# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-25-001558
**Filing Date:** 2025-11
**Character Count:** 28259
**Document Hash:** 9b6088e847db1e3db9fc16b1caa0c84b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001558.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0002066578-25-001558

**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:** 251506523

**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

### ARIZONA TAX-EXEMPT FUND (Series ID: S000001249)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000003395 | ARIZONA TAX-EXEMPT FUND | NOAZX           |

## 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:** Arizona Tax-Exempt Fund

- **b. EDGAR series identifier (if any):** S000001249

- **c. LEI of Series:** 549300NY3N83SM2SX670

**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:** $55662818.47

**Total Liabilities:** $67950.34

**Net Assets:** $55594868.13

**Cash Not Reported:** $0.02

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 67.604500610774 | **1-Year:** 4217.369342638722 | **5-Year:** 12286.649471837214 | **10-Year:** 18038.943305663434 | **30-Year:** 4686.912893985339

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003395 | -0.24%               | 0.73%                | 2.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1013417.39             | $745050.77                                 |
| Month 2  | $-3526.69                | $248838.56                                 |
| Month 3  | $-169760.82              | $1171628.87                                |

**Designated Index Information**

- **Index Name:** BBG Muni Arizona Exempt

- **Index Identifier:** BBG13976S

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MARICOPA COUNTY UNI 5.00% | MARICOPA COUNTY UNI 5.00% | CUSIP: 567373F83<br>LEI: 549300BQUWR69ZZ87I66 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046142.20   | 1.88%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY ELE 5.00% | MARICOPA COUNTY ELE 5.00% | CUSIP: 56674MDA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $651161.94    | 1.17%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF BULLHEAD AZ 4.00% | CITY OF BULLHEAD AZ 4.00% | CUSIP: 12022MBW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $899952.10    | 1.62%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF GLENDALE AZ 5.00% | CITY OF GLENDALE AZ 5.00% | CUSIP: 378307BV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1120989.90   | 2.02%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY IND 5.00% | MARICOPA COUNTY IND 5.00% | CUSIP: 56678RAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010620.80   | 1.82%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPM 3.00% | INDUSTRIAL DEVELOPM 3.00% | CUSIP: 721901KX3<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $681313.30    | 1.23%             | 2051-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA STATE UNIVE 5.00% | ARIZONA STATE UNIVE 5.00% | CUSIP: 0406636H4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $840404.76    | 1.51%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY SPE 4.00% | MARICOPA COUNTY SPE 4.00% | CUSIP: 56756TAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2492490.00   | 4.48%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF ARIZ 3.125% | UNIVERSITY OF ARIZ 3.125% | CUSIP: 040484WX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $379599.87    | 0.68%             | 2039-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY UNI 4.00% | MARICOPA COUNTY UNI 4.00% | CUSIP: 567373K46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275972.07    | 0.50%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO     | NI US GOV T PORTFOLIO     | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    674087 | NS      | $674087.24    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ARIZONA INDL. DEV. 4.00%  | ARIZONA INDL. DEV. 4.00%  | CUSIP: 04052BQF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $445927.30    | 0.80%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX CIV 5.00% | CITY OF PHOENIX CIV 5.00% | CUSIP: 71883MMS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $869767.16    | 1.56%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO HOUSING FIN. A 5.50% | OHIO HOUSING FIN. A 5.50% | CUSIP: 67756Q7F8<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    160000 | PA      | $176558.06    | 0.32%             | 2029-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITY OF SEDONA AZ E 5.00% | CITY OF SEDONA AZ E 5.00% | CUSIP: 81567LEH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105891.84    | 0.19%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL. DEV. 5.00%  | ARIZONA INDL. DEV. 5.00%  | CUSIP: 04052FFA8<br>LEI: 549300UXW2QG1W1XXQ37 | Long             | DBT              | MUN               | US        |    545000 | PA      | $564305.54    | 1.02%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF RICHMOND VA 4.00% | CITY OF RICHMOND VA 4.00% | CUSIP: 76541VRX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1122528.19   | 2.02%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GILBERT WATER RESOU 5.00% | GILBERT WATER RESOU 5.00% | CUSIP: 37530ABG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507435.40    | 0.91%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY UNI 5.00% | MARICOPA COUNTY UNI 5.00% | CUSIP: 567219YB0<br>LEI: 549300BQUWR69ZZ87I66 | Long             | DBT              | MUN               | US        |    525000 | PA      | $546948.26    | 0.98%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY IND 5.00% | MARICOPA COUNTY IND 5.00% | CUSIP: 56678RAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1332599.74   | 2.40%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX CIV 4.00% | CITY OF PHOENIX CIV 4.00% | CUSIP: 71884AE54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979787.00    | 1.76%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX CIV 3.25% | CITY OF PHOENIX CIV 3.25% | CUSIP: 71883MQB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $994580.12    | 1.79%             | 2049-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA BOARD OF RE 5.00% | ARIZONA BOARD OF RE 5.00% | CUSIP: 040664HF4<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |    850000 | PA      | $893367.51    | 1.61%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY IND 4.25% | MARICOPA COUNTY IND 4.25% | CUSIP: 56681NJA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $262273.89    | 0.47%             | 2044-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KYRENE ELEMENTARY S 5.00% | KYRENE ELEMENTARY S 5.00% | CUSIP: 567137P40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264752.88    | 0.48%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX CIV 5.00% | CITY OF PHOENIX CIV 5.00% | CUSIP: 71883MNX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1581864.47   | 2.85%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE INDUSTRIAL 5.00% | GLENDALE INDUSTRIAL 5.00% | CUSIP: 378286KP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $544473.55    | 0.98%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VISTANCIA COMMUNITY 4.00% | VISTANCIA COMMUNITY 4.00% | CUSIP: 92839NCR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $454737.42    | 0.82%             | 2026-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY ELE 4.00% | MARICOPA COUNTY ELE 4.00% | CUSIP: 567167JN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $310874.51    | 0.56%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY SCH 5.00% | MARICOPA COUNTY SCH 5.00% | CUSIP: 566880YC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $825081.18    | 1.48%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA STATE UNIVE 5.00% | ARIZONA STATE UNIVE 5.00% | CUSIP: 04048RTA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $508960.63    | 0.92%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MESA AZ UTI 3.00% | CITY OF MESA AZ UTI 3.00% | CUSIP: 590545R84<br>LEI: 549300L1QYAKFHSIGE94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $388230.45    | 0.70%             | 2044-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER INDUSTRIAL D VAR | CHANDLER INDUSTRIAL D VAR | CUSIP: 158862CA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $432158.02    | 0.78%             | 2042-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| YAVAPAI COUNTY JAIL 5.00% | YAVAPAI COUNTY JAIL 5.00% | CUSIP: 98521SAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $1039295.18   | 1.87%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX CIV 5.00% | CITY OF PHOENIX CIV 5.00% | CUSIP: 71883PLD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $736663.90    | 1.33%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOODYEAR MCDOWELL R 3.35% | GOODYEAR MCDOWELL R 3.35% | CUSIP: 38251UBJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $797642.11    | 1.43%             | 2028-01-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY SCH 5.00% | MARICOPA COUNTY SCH 5.00% | CUSIP: 567337UM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $304866.27    | 0.55%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCOTTSDALE MUNICIPA 5.00% | SCOTTSDALE MUNICIPA 5.00% | CUSIP: 810489JT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1806409.11   | 3.25%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GILBERT WATER RESOU 5.00% | GILBERT WATER RESOU 5.00% | CUSIP: 37530ABK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $608209.44    | 1.09%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY ELE 5.00% | MARICOPA COUNTY ELE 5.00% | CUSIP: 567167HP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019927.00   | 1.83%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX CIV 5.00% | CITY OF PHOENIX CIV 5.00% | CUSIP: 71883RQC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2068253.80   | 3.72%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOWN OF QUEEN CREEK 4.00% | TOWN OF QUEEN CREEK 4.00% | CUSIP: 74823YEK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1192982.13   | 2.15%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPM 4.00% | INDUSTRIAL DEVELOPM 4.00% | CUSIP: 71884SAF7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $880657.20    | 1.58%             | 2057-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX AZ 5.00%  | CITY OF PHOENIX AZ 5.00%  | CUSIP: 718814Z58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $820288.95    | 1.48%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX AZ 5.00%  | CITY OF PHOENIX AZ 5.00%  | CUSIP: 7188142B1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $792778.43    | 1.43%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF ARIZO 5.00% | UNIVERSITY OF ARIZO 5.00% | CUSIP: 040484F51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $746177.78    | 1.34%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY ELE 5.00% | MARICOPA COUNTY ELE 5.00% | CUSIP: 566865LS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $573943.32    | 1.03%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX CIV 5.00% | CITY OF PHOENIX CIV 5.00% | CUSIP: 71883MLV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032808.50   | 1.86%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY IND 5.00% | MARICOPA COUNTY IND 5.00% | CUSIP: 56682HCC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1270742.38   | 2.29%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GILBERT WATER RESOU 5.00% | GILBERT WATER RESOU 5.00% | CUSIP: 37530ABJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507062.15    | 0.91%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY IND 5.00% | MARICOPA COUNTY IND 5.00% | CUSIP: 56678PAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2027858.40   | 3.65%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF BUCKEYE AZ 5.00%  | CITY OF BUCKEYE AZ 5.00%  | CUSIP: 118087FB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $720293.15    | 1.30%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MESA AZ UTI 5.00% | CITY OF MESA AZ UTI 5.00% | CUSIP: 5905452M0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525399.95    | 0.95%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE FINL. CO 5.00% | SALT VERDE FINL. CO 5.00% | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    500000 | PA      | $545917.10    | 0.98%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY IND 5.00% | MARICOPA COUNTY IND 5.00% | CUSIP: 56681NJE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $1017675.39   | 1.83%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE FINL. CO 5.00% | SALT VERDE FINL. CO 5.00% | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073245.00   | 1.93%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT RIVER PROJECT 5.00%  | SALT RIVER PROJECT 5.00%  | CUSIP: 79574CFM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $753008.93    | 1.35%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF TEMPE AZ EX 5.00% | CITY OF TEMPE AZ EX 5.00% | CUSIP: 87971HLY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $558853.70    | 1.01%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF PINAL AZ 5.25%  | COUNTY OF PINAL AZ 5.25%  | CUSIP: 72205RJE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065194.20   | 1.92%             | 2050-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| YUMA INDL. DEV. AUT 5.00% | YUMA INDL. DEV. AUT 5.00% | CUSIP: 988514CW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $748109.25    | 1.35%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINAL COUNTY SCHOOL 5.00% | PINAL COUNTY SCHOOL 5.00% | CUSIP: 72220EFA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $169479.95    | 0.30%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF GLENDALE AZ 5.00% | CITY OF GLENDALE AZ 5.00% | CUSIP: 378307CA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $571490.45    | 1.03%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOWN OF QUEEN CREEK 5.00% | TOWN OF QUEEN CREEK 5.00% | CUSIP: 74823YHD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039952.90   | 1.87%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BOARD OF RE 5.00% | ARIZONA BOARD OF RE 5.00% | CUSIP: 040484F36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $808804.88    | 1.45%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG VAR | CHARLOTTE-MECKLENBURG VAR | CUSIP: 160853UL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 1.80%             | 2048-01-15      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| PINAL COUNTY SCHOOL 5.00% | PINAL COUNTY SCHOOL 5.00% | CUSIP: 72220EFM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $210886.06    | 0.38%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT RIVER PROJECT 5.25%  | SALT RIVER PROJECT 5.25%  | CUSIP: 79574CFR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $637522.32    | 1.15%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITY OF LAKE HAVASU 5.00% | CITY OF LAKE HAVASU 5.00% | CUSIP: 50989RAV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538221.85    | 0.97%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MESA AZ UTI 5.00% | CITY OF MESA AZ UTI 5.00% | CUSIP: 5905452S7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $651562.50    | 1.17%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | 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