Vanguard realigns reporting; Vanguard (NTRS) shows 0 shares after disaggregation

Rhea-AI Filing Summary

Northern Trust Corp: Schedule 13G/A amendment reporting zero beneficial ownership by The Vanguard Group. The amendment states that following an internal realignment on 01/12/2026, certain Vanguard subsidiaries will report beneficial ownership separately, and The Vanguard Group reports 0 shares and 0% of common stock.

The filing is signed by Ashley Grim on 03/27/2026 and cites SEC Release No. 34-39538 as the basis for disaggregated reporting.

Insights

Institutional Ownership Specialist

Amendment documents a reporting change, not an economic disposition.

The filing records 0 shares and 0% beneficial ownership by The Vanguard Group in Northern Trust Corp after an internal realignment on 01/12/2026. The statement relies on SEC Release No. 34-39538 to justify separate reporting by subsidiaries.

Cash‑flow treatment and any prior holdings are not stated here; subsequent filings may show whether subsidiaries report positive holdings. The immediate implication is administrative: reporting lines changed rather than a disclosed sale or acquisition.

Equity Governance Analyst

Disaggregation under SEC guidance can alter visible holder counts without changing underlying investments.

The amendment explains that subsidiaries or business divisions will report separately from The Vanguard Group, Inc., consistent with the cited SEC release. That creates a different public filing footprint while preserving the investment strategies of those entities.

Observers should note the 0 shares figure shown here is the reporting entity's position post‑realignment; aggregate ownership across Vanguard entities is not provided in this excerpt.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 10)

Northern Trust Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

665859104

(CUSIP Number)

03/13/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 665859104

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. In accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Northern Trust Corp
(b)	Address of issuer's principal executive offices: 50 South La Salle Street, Chicago, IL, 60603
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd.,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.:
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 0
(b)	Percent of class: 0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	03/27/2026

FAQ

What does The Vanguard Group report for NTRS in this 13G/A amendment?

The Vanguard Group reports 0 shares and 0% ownership of Northern Trust Corp. The amendment explains this reflects an internal realignment on 01/12/2026 and separate reporting by certain subsidiaries under SEC Release No. 34-39538.

Why did Vanguard change how it reports ownership for NTRS?

Vanguard enacted an internal realignment on 01/12/2026, prompting separate filings by subsidiaries. The amendment cites SEC Release No. 34-39538 as the regulatory basis for disaggregated reporting while stating subsidiaries pursue the same investment strategies.

Does this 13G/A show Vanguard sold Northern Trust (NTRS) shares?

No sale is documented here; the filing states reporting was reorganized and shows 0 shares for The Vanguard Group. The change reflects separate subsidiary reporting rather than an explicitly stated transaction in this excerpt.

Who signed the amendment for The Vanguard Group and when?

The filing is signed by Ashley Grim, Head of Global Fund Administration, on 03/27/2026. The signature certifies the amended Schedule 13G/A and the explanatory comment about the internal realignment.

Does this amendment disclose aggregate Vanguard holdings in NTRS after realignment?

The amendment does not disclose aggregate holdings across Vanguard entities; it only states The Vanguard Group reports 0 shares. Separate subsidiary filings are indicated and would need review to determine combined ownership.