# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-25-001575
**Filing Date:** 2025-11
**Character Count:** 43145
**Document Hash:** 68cbfb20a5702a8c2846c8b9e745706f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001575.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0002066578-25-001575

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 251506540

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

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

## Series and Classes Contracts Data

### MULTI-MANAGER GLOBAL REAL ESTATE FUND (Series ID: S000024145)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000070887 | MULTI-MANAGER GLOBAL REAL ESTATE FUND | NMMGX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

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

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

- **a. Name of Series:** Multi-Manager Global Real Estate Fund

- **b. EDGAR series identifier (if any):** S000024145

- **c. LEI of Series:** 549300D4IXJ39SV3BM40

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $85216630.07

**Total Liabilities:** $154978.01

**Net Assets:** $85061652.06

**Cash Not Reported:** $756.65

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000070887 | -1.98%               | 4.13%                | 0.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $669603.77               | $-2367349.99                               |
| Month 2  | $359312.05               | $2893804.35                                |
| Month 3  | $-50305.91               | $-199338.16                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    962825 | NS      | $962824.61    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITE GRP. PLC/THE                            | UNITE GRP. PLC/THE                            | CUSIP: G9283N101<br>LEI: 213800BBUUWVDH9YI827 | Long             | EC               | CORP              | GB        |     21846 | NS      | $211435.78    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH LAND CO PLC/THE                       | BRITISH LAND CO PLC/THE                       | CUSIP: G15540118<br>LEI: RV5B68J2GV3QGMRPW209 | Long             | EC               | CORP              | GB        |     49158 | NS      | $231023.82    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| HELICAL PLC                                   | HELICAL PLC                                   | CUSIP: G43904195<br>LEI: 2138003SBD2Z7WV2MP70 | Long             | EC               | CORP              | GB        |     45229 | NS      | $124872.59    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| SAFESTORE HLDGS. PLC                          | SAFESTORE HLDGS. PLC                          | CUSIP: G77733106<br>LEI: 213800WGA3YSJC1YOH73 | Long             | EC               | CORP              | GB        |     25074 | NS      | $223029.44    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                         | AMERICAN HOMES 4 RENT                         | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     26936 | NS      | $895622.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MERLIN PROPS. SOCIMI SA                       | MERLIN PROPS. SOCIMI SA                       | CUSIP: E7390Z100<br>LEI: 959800L8KD863DP30X04 | Long             | EC               | CORP              | ES        |     26547 | NS      | $402503.91    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| EQUINIX INC                                   | EQUINIX INC                                   | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      2394 | NS      | $1875076.56   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES INC                     | AVALONBAY COMMUNITIES INC                     | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      5769 | NS      | $1114397.73   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| KEPPEL DC REIT                                | KEPPEL DC REIT                                | CUSIP: Y47230100<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    163700 | NS      | $303682.45    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    390755 | NS      | $390754.81    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER INC                                 | WELLTOWER INC                                 | CUSIP: 95040Q104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8422 | NS      | $1500295.08   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CELLNEX TELECOM SA                            | CELLNEX TELECOM SA                            | CUSIP: E2R41M104<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |      4828 | NS      | $167399.12    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPITALAND INTEGRATED COM                     | CAPITALAND INTEGRATED COM                     | CUSIP: Y0259J109<br>LEI: 54930031292WUTXF0L29 | Long             | EC               | CORP              | SG        |    183613 | NS      | $325984.43    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| UDR INC                                       | UDR INC                                       | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |     21204 | NS      | $790061.04    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN HUNG KAI PROPS. LTD                       | SUN HUNG KAI PROPS. LTD                       | CUSIP: Y82594121<br>LEI: 529900LUMD393RD3S874 | Long             | EC               | CORP              | HK        |     36500 | NS      | $437782.39    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| VGP NV                                        | VGP NV                                        | CUSIP: B9738D109<br>LEI: 315700NENYPIXFR94T49 | Long             | EC               | CORP              | BE        |      2467 | NS      | $276891.71    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| SCENTRE GROUP                                 | SCENTRE GROUP                                 | CUSIP: Q8351E109<br>LEI: 529900TUCASM3W86E831 | Long             | EC               | CORP              | AU        |    212730 | NS      | $575588.13    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| UNIBAIL-RODAMCO-WESTFIELD                     | UNIBAIL-RODAMCO-WESTFIELD                     | CUSIP: F95094581<br>LEI: 969500SHQITWXSIS7N89 | Long             | EC               | CORP              | FR        |      4621 | NS      | $487307.57    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| KEPPEL DC REIT RTS                            | KEPPEL DC REIT RTS                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |     13096 | NS      | $1522.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DR HORTON INC                                 | DR HORTON INC                                 | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      3230 | NS      | $547388.10    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST INDL. REALTY TST. I                     | FIRST INDL. REALTY TST. I                     | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11811 | NS      | $607912.17    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL REALTY TST. INC                       | DIGITAL REALTY TST. INC                       | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      8678 | NS      | $1500252.64   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| COMFORIA RESIDENTIAL REIT                     | COMFORIA RESIDENTIAL REIT                     | CUSIP: J0816Z106<br>LEI: 353800BJ2SV3UPG9JU05 | Long             | EC               | CORP              | JP        |       147 | NS      | $323070.58    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| AGREE REALTY CORP                             | AGREE REALTY CORP                             | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |      9217 | NS      | $654775.68    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS INC                                  | PROLOGIS INC                                  | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     16850 | NS      | $1929662.00   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CUBESMART                                     | CUBESMART                                     | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21882 | NS      | $889722.12    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| RYMAN HOSPITALITY PROPS.                      | RYMAN HOSPITALITY PROPS.                      | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |      5276 | NS      | $472676.84    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TAG IMMOBILIEN AG                             | TAG IMMOBILIEN AG                             | CUSIP: D8283Q174<br>LEI: 529900TAE68USJNXLR59 | Long             | EC               | CORP              | DE        |      9000 | NS      | $155601.76    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| AEDIFICA SA                                   | AEDIFICA SA                                   | CUSIP: B0130A108<br>LEI: 529900DTKNXL0AXQFN28 | Long             | EC               | CORP              | BE        |      3000 | NS      | $222692.71    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| HEALTHCARE REALTY TST. IN                     | HEALTHCARE REALTY TST. IN                     | CUSIP: 42226K105<br>LEI: 549300CB86LH2IOKHH22 | Long             | EC               | CORP              | US        |     50185 | NS      | $904835.55    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURION ACCOMMODATION R                     | CENTURION ACCOMMODATION R                     | CUSIP: Y1777V103<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    146713 | NS      | $118284.83    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| JAPAN METROPOLITAN INVEST                     | JAPAN METROPOLITAN INVEST                     | CUSIP: J27544105<br>LEI: 353800QDHNIP60E1LQ93 | Long             | EC               | CORP              | JP        |       535 | NS      | $411363.48    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED URBAN INV. CORP                        | UNITED URBAN INV. CORP                        | CUSIP: J9427E105<br>LEI: 353800GYZWBD7BDCN841 | Long             | EC               | CORP              | JP        |       214 | NS      | $259658.68    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| HONGKONG LAND HLDGS. LTD                      | HONGKONG LAND HLDGS. LTD                      | CUSIP: G4587L109<br>LEI: 213800XCHYNRPAYGXW28 | Long             | EC               | CORP              | SG        |     66800 | NS      | $422710.38    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| STOCKLAND                                     | STOCKLAND                                     | CUSIP: Q8773B105<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    144282 | NS      | $586117.31    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| SEGRO PLC                                     | SEGRO PLC                                     | CUSIP: G80277141<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               | CORP              | GB        |     25657 | NS      | $227029.54    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| TRITAX BIG BOX REIT PLC                       | TRITAX BIG BOX REIT PLC                       | CUSIP: G9101W101<br>LEI: 213800L6X88MIYPVR714 | Long             | EC               | CORP              | GB        |    169965 | NS      | $330565.30    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| NETSTREIT CORP                                | NETSTREIT CORP                                | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |     53964 | NS      | $974589.84    | 1.15%             |  |  |  | No            |                  1 | On Loan: —       |
| HAMMERSON PLC                                 | HAMMERSON PLC                                 | CUSIP: G4273Q206<br>LEI: 213800G1C9KKVVDN1A60 | Long             | EC               | CORP              | GB        |     55000 | NS      | $216443.50    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| VONOVIA SE                                    | VONOVIA SE                                    | CUSIP: D9581T100<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | EC               | CORP              | DE        |     14850 | NS      | $463473.50    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| SABRA HEALTH CARE REIT IN                     | SABRA HEALTH CARE REIT IN                     | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |     45869 | NS      | $854998.16    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE GRP. INC                                 | CBRE GRP. INC                                 | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      2663 | NS      | $419582.28    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| HMC CAPITAL LIMITED                           | HMC CAPITAL LIMITED                           | CUSIP: Q46597102<br>LEI: 9845005E59E4DCFA1C33 | Long             | EC               | CORP              | AU        |     18452 | NS      | $39002.81     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CTP NV                                        | CTP NV                                        | CUSIP: N2368S105<br>LEI: 3157000YTVO4TN65UM14 | Long             | EC               | CORP              | NL        |      9830 | NS      | $218860.12    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| HIGHWOODS PROPS. INC                          | HIGHWOODS PROPS. INC                          | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     19634 | NS      | $624753.88    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTGROUP PROPS. INC                          | EASTGROUP PROPS. INC                          | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      2915 | NS      | $493392.90    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MACERICH CO/THE                               | MACERICH CO/THE                               | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |     36854 | NS      | $670742.80    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                | PUBLIC STORAGE                                | CUSIP: 74460D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4386 | NS      | $1266896.10   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTAS INC                                    | VENTAS INC                                    | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     19032 | NS      | $1332049.68   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPS. I                     | EQUITY LIFESTYLE PROPS. I                     | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     11535 | NS      | $700174.50    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITALAND INV. LTD/SINGA                     | CAPITALAND INV. LTD/SINGA                     | CUSIP: Y1091P105<br>LEI: 254900AT4UQDU7SNXX49 | Long             | EC               | CORP              | SG        |    166700 | NS      | $348185.80    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN REAL ESTATE INV. CO                     | JAPAN REAL ESTATE INV. CO                     | CUSIP: J27523109<br>LEI: 3538003YAIR3CBGJJ928 | Long             | EC               | CORP              | JP        |       507 | NS      | $426899.98    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| LINK REIT                                     | LINK REIT                                     | CUSIP: Y5281M111<br>LEI: 529900XUE70U36QX5M62 | Long             | EC               | CORP              | HK        |     58500 | NS      | $300910.24    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUBISHI ESTATE CO LTD                      | MITSUBISHI ESTATE CO LTD                      | CUSIP: J43916113<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |     25700 | NS      | $591835.32    | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUI FUDOSAN CO LTD                         | MITSUI FUDOSAN CO LTD                         | CUSIP: J4509L101<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |     82200 | NS      | $897969.60    | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| GOODMAN GROUP                                 | GOODMAN GROUP                                 | CUSIP: Q4229W132<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     38471 | NS      | $837625.53    | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| FASTIGHETS AB BALDER                          | FASTIGHETS AB BALDER                          | CUSIP: W2951M127<br>LEI: 549300GHKJCEZOAEUU82 | Long             | EC               | CORP              | SE        |     54079 | NS      | $388495.49    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| FEDERAL REALTY INV. TRUST                     | FEDERAL REALTY INV. TRUST                     | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |      6373 | NS      | $645648.63    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| DERWENT LONDON PLC                            | DERWENT LONDON PLC                            | CUSIP: G27300105<br>LEI: 213800BXKQ9KZNUR1M61 | Long             | EC               | CORP              | GB        |     10878 | NS      | $256277.64    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| LAMAR ADVERTISING CO                          | LAMAR ADVERTISING CO                          | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |      7270 | NS      | $889993.40    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SHURGARD SELF STORAGE LTD                     | SHURGARD SELF STORAGE LTD                     | CUSIP: G81317102<br>LEI: 549300J0UEIKU81XO336 | Long             | EC               | CORP              | GG        |     22779 | NS      | $863992.41    | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| EQUINIX INC                                   | EQUINIX INC                                   | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      3424 | NS      | $2681813.76   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNSTONE HOTEL INVSTRS. I                     | SUNSTONE HOTEL INVSTRS. I                     | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |     56079 | NS      | $525460.23    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| SHAFTESBURY CAPITAL PLC O                     | SHAFTESBURY CAPITAL PLC O                     | CUSIP: G19406100<br>LEI: 549300TTXXZ1SHUI0D54 | Long             | EC               | CORP              | GB        |    312518 | NS      | $597886.60    | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| REGENCY CENTERS CORP                          | REGENCY CENTERS CORP                          | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     10364 | NS      | $755535.60    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS INC                                  | PROLOGIS INC                                  | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     30361 | NS      | $3476941.72   | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| RYMAN HOSPITALITY PROPS.                      | RYMAN HOSPITALITY PROPS.                      | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |      6856 | NS      | $614229.04    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| CELLNEX TELECOM SA                            | CELLNEX TELECOM SA                            | CUSIP: E2R41M104<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |      8628 | NS      | $299154.85    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| KDX REALTY INV. CORP                          | KDX REALTY INV. CORP                          | CUSIP: J32922106<br>LEI: 353800FFT483NCIHFY42 | Long             | EC               | CORP              | JP        |       523 | NS      | $595628.51    | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| INVINCIBLE INV. CORP                          | INVINCIBLE INV. CORP                          | CUSIP: J2442V103<br>LEI: 353800JY6M2692VAV685 | Long             | EC               | CORP              | JP        |       601 | NS      | $274237.44    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER HALL GROUP                            | CHARTER HALL GROUP                            | CUSIP: Q2308A138<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     50961 | NS      | $769630.57    | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| GPT GROUP/THE                                 | GPT GROUP/THE                                 | CUSIP: Q4252X155<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    173110 | NS      | $615709.79    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUBISHI ESTATE CO LTD                      | MITSUBISHI ESTATE CO LTD                      | CUSIP: J43916113<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |     44700 | NS      | $1029378.96   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUI FUDOSAN CO LTD                         | MITSUI FUDOSAN CO LTD                         | CUSIP: J4509L101<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |    101400 | NS      | $1107714.32   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| GOODMAN GROUP                                 | GOODMAN GROUP                                 | CUSIP: Q4229W132<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     98229 | NS      | $2138730.96   | 2.51%             |  |  |  | No            |                  2 | On Loan: No      |
| PARKWAY LIFE REAL ESTATE                      | PARKWAY LIFE REAL ESTATE                      | CUSIP: Y67202104<br>LEI: 549300I4DKVD2OF5LW91 | Long             | EC               | CORP              | SG        |    105700 | NS      | $338005.40    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| SEGRO PLC                                     | SEGRO PLC                                     | CUSIP: G80277141<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               | CORP              | GB        |     97285 | NS      | $860839.90    | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SWIRE PROPS. LTD                              | SWIRE PROPS. LTD                              | CUSIP: Y83191109<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |    111600 | NS      | $317508.32    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| SCENTRE GROUP                                 | SCENTRE GROUP                                 | CUSIP: Q8351E109<br>LEI: 529900TUCASM3W86E831 | Long             | EC               | CORP              | AU        |    415143 | NS      | $1123261.32   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| VONOVIA SE                                    | VONOVIA SE                                    | CUSIP: D9581T100<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | EC               | CORP              | DE        |     35072 | NS      | $1094608.94   | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL STORAGE REIT                         | NATIONAL STORAGE REIT                         | CUSIP: Q6605D109<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    185601 | NS      | $289236.08    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| GRAINGER PLC                                  | GRAINGER PLC                                  | CUSIP: G40432117<br>LEI: 2138007CEIRKZMNI2979 | Long             | EC               | CORP              | GB        |    269837 | NS      | $704764.83    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| WEYERHAEUSER CO                               | WEYERHAEUSER CO                               | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |     13481 | NS      | $334193.99    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| LINK REIT                                     | LINK REIT                                     | CUSIP: Y5281M111<br>LEI: 529900XUE70U36QX5M62 | Long             | EC               | CORP              | HK        |    227800 | NS      | $1171749.61   | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GRP. INC                        | DIGITALBRIDGE GRP. INC                        | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |     15504 | NS      | $181396.80    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITE GRP. PLC/THE                            | UNITE GRP. PLC/THE                            | CUSIP: G9283N101<br>LEI: 213800BBUUWVDH9YI827 | Long             | EC               | CORP              | GB        |     21131 | NS      | $204515.68    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| BIG YELLOW GRP. PLC                           | BIG YELLOW GRP. PLC                           | CUSIP: G1093E108<br>LEI: 213800W7Q4V2ZI8LIW31 | Long             | EC               | CORP              | GB        |     56783 | NS      | $742364.43    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                         | AMERICAN HOMES 4 RENT                         | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     31290 | NS      | $1040392.50   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP INC                                       | BXP INC                                       | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     11663 | NS      | $867027.42    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSEX PROP. TST. INC                          | ESSEX PROP. TST. INC                          | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      3225 | NS      | $863203.50    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHWOODS PROPS. INC                          | HIGHWOODS PROPS. INC                          | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     30197 | NS      | $960868.54    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMCO REALTY CORP                             | KIMCO REALTY CORP                             | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |     56283 | NS      | $1229783.55   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MID-AMERICA APT. COMMUNIT                     | MID-AMERICA APT. COMMUNIT                     | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |      7653 | NS      | $1069353.69   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROP. GRP. INC                          | SIMON PROP. GRP. INC                          | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      9866 | NS      | $1851552.22   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN COMMUNITIES INC                           | SUN COMMUNITIES INC                           | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |      4726 | NS      | $609654.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTAS INC                                    | VENTAS INC                                    | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     24935 | NS      | $1745200.65   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN APT. PROPS. REIT                     | CANADIAN APT. PROPS. REIT                     | CUSIP: 134921105<br>LEI: 549300B1MYVTQEB2DI90 | Long             | EC               | CORP              | CA        |     26625 | NS      | $778643.03    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| REXFORD INDL. REALTY INC                      | REXFORD INDL. REALTY INC                      | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     29859 | NS      | $1227503.49   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICOLD REALTY TST. INC                     | AMERICOLD REALTY TST. INC                     | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |     34133 | NS      | $417787.92    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| HELIOS TOWERS PLC                             | HELIOS TOWERS PLC                             | CUSIP: G4431S102<br>LEI: 213800DGC7GS4XCHCU30 | Long             | EC               | CORP              | GB        |    142490 | NS      | $285980.14    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    615883 | NS      | $615882.85    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA REALTY TRUST                           | ACADIA REALTY TRUST                           | CUSIP: 004239109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12763 | NS      | $257174.45    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTRA SPACE STORAGE INC                       | EXTRA SPACE STORAGE INC                       | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |     10501 | NS      | $1480010.94   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL REALTY TST. INC                       | DIGITAL REALTY TST. INC                       | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     13044 | NS      | $2255046.72   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPS. I                     | EQUITY LIFESTYLE PROPS. I                     | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     18342 | NS      | $1113359.40   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT INC                                  | NNN REIT INC                                  | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     19130 | NS      | $814364.10    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| DOUGLAS EMMETT INC                            | DOUGLAS EMMETT INC                            | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30911 | NS      | $481284.27    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHCARE REALTY TST. IN                     | HEALTHCARE REALTY TST. IN                     | CUSIP: 42226K105<br>LEI: 549300CB86LH2IOKHH22 | Long             | EC               | CORP              | US        |     67767 | NS      | $1221839.01   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON BLDG. INC                              | NIPPON BLDG. INC                              | CUSIP: J52088101<br>LEI: 52990053R8NL2MB32172 | Long             | EC               | CORP              | JP        |       879 | NS      | $829382.56    | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN METROPOLITAN INVEST                     | JAPAN METROPOLITAN INVEST                     | CUSIP: J27544105<br>LEI: 353800QDHNIP60E1LQ93 | Long             | EC               | CORP              | JP        |      1008 | NS      | $775054.93    | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUI FUDOSAN                                | MITSUI FUDOSAN                                | CUSIP: J52066107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       289 | NS      | $257990.22    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| UNIBAIL-RODAMCO-WESTFIELD                     | UNIBAIL-RODAMCO-WESTFIELD                     | CUSIP: F95094581<br>LEI: 969500SHQITWXSIS7N89 | Long             | EC               | CORP              | FR        |      9444 | NS      | $995917.04    | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| STAR ASIA INV. CORP                           | STAR ASIA INV. CORP                           | CUSIP: J76639103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       733 | NS      | $298975.85    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| FEDERAL REALTY INV. TRUST                     | FEDERAL REALTY INV. TRUST                     | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |     10627 | NS      | $1076621.37   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Liquid Asset Portfolio | Northern Institutional Liquid Asset Portfolio | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    998334 | NS      | $998334.00    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

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

**Title:** Treasurer and Principal Financial Officer