# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-26-001925
**Filing Date:** 2026-5
**Character Count:** 76463
**Document Hash:** b8da662890968d06cdb3354b00d18e1c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-001925.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002066578-26-001925

**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:** 261034969

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

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

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

- **a. Name of Series:** Multi-Manager Global Listed Infrastructure Fund

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

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

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

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

- **b. Date as of which information is reported:** 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:** $1008311120.75

**Total Liabilities:** $694592.90

**Net Assets:** $1007616527.85

**Cash Not Reported:** $972184.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000116140 | 4.63%                | 8.29%                | -4.84%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4996707.05              | $38185798.60                               |
| Month 2  | $8961621.00              | $71733567.81                               |
| Month 3  | $6999106.42              | $-59373600.83                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| EIFFAGE SA                                    | EIFFAGE SA                                    | CUSIP: F2924U106<br>LEI: 969500OQXKE5WDM9M994 | Long             | EC               | CORP              | FR        |     20069 | NS      | $3081259.21   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                              | CROWN CASTLE INC                              | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |    206112 | NS      | $16758966.72  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SNAM SPA                                      | SNAM SPA                                      | CUSIP: T8578N103<br>LEI: 8156002278562044AF79 | Long             | EC               | CORP              | IT        |   2743505 | NS      | $20865708.71  | 2.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SES SA                                        | SES SA                                        | CUSIP: L8300G135<br>LEI: 5493008JPA4HYMH1HX51 | Long             | EC               | CORP              | LU        |    556595 | NS      | $3969054.99   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| TERNA - RETE ELETTRICA NA                     | TERNA - RETE ELETTRICA NA                     | CUSIP: T9471R100<br>LEI: 8156009E94ED54DE7C31 | Long             | EC               | CORP              | IT        |   1638543 | NS      | $18764344.13  | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED UTILITIES GRP. PLC                     | UNITED UTILITIES GRP. PLC                     | CUSIP: G92755100<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |    855954 | NS      | $14964110.91  | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| TRANSURBAN GROUP                              | TRANSURBAN GROUP                              | CUSIP: Q9194A106<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |    303310 | NS      | $2947766.33   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| POWER ASSETS HLDGS. LTD                       | POWER ASSETS HLDGS. LTD                       | CUSIP: Y7092Q109<br>LEI: 254900JOWYUW1ZX4DF47 | Long             | EC               | CORP              | HK        |   1501320 | NS      | $11697250.18  | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| VINCI SA                                      | VINCI SA                                      | CUSIP: F5879X108<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |    156551 | NS      | $23446246.07  | 2.33%             |  |  |  | No            |                  2 | On Loan: No      |
| REN - REDES ENERGETICAS N                     | REN - REDES ENERGETICAS N                     | CUSIP: X70955103<br>LEI: 549300FR1FN48IGHR915 | Long             | EC               | CORP              | PT        |    623892 | NS      | $2708603.07   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| FRAPORT AG FRANKFURT AIRP                     | FRAPORT AG FRANKFURT AIRP                     | CUSIP: D3856U108<br>LEI: 5299001ERX0K10IZUL40 | Long             | EC               | CORP              | DE        |     57288 | NS      | $4970157.70   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| HERA SPA                                      | HERA SPA                                      | CUSIP: T5250M106<br>LEI: 8156009414FD99443B48 | Long             | EC               | CORP              | IT        |   1771848 | NS      | $8214069.74   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| AUCKLAND INTL. AIRPORT LT                     | AUCKLAND INTL. AIRPORT LT                     | CUSIP: Q06213146<br>LEI: 549300HFZIZDJWB7AK60 | Long             | EC               | CORP              | NZ        |    301085 | NS      | $1381045.21   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| ONEOK INC                                     | ONEOK INC                                     | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     21770 | NS      | $1967790.30   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                                        | SEMPRA                                        | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |    106814 | NS      | $10379116.38  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ENERGY CO                                 | DTE ENERGY CO                                 | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |     20528 | NS      | $3001604.16   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACK HILLS CORP                              | BLACK HILLS CORP                              | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |     28629 | NS      | $1987138.89   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMOS ENERGY CORP                             | ATMOS ENERGY CORP                             | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |     15905 | NS      | $2937971.60   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORP                                  | ENTERGY CORP                                  | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     72293 | NS      | $8122841.48   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE PRODS. PARTNER                     | ENTERPRISE PRODS. PARTNER                     | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |    140099 | NS      | $5301346.16   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS COS INC/THE                          | WILLIAMS COS INC/THE                          | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     42315 | NS      | $3079685.70   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RES. CORP                               | TARGA RES. CORP                               | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     24115 | NS      | $6046353.95   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   4622904 | NS      | $4622904.26   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| KODIAK GAS SERVS. INC                         | KODIAK GAS SERVS. INC                         | CUSIP: 50012A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37800 | NS      | $2204496.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAL JAPAN RAILWAY CO                      | CENTRAL JAPAN RAILWAY CO                      | CUSIP: J05523105<br>LEI: 353800YAR3OVUITHTG64 | Long             | EC               | CORP              | JP        |     48000 | NS      | $1242963.06   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM CORP                         | ANTERO MIDSTREAM CORP                         | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64600 | NS      | $1472880.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| HESS MIDSTREAM LP                             | HESS MIDSTREAM LP                             | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39011 | NS      | $1516357.57   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  11166912 | NS      | $11166912.10  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES TSY. 0.00%                      | UNITED STATES TSY. 0.00%                      | CUSIP: 912797SP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    722000 | PA      | $719370.12    | 0.07%             | 2026-05-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERICAN PIPEL                     | PLAINS ALL AMERICAN PIPEL                     | CUSIP: 726503105<br>LEI: 5521FA2ITF25TVH63740 | Long             | EC               | CORP              | US        |    113014 | NS      | $2523602.62   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NORFOLK SOUTHERN CORP                         | NORFOLK SOUTHERN CORP                         | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      5015 | NS      | $1439305.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NISOURCE INC                                  | NISOURCE INC                                  | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |     30447 | NS      | $1420657.02   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E CORP                                     | PG&E CORP                                     | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    275210 | NS      | $4835439.70   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENERGY INC                        | CENTERPOINT ENERGY INC                        | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |     37563 | NS      | $1621219.08   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHWEST GAS HLDGS. INC                      | SOUTHWEST GAS HLDGS. INC                      | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               | CORP              | US        |     17833 | NS      | $1549687.70   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS COS INC/THE                          | WILLIAMS COS INC/THE                          | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    287659 | NS      | $20935822.02  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RES. CORP                               | TARGA RES. CORP                               | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     48908 | NS      | $12262702.84  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    659516 | NS      | $659515.84    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY INC                           | CHENIERE ENERGY INC                           | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      9469 | NS      | $2686923.44   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY INC                           | CHENIERE ENERGY INC                           | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      5204 | NS      | $1476687.04   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O AMERICA                                   | H2O AMERICA                                   | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50312 | NS      | $2951805.04   | 0.29%             |  |  |  | No            |                  1 | On Loan: —       |
| GMR AIRPORTS LIMITED                          | GMR AIRPORTS LIMITED                          | CUSIP: Y2730E113<br>LEI: 3358008S2MTRWZ255P70 | Long             | EC               | CORP              | IN        |   1003476 | NS      | $902784.66    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY INC                            | NEXTERA ENERGY INC                            | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    198468 | NS      | $18433707.84  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| RWE AG                                        | RWE AG                                        | CUSIP: D6629K109<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |     22777 | NS      | $1517033.92   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| GRUPO AEROPORTUARIO DEL P                     | GRUPO AEROPORTUARIO DEL P                     | CUSIP: P4959P100<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |     64949 | NS      | $1599644.99   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ENGIE SA                                      | ENGIE SA                                      | CUSIP: F7629A107<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |    167877 | NS      | $5412385.85   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                            | ENERGY TRANSFER LP                            | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |    246423 | NS      | $4755963.90   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| AEROPORTS DE PARIS                            | AEROPORTS DE PARIS                            | CUSIP: F00882104<br>LEI: 969500PJMBSFHYC37989 | Long             | EC               | CORP              | FR        |     51643 | NS      | $6283747.67   | 0.62%             |  |  |  | No            |                  2 | On Loan: —       |
| MPLX LP                                       | MPLX LP                                       | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |     84825 | NS      | $4840962.75   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                           | AMERICAN TOWER CORP                           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      6104 | NS      | $1053428.32   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ALEXANDRIA REAL ESTATE EQ                     | ALEXANDRIA REAL ESTATE EQ                     | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |      4335 | NS      | $201230.70    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC SERV. ENT. GRP. IN                     | PUBLIC SERV. ENT. GRP. IN                     | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     12229 | NS      | $989937.55    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRA TECH INC                                | TETRA TECH INC                                | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     17795 | NS      | $535985.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                           | AMERICAN TOWER CORP                           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     15543 | NS      | $2682410.94   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX INC                                   | EQUINIX INC                                   | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      3453 | NS      | $3384768.72   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA COMMS. CORP                               | SBA COMMS. CORP                               | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     56855 | NS      | $9785314.05   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| RUMO SA                                       | RUMO SA                                       | CUSIP: P8S114104<br>LEI: 254900TXQFP7CJCGYM66 | Long             | EC               | CORP              | BR        |   1240900 | NS      | $3912062.51   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLAS ARTERIA LTD                             | ATLAS ARTERIA LTD                             | CUSIP: Q06180105<br>LEI: 254900SGF4ZQDBH2YC59 | Long             | EC               | CORP              | AU        |   1520132 | NS      | $4504384.18   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN ELEC. POWER CO I                     | AMERICAN ELEC. POWER CO I                     | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    102433 | NS      | $13426917.64  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK INC                                     | ONEOK INC                                     | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    131133 | NS      | $11853111.87  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                                        | SEMPRA                                        | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |    104017 | NS      | $10107331.89  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX CORP                                      | CSX CORP                                      | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    272696 | NS      | $11194170.80  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATL. RAILWAY CO                     | CANADIAN NATL. RAILWAY CO                     | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |     78600 | NS      | $8089963.34   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERGY INC                                    | EVERGY INC                                    | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     93265 | NS      | $7640268.80   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTIVA INFRAESTRUTURA DE                      | MOTIVA INFRAESTRUTURA DE                      | CUSIP: P6S8NQ100<br>LEI: 254900H4EUL83CCQ6781 | Long             | EC               | CORP              | BR        |   1100168 | NS      | $3366441.65   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ORSTED AS                                     | ORSTED AS                                     | CUSIP: K7653Q105<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | EC               | CORP              | DK        |    227730 | NS      | $5575643.23   | 0.55%             |  |  |  | Yes           |                  2 | On Loan: No      |
| FLUGHAFEN ZURICH AG                           | FLUGHAFEN ZURICH AG                           | CUSIP: H26552135<br>LEI: 529900PFO97GCN5SYB55 | Long             | EC               | CORP              | CH        |     11549 | NS      | $3601857.40   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                              | DT MIDSTREAM INC                              | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28072 | NS      | $3780456.24   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA TOWER CORP LTD                          | CHINA TOWER CORP LTD                          | CUSIP: Y15076121<br>LEI: 300300T6BNNP0L7O7H91 | Long             | EC               | CORP              | CN        |   3633249 | NS      | $4998464.90   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| AENA SME SA                                   | AENA SME SA                                   | CUSIP: E526LK101<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |    285680 | NS      | $8506192.63   | 0.84%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ENN ENERGY HLDGS. LTD                         | ENN ENERGY HLDGS. LTD                         | CUSIP: G3066L101<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | KY        |    498300 | NS      | $4028305.68   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| SSE PLC                                       | SSE PLC                                       | CUSIP: G8842P102<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |     40033 | NS      | $1382100.78   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY INC                           | CLEARWAY ENERGY INC                           | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |     20350 | NS      | $799551.50    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSENTIAL UTILITIES INC                       | ESSENTIAL UTILITIES INC                       | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |     26846 | NS      | $1081088.42   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX INC                                   | EQUINIX INC                                   | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      1816 | NS      | $1780115.84   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA COMMS. CORP                               | SBA COMMS. CORP                               | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |      6616 | NS      | $1138679.76   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOLIDATED EDISON INC                       | CONSOLIDATED EDISON INC                       | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |      3937 | NS      | $445589.66    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE MGT. INC                                | WASTE MGT. INC                                | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      5899 | NS      | $1355531.21   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNRUN INC                                    | SUNRUN INC                                    | CUSIP: 86771W105<br>LEI: 54930007SJ77CI66U531 | Long             | EC               | CORP              | US        |     15376 | NS      | $208498.56    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ORMAT TECHS. INC                              | ORMAT TECHS. INC                              | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |      3601 | NS      | $403023.92    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ARRAY TECHS. INC                              | ARRAY TECHS. INC                              | CUSIP: 04271T100<br>LEI: 549300JM5FECYJQ85V37 | Long             | EC               | CORP              | US        |     42833 | NS      | $309682.59    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SIEMENS AG                                    | SIEMENS AG                                    | CUSIP: D69671218<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |      1760 | NS      | $417455.04    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRST SOLAR INC                               | FIRST SOLAR INC                               | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      2614 | NS      | $515637.64    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED UTILITIES GRP. PLC                     | UNITED UTILITIES GRP. PLC                     | CUSIP: G92755100<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |     58473 | NS      | $1022247.06   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| XYLEM INC/NY                                  | XYLEM INC/NY                                  | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      3722 | NS      | $444779.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ORSTED AS                                     | ORSTED AS                                     | CUSIP: K7653Q105<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | EC               | CORP              | DK        |     18782 | NS      | $459850.40    | 0.05%             |  |  |  | Yes           |                  2 | On Loan: No      |
| HYDRO ONE LTD COM                             | HYDRO ONE LTD COM                             | CUSIP: 448811208<br>LEI: 5493007QZDXTP1W2VL44 | Long             | EC               | CORP              | CA        |     21913 | NS      | $904968.62    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTIONS INC                         | WASTE CONNECTIONS INC                         | CUSIP: 94106B101<br>LEI: 549300ZX1Z8QGWASPX54 | Long             | EC               | CORP              | CA        |      4678 | NS      | $759894.32    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| EDP RENOVAVEIS SA                             | EDP RENOVAVEIS SA                             | CUSIP: E3847K101<br>LEI: 529900MUFAH07Q1TAX06 | Long             | EC               | CORP              | ES        |     36633 | NS      | $586171.65    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| GREENCOAT RENEWABLES PLC                      | GREENCOAT RENEWABLES PLC                      | CUSIP: G4081F103<br>LEI: 635400TVSIFFQOB8RB67 | Long             | EC               | CORP              | IE        |    942386 | NS      | $780368.12    | 0.08%             |  |  |  | No            |                  2 | On Loan: —       |
| NATIONAL GRID PLC                             | NATIONAL GRID PLC                             | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |     95351 | NS      | $1607516.79   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| LANDIS+GYR GRP. AG                            | LANDIS+GYR GRP. AG                            | CUSIP: H893NZ107<br>LEI: 529900PZYVAKCYSLFL19 | Long             | EC               | CORP              | CH        |      5257 | NS      | $335003.25    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERNATIONAL PUBLIC PART                     | INTERNATIONAL PUBLIC PART                     | CUSIP: G4891V108<br>LEI: 2138002AJT55TI5M4W30 | Long             | EC               | CORP              | GG        |    562748 | NS      | $954886.22    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                             | EVERSOURCE ENERGY                             | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |     32213 | NS      | $2231716.64   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| VH GLOBAL ENERGY INFR PLC                     | VH GLOBAL ENERGY INFR PLC                     | CUSIP: G9344Z101<br>LEI: 213800RFHAOF372UU580 | Long             | EC               | CORP              | GB        |    684836 | NS      | $649968.10    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL INC CL A C                     | VENTURE GLOBAL INC CL A C                     | CUSIP: 92333F101<br>LEI: 2549007XC91CAB3E0N98 | Long             | EC               | CORP              | US        |    155129 | NS      | $2444833.04   | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| CLEANAWAY WASTE MGT. LTD                      | CLEANAWAY WASTE MGT. LTD                      | CUSIP: Q2506H109<br>LEI: 549300D5C72CV6CIBS66 | Long             | EC               | CORP              | AU        |   1809627 | NS      | $2863774.40   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| KINETIK HLDGS. INC                            | KINETIK HLDGS. INC                            | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35859 | NS      | $1735934.19   | 0.17%             |  |  |  | No            |                  1 | On Loan: —       |
| PENNON GRP. PLC                               | PENNON GRP. PLC                               | CUSIP: G8295T239<br>LEI: 213800V1CCTS41GWH423 | Long             | EC               | CORP              | GB        |    139513 | NS      | $983362.53    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| ABU DHABI PORTS CO PJSC                       | ABU DHABI PORTS CO PJSC                       | CUSIP: M0153A108<br>LEI: 213800F5LEV1NQJ68T87 | Long             | EC               | CORP              | AE        |    903230 | NS      | $963687.74    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| TOKYO METRO CO LTD                            | TOKYO METRO CO LTD                            | CUSIP: J8T324105<br>LEI: 35380049N9IQPZ74JY58 | Long             | EC               | CORP              | JP        |    232200 | NS      | $2374443.40   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   4350857 | NS      | $4350857.31   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORP                     | CONSTELLATION ENERGY CORP                     | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     29054 | NS      | $8113329.50   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYERA CORP                                   | KEYERA CORP                                   | CUSIP: 493271118<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |     68674 | NS      | $2470802.75   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOALS TECHS. GRP. INC                        | SHOALS TECHS. GRP. INC                        | CUSIP: 82489W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44014 | NS      | $289612.12    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSURBAN GROUP                              | TRANSURBAN GROUP                              | CUSIP: Q9194A106<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |   1192920 | NS      | $11593582.18  | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| NTPC LTD                                      | NTPC LTD                                      | CUSIP: Y6421X116<br>LEI: 335800Q4TRGJXNLVMB81 | Long             | EC               | CORP              | IN        |    289561 | NS      | $1154378.99   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA MERCHANTS PORT HLDG                     | CHINA MERCHANTS PORT HLDG                     | CUSIP: Y1489Q103<br>LEI: 529900GA4UH90FUOR048 | Long             | EC               | CORP              | HK        |   1320000 | NS      | $2469780.02   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| VINCI SA                                      | VINCI SA                                      | CUSIP: F5879X108<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |     13890 | NS      | $2080270.06   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| QUBE HLDGS. LTD                               | QUBE HLDGS. LTD                               | CUSIP: Q7834B112<br>LEI: 391200RT2MUFEO3RFW25 | Long             | EC               | CORP              | AU        |   1892101 | NS      | $6352220.69   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| AUCKLAND INTL. AIRPORT LT                     | AUCKLAND INTL. AIRPORT LT                     | CUSIP: Q06213146<br>LEI: 549300HFZIZDJWB7AK60 | Long             | EC               | CORP              | NZ        |   1686243 | NS      | $7734619.20   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| TC ENERGY CORP                                | TC ENERGY CORP                                | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |    245844 | NS      | $15394630.75  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AENA SME SA                                   | AENA SME SA                                   | CUSIP: E526LK101<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |    453603 | NS      | $13506141.46  | 1.34%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ENN ENERGY HLDGS. LTD                         | ENN ENERGY HLDGS. LTD                         | CUSIP: G3066L101<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | KY        |    365900 | NS      | $2957971.20   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| ROCKPOINT GAS STORAGE INC                     | ROCKPOINT GAS STORAGE INC                     | CUSIP: 773915103<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     42283 | NS      | $849246.65    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| WEST JAPAN RAILWAY CO                         | WEST JAPAN RAILWAY CO                         | CUSIP: J95094108<br>LEI: 353800QGUXHZ7EBCR121 | Long             | EC               | CORP              | JP        |    194000 | NS      | $3853250.33   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| HERA SPA                                      | HERA SPA                                      | CUSIP: T5250M106<br>LEI: 8156009414FD99443B48 | Long             | EC               | CORP              | IT        |    847281 | NS      | $3927890.66   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| GETLINK SE                                    | GETLINK SE                                    | CUSIP: F4R053105<br>LEI: 9695007ZEQ7M0OE74G82 | Long             | EC               | CORP              | FR        |    374598 | NS      | $8072399.21   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC                             | NATIONAL GRID PLC                             | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |    597242 | NS      | $10068867.09  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SEVERN TRENT PLC                              | SEVERN TRENT PLC                              | CUSIP: G8056D159<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |    346131 | NS      | $14212541.56  | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                           | AMERICAN TOWER CORP                           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    121202 | NS      | $20917041.16  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX CORP                                      | CSX CORP                                      | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    233732 | NS      | $9594698.60   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CELLNEX TELECOM SA                            | CELLNEX TELECOM SA                            | CUSIP: E2R41M104<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |    178520 | NS      | $5796091.99   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| FERROVIAL SE                                  | FERROVIAL SE                                  | CUSIP: N3168P101<br>LEI: 72450022R2ZFL41Y6I04 | Long             | EC               | CORP              | NL        |    180268 | NS      | $11720735.18  | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| CK INFRA. HLDGS. LTD                          | CK INFRA. HLDGS. LTD                          | CUSIP: G2178K100<br>LEI: 5299005U11RQ1C27MR12 | Long             | EC               | CORP              | BM        |    916800 | NS      | $7317342.93   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| ATLAS ARTERIA LTD                             | ATLAS ARTERIA LTD                             | CUSIP: Q06180105<br>LEI: 254900SGF4ZQDBH2YC59 | Long             | EC               | CORP              | AU        |   1994514 | NS      | $5910050.77   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| PENNON GRP. PLC                               | PENNON GRP. PLC                               | CUSIP: G8295T239<br>LEI: 213800V1CCTS41GWH423 | Long             | EC               | CORP              | GB        |    768173 | NS      | $5414495.78   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   9027481 | NS      | $9027481.11   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ITALGAS SPA                                   | ITALGAS SPA                                   | CUSIP: T6R89Z103<br>LEI: 815600F25FF44EF1FA76 | Long             | EC               | CORP              | IT        |    782899 | NS      | $9118917.50   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| FLUGHAFEN ZURICH AG                           | FLUGHAFEN ZURICH AG                           | CUSIP: H26552135<br>LEI: 529900PFO97GCN5SYB55 | Long             | EC               | CORP              | CH        |     14805 | NS      | $4617326.08   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| INFRASTRUTTURE WIRELESS I                     | INFRASTRUTTURE WIRELESS I                     | CUSIP: T6032P102<br>LEI: 81560066183FE361C071 | Long             | EC               | CORP              | IT        |   1006567 | NS      | $8056351.11   | 0.80%             |  |  |  | No            |                  2 | On Loan: —       |
| NATIONAL GRID PLC                             | NATIONAL GRID PLC                             | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |   1499271 | NS      | $25276119.94  | 2.51%             |  |  |  | No            |                  2 | On Loan: No      |
| KINETIK HLDGS. INC                            | KINETIK HLDGS. INC                            | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21000 | NS      | $1016610.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| COPEL                                         | COPEL                                         | CUSIP: P30557105<br>LEI: 2549001AS1I9A71VG663 | Long             | EC               | CORP              | BR        |   1149137 | NS      | $3425326.08   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| XCEL ENERGY INC                               | XCEL ENERGY INC                               | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     70917 | NS      | $5633646.48   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO AEROPORTUARIO DEL S                     | GRUPO AEROPORTUARIO DEL S                     | CUSIP: P4950Y100<br>LEI: 5299001W7JIDXCUOUC82 | Long             | EC               | CORP              | MX        |    355348 | NS      | $11983057.03  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ENBRIDGE INC                                  | ENBRIDGE INC                                  | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |     96754 | NS      | $5244927.86   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANT ENERGY CORP                           | ALLIANT ENERGY CORP                           | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |     65987 | NS      | $4735227.12   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| KINDER MORGAN INC                             | KINDER MORGAN INC                             | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     58859 | NS      | $1973542.27   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL CONTAINER T                     | INTERNATIONAL CONTAINER T                     | CUSIP: Y41157101<br>LEI: 254900FU1MWK0I0Q4J61 | Long             | EC               | CORP              | PH        |    206980 | NS      | $2373647.27   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| KANSAI ELEC. POWER CO INC                     | KANSAI ELEC. POWER CO INC                     | CUSIP: J30169106<br>LEI: 353800PFUKP5ONPJNZ86 | Long             | EC               | CORP              | JP        |    123300 | NS      | $2030926.85   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| OSAKA GAS CO LTD                              | OSAKA GAS CO LTD                              | CUSIP: J62320130<br>LEI: 353800024KMNOPQRWZ02 | Long             | EC               | CORP              | JP        |     51300 | NS      | $2080311.82   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| TENAGA NASIONAL BHD                           | TENAGA NASIONAL BHD                           | CUSIP: Y85859109<br>LEI: 549300FV8X6UID6I1413 | Long             | EC               | CORP              | MY        |   1259500 | NS      | $4346119.76   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| ZHEJIANG EXPRESSWAY CO LT                     | ZHEJIANG EXPRESSWAY CO LT                     | CUSIP: Y9891F102<br>LEI: 213800X1ZRKM85U9H438 | Long             | EC               | NUSS              | CN        |   1956000 | NS      | $1795486.52   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                              | DT MIDSTREAM INC                              | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27076 | NS      | $3646324.92   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ENEL SPA                                      | ENEL SPA                                      | CUSIP: T3679P115<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |    201443 | NS      | $2193082.08   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| PUBLIC POWER CORP SA                          | PUBLIC POWER CORP SA                          | CUSIP: X7023M103<br>LEI: 213800T9Y5XCOVRZ4Y57 | Long             | EC               | CORP              | GR        |     85810 | NS      | $1800835.86   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| IBERDROLA SA                                  | IBERDROLA SA                                  | CUSIP: E6165F166<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |    602656 | NS      | $13834405.13  | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| GETLINK SE                                    | GETLINK SE                                    | CUSIP: F4R053105<br>LEI: 9695007ZEQ7M0OE74G82 | Long             | EC               | CORP              | FR        |    250589 | NS      | $5400067.40   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM PARTNER                     | WESTERN MIDSTREAM PARTNER                     | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56000 | NS      | $2305520.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATL. RAILWAY CO                     | CANADIAN NATL. RAILWAY CO                     | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |    112420 | NS      | $11570911.94  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOLIDATED EDISON INC                       | CONSOLIDATED EDISON INC                       | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     60357 | NS      | $6831205.26   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORP                                   | EXELON CORP                                   | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    293028 | NS      | $14364232.56  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLAS ARTERIA LTD                             | ATLAS ARTERIA LTD                             | CUSIP: Q06180105<br>LEI: 254900SGF4ZQDBH2YC59 | Long             | EC               | CORP              | AU        |    456681 | NS      | $1353215.82   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| AMEREN CORP                                   | AMEREN CORP                                   | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     14218 | NS      | $1562842.56   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX CORP                                      | CSX CORP                                      | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     40746 | NS      | $1672623.30   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERGY INC                                    | EVERGY INC                                    | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     25369 | NS      | $2078228.48   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTIONS INC                         | WASTE CONNECTIONS INC                         | CUSIP: 94106B101<br>LEI: 549300ZX1Z8QGWASPX54 | Long             | EC               | CORP              | CA        |      9452 | NS      | $1535720.68   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYERA CORP                                   | KEYERA CORP                                   | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |     46298 | NS      | $1790881.59   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP                                   | VISTRA CORP                                   | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     11926 | NS      | $1792835.58   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| APA GROUP                                     | APA GROUP                                     | CUSIP: Q0437B100<br>LEI: 549300T9RBSX164T8H40 | Long             | EC               | CORP              | AU        |    459680 | NS      | $3160993.51   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| GRUPO AEROPORTUARIO DEL C                     | GRUPO AEROPORTUARIO DEL C                     | CUSIP: P49530101<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |    328361 | NS      | $4710422.18   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUGHAFEN ZURICH AG                           | FLUGHAFEN ZURICH AG                           | CUSIP: H26552135<br>LEI: 529900PFO97GCN5SYB55 | Long             | EC               | CORP              | CH        |     32509 | NS      | $10138781.05  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| REDEIA CORP SA                                | REDEIA CORP SA                                | CUSIP: E42807110<br>LEI: 5493009HMD0C90GUV498 | Long             | EC               | CORP              | ES        |    125719 | NS      | $2127551.09   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| ENAV SPA                                      | ENAV SPA                                      | CUSIP: T3R4KN103<br>LEI: 81560048ECF8D2059980 | Long             | EC               | CORP              | IT        |    260107 | NS      | $1563290.71   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC                             | NATIONAL GRID PLC                             | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |    535892 | NS      | $9034571.11   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| SEVERN TRENT PLC                              | SEVERN TRENT PLC                              | CUSIP: G8056D159<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |      1848 | NS      | $75881.03     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN WATER WORKS CO I                     | AMERICAN WATER WORKS CO I                     | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      5448 | NS      | $741418.32    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHLAND POWER INC                           | NORTHLAND POWER INC                           | CUSIP: 666511100<br>LEI: 8945002IJ77NEBK48M81 | Long             | EC               | CORP              | CA        |     61683 | NS      | $1034922.88   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HA SUSTAINABLE INFRASTRUC                     | HA SUSTAINABLE INFRASTRUC                     | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |     18229 | NS      | $669915.75    | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| NEXTERA ENERGY INC                            | NEXTERA ENERGY INC                            | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     25369 | NS      | $2356272.72   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| EATON CORP PLC                                | EATON CORP PLC                                | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |      1153 | NS      | $412393.51    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINION ENERGY INC                           | DOMINION ENERGY INC                           | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |    127896 | NS      | $7906530.72   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| XCEL ENERGY INC                               | XCEL ENERGY INC                               | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    122819 | NS      | $9756741.36   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E CORP                                     | PG&E CORP                                     | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    433899 | NS      | $7623605.43   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC SERV. ENT. GRP. IN                     | PUBLIC SERV. ENT. GRP. IN                     | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     92779 | NS      | $7510460.05   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| VEOLIA ENVIRONNEMENT SA                       | VEOLIA ENVIRONNEMENT SA                       | CUSIP: F9686M107<br>LEI: 969500LENY69X51OOT31 | Long             | EC               | CORP              | FR        |     38257 | NS      | $1461426.32   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| RENEWABLES INFRA. GRP. LT                     | RENEWABLES INFRA. GRP. LT                     | CUSIP: G7490B100<br>LEI: 213800NO6Q7Q7HMOMT20 | Long             | EC               | CORP              | GG        |    948810 | NS      | $804556.16    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| UGI CORP                                      | UGI CORP                                      | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     93336 | NS      | $3399297.12   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORP                            | UNION PACIFIC CORP                            | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     53142 | NS      | $12893312.04  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ALGONQUIN POWER & UTILITI                     | ALGONQUIN POWER & UTILITI                     | CUSIP: 015857105<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EC               | CORP              | CA        |    705800 | NS      | $4322777.66   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RES. CORP                               | TARGA RES. CORP                               | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     21577 | NS      | $5410001.21   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORP                              | DUKE ENERGY CORP                              | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    116315 | NS      | $15230286.10  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY INC                           | CHENIERE ENERGY INC                           | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     32784 | NS      | $9302787.84   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY INC                            | NEXTERA ENERGY INC                            | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    123196 | NS      | $11442444.48  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PROMOTORA Y OPERADORA DE                      | PROMOTORA Y OPERADORA DE                      | CUSIP: P7925L103<br>LEI: 52990035X6RK8DBUWA73 | Long             | EC               | CORP              | MX        |    247871 | NS      | $4016027.43   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO AEROPORTUARIO DEL P                     | GRUPO AEROPORTUARIO DEL P                     | CUSIP: P4959P100<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |    295185 | NS      | $7270184.37   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AEROPORTS DE PARIS                            | AEROPORTS DE PARIS                            | CUSIP: F00882104<br>LEI: 969500PJMBSFHYC37989 | Long             | EC               | CORP              | FR        |     46970 | NS      | $5715152.65   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| BUNGE GBL. SA                                 | BUNGE GBL. SA                                 | CUSIP: H11356104<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |      9473 | NS      | $1204965.60   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| KURITA WATER INDS. LTD                        | KURITA WATER INDS. LTD                        | CUSIP: J37221116<br>LEI: 52990086GS2ON69UMX34 | Long             | EC               | CORP              | JP        |     12700 | NS      | $604282.82    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED UTILITIES GRP. PLC                     | UNITED UTILITIES GRP. PLC                     | CUSIP: G92755100<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |    280345 | NS      | $4901097.11   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| TRANSURBAN GROUP                              | TRANSURBAN GROUP                              | CUSIP: Q9194A106<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |   1176369 | NS      | $11432728.66  | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| AECOM                                         | AECOM                                         | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |      4175 | NS      | $354123.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA WATER AFFAIRS GRP.                      | CHINA WATER AFFAIRS GRP.                      | CUSIP: G21090124<br>LEI: 529900XTSVH0DH4CEX74 | Long             | EC               | CORP              | BM        |    280282 | NS      | $174819.61    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BEIJING CAP. INTL. AIRPOR                     | BEIJING CAP. INTL. AIRPOR                     | CUSIP: Y07717104<br>LEI: 5299001QWQN7CK66FE04 | Long             | EC               | CORP              | CN        |   9486000 | NS      | $2221423.71   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| CLP HLDGS. LTD                                | CLP HLDGS. LTD                                | CUSIP: Y1660Q104<br>LEI: 25490002BUTSMP94GO68 | Long             | EC               | CORP              | HK        |    608000 | NS      | $5724528.70   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN AIRPORT TERMINAL CO                     | JAPAN AIRPORT TERMINAL CO                     | CUSIP: J2620N105<br>LEI: 353800W9WEQSGUY2EO26 | Long             | EC               | CORP              | JP        |    117000 | NS      | $3833808.26   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| GUANGDONG INV. LTD                            | GUANGDONG INV. LTD                            | CUSIP: Y2929L100<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |    333046 | NS      | $335667.96    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                                       | E.ON SE                                       | CUSIP: D24914133<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |     25585 | NS      | $559205.65    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXANS SA                                     | NEXANS SA                                     | CUSIP: F65277109<br>LEI: 96950015FU78G84UIV14 | Long             | EC               | CORP              | FR        |      3185 | NS      | $430951.12    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ENEL SPA                                      | ENEL SPA                                      | CUSIP: T3679P115<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |     83851 | NS      | $912874.24    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYS. IN                     | ADVANCED DRAINAGE SYS. IN                     | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |      2635 | NS      | $361337.55    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCADIS NV                                    | ARCADIS NV                                    | CUSIP: N0605M147<br>LEI: 7245000UZH70GO047N03 | Long             | EC               | CORP              | NL        |     16093 | NS      | $518025.72    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| HUBBELL INC                                   | HUBBELL INC                                   | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |      1506 | NS      | $739054.44    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORP                                   | EXELON CORP                                   | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     25190 | NS      | $1234813.80   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1121821 | NS      | $1121821.03   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| IBERDROLA SA                                  | IBERDROLA SA                                  | CUSIP: E6165F166<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |     32329 | NS      | $742135.61    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| AG GROWTH INTL. INC                           | AG GROWTH INTL. INC                           | CUSIP: 001181106<br>LEI: 549300ZCF9VG3Z4PHL09 | Long             | EC               | CORP              | CA        |     14952 | NS      | $204218.24    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Northern Institutional Liquid Asset Portfolio | Northern Institutional Liquid Asset Portfolio | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1812232 | NS      | $1812232.50   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Liquid Asset Portfolio | Northern Institutional Liquid Asset Portfolio | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    621079 | NS      | $621079.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Liquid Asset Portfolio | Northern Institutional Liquid Asset Portfolio | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    751963 | NS      | $751962.95    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Liquid Asset Portfolio | Northern Institutional Liquid Asset Portfolio | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   5021849 | NS      | $5021848.65   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| IMM                                           | FUT. EMINI S&P JUN26                          | CUSIP: 02052FAB5<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        21 | NC      | $6899287.50   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE                                           | FUT. ICUS MSCI EAF JUN26                      | CUSIP: 02052FAB5<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        39 | NC      | $5657145.00   | 0.56%             |  |  |  | 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