# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-25-001573
**Filing Date:** 2025-11
**Character Count:** 64819
**Document Hash:** f355fe7fd481ff3ffa5a95fad66c003e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001573.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0002066578-25-001573

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 251506536

**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

### LARGE CAP VALUE FUND (Series ID: S000001271)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000003417 | LARGE CAP VALUE FUND | NOLVX           |

## 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:** Large Cap Value Fund

- **b. EDGAR series identifier (if any):** S000001271

- **c. LEI of Series:** 549300GGHEKD67N3IJ61

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $65936608.65

**Total Liabilities:** $42150.03

**Net Assets:** $65894458.62

**Cash Not Reported:** $0.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003417 | 1.26%                | 3.92%                | 1.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $899316.40               | $-205725.29                                |
| Month 2  | $4.49                    | $2349569.83                                |
| Month 3  | $6.82                    | $869739.54                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BERKSHIRE HATHAWAY INC                        | BERKSHIRE HATHAWAY INC                        | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      3468 | NS      | $1743502.32   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAC HOLDINGS INC                          | GENERAC HOLDINGS INC                          | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      1134 | NS      | $189831.60    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ALBERTSONS COS INC                            | ALBERTSONS COS INC                            | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |      7810 | NS      | $136753.10    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C TECHS. HLDGS.                            | SS&C TECHS. HLDGS.                            | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |      2335 | NS      | $207254.60    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLISON TRANSMISSION HLDG                     | ALLISON TRANSMISSION HLDG                     | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |      3442 | NS      | $292156.96    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                                | AMAZON.COM INC                                | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      4495 | NS      | $986967.15    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES INC                            | ANALOG DEVICES INC                            | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      1858 | NS      | $456510.60    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| JONES LANG LASALLE INC                        | JONES LANG LASALLE INC                        | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |       683 | NS      | $203725.24    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GRP. INC/TH                     | GOLDMAN SACHS GRP. INC/TH                     | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       701 | NS      | $558241.35    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMS. INC                            | VERIZON COMMS. INC                            | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     11352 | NS      | $498920.40    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN-FORMAN CORP                             | BROWN-FORMAN CORP                             | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               | CORP              | US        |      6064 | NS      | $164213.12    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX CORP                                      | CSX CORP                                      | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |       927 | NS      | $32917.77     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| IFF                                           | IFF                                           | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |      1100 | NS      | $67694.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| KILROY REALTY CORP                            | KILROY REALTY CORP                            | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |      8262 | NS      | $349069.50    | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |
| KROGER CO/THE                                 | KROGER CO/THE                                 | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      3546 | NS      | $239035.86    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC INDL. DIRECT CO INC                       | MSC INDL. DIRECT CO INC                       | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |       641 | NS      | $59061.74     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINL. CORP                        | CAPITAL ONE FINL. CORP                        | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      1397 | NS      | $296974.26    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE ENERGY CORP                               | OGE ENERGY CORP                               | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |      3559 | NS      | $164674.93    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AMDOCS LTD                                    | AMDOCS LTD                                    | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |      3656 | NS      | $299974.80    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD REPUBLIC INTL. CORP                       | OLD REPUBLIC INTL. CORP                       | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |      8135 | NS      | $345493.45    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC                                    | PFIZER INC                                    | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     37508 | NS      | $955703.84    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BEST BUY CO INC                               | BEST BUY CO INC                               | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      3181 | NS      | $240547.22    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED THERAPEUTICS CORP                      | UNITED THERAPEUTICS CORP                      | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |       619 | NS      | $259490.99    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCTER & GAMBLE CO/THE                       | PROCTER & GAMBLE CO/THE                       | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      2325 | NS      | $357236.25    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP INC                                | PULTEGROUP INC                                | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1007 | NS      | $133054.91    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES INC                     | AVALONBAY COMMUNITIES INC                     | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      1864 | NS      | $360068.88    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                           | JPMORGAN CHASE & CO                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      8353 | NS      | $2634786.79   | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INC                                  | QUALCOMM INC                                  | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      3996 | NS      | $664774.56    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE INC                                  | RELIANCE INC                                  | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |       522 | NS      | $146593.26    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOLIDATED EDISON INC                       | CONSOLIDATED EDISON INC                       | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |      2376 | NS      | $238835.52    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 INC                                        | F5 INC                                        | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |      1175 | NS      | $379748.25    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| J M SMUCKER CO/THE                            | J M SMUCKER CO/THE                            | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |      3256 | NS      | $353601.60    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ROSS STORES INC                               | ROSS STORES INC                               | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |       186 | NS      | $28344.54     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES SCHWAB CORP/THE                       | CHARLES SCHWAB CORP/THE                       | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      2807 | NS      | $267984.29    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SNAP-ON INC                                   | SNAP-ON INC                                   | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |       982 | NS      | $340292.46    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU RES. GRP. INC                             | MDU RES. GRP. INC                             | CUSIP: 552690109<br>LEI: 549300MA0UV6AI6SNV27 | Long             | EC               | CORP              | US        |     19404 | NS      | $345585.24    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                                   | METLIFE INC                                   | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      6289 | NS      | $518024.93    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP                                  | COMCAST CORP                                  | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     12323 | NS      | $387188.66    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC                      | THERMO FISHER SCIENTIFIC                      | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |        96 | NS      | $46561.92     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGET CORP                                   | TARGET CORP                                   | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      2557 | NS      | $229362.90    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| DONALDSON CO INC                              | DONALDSON CO INC                              | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |      4323 | NS      | $353837.55    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIMBLE INC                                   | TRIMBLE INC                                   | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |      4514 | NS      | $368568.10    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX CORP                                      | RTX CORP                                      | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |       846 | NS      | $141561.18    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DOVER CORP                                    | DOVER CORP                                    | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |       997 | NS      | $166329.51    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| EMERSON ELECTRIC CO                           | EMERSON ELECTRIC CO                           | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      5784 | NS      | $758745.12    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| JACOBS SOLS. INC                              | JACOBS SOLS. INC                              | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1454 | NS      | $217896.44    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| VONTIER CORP                                  | VONTIER CORP                                  | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |      1745 | NS      | $73237.65     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MILLROSE PROPERTIES INC                       | MILLROSE PROPERTIES INC                       | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11433 | NS      | $384263.13    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| REYNOLDS CONSUMER PRODS.                      | REYNOLDS CONSUMER PRODS.                      | CUSIP: 76171L106<br>LEI: 549300DWNZYMOSR1X343 | Long             | EC               | CORP              | US        |       487 | NS      | $11916.89     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RES. INC                                  | EOG RES. INC                                  | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      6173 | NS      | $692116.76    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUIFAX INC                                   | EQUIFAX INC                                   | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |       236 | NS      | $60541.08     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY RESIDENTIAL                            | EQUITY RESIDENTIAL                            | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |      5539 | NS      | $358539.47    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| WOODWARD INC                                  | WOODWARD INC                                  | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |       750 | NS      | $189532.50    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HEALTHCARE TECHS. INC                      | GE HEALTHCARE TECHS. INC                      | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |      1469 | NS      | $110321.90    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| QIAGEN NV                                     | QIAGEN NV                                     | CUSIP: N72482206<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |      7063 | NS      | $315574.84    | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| EXPEDITORS INTL. OF WASHI                     | EXPEDITORS INTL. OF WASHI                     | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |      3001 | NS      | $367892.59    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL DYNAMICS CORP                         | GENERAL DYNAMICS CORP                         | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      1412 | NS      | $481492.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MILLS INC                             | GENERAL MILLS INC                             | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |      3533 | NS      | $178133.86    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES INC                           | GILEAD SCIENCES INC                           | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      7636 | NS      | $847596.00    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORP                                   | EXELON CORP                                   | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |      5882 | NS      | $264748.82    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| GRACO INC                                     | GRACO INC                                     | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |       860 | NS      | $73065.60     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| HASBRO INC                                    | HASBRO INC                                    | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |      4385 | NS      | $332602.25    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHWOODS PROPS. INC                          | HIGHWOODS PROPS. INC                          | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     10405 | NS      | $331087.10    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| HORMEL FOODS CORP                             | HORMEL FOODS CORP                             | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |      4054 | NS      | $100295.96    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                                    | US BANCORP                                    | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      2321 | NS      | $112173.93    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC                                    | INTUIT INC                                    | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       399 | NS      | $272481.09    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERPUBLIC GRP. OF COS I                     | INTERPUBLIC GRP. OF COS I                     | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |      3694 | NS      | $103099.54    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                             | JOHNSON & JOHNSON                             | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      6544 | NS      | $1213388.48   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| LOEWS CORP                                    | LOEWS CORP                                    | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |      2246 | NS      | $225475.94    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP                                  | CHEVRON CORP                                  | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7728 | NS      | $1200081.12   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC INV. CORP                                | MGIC INV. CORP                                | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     11939 | NS      | $338709.43    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| HOST HOTELS & RESORTS INC                     | HOST HOTELS & RESORTS INC                     | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     21088 | NS      | $358917.76    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| VALMONT INDUSTRIES INC                        | VALMONT INDUSTRIES INC                        | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |       950 | NS      | $368343.50    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINL. INC                          | PRUDENTIAL FINL. INC                          | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |      3964 | NS      | $411225.36    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON BEER CO INC/THE                        | BOSTON BEER CO INC/THE                        | CUSIP: 100557107<br>LEI: 529900Q02MQ0DCQNRM58 | Long             | EC               | CORP              | US        |      1594 | NS      | $337003.48    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK TIMES CO/THE                         | NEW YORK TIMES CO/THE                         | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |      5900 | NS      | $338660.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWMONT CORP                                  | NEWMONT CORP                                  | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     12443 | NS      | $1049069.33   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR INC                                       | NVR INC                                       | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |        48 | NS      | $385663.68    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE INC                                      | NIKE INC                                      | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      9745 | NS      | $679518.85    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & CO                              | WELLS FARGO & CO                              | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      7534 | NS      | $631499.88    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM CORP                                      | SLM CORP                                      | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9504 | NS      | $263070.72    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL CORP                                      | PPL CORP                                      | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |      9727 | NS      | $361455.32    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHS. INC                              | ROPER TECHS. INC                              | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |       129 | NS      | $64331.01     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWORKS SOLS. INC                            | SKYWORKS SOLS. INC                            | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |       217 | NS      | $16704.66     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INC                         | TEXAS INSTRUMENTS INC                         | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |       180 | NS      | $33071.40     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TORO CO/THE                                   | TORO CO/THE                                   | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |       160 | NS      | $12192.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI CORP                                      | UGI CORP                                      | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |      9211 | NS      | $306357.86    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GRP. INC                         | UNITEDHEALTH GRP. INC                         | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      1828 | NS      | $631208.40    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| VAIL RESORTS INC                              | VAIL RESORTS INC                              | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |      1185 | NS      | $177240.45    | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| WESTERN DIGITAL CORP                          | WESTERN DIGITAL CORP                          | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |      3957 | NS      | $475077.42    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE TE                     | WESTINGHOUSE AIR BRAKE TE                     | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |      1114 | NS      | $223323.58    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PLC                                 | ACCENTURE PLC                                 | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      1346 | NS      | $331923.60    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK INC                                     | MERCK INC                                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      4859 | NS      | $407815.87    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORP                              | DUKE ENERGY CORP                              | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      1772 | NS      | $219285.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    229464 | NS      | $229464.25    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES TSY. 0.00%                      | UNITED STATES TSY. 0.00%                      | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     33000 | PA      | $32787.36     | 0.05%             | 2025-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA GRP. INC                        | NEXSTAR MEDIA GRP. INC                        | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      1840 | NS      | $363841.60    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MILLICOM INTL. CELLULAR S                     | MILLICOM INTL. CELLULAR S                     | CUSIP: L6388F110<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |      8389 | NS      | $407202.06    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSURED GUARANTY LTD                          | ASSURED GUARANTY LTD                          | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |      3497 | NS      | $296021.05    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| DECKERS OUTDOOR CORP                          | DECKERS OUTDOOR CORP                          | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |      2009 | NS      | $203652.33    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CONS. INC                           | COCA-COLA CONS. INC                           | CUSIP: 191098102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2799 | NS      | $327930.84    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLSON COORS BEVERAGE CO                      | MOLSON COORS BEVERAGE CO                      | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |      1460 | NS      | $66065.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENCY CENTERS CORP                          | REGENCY CENTERS CORP                          | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |      4391 | NS      | $320103.90    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDS. HLDGS. INC                           | CF INDS. HLDGS. INC                           | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      3659 | NS      | $328212.30    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CH ROBINSON WORLDWIDE INC                     | CH ROBINSON WORLDWIDE INC                     | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |      3499 | NS      | $463267.60    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                                      | AT&T INC                                      | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      4663 | NS      | $131683.12    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATL. INFO. SERV                     | FIDELITY NATL. INFO. SERV                     | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |      5886 | NS      | $388122.84    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS INC                                  | PROLOGIS INC                                  | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      1679 | NS      | $192279.08    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILLIPS 66                                   | PHILLIPS 66                                   | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |       690 | NS      | $93853.80     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC INC                                       | PTC INC                                       | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |      2027 | NS      | $411521.54    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT INC                                  | NNN REIT INC                                  | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |      4011 | NS      | $170748.27    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                              | EXXON MOBIL CORP                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      2643 | NS      | $297998.25    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| PILGRIM S PRIDE CORP                          | PILGRIM S PRIDE CORP                          | CUSIP: 72147K108<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | EC               | CORP              | US        |      7014 | NS      | $285610.08    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                 | CITIGROUP INC                                 | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     10550 | NS      | $1070825.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| JAZZ PHARMS. PLC                              | JAZZ PHARMS. PLC                              | CUSIP: G50871105<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |      2335 | NS      | $307753.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| HALOZYME THERAPEUTICS INC                     | HALOZYME THERAPEUTICS INC                     | CUSIP: 40637H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2859 | NS      | $209679.06    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NEW YORK MELLON C                     | BANK OF NEW YORK MELLON C                     | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      7420 | NS      | $808483.20    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LULULEMON ATHLETICA INC                       | LULULEMON ATHLETICA INC                       | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |       968 | NS      | $172236.24    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| GENPACT LTD                                   | GENPACT LTD                                   | CUSIP: G3922B107<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | BM        |      7157 | NS      | $299806.73    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| RALPH LAUREN CORP                             | RALPH LAUREN CORP                             | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |      1176 | NS      | $368746.56    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY INC                               | ULTA BEAUTY INC                               | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       733 | NS      | $400767.75    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P GBL. INC                                  | S&P GBL. INC                                  | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |       568 | NS      | $276451.28    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST HAWAIIAN INC                            | FIRST HAWAIIAN INC                            | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |      9208 | NS      | $228634.64    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST FINL. CORP                             | TRUIST FINL. CORP                             | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |      2050 | NS      | $93726.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIXMOR PROP. GRP. INC                        | BRIXMOR PROP. GRP. INC                        | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     12796 | NS      | $354193.28    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLY FINL. INC                                | ALLY FINL. INC                                | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |       223 | NS      | $8741.60      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| US FOODS HLDG. CORP                           | US FOODS HLDG. CORP                           | CUSIP: 912008109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2500 | NS      | $191550.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| JANUS HENDERSON GRP. PLC                      | JANUS HENDERSON GRP. PLC                      | CUSIP: G4474Y214<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | JE        |      2146 | NS      | $95518.46     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| FOX CORP                                      | FOX CORP                                      | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |      4228 | NS      | $266617.68    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBOTT LABORATORIES                           | ABBOTT LABORATORIES                           | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      2034 | NS      | $272433.96    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL BUSINESS MA                     | INTERNATIONAL BUSINESS MA                     | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      2355 | NS      | $664486.80    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AFLAC INC                                     | AFLAC INC                                     | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |      5445 | NS      | $608206.50    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORP                            | VALERO ENERGY CORP                            | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      3489 | NS      | $594037.14    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATS. INC                             | APPLIED MATS. INC                             | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      3440 | NS      | $704305.60    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK INC                                    | AMETEK INC                                    | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      2575 | NS      | $484100.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECH. SOLS. COR                     | COGNIZANT TECH. SOLS. COR                     | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      2958 | NS      | $198393.06    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                       | BRISTOL-MYERS SQUIBB CO                       | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     12023 | NS      | $542237.30    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PARCEL SERV. INC                       | UNITED PARCEL SERV. INC                       | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      6333 | NS      | $528995.49    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CIRRUS LOGIC INC                              | CIRRUS LOGIC INC                              | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |       692 | NS      | $86700.68     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYS. INC                                | CISCO SYS. INC                                | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     17982 | NS      | $1230328.44   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| PACKAGING CORP OF AMERICA                     | PACKAGING CORP OF AMERICA                     | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      1753 | NS      | $382031.29    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CONAGRA BRANDS INC                            | CONAGRA BRANDS INC                            | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |      9355 | NS      | $171290.05    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                | MORGAN STANLEY                                | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      6931 | NS      | $1101751.76   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV INC                                    | FISERV INC                                    | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |       531 | NS      | $68461.83     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEX LTD                                      | FLEX LTD                                      | CUSIP: Y2573F102<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |      4854 | NS      | $281386.38    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                           | SYNCHRONY FINANCIAL                           | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |      3760 | NS      | $267148.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON CONTROLS INTL. PL                     | JOHNSON CONTROLS INTL. PL                     | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |      6912 | NS      | $759974.40    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCOA CORP                                    | ALCOA CORP                                    | CUSIP: 013872106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10522 | NS      | $346068.58    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERGY INC                                    | EVERGY INC                                    | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |      4677 | NS      | $355545.54    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CIGNA GROUP/THE                               | CIGNA GROUP/THE                               | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      2156 | NS      | $621467.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PLC                                 | MEDTRONIC PLC                                 | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      7167 | NS      | $682585.08    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BAKER HUGHES CO                               | BAKER HUGHES CO                               | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       917 | NS      | $44676.24     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                                    | STERIS PLC                                    | CUSIP: G8473T100<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      1490 | NS      | $368685.60    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HLDGS. INC                             | PAYPAL HLDGS. INC                             | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      1515 | NS      | $101595.90    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS HLDGS. INC                             | LEIDOS HLDGS. INC                             | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |      2189 | NS      | $413633.44    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| SCIENCE APPLICATIONS INTL                     | SCIENCE APPLICATIONS INTL                     | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |      2568 | NS      | $255182.16    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHTHOUSE FINL. INC                         | BRIGHTHOUSE FINL. INC                         | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |      3190 | NS      | $169325.20    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILIP MORRIS INTL. INC                       | PHILIP MORRIS INTL. INC                       | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |       891 | NS      | $144520.20    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLLAR TREE INC                               | DOLLAR TREE INC                               | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      1956 | NS      | $184587.72    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTL. GRP. INC                       | AMERICAN INTL. GRP. INC                       | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |      5635 | NS      | $442572.90    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| GARMIN LTD                                    | GARMIN LTD                                    | CUSIP: H2906T109<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |       768 | NS      | $189096.96    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| INGREDION INC                                 | INGREDION INC                                 | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |      2440 | NS      | $297948.40    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC CL A                       | META PLATFORMS INC CL A                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       545 | NS      | $400237.10    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MONDELEZ INTL. INC                            | MONDELEZ INTL. INC                            | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      7241 | NS      | $452345.27    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC                                  | ALPHABET INC                                  | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      9315 | NS      | $2264476.50   | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA HLDGS. INC                              | IQVIA HLDGS. INC                              | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |         6 | NS      | $1139.64      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GEN DIGITAL INC                               | GEN DIGITAL INC                               | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |     11781 | NS      | $334462.59    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| STARWOOD PROP. TST. INC                       | STARWOOD PROP. TST. INC                       | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |     13528 | NS      | $262037.36    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO RES. CORP                              | ANTERO RES. CORP                              | CUSIP: 03674X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9005 | NS      | $302207.80    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| HUBBELL INC                                   | HUBBELL INC                                   | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |       878 | NS      | $377812.18    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEDYNE TECHS. INC                           | TELEDYNE TECHS. INC                           | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |        33 | NS      | $19339.32     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINION ENERGY INC                           | DOMINION ENERGY INC                           | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |      7319 | NS      | $447703.23    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORP                                  | DANAHER CORP                                  | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      1274 | NS      | $252583.24    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| WALT DISNEY CO/THE                            | WALT DISNEY CO/THE                            | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      1507 | NS      | $172551.50    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| EBAY INC                                      | EBAY INC                                      | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      5154 | NS      | $468756.30    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                          | BANK OF AMERICA CORP                          | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     16894 | NS      | $871561.46    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC                           | ELECTRONIC ARTS INC                           | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      2915 | NS      | $587955.50    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| MATTEL INC                                    | MATTEL INC                                    | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |       175 | NS      | $2945.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| International Monetary Market                 | FUT. CME MICRO S&P DEC25                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         7 | NC      | $235856.25    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Liquid Asset Portfolio | Northern Institutional Liquid Asset Portfolio | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    856463 | NS      | $856463.25    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

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

**Title:** Treasurer and Principal Financial Officer