# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-26-001917
**Filing Date:** 2026-5
**Character Count:** 54363
**Document Hash:** 0d2066b0c3c5150a08d0afa7eee2dc06
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-001917.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002066578-26-001917

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**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:** 261034961

**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:** 2026-03-31

**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:** $75757343.74

**Total Liabilities:** $413446.45

**Net Assets:** $75343897.29

**Delayed Delivery Securities:** $252890.55

**Cash Not Reported:** $73377.79

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000070887 | 2.85%                | 6.19%                | -8.00%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $130816.53               | $2067230.14                                |
| Month 2  | $941940.77               | $3856477.66                                |
| Month 3  | $3923843.44              | $-10940470.33                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BRITISH LAND CO PLC/THE                       | BRITISH LAND CO PLC/THE                       | CUSIP: G15540118<br>LEI: RV5B68J2GV3QGMRPW209 | Long             | EC               | CORP              | GB        |     40904 | NS      | $195573.01    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| ACCOR SA                                      | ACCOR SA                                      | CUSIP: F00189120<br>LEI: 969500QZC2Q0TK11NV07 | Long             | EC               | CORP              | FR        |      2500 | NS      | $119780.80    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| TAG IMMOBILIEN AG                             | TAG IMMOBILIEN AG                             | CUSIP: D8283Q174<br>LEI: 529900TAE68USJNXLR59 | Long             | EC               | CORP              | DE        |     11200 | NS      | $175165.17    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| AEDIFICA SA                                   | AEDIFICA SA                                   | CUSIP: B0130A108<br>LEI: 529900DTKNXL0AXQFN28 | Long             | EC               | CORP              | BE        |      3625 | NS      | $292647.07    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| GAMING AND LEISURE PROPS.                     | GAMING AND LEISURE PROPS.                     | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |      9072 | NS      | $402524.64    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| LINK REIT                                     | LINK REIT                                     | CUSIP: Y5281M111<br>LEI: 529900XUE70U36QX5M62 | Long             | EC               | CORP              | HK        |     60400 | NS      | $279655.75    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| TRITAX BIG BOX REIT PLC                       | TRITAX BIG BOX REIT PLC                       | CUSIP: G9101W101<br>LEI: 213800L6X88MIYPVR714 | Long             | EC               | CORP              | GB        |    197007 | NS      | $371452.41    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| GREAT PORTLAND ESTATES PL                     | GREAT PORTLAND ESTATES PL                     | CUSIP: G40712211<br>LEI: 213800JMEDD2Q4N1MC42 | Long             | EC               | CORP              | GB        |       119 | NS      | $445.60       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NETSTREIT CORP                                | NETSTREIT CORP                                | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |     33808 | NS      | $636604.64    | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| VONOVIA SE                                    | VONOVIA SE                                    | CUSIP: D9581T100<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | EC               | CORP              | DE        |     10356 | NS      | $257909.74    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| SABRA HEALTH CARE REIT IN                     | SABRA HEALTH CARE REIT IN                     | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |     34253 | NS      | $658685.19    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTDC LTD                                    | NEXTDC LTD                                    | CUSIP: Q6750Y106<br>LEI: 529900RTERU3X7G3D672 | Long             | EC               | CORP              | AU        |     31476 | NS      | $252312.45    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| INGENIA COMMUNITIES GROUP                     | INGENIA COMMUNITIES GROUP                     | CUSIP: Q4912D185<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    106892 | NS      | $297273.88    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA REAL ESTATE MASTER                     | NOMURA REAL ESTATE MASTER                     | CUSIP: J589D3119<br>LEI: 353800TNNZOQ1CPZE086 | Long             | EC               | CORP              | JP        |       230 | NS      | $227570.12    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| SIRIUS REAL ESTATE LTD OR                     | SIRIUS REAL ESTATE LTD OR                     | CUSIP: G8187C104<br>LEI: 213800NURUF5W8QSK566 | Long             | EC               | CORP              | GB        |     75882 | NS      | $93189.48     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| EQUINIX INC                                   | EQUINIX INC                                   | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      2040 | NS      | $1999689.60   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| INVITATION HOMES INC                          | INVITATION HOMES INC                          | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |     30151 | NS      | $749252.35    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP INC                                       | BXP INC                                       | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     14751 | NS      | $765576.90    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSEX PROP. TST. INC                          | ESSEX PROP. TST. INC                          | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      2277 | NS      | $551034.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| XIOR STUDENT HOUSING NV                       | XIOR STUDENT HOUSING NV                       | CUSIP: B9901Y104<br>LEI: 549300JK7HFOCP0U8K85 | Long             | EC               | CORP              | BE        |      3664 | NS      | $112583.59    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                             | IRON MOUNTAIN INC                             | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |      7469 | NS      | $762883.66    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER INC                                 | WELLTOWER INC                                 | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     22077 | NS      | $4364843.67   | 5.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CATENA AB                                     | CATENA AB                                     | CUSIP: W2356E100<br>LEI: 549300EMLM7AH5LDLY65 | Long             | EC               | CORP              | SE        |      4115 | NS      | $193174.90    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| WIHLBORGS FASTIGHETER AB                      | WIHLBORGS FASTIGHETER AB                      | CUSIP: W9899F163<br>LEI: 549300RC1YDJPITF8X06 | Long             | EC               | CORP              | SE        |     11551 | NS      | $105882.19    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| VGP NV                                        | VGP NV                                        | CUSIP: B9738D109<br>LEI: 315700NENYPIXFR94T49 | Long             | EC               | CORP              | BE        |      1240 | NS      | $119900.95    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| UNIBAIL-RODAMCO-WESTFIELD                     | UNIBAIL-RODAMCO-WESTFIELD                     | CUSIP: F95094581<br>LEI: 969500SHQITWXSIS7N89 | Long             | EC               | CORP              | FR        |      2875 | NS      | $321322.37    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| FASTIGHETS AB BALDER                          | FASTIGHETS AB BALDER                          | CUSIP: W2951M127<br>LEI: 549300GHKJCEZOAEUU82 | Long             | EC               | CORP              | SE        |     12898 | NS      | $75856.52     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| LAND SECS. GRP. PLC                           | LAND SECS. GRP. PLC                           | CUSIP: G5375M142<br>LEI: 213800V8IAVKS37D6B88 | Long             | EC               | CORP              | GB        |     30183 | NS      | $223965.54    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRST CAP. REAL ESTATE IN                     | FIRST CAP. REAL ESTATE IN                     | CUSIP: 31890B103<br>LEI: 54930042UG2WCIIAQZ39 | Long             | EC               | CORP              | CA        |     17331 | NS      | $256893.98    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CARETRUST REIT INC                            | CARETRUST REIT INC                            | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |      7982 | NS      | $292540.30    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| VGP NV                                        | VGP NV                                        | CUSIP: B9738D109<br>LEI: 315700NENYPIXFR94T49 | Long             | EC               | CORP              | BE        |      2108 | NS      | $203831.62    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| UNIBAIL-RODAMCO-WESTFIELD                     | UNIBAIL-RODAMCO-WESTFIELD                     | CUSIP: F95094581<br>LEI: 969500SHQITWXSIS7N89 | Long             | EC               | CORP              | FR        |      4835 | NS      | $540380.41    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| ESSENTIAL PROPS. REALTY T                     | ESSENTIAL PROPS. REALTY T                     | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |     23919 | NS      | $726180.84    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| OMEGA HEALTHCARE INVSTRS.                     | OMEGA HEALTHCARE INVSTRS.                     | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |     10867 | NS      | $476191.94    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY RESIDENTIAL                            | EQUITY RESIDENTIAL                            | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |      4772 | NS      | $282263.80    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTRA SPACE STORAGE INC                       | EXTRA SPACE STORAGE INC                       | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |     10001 | NS      | $1311431.13   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| GLP J-REIT                                    | GLP J-REIT                                    | CUSIP: J17305103<br>LEI: 353800E27V9KA51K2I90 | Long             | EC               | CORP              | JP        |       230 | NS      | $188578.72    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| AGREE REALTY CORP                             | AGREE REALTY CORP                             | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |     11700 | NS      | $881946.00    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS INC                                  | PROLOGIS INC                                  | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     15897 | NS      | $2101265.46   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| SWISS PRIME SITE AG                           | SWISS PRIME SITE AG                           | CUSIP: H8403W107<br>LEI: 506700XI9H64OPR34158 | Long             | EC               | CORP              | CH        |      3428 | NS      | $580791.22    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| MERCIALYS SA                                  | MERCIALYS SA                                  | CUSIP: F61573105<br>LEI: 969500081CGAXB7YS433 | Long             | EC               | CORP              | FR        |     15936 | NS      | $216094.67    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| TAG IMMOBILIEN AG                             | TAG IMMOBILIEN AG                             | CUSIP: D8283Q174<br>LEI: 529900TAE68USJNXLR59 | Long             | EC               | CORP              | DE        |     19336 | NS      | $302410.17    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| AEDIFICA SA                                   | AEDIFICA SA                                   | CUSIP: B0130A108<br>LEI: 529900DTKNXL0AXQFN28 | Long             | EC               | CORP              | BE        |      4440 | NS      | $358442.20    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPS. INC                     | HUDSON PACIFIC PROPS. INC                     | CUSIP: 444097406<br>LEI: 529900EURZA5HRSXQ389 | Long             | EC               | CORP              | US        |      7773 | NS      | $45938.43     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| JAPAN REAL ESTATE INV. CO                     | JAPAN REAL ESTATE INV. CO                     | CUSIP: J27523109<br>LEI: 3538003YAIR3CBGJJ928 | Long             | EC               | CORP              | JP        |       520 | NS      | $383008.13    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPITALAND INTEGRATED COM                     | CAPITALAND INTEGRATED COM                     | CUSIP: Y0259J109<br>LEI: 54930031292WUTXF0L29 | Long             | EC               | CORP              | SG        |    144600 | NS      | $259699.51    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN METROPOLITAN INVEST                     | JAPAN METROPOLITAN INVEST                     | CUSIP: J27544105<br>LEI: 353800QDHNIP60E1LQ93 | Long             | EC               | CORP              | JP        |       488 | NS      | $343541.27    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPITALAND ASCENDAS REIT                      | CAPITALAND ASCENDAS REIT                      | CUSIP: Y0205X103<br>LEI: 549300ILIBAEMQZK3L20 | Long             | EC               | CORP              | SG        |    134000 | NS      | $258905.03    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| KEPPEL REIT                                   | KEPPEL REIT                                   | CUSIP: Y4740G104<br>LEI: 549300ZD5HZLQCF55J25 | Long             | EC               | CORP              | SG        |    265000 | NS      | $184033.44    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUI FUDOSAN                                | MITSUI FUDOSAN                                | CUSIP: J52066107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       127 | NS      | $107434.32    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| HONGKONG LAND HLDGS. LTD                      | HONGKONG LAND HLDGS. LTD                      | CUSIP: G4587L109<br>LEI: 213800XCHYNRPAYGXW28 | Long             | EC               | CORP              | SG        |     31800 | NS      | $248722.20    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| UDR INC                                       | UDR INC                                       | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |     15631 | NS      | $528015.18    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| MITSUBISHI ESTATE CO LTD                      | MITSUBISHI ESTATE CO LTD                      | CUSIP: J43916113<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |     22200 | NS      | $614303.64    | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUI FUDOSAN CO LTD                         | MITSUI FUDOSAN CO LTD                         | CUSIP: J4509L101<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |     72800 | NS      | $770555.97    | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SUN HUNG KAI PROPS. LTD                       | SUN HUNG KAI PROPS. LTD                       | CUSIP: Y82594121<br>LEI: 529900LUMD393RD3S874 | Long             | EC               | CORP              | HK        |     38500 | NS      | $652532.93    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| UOL GRP. LTD                                  | UOL GRP. LTD                                  | CUSIP: Y9299W103<br>LEI: 254900O9PRCWTMR86R25 | Long             | EC               | CORP              | SG        |     17900 | NS      | $136346.13    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| SEGRO PLC                                     | SEGRO PLC                                     | CUSIP: G80277141<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               | CORP              | GB        |     21106 | NS      | $183544.78    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| SWIRE PROPS. LTD                              | SWIRE PROPS. LTD                              | CUSIP: Y83191109<br>LEI: 5299001L12PHYVQ92465 | Long             | EC               | CORP              | HK        |     80400 | NS      | $233673.40    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| KLEPIERRE SA                                  | KLEPIERRE SA                                  | CUSIP: F5396X102<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               | CORP              | FR        |     13907 | NS      | $524169.44    | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| DEXUS                                         | DEXUS                                         | CUSIP: Q318A1104<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     55360 | NS      | $227839.14    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| MELISRON LTD                                  | MELISRON LTD                                  | CUSIP: M5128G106<br>LEI: 213800B9SL62L9VLO604 | Long             | EC               | CORP              | IL        |      1312 | NS      | $169838.39    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| HELICAL PLC                                   | HELICAL PLC                                   | CUSIP: G43904195<br>LEI: 2138003SBD2Z7WV2MP70 | Long             | EC               | CORP              | GB        |     50000 | NS      | $116058.95    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| LAMAR ADVERTISING CO                          | LAMAR ADVERTISING CO                          | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |      4177 | NS      | $529058.82    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| TERRENO REALTY CORP                           | TERRENO REALTY CORP                           | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11384 | NS      | $699205.28    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX INC                                   | EQUINIX INC                                   | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      2164 | NS      | $2121239.36   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES INC                     | AVALONBAY COMMUNITIES INC                     | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      2630 | NS      | $429610.50    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHWOODS PROPS. INC                          | HIGHWOODS PROPS. INC                          | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     25483 | NS      | $545591.03    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| MACERICH CO/THE                               | MACERICH CO/THE                               | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |     34297 | NS      | $648213.30    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| KEPPEL DC REIT                                | KEPPEL DC REIT                                | CUSIP: Y47230100<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    114596 | NS      | $194991.55    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLTOWER INC                                 | WELLTOWER INC                                 | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     12881 | NS      | $2546702.51   | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CATENA AB                                     | CATENA AB                                     | CUSIP: W2356E100<br>LEI: 549300EMLM7AH5LDLY65 | Long             | EC               | CORP              | SE        |      2788 | NS      | $130880.10    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN METROPOLITAN INVEST                     | JAPAN METROPOLITAN INVEST                     | CUSIP: J27544105<br>LEI: 353800QDHNIP60E1LQ93 | Long             | EC               | CORP              | JP        |       584 | NS      | $411123.16    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| HILTON WORLDWIDE HLDGS. I                     | HILTON WORLDWIDE HLDGS. I                     | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      1967 | NS      | $598125.36    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    605557 | NS      | $605556.85    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AGREE REALTY CORP                             | AGREE REALTY CORP                             | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |      7847 | NS      | $591506.86    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CTP NV                                        | CTP NV                                        | CUSIP: N2368S105<br>LEI: 3157000YTVO4TN65UM14 | Long             | EC               | CORP              | NL        |     12272 | NS      | $206527.43    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TST. INC                       | DIGITAL REALTY TST. INC                       | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      8825 | NS      | $1590353.25   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPS. I                     | EQUITY LIFESTYLE PROPS. I                     | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |      8324 | NS      | $519584.08    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| COMFORIA RESIDENTIAL REIT                     | COMFORIA RESIDENTIAL REIT                     | CUSIP: J0816Z106<br>LEI: 353800BJ2SV3UPG9JU05 | Long             | EC               | CORP              | JP        |       407 | NS      | $278246.83    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN REAL ESTATE INV. CO                     | JAPAN REAL ESTATE INV. CO                     | CUSIP: J27523109<br>LEI: 3538003YAIR3CBGJJ928 | Long             | EC               | CORP              | JP        |       391 | NS      | $287992.65    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUI FUDOSAN CO LTD                         | MITSUI FUDOSAN CO LTD                         | CUSIP: J4509L101<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |     50500 | NS      | $534520.29    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| VONOVIA SE                                    | VONOVIA SE                                    | CUSIP: D9581T100<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | EC               | CORP              | DE        |      9600 | NS      | $239082.03    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| SAFESTORE HLDGS. PLC                          | SAFESTORE HLDGS. PLC                          | CUSIP: G77733106<br>LEI: 213800WGA3YSJC1YOH73 | Long             | EC               | CORP              | GB        |     22478 | NS      | $189603.11    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| MERLIN PROPS. SOCIMI SA                       | MERLIN PROPS. SOCIMI SA                       | CUSIP: E7390Z100<br>LEI: 959800L8KD863DP30X04 | Long             | EC               | CORP              | ES        |     25003 | NS      | $406739.80    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| DR HORTON INC                                 | DR HORTON INC                                 | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      2815 | NS      | $386274.30    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MID-AMERICA APT. COMMUNIT                     | MID-AMERICA APT. COMMUNIT                     | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |      5647 | NS      | $689611.64    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROP. GRP. INC                          | SIMON PROP. GRP. INC                          | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      2077 | NS      | $387422.81    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                | PUBLIC STORAGE                                | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      4320 | NS      | $1170201.60   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTAS INC                                    | VENTAS INC                                    | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     16049 | NS      | $1312487.22   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS INC                                  | PROLOGIS INC                                  | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     19086 | NS      | $2522787.48   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CUBESMART                                     | CUBESMART                                     | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14307 | NS      | $524351.55    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITALAND INV. LTD/SINGA                     | CAPITALAND INV. LTD/SINGA                     | CUSIP: Y1091P105<br>LEI: 254900AT4UQDU7SNXX49 | Long             | EC               | CORP              | SG        |    146500 | NS      | $312277.90    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| CENTURION ACCOMMODATION R                     | CENTURION ACCOMMODATION R                     | CUSIP: Y1777V103<br>LEI: 254900NE2W0T2HDOXF24 | Long             | EC               | CORP              | SG        |    183313 | NS      | $157825.99    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPITALAND INTEGRATED COM                     | CAPITALAND INTEGRATED COM                     | CUSIP: Y0259J109<br>LEI: 54930031292WUTXF0L29 | Long             | EC               | CORP              | SG        |    181713 | NS      | $326353.92    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED URBAN INV. CORP                        | UNITED URBAN INV. CORP                        | CUSIP: J9427E105<br>LEI: 353800GYZWBD7BDCN841 | Long             | EC               | CORP              | JP        |       313 | NS      | $337722.71    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| GPT GROUP/THE                                 | GPT GROUP/THE                                 | CUSIP: Q4252X155<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     93649 | NS      | $294032.48    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| HONGKONG LAND HLDGS. LTD                      | HONGKONG LAND HLDGS. LTD                      | CUSIP: G4587L109<br>LEI: 213800XCHYNRPAYGXW28 | Long             | EC               | CORP              | SG        |     45200 | NS      | $353529.67    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUBISHI ESTATE CO LTD                      | MITSUBISHI ESTATE CO LTD                      | CUSIP: J43916113<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |     17900 | NS      | $495316.90    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| GOODMAN GROUP                                 | GOODMAN GROUP                                 | CUSIP: Q4229W132<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     47232 | NS      | $840821.36    | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO REALTY & DEV. CO                     | SUMITOMO REALTY & DEV. CO                     | CUSIP: J77841112<br>LEI: 353800SO2DCLOI3LNZ64 | Long             | EC               | CORP              | JP        |     15500 | NS      | $435778.19    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| SUN HUNG KAI PROPS. LTD                       | SUN HUNG KAI PROPS. LTD                       | CUSIP: Y82594121<br>LEI: 529900LUMD393RD3S874 | Long             | EC               | CORP              | HK        |     28500 | NS      | $483043.86    | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| SEGRO PLC                                     | SEGRO PLC                                     | CUSIP: G80277141<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               | CORP              | GB        |     27889 | NS      | $242532.00    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| TRITAX BIG BOX REIT PLC                       | TRITAX BIG BOX REIT PLC                       | CUSIP: G9101W101<br>LEI: 213800L6X88MIYPVR714 | Long             | EC               | CORP              | GB        |    146152 | NS      | $275566.42    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| SCENTRE GROUP                                 | SCENTRE GROUP                                 | CUSIP: Q8351E109<br>LEI: 529900TUCASM3W86E831 | Long             | EC               | CORP              | AU        |    169675 | NS      | $391463.28    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| FASTIGHETS AB BALDER                          | FASTIGHETS AB BALDER                          | CUSIP: W2951M127<br>LEI: 549300GHKJCEZOAEUU82 | Long             | EC               | CORP              | SE        |     49000 | NS      | $288181.85    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| JANUS LIVING INC                              | JANUS LIVING INC                              | CUSIP: 471024109<br>LEI: 2549003JCIOFKGHO7313 | Long             | EC               | CORP              | US        |     15963 | NS      | $376247.91    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE GRP. INC                                 | CBRE GRP. INC                                 | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      5350 | NS      | $724711.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL REALTY INV. TRUST                     | FEDERAL REALTY INV. TRUST                     | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |      5931 | NS      | $629931.51    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYONIER INC                                  | RAYONIER INC                                  | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |     13457 | NS      | $277483.34    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMCO REALTY CORP                             | KIMCO REALTY CORP                             | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |     59561 | NS      | $1338335.67   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| KILROY REALTY CORP                            | KILROY REALTY CORP                            | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |      2304 | NS      | $64995.84     | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| HOST HOTELS & RESORTS INC                     | HOST HOTELS & RESORTS INC                     | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     38458 | NS      | $736855.28    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROP. GRP. INC                          | SIMON PROP. GRP. INC                          | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      4264 | NS      | $795363.92    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                | PUBLIC STORAGE                                | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      2580 | NS      | $698870.40    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN COMMUNITIES INC                           | SUN COMMUNITIES INC                           | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |      9980 | NS      | $1257080.80   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| LONDONMETRIC PROP. PLC                        | LONDONMETRIC PROP. PLC                        | CUSIP: G5689W109<br>LEI: 213800OCERWWPQDURL87 | Long             | EC               | CORP              | GB        |     55146 | NS      | $132776.53    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TST. INC                       | DIGITAL REALTY TST. INC                       | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     15718 | NS      | $2832540.78   | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURION ACCOMMODATION R                     | CENTURION ACCOMMODATION R                     | CUSIP: Y1777V103<br>LEI: 254900NE2W0T2HDOXF24 | Long             | EC               | CORP              | SG        |    208000 | NS      | $179080.63    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| GOODMAN GROUP                                 | GOODMAN GROUP                                 | CUSIP: Q4229W132<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     56378 | NS      | $1003637.92   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| STOCKLAND                                     | STOCKLAND                                     | CUSIP: Q8773B105<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     54175 | NS      | $162239.63    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO REALTY & DEV. CO                     | SUMITOMO REALTY & DEV. CO                     | CUSIP: J77841112<br>LEI: 353800SO2DCLOI3LNZ64 | Long             | EC               | CORP              | JP        |     20600 | NS      | $579163.28    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| NIPPON PROLOGIS REIT INC                      | NIPPON PROLOGIS REIT INC                      | CUSIP: J5528H104<br>LEI: 353800PHBMSDLAFURY41 | Long             | EC               | CORP              | JP        |       321 | NS      | $172845.29    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1233602 | NS      | $1233601.78   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| BRITISH LAND CO PLC/THE                       | BRITISH LAND CO PLC/THE                       | CUSIP: G15540118<br>LEI: RV5B68J2GV3QGMRPW209 | Long             | EC               | CORP              | GB        |     32485 | NS      | $155319.51    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| SAFESTORE HLDGS. PLC                          | SAFESTORE HLDGS. PLC                          | CUSIP: G77733106<br>LEI: 213800WGA3YSJC1YOH73 | Long             | EC               | CORP              | GB        |     15314 | NS      | $129174.38    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAINMENT INC                     | CAESARS ENTERTAINMENT INC                     | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |      8848 | NS      | $233852.64    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| RTS. CAPITALAND ASCENDA                       | RTS. CAPITALAND ASCENDA                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | SG        |      3752 | NS      | $350.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MERLIN PROPS. SOCIMI SA                       | MERLIN PROPS. SOCIMI SA                       | CUSIP: E7390Z100<br>LEI: 959800L8KD863DP30X04 | Long             | EC               | CORP              | ES        |     14144 | NS      | $230089.49    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA INC                            | OUTFRONT MEDIA INC                            | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |     10525 | NS      | $278912.50    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ATRIUM LJUNGBERG AB                           | ATRIUM LJUNGBERG AB                           | CUSIP: W1R95C129<br>LEI: 5493001NNP6HM67OVU09 | Long             | EC               | CORP              | SE        |     21705 | NS      | $67765.76     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| RIOCAN REAL ESTATE INV. T                     | RIOCAN REAL ESTATE INV. T                     | CUSIP: 766910103<br>LEI: 549300S8HVUSEU3JBY60 | Long             | EC               | CORP              | CA        |      7915 | NS      | $108048.20    | 0.14%             |  |  |  | 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        |      7732 | NS      | $447296.20    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    784138 | NS      | $784138.42    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PACS GRP. INC                                 | PACS GRP. INC                                 | CUSIP: 69380Q107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4225 | NS      | $135707.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| DREAM INDL. REAL ESTATE I                     | DREAM INDL. REAL ESTATE I                     | CUSIP: 26153W109<br>LEI: 549300QOI0TM3CBYUH79 | Long             | EC               | CORP              | CA        |     34106 | NS      | $303278.86    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC                              | CROWN CASTLE INC                              | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     11457 | NS      | $931568.67    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GDS HLDGS. LTD                                | GDS HLDGS. LTD                                | CUSIP: G3902L109<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | KY        |     26500 | NS      | $132817.45    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPITALAND INV. LTD/SINGA                     | CAPITALAND INV. LTD/SINGA                     | CUSIP: Y1091P105<br>LEI: 254900AT4UQDU7SNXX49 | Long             | EC               | CORP              | SG        |    115700 | NS      | $246624.94    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| SWEDISH LOGISTIC PROPERTY                     | SWEDISH LOGISTIC PROPERTY                     | CUSIP: W9545H142<br>LEI: 254900AWRHP1QNE6OQ19 | Long             | EC               | CORP              | SE        |     21963 | NS      | $84468.50     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| SHURGARD SELF STORAGE LTD                     | SHURGARD SELF STORAGE LTD                     | CUSIP: G81317102<br>LEI: 549300J0UEIKU81XO336 | Long             | EC               | CORP              | GG        |      3498 | NS      | $100472.62    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHCARE REALTY TST. IN                     | HEALTHCARE REALTY TST. IN                     | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |     32490 | NS      | $552005.10    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON BLDG. INC                              | NIPPON BLDG. INC                              | CUSIP: J52088101<br>LEI: 52990053R8NL2MB32172 | Long             | EC               | CORP              | JP        |       345 | NS      | $289580.63    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| LINK REIT                                     | LINK REIT                                     | CUSIP: Y5281M111<br>LEI: 529900XUE70U36QX5M62 | Long             | EC               | CORP              | HK        |     85200 | NS      | $394481.28    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| SCENTRE GROUP                                 | SCENTRE GROUP                                 | CUSIP: Q8351E109<br>LEI: 529900TUCASM3W86E831 | Long             | EC               | CORP              | AU        |    132163 | NS      | $304918.00    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| WAREHOUSE DE PAUW NV NPV                      | WAREHOUSE DE PAUW NV NPV                      | CUSIP: B9T59Z100<br>LEI: 549300HWDYC5JXC85138 | Long             | EC               | CORP              | BE        |      5449 | NS      | $141630.04    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| DIGITAL CORE REIT MGT. PT                     | DIGITAL CORE REIT MGT. PT                     | CUSIP: Y2076L101<br>LEI: 254900RTT7SLEEJYGV92 | Long             | EC               | CORP              | SG        |    340600 | NS      | $165948.07    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - SGD                       | CURRENCY CONTRACT - SGD                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -253436 | NC      | $-1421.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Liquid Asset Portfolio | Northern Institutional Liquid Asset Portfolio | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    655510 | NS      | $655510.50    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Liquid Asset Portfolio | Northern Institutional Liquid Asset Portfolio | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |     66816 | NS      | $66816.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

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

**Title:** Treasurer and Principal Financial Officer