA                                      | CUSIP: F5879X108<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |      3801 | NS      | $533764.18    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| SONY GRP. CORP                                | SONY GRP. CORP                                | CUSIP: J76379106<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |     31700 | NS      | $810257.02    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| FRESENIUS SE KGAA                             | FRESENIUS SE KGAA                             | CUSIP: D27348263<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |      6111 | NS      | $351720.89    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| TEVA PHARM. INDS. LTD ADR                     | TEVA PHARM. INDS. LTD ADR                     | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |     35064 | NS      | $1094347.44   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AON PLC                                       | AON PLC                                       | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |      6031 | NS      | $2128219.28   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   6050677 | NS      | $6050676.92   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                        | SAP SE                                        | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     20309 | NS      | $4969172.95   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| SAFRAN SA                                     | SAFRAN SA                                     | CUSIP: F4035A557<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     16162 | NS      | $5624069.37   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| SIEMENS ENERGY AG                             | SIEMENS ENERGY AG                             | CUSIP: D6T47E106<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |     82774 | NS      | $11698258.91  | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| HORIBA LTD                                    | HORIBA LTD                                    | CUSIP: J22428106<br>LEI: 529900OOTWPYSNW0EC84 | Long             | EC               | CORP              | JP        |      3100 | NS      | $316339.38    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| IBIDEN CO LTD                                 | IBIDEN CO LTD                                 | CUSIP: J23059116<br>LEI: 52990051DBFIQEY37C91 | Long             | EC               | CORP              | JP        |     15600 | NS      | $663847.45    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| ORICA LTD                                     | ORICA LTD                                     | CUSIP: Q7160T109<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     32668 | NS      | $527659.09    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| MERCADOLIBRE INC                              | MERCADOLIBRE INC                              | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      1511 | NS      | $3043546.86   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIWAN SEMICONDUCTOR MANU                     | TAIWAN SEMICONDUCTOR MANU                     | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    212731 | NS      | $10392627.86  | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL. INC                       | PHILIP MORRIS INTL. INC                       | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     35255 | NS      | $5654902.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CONVATEC GROUP PLC                            | CONVATEC GROUP PLC                            | CUSIP: G23969101<br>LEI: 213800LS272L4FIDOH92 | Long             | EC               | CORP              | GB        |    103639 | NS      | $338635.50    | 0.06%             |  |  |  | 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        |     20184 | NS      | $3249018.48   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S                              | NOVO NORDISK A/S                              | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     40614 | NS      | $2070209.21   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| BARRATT REDROW PLC                            | BARRATT REDROW PLC                            | CUSIP: G08288105<br>LEI: 2138006R85VEOF5YNK29 | Long             | EC               | CORP              | GB        |     46009 | NS      | $235727.20    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BALFOUR BEATTY GBP0.50                        | BALFOUR BEATTY GBP0.50                        | CUSIP: G3224V108<br>LEI: CT4UIJ3TUKGYYHMENQ17 | Long             | EC               | CORP              | GB        |     54267 | NS      | $517612.65    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| INCHCAPE PLC                                  | INCHCAPE PLC                                  | CUSIP: G47320208<br>LEI: 213800RGEH1MPPNM2T57 | Long             | EC               | CORP              | GB        |     31051 | NS      | $321880.65    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERFLEX LTD                                  | ENERFLEX LTD                                  | CUSIP: 29269R105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     28277 | NS      | $435934.08    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BRP INC                                       | BRP INC                                       | CUSIP: 05577W200<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      5100 | NS      | $360609.81    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SULZER AG                                     | SULZER AG                                     | CUSIP: H83580284<br>LEI: 529900NZ6MAST5IJF669 | Long             | EC               | CORP              | CH        |      2857 | NS      | $529760.17    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| EIFFAGE SA                                    | EIFFAGE SA                                    | CUSIP: F2924U106<br>LEI: 969500OQXKE5WDM9M994 | Long             | EC               | CORP              | FR        |      3630 | NS      | $520640.74    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| DO AG                                         | DO AG                                         | CUSIP: A1447E107<br>LEI: N/A                  | Long             | EC               | CORP              | AT        |      1026 | NS      | $249202.99    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| FUJI CORP/AICHI                               | FUJI CORP/AICHI                               | CUSIP: J1R541101<br>LEI: 353800G4VS3QLM6BSX66 | Long             | EC               | CORP              | JP        |     13300 | NS      | $309624.21    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| MEIDENSHA CORP                                | MEIDENSHA CORP                                | CUSIP: J41594102<br>LEI: 529900VFKHJPVURD7985 | Long             | EC               | CORP              | JP        |      6100 | NS      | $217322.65    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUI KINZOKU CO LTD                         | MITSUI KINZOKU CO LTD                         | CUSIP: J44948131<br>LEI: 35380021EYAHSQM25559 | Long             | EC               | CORP              | JP        |      7200 | NS      | $813352.77    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| MORINAGA MILK IND. CO LTD                     | MORINAGA MILK IND. CO LTD                     | CUSIP: J46410114<br>LEI: 529900FB91P7MVO08949 | Long             | EC               | CORP              | JP        |     10300 | NS      | $244948.33    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| NISSUI CORP                                   | NISSUI CORP                                   | CUSIP: J56042104<br>LEI: 529900MPH5BMANQ3EC50 | Long             | EC               | CORP              | JP        |     49300 | NS      | $359484.05    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| BIPROGY INC                                   | BIPROGY INC                                   | CUSIP: J51097103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6500 | NS      | $224524.60    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| TAIHEIYO CEMENT CORP                          | TAIHEIYO CEMENT CORP                          | CUSIP: J7923L128<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      8800 | NS      | $218579.09    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| KIWOOM SECS. CO LTD                           | KIWOOM SECS. CO LTD                           | CUSIP: Y4801C109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1559 | NS      | $309591.64    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SWISSQUOTE GRP. HLDG. SA                      | SWISSQUOTE GRP. HLDG. SA                      | CUSIP: H8403Y103<br>LEI: 549300O3WME82RDPEN66 | Long             | EC               | CORP              | CH        |      1346 | NS      | $817100.09    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| EXPERIAN PLC                                  | EXPERIAN PLC                                  | CUSIP: G32655105<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |     49822 | NS      | $2253273.93   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE SYS. PLC                                  | BAE SYS. PLC                                  | CUSIP: G06940103<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |    279624 | NS      | $6428280.65   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| 3I GRP. PLC                                   | 3I GRP. PLC                                   | CUSIP: G88473148<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |     88416 | NS      | $3846746.63   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| ASTRAZENECA PLC                               | ASTRAZENECA PLC                               | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     20192 | NS      | $3719203.07   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| ADYEN NV                                      | ADYEN NV                                      | CUSIP: N3501V104<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |      2221 | NS      | $3563533.49   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LIMITED                      | TENCENT HOLDINGS LIMITED                      | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     56019 | NS      | $4292581.18   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN NATURAL RES. LTD                     | CANADIAN NATURAL RES. LTD                     | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     68676 | NS      | $2326142.76   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LTD ADR                            | ICICI BANK LTD ADR                            | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |    101445 | NS      | $3023061.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCH CAP. GRP. LTD                            | ARCH CAP. GRP. LTD                            | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |     38968 | NS      | $3737810.56   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECH. SA                              | SPOTIFY TECH. SA                              | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |      7187 | NS      | $4173562.77   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    684496 | NS      | $684496.27    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PLC                                     | LINDE PLC                                     | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |      5963 | NS      | $2542563.57   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN PACIFIC KANSAS C                     | CANADIAN PACIFIC KANSAS C                     | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     49652 | NS      | $3655876.76   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| FERGUSON ENTS. INC                            | FERGUSON ENTS. INC                            | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     13608 | NS      | $3029549.04   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ASM INTL. NV                                  | ASM INTL. NV                                  | CUSIP: N07045201<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |      4479 | NS      | $2700025.26   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| RHEINMETALL AG                                | RHEINMETALL AG                                | CUSIP: D65111102<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |      1286 | NS      | $2358141.08   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| FERRARI NV                                    | FERRARI NV                                    | CUSIP: N3167Y103<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |      6175 | NS      | $2299164.81   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                         | WASTE CONNECTIONS INC                         | CUSIP: 94106B101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     12205 | NS      | $2140268.80   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| COUPANG INC                                   | COUPANG INC                                   | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |    141622 | NS      | $3340862.98   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MONDAY.COM LTD                                | MONDAY.COM LTD                                | CUSIP: M7S64H106<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |     11225 | NS      | $1656361.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PAL GRP. HLDGS. CO LTD                        | PAL GRP. HLDGS. CO LTD                        | CUSIP: J63535108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     17000 | NS      | $221555.69    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| PALADIN ENERGY LTD                            | PALADIN ENERGY LTD                            | CUSIP: Q7264T252<br>LEI: 549300M44UTJAP8J6B37 | Long             | EC               | CORP              | AU        |     41053 | NS      | $259599.60    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| AMP LTD                                       | AMP LTD                                       | CUSIP: Q0344G101<br>LEI: 5299000D93LTLU0UJR35 | Long             | EC               | CORP              | AU        |    302087 | NS      | $363771.24    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| LEENO INDUSTRIAL KRW100                       | LEENO INDUSTRIAL KRW100                       | CUSIP: Y5254W104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      8305 | NS      | $345579.33    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN HOTEL REIT INV. COR                     | JAPAN HOTEL REIT INV. COR                     | CUSIP: J2761Q107<br>LEI: 353800L8KG849FP1JI68 | Long             | EC               | CORP              | JP        |       527 | NS      | $275285.46    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER HALL GROUP                            | CHARTER HALL GROUP                            | CUSIP: Q2308A138<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     27531 | NS      | $447605.31    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ANSELL LTD                                    | ANSELL LTD                                    | CUSIP: Q04020105<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      9941 | NS      | $232084.95    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| KANDENKO CO LTD                               | KANDENKO CO LTD                               | CUSIP: J29653102<br>LEI: 35380080NSN7GCYZ3X14 | Long             | EC               | CORP              | JP        |     15900 | NS      | $510969.97    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| KINDEN CORP                                   | KINDEN CORP                                   | CUSIP: J33093105<br>LEI: 35380008T6JUN5TU9T34 | Long             | EC               | CORP              | JP        |      9100 | NS      | $395064.33    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| LION CORP                                     | LION CORP                                     | CUSIP: J38933107<br>LEI: 529900MPGS2GM7VPG855 | Long             | EC               | CORP              | JP        |     22800 | NS      | $240673.21    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT SAISON CO LTD                          | CREDIT SAISON CO LTD                          | CUSIP: J7007M109<br>LEI: 529900SV58ZWTGRH3A66 | Long             | EC               | CORP              | JP        |     18800 | NS      | $505180.81    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUBISHI HEAVY INDS. LT                     | MITSUBISHI HEAVY INDS. LT                     | CUSIP: J44002178<br>LEI: 353800TJ98PCAZROVE69 | Long             | EC               | CORP              | JP        |    203000 | NS      | $4971868.53   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUI E&S CO LTD                             | MITSUI E&S CO LTD                             | CUSIP: J44776151<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      8900 | NS      | $316230.37    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| NHK SPRING CO LTD                             | NHK SPRING CO LTD                             | CUSIP: J49162126<br>LEI: 35380033IJ3XRDV8VH57 | Long             | EC               | CORP              | JP        |     22900 | NS      | $368716.74    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| NINTENDO CO LTD                               | NINTENDO CO LTD                               | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     49966 | NS      | $3375170.71   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| NIPPON SHINYAKU CO LTD                        | NIPPON SHINYAKU CO LTD                        | CUSIP: J55784102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      7600 | NS      | $273828.30    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| NITTO BOSEKI CO JPY50                         | NITTO BOSEKI CO JPY50                         | CUSIP: J58364118<br>LEI: 3538005B13YMJ9BWQO82 | Long             | EC               | CORP              | JP        |      8100 | NS      | $521444.34    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| NIPPON ELECTRIC GLASS CO                      | NIPPON ELECTRIC GLASS CO                      | CUSIP: J53247110<br>LEI: 529900NCIGSAX4V03234 | Long             | EC               | CORP              | JP        |      9900 | NS      | $389477.81    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SANTEN PHARM. CO LTD                          | SANTEN PHARM. CO LTD                          | CUSIP: J68467109<br>LEI: 529900TPT3I7C17MIM03 | Long             | EC               | CORP              | JP        |     23900 | NS      | $247745.40    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| TOKYO OHKA KOGYO CO LTD                       | TOKYO OHKA KOGYO CO LTD                       | CUSIP: J87430104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     12900 | NS      | $479098.42    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| TOKYO TATEMONO CO LTD                         | TOKYO TATEMONO CO LTD                         | CUSIP: J88333133<br>LEI: 529900RQA4JTW1869J86 | Long             | EC               | CORP              | JP        |     15400 | NS      | $347741.92    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| TSUMURA & CO                                  | TSUMURA & CO                                  | CUSIP: J93407120<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     10500 | NS      | $273037.83    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| UOL GRP. LTD                                  | UOL GRP. LTD                                  | CUSIP: Y9299W103<br>LEI: 254900O9PRCWTMR86R25 | Long             | EC               | CORP              | SG        |     54700 | NS      | $371481.55    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| VANGUARD FTSE DEVD. MKTS.                     | VANGUARD FTSE DEVD. MKTS.                     | CUSIP: 921943858<br>LEI: 549300PTTIGTMUA02X28 | Long             | EC               | RF                | US        |     10209 | NS      | $637756.23    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SEA LTD ADR                                   | SEA LTD ADR                                   | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |     48249 | NS      | $6155124.93   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DEUTSCHE BOERSE AG                            | DEUTSCHE BOERSE AG                            | CUSIP: D1882G119<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |      8974 | NS      | $2357121.48   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML HLDG. NV ADR                             | ASML HLDG. NV ADR                             | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      5629 | NS      | $6022241.94   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SEAGATE TECHNOLOGY HOLDIN                     | SEAGATE TECHNOLOGY HOLDIN                     | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |     15747 | NS      | $4336566.33   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ROLLS-ROYCE HLDGS. PLC                        | ROLLS-ROYCE HLDGS. PLC                        | CUSIP: G76225104<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |    563911 | NS      | $8764948.19   | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS GROUP AG USD0.10 (REG                     | UBS GROUP AG USD0.10 (REG S)                  | CUSIP: H42097107<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |     84378 | NS      | $3900547.14   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| NU HLDGS. LTD/CAYMAN ISLA                     | NU HLDGS. LTD/CAYMAN ISLA                     | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |    209819 | NS      | $3512370.06   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   3058637 | NS      | $3058637.01   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO BRADESCO SA ADR                         | BANCO BRADESCO SA ADR                         | CUSIP: 059460303<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |    589683 | NS      | $1963644.39   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NATURA COSMETICOS SA                          | NATURA COSMETICOS SA                          | CUSIP: P7088C106<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    394843 | NS      | $537071.72    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| KB FINL. GRP. INC                             | KB FINL. GRP. INC                             | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     15556 | NS      | $1344786.29   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| BPER BANCA                                    | BPER BANCA                                    | CUSIP: T1325T119<br>LEI: N747OI7JINV7RUUH6190 | Long             | EC               | CORP              | IT        |    124909 | NS      | $1689081.89   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| RENAULT SA                                    | RENAULT SA                                    | CUSIP: F77098105<br>LEI: 969500F7JLTX36OUI695 | Long             | EC               | CORP              | FR        |     18131 | NS      | $750604.13    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| TOTALENERGIES SE                              | TOTALENERGIES SE                              | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     45749 | NS      | $2981822.66   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| CONTINENTAL AG                                | CONTINENTAL AG                                | CUSIP: D16212140<br>LEI: 529900A7YD9C0LLXM621 | Long             | EC               | CORP              | DE        |     10082 | NS      | $804849.50    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| LOJAS RENNER SA                               | LOJAS RENNER SA                               | CUSIP: P6332C102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    243762 | NS      | $596499.48    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| EASYJET PLC                                   | EASYJET PLC                                   | CUSIP: G3030S109<br>LEI: 2138001S47XKWIB7TH90 | Long             | EC               | CORP              | GB        |    188683 | NS      | $1293251.78   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| ERSTE GROUP BANK AG                           | ERSTE GROUP BANK AG                           | CUSIP: A19494102<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |     18392 | NS      | $2212735.40   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| ORANGE SA                                     | ORANGE SA                                     | CUSIP: F6866T100<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |    132007 | NS      | $2202559.47   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| RANDSTAD NV                                   | RANDSTAD NV                                   | CUSIP: N7291Y137<br>LEI: 7245009EAAUUQJ0U4T57 | Long             | EC               | CORP              | NL        |     20656 | NS      | $785289.28    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ GRP. AG                         | MERCEDES-BENZ GRP. AG                         | CUSIP: D1668R123<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |      8817 | NS      | $622206.24    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| CARREFOUR SA                                  | CARREFOUR SA                                  | CUSIP: F13923119<br>LEI: 549300B8P6MUJ1YWTS08 | Long             | EC               | CORP              | FR        |     70971 | NS      | $1183827.31   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| SANOFI SA                                     | SANOFI SA                                     | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     27415 | NS      | $2659741.36   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE SA                           | SOCIETE GENERALE SA                           | CUSIP: F8591M517<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | EC               | CORP              | FR        |     50174 | NS      | $4042412.19   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| GAZPROM PJSC ADR                              | GAZPROM PJSC ADR                              | CUSIP: 368287207<br>LEI: 213800FD9J2IHTA7YX78 | Long             | EC               | CORP              | RU        |     54380 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PROXIMUS SADP                                 | PROXIMUS SADP                                 | CUSIP: B6951K109<br>LEI: 549300CWRXC5EP004533 | Long             | EC               | CORP              | BE        |     37891 | NS      | $315011.92    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ENGIE SA                                      | ENGIE SA                                      | CUSIP: F7629A107<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |     94723 | NS      | $2490608.34   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| WACKER CHEMIE AG                              | WACKER CHEMIE AG                              | CUSIP: D9540Z106<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |      4158 | NS      | $338766.73    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ARKEMA SA                                     | ARKEMA SA                                     | CUSIP: F0392W125<br>LEI: 9695000EHMS84KKP2785 | Long             | EC               | CORP              | FR        |     10014 | NS      | $612610.36    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| COCA-COLA ICECEK AS                           | COCA-COLA ICECEK AS                           | CUSIP: M2R39A121<br>LEI: 789000WT80VVLUWJDK41 | Long             | EC               | CORP              | TR        |     75992 | NS      | $104088.80    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NORSK HYDRO ASA                               | NORSK HYDRO ASA                               | CUSIP: R61115102<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |     19200 | NS      | $148351.51    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| DAI-ICHI LIFE HOLDINGS IN                     | DAI-ICHI LIFE HOLDINGS IN                     | CUSIP: J09748112<br>LEI: 549300ZUFXI7JXZVTZ25 | Long             | EC               | CORP              | JP        |     46036 | NS      | $382201.15    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| BASF SE                                       | BASF SE                                       | CUSIP: D06216317<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |     30726 | NS      | $1605207.69   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| AGEAS SA/NV                                   | AGEAS SA/NV                                   | CUSIP: B0148L138<br>LEI: 5493005DJBML6LY3RV36 | Long             | EC               | CORP              | BE        |     19161 | NS      | $1343240.16   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN AIRLINES CO LTD                         | JAPAN AIRLINES CO LTD                         | CUSIP: J25979121<br>LEI: 3538002MH5L1QZZ93477 | Long             | EC               | CORP              | JP        |     27483 | NS      | $511563.84    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| RTL GRP. SA                                   | RTL GRP. SA                                   | CUSIP: L80326108<br>LEI: 5493000C8J3C3SZYS040 | Long             | EC               | CORP              | LU        |      8150 | NS      | $329224.83    | 0.05%             |  |  |  | No            |                  2 | On Loan: —       |
| ALPS ALPINE CO LTD                            | ALPS ALPINE CO LTD                            | CUSIP: J01176114<br>LEI: 529900PWNU4ASLY9VI90 | Long             | EC               | CORP              | JP        |     11059 | NS      | $140920.62    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| AMADA CO LTD                                  | AMADA CO LTD                                  | CUSIP: J01218106<br>LEI: 529900QF5O6TQGCPDX85 | Long             | EC               | CORP              | JP        |     32400 | NS      | $383590.56    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SK TELECOM CO LTD                             | SK TELECOM CO LTD                             | CUSIP: Y4935N104<br>LEI: 9884003WEA1PHW006037 | Long             | EC               | CORP              | KR        |     34492 | NS      | $1280916.45   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| KASIKORNBANK PCL                              | KASIKORNBANK PCL                              | CUSIP: Y4591R126<br>LEI: 5493004COSQ54937AW41 | Long             | EC               | CORP              | TH        |    156944 | NS      | $968886.96    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| SHINHAN FINANCIAL GROUP C                     | SHINHAN FINANCIAL GROUP C                     | CUSIP: Y7749X101<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |     38156 | NS      | $2036188.30   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| DENTSU GRP. INC                               | DENTSU GRP. INC                               | CUSIP: J1207N108<br>LEI: 5299007PBBE83ZLJZG91 | Long             | EC               | CORP              | JP        |     42730 | NS      | $907124.90    | 0.15%             |  |  |  | No            |                  2 | On Loan: —       |
| RESONA HLDGS. INC                             | RESONA HLDGS. INC                             | CUSIP: J6448E106<br>LEI: 52990067JE75XZCYYT81 | Long             | EC               | CORP              | JP        |    166917 | NS      | $1582657.47   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| COWAY CO LTD                                  | COWAY CO LTD                                  | CUSIP: Y1786S109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      4505 | NS      | $271922.14    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| MTN GRP. LTD                                  | MTN GRP. LTD                                  | CUSIP: S8039R108<br>LEI: 2549009JD6Q6XHZS5E05 | Long             | EC               | CORP              | ZA        |    138486 | NS      | $1415171.06   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| YUE YUEN INDL. HLDGS. LTD                     | YUE YUEN INDL. HLDGS. LTD                     | CUSIP: G98803144<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    192667 | NS      | $395004.27    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| T&D HLDGS. INC                                | T&D HLDGS. INC                                | CUSIP: J86796109<br>LEI: 3538008ARJ1MACEWA242 | Long             | EC               | CORP              | JP        |     91231 | NS      | $2102317.51   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA MENGNIU DAIRY CO LT                     | CHINA MENGNIU DAIRY CO LT                     | CUSIP: G21096105<br>LEI: 2549005Q343BSJ8RSS21 | Long             | EC               | CORP              | KY        |    328616 | NS      | $628172.16    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SEGA SAMMY HLDGS. INC                         | SEGA SAMMY HLDGS. INC                         | CUSIP: J7028D104<br>LEI: 5493006B6WMKNQ8QNP51 | Long             | EC               | CORP              | JP        |     18920 | NS      | $295811.06    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| HAKUHODO DY HLDGS. INC                        | HAKUHODO DY HLDGS. INC                        | CUSIP: J19174101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     48100 | NS      | $359336.07    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| PT BANK NEGARA INDONESIA(                     | PT BANK NEGARA INDONESIA(                     | CUSIP: Y74568166<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | EC               | CORP              | ID        |   3188843 | NS      | $835593.16    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CHIBA BANK LTD/THE                            | CHIBA BANK LTD/THE                            | CUSIP: J05670104<br>LEI: FGJPAKKCTZVSKZXNBS63 | Long             | EC               | CORP              | JP        |    125940 | NS      | $1400139.19   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| ULTRAPAR PARTICIPACOES SA                     | ULTRAPAR PARTICIPACOES SA                     | CUSIP: P94396127<br>LEI: 529900FU4XBXGQMLRE72 | Long             | EC               | CORP              | BR        |    152047 | NS      | $579604.64    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SUBARU CORP                                   | SUBARU CORP                                   | CUSIP: J7676H100<br>LEI: 549300N244BVAEE6HH86 | Long             | EC               | CORP              | JP        |     46342 | NS      | $995288.89    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| HINO MOTORS LTD                               | HINO MOTORS LTD                               | CUSIP: 433406105<br>LEI: 3538009ZU0PHKNHJM202 | Long             | EC               | CORP              | JP        |     67824 | NS      | $167290.01    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| HONDA MOTOR CO LTD                            | HONDA MOTOR CO LTD                            | CUSIP: J22302111<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | EC               | CORP              | JP        |    114472 | NS      | $1120550.63   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| HORIBA LTD                                    | HORIBA LTD                                    | CUSIP: J22428106<br>LEI: 529900OOTWPYSNW0EC84 | Long             | EC               | CORP              | JP        |      5370 | NS      | $547981.45    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUBISHI ESTATE CO LTD                      | MITSUBISHI ESTATE CO LTD                      | CUSIP: J43916113<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |     62376 | NS      | $1519182.48   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| SKF AB                                        | SKF AB                                        | CUSIP: W84237143<br>LEI: 549300B6HWYEE57O8J84 | Long             | EC               | CORP              | SE        |     55996 | NS      | $1488223.44   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| NIKON CORP                                    | NIKON CORP                                    | CUSIP: 654111103<br>LEI: 549300X7LIS9RFELXJ98 | Long             | EC               | CORP              | JP        |     34036 | NS      | $379387.67    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO NPV                           | NISSAN MOTOR CO NPV                           | CUSIP: J57160129<br>LEI: 353800DRBDH1LUTNAY26 | Long             | EC               | CORP              | JP        |    230678 | NS      | $572955.57    | 0.10%             |  |  |  | No            |                  2 | On Loan: —       |
| NIPPON TELEVISION HLDGS.                      | NIPPON TELEVISION HLDGS.                      | CUSIP: J56171101<br>LEI: 353800QI43C3H97E4W63 | Long             | EC               | CORP              | JP        |     18252 | NS      | $442560.02    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| RINNAI CORP                                   | RINNAI CORP                                   | CUSIP: J65199101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     22598 | NS      | $572232.40    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| FRESENIUS SE KGAA                             | FRESENIUS SE KGAA                             | CUSIP: D27348263<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |     28668 | NS      | $1649997.44   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures US futures                        | FUT. ICUS MSCI EAF MAR26                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | XX        |        77 | NC      | $11173085.00  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Liquid Asset Portfolio | Northern Institutional Liquid Asset Portfolio | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    346782 | NS      | $346782.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

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

**Title:** Treasurer and Principal Financial Officer