# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-26-000775
**Filing Date:** 2026-2
**Character Count:** 1941434
**Document Hash:** 7191f6ebf262eda4eefd53d8f912f881
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000775.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0002066578-26-000775

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**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:** 26685162

**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

### CALIFORNIA TAX-EXEMPT FUND (Series ID: S000001251)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000003397 | CALIFORNIA TAX-EXEMPT FUND | NCATX           |

## Nport-Ex

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **ARIZONA TAX-EXEMPT FUND**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 96.0%**  | **MUNICIPAL BONDS – 96.0%**  | **MUNICIPAL BONDS – 96.0%**  |
| **Arizona – 94.5%** | **Arizona – 94.5%** | **Arizona – 94.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Board of Regents Revenue <br> Bonds, Series A, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/43 | $850 | $901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Board of Regents State <br> University System Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/36 | 495 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Board of Regents University of <br> Arizona System Revenue Refunding <br> Bonds, Stimulus Plan For Economic <br> (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/41 | 750 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/43 | 705 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Board of Regents University <br> System Revenue Refunding Bonds, <br> Stimulus Plan For Economic,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 8/1/39 | 430 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State IDA Education Revenue <br> Bonds, Series A-Social, Macombs <br> Facility Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/41 | 500 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State IDA National Charter <br> Equitable School Revolving Loan <br> Fund Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/41 | 545 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State University Sustainable <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/36 | 795 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckeye Arizona Excise TRB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/38 | 650 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bullhead City Excise TRB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/52 | 1000 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chandler IDA IDR Bonds, Series 1 <br> (AMT), Intel Corp. Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27<sup>(1) (2)</sup> <br>| 425 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilbert Water Resource Municipal <br> Property Corp. Utility System <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/30 | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31 | 600 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glendal IDA Revenue Bonds, <br> Midwestern University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/33 | 500 | 568 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.0%continued**  | **MUNICIPAL BONDS - 96.0%continued**  | **MUNICIPAL BONDS - 96.0%continued**  |
| **Arizona – 94.5%continued** | **Arizona – 94.5%continued** | **Arizona – 94.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glendale IDA Revenue Refunding <br> Bonds, Midwestern University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/32 | $500 | $544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glendale Senior Excise Tax Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/32 | 500 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/37 | 1000 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodyear McDowell Road <br> Commercial Corridor Improvement <br> District Special Assessment Refunding <br> Bonds (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 1/1/28 | 785 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake Havasu City Wastewater System <br> Senior Lien Revenue G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/42 | 500 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Arizona Unified <br> School District No. 69 Paradise <br> Valley G.O. Unlimited Bonds, School <br> Improvement Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/39 | 275 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Buckeye Elementary <br> School District No. 33 G.O. <br> Unlimited Bonds, Series 2020, <br> School Improvement Bonds Projects <br> of 2015 & 2019 (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/36 | 305 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Elementary School <br> District No. 1 G.O. Unlimited Bonds, <br> Series B, Project of 2022 (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/42 | 540 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Elementary School <br> District No. 28 Kyrene Elementary <br> G.O. Unlimited Bonds, Series A, <br> School Improvement Project of 2017,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/32 | 250 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Elementary School <br> District No. 33 Buckeye G.O. <br> Unlimited Bonds, Series B, School <br> Improvement Project of 2015 (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/38 | 1000 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Elementary School <br> District No. 66 Roosevelt Elementary <br> G.O. Unlimited Bonds, Series C, <br> Project of 2020 (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/30 | 275 | 303 |

---

NORTHERN FUNDS QUARTERLY REPORT **0** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ARIZONA TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.0%continued**  | **MUNICIPAL BONDS - 96.0%continued**  | **MUNICIPAL BONDS - 96.0%continued**  |
| **Arizona – 94.5%continued** | **Arizona – 94.5%continued** | **Arizona – 94.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Elementary School <br> District No. 8 G.O. Unlimited Bonds, <br> Series B, Osborn School <br> Improvement Project of 2017 (AG <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | $625 | $654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County IDA Education <br> Revenue Bonds, Legacy Traditional <br> Schools Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | 965 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County IDA Educational <br> Facilities Revenue Bonds, Creighton <br> University Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/39 | 1285 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/47 | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County IDA Educational <br> Revenue Refunding Bonds, Legacy <br> Traditional School,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 7/1/44 | 300 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County IDA Hospital <br> Revenue Refunding Bonds, Series A, <br> HonorHealth,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/42 | 2000 | 2041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County IDA Revenue <br> Refunding Bonds, Banner Health <br> Obligation Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/38 | 1250 | 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Special Health Care <br> District G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/38 | 2500 | 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Tempe Elementary <br> School District No. 3 G.O. Unlimited <br> Bonds, Series A, Project of 2022,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/36 | 725 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Unified School <br> District No. 41 Gilbert G.O. <br> Unlimited Bonds, Series B, School <br> Improvement Project of 2015,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 525 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Unified School <br> District No. 69 Paradise Valley G.O. <br> Unlimited Bonds, Series D, School <br> Improvement Project of 2015,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 500 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mesa Utility Systems Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/44 | 500 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/44 | 500 | 529 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.0%continued**  | **MUNICIPAL BONDS - 96.0%continued**  | **MUNICIPAL BONDS - 96.0%continued**  |
| **Arizona – 94.5%continued** | **Arizona – 94.5%continued** | **Arizona – 94.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Airport Improvement <br> Corp. Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/34 | $1000 | $1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Excise Tax Subordinate Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/45 | 1000 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. Junior <br> Lien Airport Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/44 | 1545 | 1591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. Junior <br> Lien Airport Revenue Bonds, Series B <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 7/1/49 | 1330 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. Junior <br> Lien Airport Revenue Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/33 | 840 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Wastewater System Junior Lien <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/34 | 700 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Water System Junior Lien Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/44 | 1250 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix G.O. Unlimited Bonds, Series <br> A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/41 | 750 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/47 | 750 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix IDA Healthcare Facilities <br> Revenue Bonds, Mayo Clinic,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/57 | 1000 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pima County COPS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/35 | 555 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pima County IDA Revenue Refunding <br> Bonds, Tucson Medical Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/51 | 1000 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinal County Revenue Obligations <br> Bonds (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/50 | 1000 | 1068 |

---

FIXED INCOME FUNDS **1** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.0%continued**  | **MUNICIPAL BONDS - 96.0%continued**  | **MUNICIPAL BONDS - 96.0%continued**  |
| **Arizona – 94.5%continued** | **Arizona – 94.5%continued** | **Arizona – 94.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinal County Unified School District No. <br> 20 G.O. Unlimited Bonds, Series A, <br> Maricopa Project of 2024 (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/32 | $150 | $169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/43 | 200 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Queen Creek Excise Tax & State <br> Shared Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/45 | 1250 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/54 | 1000 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> System Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/50 | 725 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> System Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/1/53 | 600 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Verde Financial Corp. Senior Gas <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32 | 500 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/37 | 1000 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scottsdale Municipal Property Corp. <br> Excise Tax Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/30 | 500 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sedona Excise TRB (AGM Insured), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/41 | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tempe Excise TRB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/38 | 500 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistancia Community Facilities District <br> G.O. Unlimited Refunding Bonds <br> (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/26 | 450 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yuma IDA Hospital Revenue Refunding <br> Bonds, Yuma Regional Medical <br> Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/40 | 700 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yuma Utility System Revenue Bonds, <br> Series A (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/43 | 300 | 326 |
|  |  | **49738** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.0%continued**  | **MUNICIPAL BONDS - 96.0%continued**  | **MUNICIPAL BONDS - 96.0%continued**  |
| **Ohio – 0.3%** | **Ohio – 0.3%** | **Ohio – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Housing Finance Agency <br> Residential Mortgage Backed <br> Sustainable Revenue Bonds (GNMA, <br> FNMA, FHLMC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/29 | $160 | **$175** |
| **Virginia – 1.2%** | **Virginia – 1.2%** | **Virginia – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richmond G.O. Unlimited Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/29 | 600 | **613** |
| **Total Municipal Bonds** |  |  |
| **(Cost $53,164)** |  | **50526** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.6%**  | **INVESTMENT COMPANIES – 1.6%**  | **INVESTMENT COMPANIES – 1.6%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(3) (4)</sup> <br>| 855002 | $855 |
| **Total Investment Companies** |  |  |
| **(Cost $855)** |  | **855** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 1.0%**  | **SHORT-TERM INVESTMENTS – 1.0%**  | **SHORT-TERM INVESTMENTS – 1.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mesa Utility Systems Revenue Bonds <br> (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | $500 | **$506** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $507)** | **(Cost $507)** | **506** |
| **Total Investments – 98.6%** | **Total Investments – 98.6%** |  |
| **(Cost $54,526)** | **(Cost $54,526)** | **51887** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 1.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 1.4% | 740 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$52627** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Maturity date represents the puttable date.*

<sup>(2)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of December 31,* *2025 is disclosed.* 

<sup>(3)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(4)</sup> *7-day current yield as of December 31, 2025 is disclosed.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGM - Assured Guaranty Municipal Corporation |

---

NORTHERN FUNDS QUARTERLY REPORT **2** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **ARIZONA TAX-EXEMPT FUND continued**  | **December 31, 2025 (UNAUDITED)**  |

---

---

| |
|:---|
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| COPS - Certificates of Participation |
| FHLMC - Federal Home Loan Mortgage Corporation |
| FNMA - Federal National Mortgage Association |
| G.O. - General Obligation |
| GNMA - Government National Mortgage Association |
| IDA - Industrial Development Authority |
| IDR - Industrial Development Revenue |
| TRB - Tax Revenue Bonds |

---

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar

securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $50526 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50526 |
| Investment Companies | &nbsp;&nbsp; 855 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 855 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 506 | &nbsp;&nbsp; — | &nbsp;&nbsp; 506 |
| Total Investments | &nbsp;&nbsp; $855 | &nbsp;&nbsp; $51032 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51887 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $534 | $21162 | $20841 | $29 | $855 | 855002 |

---

FIXED INCOME FUNDS **3** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **BOND INDEX FUND**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 0.4%**  | **ASSET-BACKED SECURITIES – 0.4%**  | **ASSET-BACKED SECURITIES – 0.4%**  |
| **Auto Loan – 0.2%** | **Auto Loan – 0.2%** | **Auto Loan – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables <br> Trust, Series 2023-2, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84%, 7/18/29 | $50 | $51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables <br> Trust, Series 2023-2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/18/29 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2025-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.43%, 6/26/28 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2025-2, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 9/25/28 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMW Vehicle Owner Trust, Series <br> 2025-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 9/25/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgecrest Lending Auto Securitization <br> Trust, Series 2025-4, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 8/15/31 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgecrest Lending Auto Securitization <br> Trust, Series 2025-4, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 8/15/31 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgecrest Lending Auto Securitization <br> Trust, Series 2025-4, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 8/15/31 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables <br> Trust, Series 2024-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 7/16/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables <br> Trust, Series 2025-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 7/15/30 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2023-4, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96%, 5/15/29 | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2024-2, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 11/15/29 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2024-4, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 10/15/29 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carmax Auto Owner Trust, Series <br> 2025-2, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 3/15/30 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carmax Auto Owner Trust, Series <br> 2025-4, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 12/16/30 | 100 | 100 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2024-P3, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 9/10/30 | $25 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 11/11/30 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P4, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 12/10/30 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P4, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/10/31 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 5/17/32 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 9/15/32 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-1, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 9/15/32 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-1, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 9/15/32 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-2, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 9/15/32 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 9/15/32 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-2, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/32 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-2A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.92%, 2/15/30 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-4A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 12/16/30 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-3A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 2/15/30 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-3A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 10/15/31 | 25 | 25 |

---

NORTHERN FUNDS QUARTERLY REPORT **4** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-3A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57%, 10/15/31 | $25 | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-5A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 3/15/32 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust, Series <br> 2025-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 6/15/28 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2022-C, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.22%, 3/15/30 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-A, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 9/15/29 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 7/15/29 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-C, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 8/15/30 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2025-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/15/29 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2025-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 4/15/30 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2025-B, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 7/15/31 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2025-2, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 5/22/28 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2025-3, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 8/20/29 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2024-4, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 8/16/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2025-1, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 12/17/29 | 100 | 101 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2025-2, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 4/16/30 | $100 | $101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2025-4, <br> Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 4/16/32 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-1, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 5/15/30 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-4, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 5/15/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2025-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 9/21/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2025-2, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/15/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2025-3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 2/21/30 | 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2025-4, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 6/17/30 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2025-4, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 2/17/32 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2025-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 10/15/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2025-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.36%, 12/17/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2025-C, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/15/30 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2025-C, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 1/15/32 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2025-D, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 9/16/30 | 100 | 100 |

---

FIXED INCOME FUNDS **5** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, Series <br> 2025-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 4/16/29 | $50 | $51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, Series <br> 2025-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/16/29 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, Series <br> 2025-B, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 7/15/31 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2025-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 12/17/29 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissan Auto Lease Trust, Series 2024-B, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 11/15/27 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust, <br> Series 2025-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 12/17/29 | 150 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust, <br> Series 2025-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 4/15/30 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2023-4, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 12/15/31 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84%, 6/17/30 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-2, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.28%, 8/15/31 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-5, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 1/15/31 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-5, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 2/17/32 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-4, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.17%, 4/15/30 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-4, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 1/15/32 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-4, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 1/15/32 | 50 | 50 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-4, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 1/15/32 | $50 | $50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2024-C, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 11/15/29 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2024-D, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 6/15/29 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2025-D, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 6/17/30 | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2025-D, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 2/17/31 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Auto Lease Trust, Series <br> 2025-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/20/28 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Auto Lease Trust, Series <br> 2025-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 1/22/29 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, <br> Series 2025-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/20/29 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, <br> Series 2025-2, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 3/20/30 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2025-A, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 11/15/30 | 225 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2025-D, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 2/17/32 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Omni Automobile Lease <br> Securitization Trust, Series 2025-A, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 4/17/28 | 50 | 51 |
|  |  | **5750** |
| **Credit Card – 0.1%** | **Credit Card – 0.1%** | **Credit Card – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2023-2, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 5/15/30 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2023-4, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 9/15/30 | 100 | 103 |

---

NORTHERN FUNDS QUARTERLY REPORT **6** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Credit Card – 0.1%continued** | **Credit Card – 0.1%continued** | **Credit Card – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2024-2, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 4/15/31 | $100 | $104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2024-3, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 7/15/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2025-1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 12/17/29 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2025-2, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 4/15/30 | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2025-3, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 4/15/32 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2025-4, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 7/15/30 | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2025-5, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 7/15/32 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BA Credit Card Trust, Series 2024-A1, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 5/15/29 | 125 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BA Credit Card Trust, Series 2025-A1, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 5/15/30 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2021-A2, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39%, 7/15/30 | 150 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 9/15/29 | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2025-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 9/15/30 | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2025-A3, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/15/37 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Issuance Trust, Series 2023-A2, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 9/15/30 | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Issuance Trust, Series 2024-A2, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/31 | 100 | 103 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Credit Card – 0.1%continued** | **Credit Card – 0.1%continued** | **Credit Card – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Issuance Trust, Series 2025-A1, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 7/15/30 | $100 | $101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank Credit Card Issuance Trust, <br> Series 2007-A3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 6/15/39 | 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank Credit Card Issuance Trust, <br> Series 2018-A7, Class A7<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 10/13/30 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank Credit Card Issuance Trust, <br> Series 2025-A2, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 6/21/32 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First National Master Note Trust, Series <br> 2024-1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 5/15/30 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First National Master Note Trust, Series <br> 2025-1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 2/15/30 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 3/15/30 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A2, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 7/15/30 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2025-A2, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 5/15/31 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Issuance Trust, Series <br> 2025-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 2/15/31 | 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 2/15/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A2, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 10/15/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2025-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 5/15/30 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Financial Network Credit Card <br> Master Note Trust, Series 2024-B, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 5/15/31 | 100 | 101 |

---

FIXED INCOME FUNDS **7** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Credit Card – 0.1%continued** | **Credit Card – 0.1%continued** | **Credit Card – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Financial Network Credit Card <br> Master Trust, Series 2024-A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 2/15/31 | $100 | $102 |
|  |  | **3399** |
| **Other – 0.1%** | **Other – 0.1%** | **Other – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2024-C, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 1/15/30 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner <br> Trust A, Series 2025-1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/30 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner <br> Trust, Series 2018-4, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 11/15/30 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 6/15/29 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2025-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 9/17/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2025-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.17%, 12/17/29 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSNH Funding LLC 3, Series 2018-1, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 2/1/35 | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2023-7, <br> Class A1A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 11/20/29 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2024-3, <br> Class A1A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 4/22/30 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2024-6, <br> Class A1A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.17%, 8/20/30 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2024-8, <br> Class A1A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 11/20/30 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2025-1, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 1/21/31 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2025-3, <br> Class A1A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 3/20/30 | 50 | 50 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Other – 0.1%continued** | **Other – 0.1%continued** | **Other – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2025-5, <br> Class A1A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 6/20/31 | $100 | $101 |
|  |  | **1211** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $10,266)** |  | **10360** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.7%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.7%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.7%**  |
| **Non Agency – 0.7%** | **Non Agency – 0.7%** | **Non Agency – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2017-BNK7, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 9/15/60 | 250 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2018-BN10, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 2/15/61 | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2018-BN11, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 3/15/61 | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2018-BN12, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 5/15/61 | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2018-BN13, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 8/15/61 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2018-BN14, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 9/15/60 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2018-BN15, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 11/15/61 | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2019-BN18, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 5/15/62 | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2019-BN19, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 8/15/61 | 300 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2020-BN28, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.84%, 3/15/63 | 500 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2021-BN31, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.04%, 2/15/54 | 200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2021-BN37, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 11/15/64 | 200 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2021-BN38, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 12/15/64 | 300 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2022-BNK42, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 6/15/55 | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2022-BNK44, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.74%, 11/15/55<sup>(1)</sup> <br>| 500 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2024-BNK47, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 6/15/57 | 200 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2024-BNK48, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 10/15/57 | 200 | 204 |

---

NORTHERN FUNDS QUARTERLY REPORT **8** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  |
| **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2025-BNK49, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62%, 3/15/58 | $200 | $212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK5, Series 2025-5YR19, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 12/15/30 | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Commercial Mortgage Trust, <br> Series 2019-C3, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 5/15/52 | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Commercial Mortgage Trust, <br> Series 2019-C5, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 11/15/52 | 150 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, Series <br> 2018-C2, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 12/15/51 | 150 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, Series <br> 2024-5C27, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.01%, 7/15/57 | 500 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, Series <br> 2024-C30, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53%, 11/15/57 | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, Series <br> 2025-C35, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 7/15/58 | 250 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, Series <br> 2025-C39, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/15/58 | 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B2, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/51 | 150 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B3, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 4/10/51 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B5, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 7/15/51 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B6, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.59%, 10/10/51<sup>(1)</sup> <br>| 125 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B8, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 1/15/52 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2020-B16, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 2/15/53 | 200 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2020-B18, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 7/15/53 | 500 | 444 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  |
| **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2020-IG1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 9/15/43 | $100 | $88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2021-B23, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.07%, 2/15/54 | 200 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BenchmarkMortgage Trust, Series <br> 2021-B26, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 6/15/54 | 200 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMO Mortgage Trust, Series <br> 2024-C10, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 11/15/57 | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CD Mortgage Trust, Series 2018-CD7, <br> Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 8/15/51 | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CD Mortgage Trust, Series 2019-CD8, <br> Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 8/15/57 | 150 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGMS Commercial Mortgage Trust, <br> Series 2017-B1, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 8/15/50 | 250 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2017-P8, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 9/15/50 | 250 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2018-B2, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 3/10/51 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2018-C5, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 6/10/51 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2018-C6, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 11/10/51 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, Series <br> 2018-COR3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 5/10/51 | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, Series <br> 2019-GC44, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 8/15/57<sup>(1)</sup> <br>| 150 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, <br> Series 2018-C14, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 11/15/51 | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, <br> Series 2018-CX11, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 4/15/51 | 175 | 174 |

---

FIXED INCOME FUNDS **9** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  |
| **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DBJPM Mortgage Trust, Series <br> 2020-C9, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 8/15/53 | $100 | $90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2017-GS7, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 8/10/50 | 250 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2018-GS9, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 3/10/51 | 150 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2019-GC40, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 7/10/52 | 150 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2020-GC45, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 2/13/53 | 300 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2019-COR5, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 6/13/52 | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series 2025-C35, <br> Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/58 | 500 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2018-H4, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 12/15/51 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2018-L1, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 10/15/51 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2019-H7, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 7/15/52 | 250 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2020-HR8, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.04%, 7/15/53 | 500 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I, Series <br> 2017-HR2, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 12/15/50 | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSWF Commercial Mortgage Trust, <br> Series 2023-1, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/15/56 | 250 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C2, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 8/15/50 | 100 | 97 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  |
| **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C6, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 12/15/50 | $100 | $98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C7, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 12/15/50 | 150 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C10, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 5/15/51 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C11, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 6/15/51 | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C13, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 10/15/51 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C14, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/15/51 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C8, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 2/15/51 | 150 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C9, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 3/15/51 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C39, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 9/15/50 | 250 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C41, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 11/15/50 | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 12/15/50 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2018-C43, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 3/15/51 | 150 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2018-C48, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 1/15/52 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2019-C50, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 5/15/52 | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2020-C55, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 2/15/53 | 100 | 94 |

---

NORTHERN FUNDS QUARTERLY REPORT **10** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  |
| **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2020-C56, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 6/15/53 | $500 | $464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2025-5C3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 1/15/58 | 250 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2025-5C5, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 7/15/58 | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2025-5C7, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 12/15/58 | 500 | 515 |
|  |  | **17640** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $18,046)** |  | **17640** |
| **CORPORATE BONDS – 20.3%**  | **CORPORATE BONDS – 20.3%**  | **CORPORATE BONDS – 20.3%**  |
| **Advertising & Marketing – 0.0%** | **Advertising & Marketing – 0.0%** | **Advertising & Marketing – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/1/29 | 500 | **513** |
| **Aerospace & Defense – 0.5%** | **Aerospace & Defense – 0.5%** | **Aerospace & Defense – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boeing (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 2/1/27  | 219 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.26%, 5/1/27  | 500 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/1/28  | 366 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 3/1/28  | 55 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 3/1/29  | 159 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 2/1/30  | 250 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 5/1/30  | 43 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.39%, 5/1/31  | 500 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 2/15/33  | 135 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 2/15/38  | 100 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 5/1/40  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 5/1/50  | 1060 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 5/1/60  | 500 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE Capital Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 5/15/32  | 700 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/15/27  | 104 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/15/28  | 246 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/1/40  | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 6/1/41  | 160 | 121 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Aerospace & Defense – 0.5%continued** | **Aerospace & Defense – 0.5%continued** | **Aerospace & Defense – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 1/29/36  | $250 | $254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 8/1/33  | 150 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/15/29  | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.04%, 8/16/28  | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 1/15/27  | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 6/15/28  | 449 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/15/54 <sup>†</sup> <br>| 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/33  | 1200 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 3/1/35  | 135 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 12/15/42  | 168 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 3/1/45  | 230 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 9/15/52  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 2/15/64  | 200 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/15/28  | 500 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 11/15/40  | 250 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/1/43  | 250 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 4/15/45  | 8 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 10/15/47  | 252 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Precision Castparts Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/15/45  | 100 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RTX Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 9/1/31  | 71 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 3/15/32  | 68 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/42  | 250 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/15/43  | 400 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/1/46  | 750 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 4/15/47  | 200 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 3/15/54  | 300 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 3/15/31  | 250 | 227 |
|  |  | **12967** |
| **Apparel & Textile Products – 0.0%** | **Apparel & Textile Products – 0.0%** | **Apparel & Textile Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 3/27/30  | 750 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 3/27/40  | 75 | 61 |

---

FIXED INCOME FUNDS **11** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Apparel & Textile Products – 0.0%continued** | **Apparel & Textile Products – 0.0%continued** | **Apparel & Textile Products – 0.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 6/15/30  | $100 | $95 |
|  |  | **872** |
| **Asset Management – 0.3%** | **Asset Management – 0.3%** | **Asset Management – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/33  | 200 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 7/15/29  | 300 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/10/28  | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Strategic Income Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 3/21/32  | 150 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Funding, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 3/14/29  | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 1/8/35  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 1/28/31  | 720 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 3/15/27  | 300 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/29/32  | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/22/34 <sup>†</sup> <br>| 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 6/30/30  | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 3/15/29  | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 9/16/27  | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 3/15/30  | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/7/51  | 200 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Technology Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 3/15/28 <sup>(2)</sup> <br>| 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/4/29 <sup>†</sup> <br>| 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.21%), <br> 5.64%, 5/19/29 <sup>(3)</sup> <br>| 400 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.50%), <br> 5.85%, 5/19/34 <sup>(3) †</sup> <br>| 200 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.01%), <br> 6.14%, 8/24/34 <sup>(3) †</sup> <br>| 300 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 8/12/51  | 150 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FS KKR Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 7/15/27  | 200 | 193 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Asset Management – 0.3%continued** | **Asset Management – 0.3%continued** | **Asset Management – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 7/1/34  | $100 | $102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hercules Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 1/20/27  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Corporate Lending Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 1/14/28 <sup>†</sup> <br>| 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson U.S. Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 9/10/34  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 3/1/29 <sup>†</sup> <br>| 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Direct Lending Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 5/17/29  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mountain Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/15/27  | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oaktree Specialty Lending Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 2/27/30 <sup>†</sup> <br>| 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 9/11/35  | 150 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/1/51  | 100 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 9/11/55  | 300 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sixth Street Specialty Lending, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/1/29 <sup>†</sup> <br>| 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPG Operating Group II L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/5/34  | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 6/15/46  | 100 | 89 |
|  |  | **7561** |
| **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Honda Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 3/12/27  | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 3/5/30  | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptiv Swiss Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 9/13/29 <sup>†</sup> <br>| 400 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 5/1/52  | 200 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/15/45  | 170 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 5/17/27  | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/7/29  | 400 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 9/5/30  | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.12%, 11/7/33  | 1800 | 1936 |

---

NORTHERN FUNDS QUARTERLY REPORT **12** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Automotive – 0.5%continued** | **Automotive – 0.5%continued** | **Automotive – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 10/1/27  | $118 | $123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 <sup>†</sup> <br>| 227 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/32  | 183 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/2/43 <sup>†</sup> <br>| 350 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/1/46  | 145 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 4/1/48  | 267 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 8/20/27  | 658 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/9/28  | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 4/10/28  | 119 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 6/23/28  | 500 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 1/17/29 <sup>†</sup> <br>| 84 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 4/6/29  | 82 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 6/21/30  | 99 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 1/8/31  | 33 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 1/12/32  | 33 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 1/7/35  | 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lear Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 1/15/52  | 200 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 3/22/27  | 500 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/8/27  | 500 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 5/15/30  | 300 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 1/12/33  | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 1/5/34  | 500 | 511 |
|  |  | **12193** |
| **Banking – 2.4%** | **Banking – 2.4%** | **Banking – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Banc-Corp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 3.03%), <br> 6.46%, 8/29/30 <sup>(3)</sup> <br>| 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 11/25/27  | 146 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.05%), <br> 2.55%, 2/4/28 <sup>(3)</sup> <br>| 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.77%), 3.71%, 4/24/28 <sup>(3)</sup> <br>| 106 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.04%), <br> 4.95%, 7/22/28 <sup>(3)</sup> <br>| 1500 | 1521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.83%), <br> 4.98%, 1/24/29 <sup>(3)</sup> <br>| 500 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.33%), 3.97%, 3/5/29 <sup>(3)</sup> <br>| 7 | 7 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Banking – 2.4%continued** | **Banking – 2.4%continued** | **Banking – 2.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.11%), <br> 4.62%, 5/9/29 <sup>(3)</sup> <br>| $500 | $507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.82%, 9/15/29 <sup>(3)</sup> <br>| 500 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.00%), <br> 5.16%, 1/24/31 <sup>(3) †</sup> <br>| 1500 | 1550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.25%), 2.50%, 2/13/31 <sup>(3)</sup> <br>| 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.15%), <br> 2.59%, 4/29/31 <sup>(3)</sup> <br>| 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.32%), <br> 2.69%, 4/22/32 <sup>(3)</sup> <br>| 380 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.16%), <br> 5.02%, 7/22/33 <sup>(3)</sup> <br>| 1403 | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.91%), <br> 5.29%, 4/25/34 <sup>(3)</sup> <br>| 1000 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.84%), <br> 5.87%, 9/15/34 <sup>(3)</sup> <br>| 400 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.65%), <br> 5.47%, 1/23/35 <sup>(3)</sup> <br>| 600 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.31%), <br> 5.51%, 1/24/36 <sup>(3)</sup> <br>| 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.70%), <br> 5.74%, 2/12/36 <sup>(3)</sup> <br>| 700 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.64%), <br> 5.46%, 5/9/36 <sup>(3) †</sup> <br>| 250 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.11%, 1/29/37  | 150 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.45%), 3.95%, 1/23/49 <sup>(3)</sup> <br>| 600 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.78%), 4.33%, 3/15/50 <sup>(3)</sup> <br>| 755 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 3.41%), 4.08%, 3/20/51 <sup>(3)</sup> <br>| 810 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/36  | 250 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/11/30  | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 2/6/30  | 250 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.65%), 3.67%, 7/24/28 <sup>(3)</sup> <br>| 28 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.87%), <br> 4.79%, 3/4/29 <sup>(3)</sup> <br>| 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.36%), <br> 5.17%, 2/13/30 <sup>(3)</sup> <br>| 500 | 513 |

---

FIXED INCOME FUNDS **13** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Banking – 2.4%continued** | **Banking – 2.4%continued** | **Banking – 2.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 3.91%), <br> 4.41%, 3/31/31 <sup>(3) †</sup> <br>| $500 | $500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.17%), <br> 4.50%, 9/11/31 <sup>(3)</sup> <br>| 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.17%), <br> 2.56%, 5/1/32 <sup>(3)</sup> <br>| 800 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/15/32  | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.66%), <br> 6.17%, 5/25/34 <sup>(3)</sup> <br>| 1400 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.28%), 5.59%, <br> 11/19/34 <sup>(3)</sup> <br>| 2000 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.83%), <br> 6.02%, 1/24/36 <sup>(3)</sup> <br>| 500 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.47%), <br> 5.33%, 3/27/36 <sup>(3)</sup> <br>| 600 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 8/25/36  | 125 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.49%), <br> 5.17%, 9/11/36 <sup>(3)</sup> <br>| 400 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 7/15/39  | 332 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 4.55%), <br> 5.32%, 3/26/41 <sup>(3)</sup> <br>| 180 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/30/42  | 30 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 7/23/48  | 300 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.75%), <br> 5.61%, 3/4/56 <sup>(3)</sup> <br>| 500 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.00%), <br> 4.58%, 8/9/28 <sup>(3)</sup> <br>| 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.33%), <br> 6.65%, 4/25/35 <sup>(3)</sup> <br>| 200 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comerica Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.61%), <br> 5.33%, 8/25/33 <sup>(3) †</sup> <br>| 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 3/1/38  | 275 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.97%), 6.25%, <br> 3/12/40 <sup>(3)</sup> <br>| 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.77%), <br> 5.51%, 3/7/31 <sup>(3)</sup> <br>| 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First-Citizens Bank & Trust Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/9/28  | 50 | 52 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Banking – 2.4%continued** | **Banking – 2.4%continued** | **Banking – 2.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNB Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.93%), 5.72%, <br> 12/11/30 <sup>(3)</sup> <br>| $50 | $51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank U.S.A. N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/39  | 350 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.97%), <br> 4.44%, 8/4/28 <sup>(3)</sup> <br>| 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.02%), <br> 6.21%, 8/21/29 <sup>(3)</sup> <br>| 500 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 3.53%), 7.25%, 4/1/35 <sup>(3)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/29/27  | 658 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/1/27  | 299 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.17%), <br> 2.95%, 2/24/28 <sup>(3)</sup> <br>| 204 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.56%), <br> 4.32%, 4/26/28 <sup>(3)</sup> <br>| 176 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.93%), <br> 4.98%, 7/22/28 <sup>(3)</sup> <br>| 250 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.99%), <br> 4.85%, 7/25/28 <sup>(3)</sup> <br>| 33 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.80%), <br> 4.92%, 1/24/29 <sup>(3)</sup> <br>| 500 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.38%), 4.01%, 4/23/29 <sup>(3)</sup> <br>| 34 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.45%), <br> 5.30%, 7/24/29 <sup>(3)</sup> <br>| 800 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.59%), 4.45%, 12/5/29 <sup>(3)</sup> <br>| 59 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.31%), <br> 5.01%, 1/23/30 <sup>(3)</sup> <br>| 500 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.16%), <br> 5.58%, 4/22/30 <sup>(3)</sup> <br>| 500 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.01%), <br> 5.14%, 1/24/31 <sup>(3)</sup> <br>| 1500 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.44%), <br> 5.10%, 4/22/31 <sup>(3)</sup> <br>| 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 2.52%), 2.96%, 5/13/31 <sup>(3)</sup> <br>| 545 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.93%), <br> 4.26%, 10/22/31 <sup>(3)</sup> <br>| 500 | 499 |

---

NORTHERN FUNDS QUARTERLY REPORT **14** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Banking – 2.4%continued** | **Banking – 2.4%continued** | **Banking – 2.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.80%), <br> 4.59%, 4/26/33 <sup>(3)</sup> <br>| $300 | $302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.58%), <br> 5.72%, 9/14/33 <sup>(3)</sup> <br>| 500 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.81%), <br> 6.25%, 10/23/34 <sup>(3)</sup> <br>| 1000 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.49%), <br> 5.77%, 4/22/35 <sup>(3)</sup> <br>| 1000 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.68%), <br> 5.57%, 4/22/36 <sup>(3)</sup> <br>| 600 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.64%), <br> 5.58%, 7/23/36 <sup>(3)</sup> <br>| 400 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.19%), <br> 4.81%, 10/22/36 <sup>(3)</sup> <br>| 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 2.46%), 3.11%, 4/22/41 <sup>(3)</sup> <br>| 100 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 7/15/41  | 405 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/16/43  | 150 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.55%), <br> 5.53%, 11/29/45 <sup>(3)</sup> <br>| 500 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.84%), 4.26%, 2/22/48 <sup>(3)</sup> <br>| 114 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.72%), 4.03%, 7/24/48 <sup>(3)</sup> <br>| 85 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.64%), 3.96%, 11/15/48 <sup>(3)</sup> <br>| 400 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.48%), 3.90%, 1/23/49 <sup>(3)</sup> <br>| 700 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.44%), <br> 3.11%, 4/22/51 <sup>(3)</sup> <br>| 1300 | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeyBank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/26/33  | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.26%), <br> 6.08%, 3/13/32 <sup>(3)</sup> <br>| 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturers & Traders Trust Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 1/27/28  | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.91%), <br> 5.02%, 1/12/29 <sup>(3)</sup> <br>| 700 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Private Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.77%), <br> 4.47%, 7/6/28 <sup>(3)</sup> <br>| 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.08%), <br> 4.73%, 7/18/31 <sup>(3)</sup> <br>| 500 | 507 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Banking – 2.4%continued** | **Banking – 2.4%continued** | **Banking – 2.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/15/28  | $250 | $255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 5/19/27  | 455 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 1/22/30  | 545 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.20%), <br> 5.49%, 5/14/30 <sup>(3) †</sup> <br>| 700 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.26%), <br> 4.81%, 10/21/32 <sup>(3)</sup> <br>| 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.93%), <br> 5.07%, 1/24/34 <sup>(3) †</sup> <br>| 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.28%), <br> 6.88%, 10/20/34 <sup>(3)</sup> <br>| 400 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.06%), <br> 5.50%, 9/6/35 <sup>(3)</sup> <br>| 300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Holdings U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.36%), <br> 6.50%, 3/9/29 <sup>(3)</sup> <br>| 300 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.50%), <br> 6.17%, 1/9/30 <sup>(3)</sup> <br>| 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 8/3/27  | 221 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.44%), <br> 4.87%, 1/26/29 <sup>(3)</sup> <br>| 1000 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.86%), <br> 1.89%, 6/7/29 <sup>(3) †</sup> <br>| 57 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.62%), <br> 5.44%, 1/24/30 <sup>(3)</sup> <br>| 800 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.92%), <br> 5.71%, 1/24/35 <sup>(3)</sup> <br>| 500 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.73%), <br> 2.22%, 1/27/28 <sup>(3)</sup> <br>| 322 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 4/26/28  | 402 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.02%), <br> 5.78%, 6/12/29 <sup>(3)</sup> <br>| 500 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 7/22/30  | 143 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.60%), <br> 4.84%, 2/1/34 <sup>(3)</sup> <br>| 500 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.41%), <br> 5.42%, 2/12/36 <sup>(3) †</sup> <br>| 300 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 3/25/29  | 30 | 30 |

---

FIXED INCOME FUNDS **15** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Banking – 2.4%continued** | **Banking – 2.4%continued** | **Banking – 2.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.78%), <br> 4.90%, 1/24/28 <sup>(3)</sup> <br>| $2000 | $2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.98%), <br> 4.81%, 7/25/28 <sup>(3)</sup> <br>| 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.50%), <br> 5.20%, 1/23/30 <sup>(3) †</sup> <br>| 500 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.50%), <br> 5.15%, 4/23/31 <sup>(3) †</sup> <br>| 1000 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.10%), <br> 4.90%, 7/25/33 <sup>(3)</sup> <br>| 800 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.99%), <br> 5.56%, 7/25/34 <sup>(3)</sup> <br>| 700 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.06%), <br> 6.49%, 10/23/34 <sup>(3)</sup> <br>| 300 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.78%), <br> 5.50%, 1/23/35 <sup>(3)</sup> <br>| 600 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.74%), <br> 5.61%, 4/23/36 <sup>(3)</sup> <br>| 300 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.53%), <br> 3.07%, 4/30/41 <sup>(3)</sup> <br>| 100 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 4.50%), 5.01%, 4/4/51 <sup>(3)</sup> <br>| 800 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.13%), <br> 4.61%, 4/25/53 <sup>(3)</sup> <br>| 1000 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 2/1/37  | 500 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 1/15/38  | 50 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 6/6/29  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/29/29  | 250 | 236 |
|  |  | **61418** |
| **Beverages – 0.3%** | **Beverages – 0.3%** | **Beverages – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/15/45  | 200 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 3/25/27  | 133 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 3/5/28  | 81 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 9/6/29  | 243 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 6/1/30  | 179 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/5/31  | 1204 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/13/34  | 500 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 8/14/34  | 500 | 511 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Beverages – 0.3%continued** | **Beverages – 0.3%continued** | **Beverages – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 6/1/34  | $200 | $210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/15/28  | 44 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 8/1/31  | 284 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/48  | 167 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/15/29  | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 12/15/46  | 300 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 7/15/46  | 300 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pepsico Singapore Financing I Pte. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 2/16/29  | 1800 | 1831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 3/19/30  | 483 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 5/1/30  | 77 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/31  | 500 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/7/35  | 300 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/17/54  | 400 | 389 |
|  |  | **8063** |
| **Biotechnology & Pharmaceuticals – 1.1%** | **Biotechnology & Pharmaceuticals – 1.1%** | **Biotechnology & Pharmaceuticals – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 3/15/29  | 500 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 3/15/31  | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/15/34  | 500 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/39  | 200 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 6/15/44  | 750 | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/49  | 500 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 3/15/54  | 700 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/2/28  | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/15/32  | 1000 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/41  | 126 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 3/2/43  | 600 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/21/50  | 400 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 3/2/53  | 1000 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/2/63  | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 5/1/30  | 40 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 5/1/50  | 400 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/15/51  | 200 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/47  | 1083 | 919 |

---

NORTHERN FUNDS QUARTERLY REPORT **16** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Biotechnology & Pharmaceuticals – 1.1%continued** | **Biotechnology & Pharmaceuticals – 1.1%continued** | **Biotechnology & Pharmaceuticals – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 2/22/54  | $700 | $690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 2/12/32  | 1000 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/15/32  | 800 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 8/14/34  | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 10/15/55  | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 2/27/63  | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 2/12/65  | 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 10/15/65  | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/1/27  | 1050 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/33  | 1000 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/1/40  | 100 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 4/1/44  | 185 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/45  | 150 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/46  | 168 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 3/1/47  | 60 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GlaxoSmithKline Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/15/28  | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/15/34  | 150 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/38  | 274 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 3/1/30  | 350 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 6/1/31  | 500 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/5/33  | 332 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 8/15/37  | 32 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 3/1/46  | 600 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/54 <sup>†</sup> <br>| 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 9/1/60 <sup>†</sup> <br>| 120 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 6/10/27  | 263 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/10/28  | 279 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 3/7/29  | 389 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/10/31  | 688 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/17/33 <sup>†</sup> <br>| 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 9/15/42  | 25 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 2/10/45  | 60 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 9/15/55  | 400 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 5/17/63  | 200 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mylan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 4/15/28  | 171 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/29/43  | 400 | 345 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Biotechnology & Pharmaceuticals – 1.1%continued** | **Biotechnology & Pharmaceuticals – 1.1%continued** | **Biotechnology & Pharmaceuticals – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novartis Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 8/14/30  | $524 | $485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 11/5/45  | 400 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 9/18/54  | 300 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/19/33  | 700 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 5/19/53  | 800 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 3/15/29  | 24 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 4/1/30  | 500 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 3/15/39  | 311 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 9/15/40  | 194 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 6/15/43  | 100 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/46  | 262 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/15/65  | 400 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmacia LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 12/1/28  | 125 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 9/15/30  | 300 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/2/50  | 300 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 9/2/54  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 9/25/55  | 250 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanofi S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 6/19/28  | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Takeda U.S. Financing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 7/7/55  | 250 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wyeth LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 4/1/37  | 625 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 9/12/47  | 250 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 8/20/48  | 40 | 34 |
|  |  | **28454** |
| **Cable & Satellite – 0.4%** | **Cable & Satellite – 0.4%** | **Cable & Satellite – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/28  | 251 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 6/1/29  | 500 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/1/31  | 650 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 6/1/34  | 500 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 12/1/35  | 900 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/1/48  | 520 | 445 |

---

FIXED INCOME FUNDS **17** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Cable & Satellite – 0.4%continued** | **Cable & Satellite – 0.4%continued** | **Cable & Satellite – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 6/1/52  | $800 | $518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/63  | 200 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 1/15/29  | 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 6/1/29  | 500 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 4/1/30  | 1370 | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 5/15/32  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/33  | 400 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 3/15/33  | 140 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/1/40  | 1000 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/1/51 <sup>†</sup> <br>| 100 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 5/15/53  | 700 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 5/15/55 <sup>†</sup> <br>| 600 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 11/1/63  | 500 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/15/64  | 550 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Warner Cable LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 7/1/38  | 600 | 644 |
|  |  | **10333** |
| **Capital Goods – 0.0%** | **Capital Goods – 0.0%** | **Capital Goods – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/3/34 | 100 | **101** |
| **Chemicals – 0.3%** | **Chemicals – 0.3%** | **Chemicals – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 6/11/28  | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 5/15/50  | 300 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 6/1/27  | 300 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 4/30/30  | 200 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cabot Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/30/32  | 70 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dow Chemical (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 1/15/31  | 250 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/1/34  | 470 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.40%, 5/15/39  | 174 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/41  | 200 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/30/48  | 200 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 3/15/55  | 250 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73%, 11/15/28 <sup>(2)</sup> <br>| 108 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 11/15/48 <sup>†</sup> <br>| 64 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 9/1/42  | 200 | 178 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Chemicals – 0.3%continued** | **Chemicals – 0.3%continued** | **Chemicals – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 6/15/28  | $250 | $253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 8/18/55  | 300 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/26/48  | 41 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linde, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/10/50  | 200 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lubrizol (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/34  | 50 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LYB International Finance B.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/43  | 565 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LYB International Finance III LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 5/1/50  | 35 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mosaic (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/15/33  | 250 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NewMarket Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 3/18/31  | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 6/15/30  | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 3/15/27  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 6/1/27  | 205 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 8/15/28  | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 8/15/29  | 167 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 5/15/30  | 153 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/30  | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 3/15/32  | 475 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 8/1/45  | 30 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 6/15/30  | 249 | 238 |
|  |  | **6220** |
| **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 5/15/28  | 300 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Block Financial LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/30  | 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. No. 2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/32  | 150 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 4/15/32  | 400 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/27  | 296 | 294 |

---

NORTHERN FUNDS QUARTERLY REPORT **18** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Commercial Support Services – 0.1%continued** | **Commercial Support Services – 0.1%continued** | **Commercial Support Services – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 5/15/28  | $432 | $433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 3/1/30  | 118 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/33  | 300 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 1/15/52  | 300 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 7/15/49  | 200 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/50  | 500 | 300 |
|  |  | **2849** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amrize Finance U.S. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 4/7/35  | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 3/1/30  | 300 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRH America Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/9/35  | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/9/36  | 250 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 2/9/56 <sup>†</sup> <br>| 250 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRH SMW Finance DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 5/21/29  | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/31  | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 6/1/27  | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/54  | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owens Corning, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/1/30  | 500 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/30  | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/1/34  | 300 | 312 |
|  |  | **3184** |
| **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 4/30/54 | 293 | **295** |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Endowment (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/1/51  | 100 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Institute of Technology, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/1/11 <sup>(4)</sup> <br>| 110 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 10/1/44  | 200 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emory University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 9/1/50  | 500 | 328 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Consumer Services – 0.1%continued** | **Consumer Services – 0.1%continued** | **Consumer Services – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johns Hopkins University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 7/1/53  | $100 | $80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Institute of Technology, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 7/1/11 <sup>(4)</sup> <br>| 190 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 7/1/14 <sup>(5)</sup> <br>| 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 7/1/16 <sup>(6)</sup> <br>| 300 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 12/1/44  | 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Fellows of Harvard <br> College,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 10/15/50  | 300 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees of the University of <br> Pennsylvania (The),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 9/1/12 <sup>(7)</sup> <br>| 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Southern California, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 10/1/50  | 500 | 320 |
|  |  | **1744** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amcor Flexibles North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 3/17/30  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 3/15/32  | 150 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berry Global, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 6/15/31  | 300 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Paper Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/41  | 350 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/1/51  | 200 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 2/1/32 <sup>†</sup> <br>| 300 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WestRock MWV LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 2/15/31  | 100 | 115 |
|  |  | **1542** |
| **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3M Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 4/15/30  | 1000 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/15/50  | 200 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dover Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/4/29  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/21/51  | 300 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 3/1/27  | 182 | 176 |

---

FIXED INCOME FUNDS **19** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Diversified Industrials – 0.1%continued** | **Diversified Industrials – 0.1%continued** | **Diversified Industrials – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 8/15/29  | $137 | $131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/32  | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 11/21/47  | 425 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/1/54  | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 9/1/42  | 100 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/21/44  | 300 | 264 |
|  |  | **2996** |
| **E-Commerce Discretionary – 0.2%** | **E-Commerce Discretionary – 0.2%** | **E-Commerce Discretionary – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 6/3/27  | 544 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 5/12/28  | 533 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 12/1/29 <sup>†</sup> <br>| 500 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/22/37 <sup>†</sup> <br>| 250 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/12/41  | 600 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/5/44  | 156 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/3/50 <sup>†</sup> <br>| 200 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 5/12/51  | 800 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/20/55  | 1000 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/22/57  | 400 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 5/10/31  | 167 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/42  | 235 | 195 |
|  |  | **4694** |
| **Electric & Gas Marketing & Trading – 0.0%** | **Electric & Gas Marketing & Trading – 0.0%** | **Electric & Gas Marketing & Trading – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergy Metro, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/1/41  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 3/15/48  | 300 | 246 |
|  |  | **295** |
| **Electric Utilities – 2.1%** | **Electric Utilities – 2.1%** | **Electric Utilities – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AEP Texas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 5/1/49  | 200 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AEP Transmission Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/46  | 200 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 4/1/50  | 100 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AES (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 6/1/28  | 350 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alabama Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 7/15/48  | 300 | 250 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.08%), 5.75%, <br> 4/1/56 <sup>(3)</sup> <br>| $500 | $499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameren Illinois Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 9/1/32  | 500 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.13%), 5.80%, <br> 3/15/56 <sup>(3)</sup> <br>| 500 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appalachian Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/1/38  | 75 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Public Service Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/42  | 230 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 8/15/48  | 100 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/1/49  | 200 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avangrid, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 6/1/29  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avista Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/52  | 100 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baltimore Gas and Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/15/47  | 475 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 6/1/53  | 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/43  | 300 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 1/15/49  | 200 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/50  | 200 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/15/30  | 500 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Houston <br> Electric LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 8/1/42  | 40 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 7/1/50  | 400 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.22%), 5.95%, <br> 4/1/56 <sup>(3)</sup> <br>| 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleco Corporate Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 5/1/46  | 100 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 8/15/27  | 500 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 3/1/44  | 500 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.96%), 6.50%, <br> 6/1/55 <sup>(3)</sup> <br>| 250 | 257 |

---

NORTHERN FUNDS QUARTERLY REPORT **20** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Edison Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 6/1/34  | $300 | $313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 1/15/38  | 200 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 8/15/43  | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut Light and Power (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/48  | 250 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/53  | 500 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/15/34  | 300 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 3/15/36  | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/1/38  | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/39  | 85 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 3/1/43  | 120 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 3/15/44  | 100 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/15/46  | 100 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 12/1/48  | 100 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/15/52  | 500 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/1/41  | 430 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumers 2023 Securitization <br> Funding LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 9/1/30  | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumers Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/15/31  | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy South Carolina, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 1/15/38  | 265 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 6/1/65  | 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/28  | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/33  | 250 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 6/15/35  | 500 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/15/38  | 20 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 8/1/41  | 35 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 9/15/42  | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.51%), 7.00%, <br> 6/1/54 <sup>(3)</sup> <br>| 500 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.21%), 6.63%, <br> 5/15/55 <sup>(3)</sup> <br>| 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.26%), 6.00%, <br> 2/15/56 <sup>(3)</sup> <br>| 500 | 503 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTE Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/35  | $200 | $206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 5/15/48  | 300 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 5/15/55  | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTE Electric Securitization Funding <br> II LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.09%, 9/1/37  | 30 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 4/1/30 <sup>†</sup> <br>| 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 3/15/30  | 500 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 10/15/32  | 106 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 6/1/37  | 150 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/1/45  | 350 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Carolinas Nc Storm <br> Funding II LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07%, 1/1/46  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Carolinas SC Storm <br> Funding LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 3/1/46  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/32  | 551 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 9/15/35  | 250 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/1/46  | 120 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 6/15/54  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 9/15/37  | 340 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/1/46  | 290 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 10/15/35  | 500 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 8/15/38  | 25 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 7/15/43  | 500 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Ohio, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 3/15/54  | 400 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 3/6/27  | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 3/15/55  | 300 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Progress NC Storm <br> Funding LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 7/1/37  | 50 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edison International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/30 <sup>†</sup> <br>| 250 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entergy Arkansas LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/1/54  | 300 | 303 |

---

FIXED INCOME FUNDS **21** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entergy Louisiana LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 6/1/31  | $950 | $892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 6/15/41  | 300 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/15/52  | 300 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 8/15/30  | 165 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/15/31  | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/15/35  | 75 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 4/15/50  | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 3/15/52  | 550 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/55  | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.98%), 6.50%, <br> 3/15/55 <sup>(3)</sup> <br>| 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 3/1/50  | 300 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Power & Light Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 2/1/37  | 335 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 2/1/38  | 150 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96%, 4/1/39  | 250 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 3/1/49  | 200 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 6/15/54  | 300 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 3/15/65  | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 3/15/31  | 300 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 3/15/35 <sup>†</sup> <br>| 300 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idaho Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/53  | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana Michigan Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 3/15/37  | 200 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/1/53  | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interstate Power and Light Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/30/51  | 300 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITC Holdings Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/15/27  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidAmerican Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 8/1/48  | 300 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Grid U.S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 4/1/35  | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 5/6/27  | 700 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/1/32  | 50 | 59 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 3/15/49 <sup>†</sup> <br>| $125 | $105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.53%), 7.13%, <br> 9/15/53 <sup>(3)</sup> <br>| 400 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nevada Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 4/1/36  | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 5/1/53  | 400 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/15/54  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 9/1/27  | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 2/4/28  | 250 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/15/30  | 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 6/1/30 <sup>†</sup> <br>| 400 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 1/15/32  | 439 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.46%), 6.75%, <br> 6/15/54 <sup>(3)</sup> <br>| 500 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 3/15/55  | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.05%), 6.38%, <br> 8/15/55 <sup>(3)</sup> <br>| 500 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.98%), 6.50%, <br> 8/15/55 <sup>(3) †</sup> <br>| 250 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern States Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 6/15/54  | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oglethorpe Power Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/47  | 300 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 6/1/34  | 300 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Gas and Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 4/1/47  | 200 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/20/27 <sup>(2)</sup> <br>| 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 6/1/32  | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/1/38  | 145 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 11/15/48  | 300 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 6/1/52  | 300 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 5/15/29  | 500 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 7/1/30  | 1909 | 1902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 6/15/32  | 800 | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 10/15/32  | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/40  | 500 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 6/1/41  | 400 | 334 |

---

NORTHERN FUNDS QUARTERLY REPORT **22** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/1/50  | $100 | $85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PacifiCorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 2/15/31  | 400 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 8/1/36  | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/37  | 275 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/15/49  | 50 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 1/15/55  | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&E Energy Recovery Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 7/15/46  | 50 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&E Recovery Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 7/15/32  | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 6/1/33  | 87 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26%, 1/15/38  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54%, 7/15/47  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&E Wildfire Recovery Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 6/1/30  | 12 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 6/1/31  | 54 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 6/1/37  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/1/47  | 135 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 12/1/47  | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 12/1/51  | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 6/1/52  | 75 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPL Capital Funding, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/1/34  | 350 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPL Electric Utilities Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/39  | 275 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 6/15/48  | 300 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Co. of Colorado, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 6/15/48  | 300 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Electric and Gas Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 5/1/42  | 50 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 9/1/42  | 30 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 5/1/48  | 300 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/55  | 150 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 4/1/29  | 600 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 3/15/30  | 700 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puget Sound Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 3/15/37  | 75 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 4/15/41  | 340 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/40  | 150 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 4/1/53  | 300 | 285 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCE Recovery Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 12/15/47  | $100 | $95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54%, 9/15/50  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sempra, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/15/27  | 150 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/39  | 250 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.63%), 6.40%, <br> 10/1/54 <sup>(3)</sup> <br>| 500 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.63%), 6.38%, <br> 4/1/56 <sup>(3)</sup> <br>| 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 3/15/35  | 400 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 7/1/46  | 1000 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.07%), 6.38%, <br> 3/15/55 <sup>(3)</sup> <br>| 250 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern California Edison Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/34  | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 7/15/35  | 400 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 1/15/37  | 275 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 2/1/38  | 710 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 3/15/39  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/40  | 150 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 3/15/43  | 150 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/1/48  | 90 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwestern Electric Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 9/15/28  | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 4/1/45  | 170 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwestern Public Service Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/54  | 300 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tampa Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 6/15/42  | 50 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 6/15/48  | 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tucson Electric Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/53  | 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 9/15/42  | 50 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/48  | 250 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/54  | 250 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 9/15/35  | 250 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/15/37  | 15 | 16 |

---

FIXED INCOME FUNDS **23** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 11/30/37  | $40 | $44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 11/15/38  | 100 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 8/15/43  | 150 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 2/15/44  | 75 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 9/15/47  | 125 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 1/15/54  | 300 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 3/15/55  | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Power Fuel Securitization LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/1/31  | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Electric Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/15/48  | 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Public Service Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/1/44  | 100 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 9/1/49  | 150 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 6/1/32  | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 4/15/35  | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/1/36  | 100 | 110 |
|  |  | **53865** |
| **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegion U.S. Holding Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 5/29/34  | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 9/15/31  | 200 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/35  | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/36  | 300 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 2/15/30  | 1000 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 3/15/54 <sup>†</sup> <br>| 75 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 6/15/46  | 105 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 3/15/31  | 150 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/2/64  | 110 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/29  | 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/15/28  | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 9/4/35  | 250 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 2/15/50  | 200 | 143 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Electrical Equipment – 0.2%continued** | **Electrical Equipment – 0.2%continued** | **Electrical Equipment – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 3/1/49  | $100 | $84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies Financing Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/1/44  | 35 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies Holdco, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/43  | 150 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 3/15/33  | 200 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 4/1/31  | 200 | 184 |
|  |  | **3799** |
| **Engineering & Construction – 0.0%** | **Engineering & Construction – 0.0%** | **Engineering & Construction – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 6/15/29  | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nature Conservancy (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 3/1/52  | 50 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/9/34  | 200 | 206 |
|  |  | **349** |
| **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 2/15/31  | 300 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 1/25/49  | 300 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/29  | 600 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paramount Global, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 5/19/32  | 600 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 9/1/43  | 197 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/44  | 30 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 3/28/28  | 400 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walt Disney (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 3/23/27  | 297 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/15/35  | 31 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/1/41  | 105 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/45  | 1200 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 1/13/51  | 300 | 224 |
|  |  | **4136** |
| **Food – 0.3%** | **Food – 0.3%** | **Food – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Campbell's (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 4/24/50  | 350 | 230 |

---

NORTHERN FUNDS QUARTERLY REPORT **24** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Food – 0.3%continued** | **Food – 0.3%continued** | **Food – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/1/27  | $85 | $81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/1/28  | 200 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/1/28  | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 11/1/38  | 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 3/15/55  | 200 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 4/15/30  | 218 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/14/31  | 432 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hershey (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/4/28  | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 2/24/32  | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 6/3/28  | 500 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 6/3/51  | 100 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/15/45  | 250 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/53 <sup>†</sup> <br>| 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBS U.S.A. Holding Lux S.a.r.l./JBS <br> U.S.A. Food Co./JBS Lux Co. S.a.r.l.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 1/15/32  | 400 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/53  | 400 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBS U.S.A. Holding Lux S.a.r.l./JBS <br> U.S.A. Foods Group Holdings, <br> Inc./JBS U.S.A. Food Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/36 <sup>(2) (8)</sup> <br>| 400 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kellanova, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/16/54  | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/15/27  | 400 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/1/49  | 800 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 4/15/33  | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/17/32  | 500 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/15/34  | 350 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 9/28/48  | 300 | 277 |
|  |  | **6712** |
| **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 11/15/29 | 500 | **564** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Water Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 9/1/27 <sup>†</sup> <br>| $1000 | $985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.59%, 10/15/37  | 105 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/1/42  | 75 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 5/1/50  | 12 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/1/51  | 58 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 3/1/54  | 300 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 1/15/43  | 250 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/44  | 75 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 11/15/53  | 200 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/1/28  | 500 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 1/15/41  | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 8/15/27  | 600 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 2/15/44  | 580 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 4/1/55  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.70%), 7.00%, <br> 9/15/55 <sup>(3)</sup> <br>| 250 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONE Gas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/1/32  | 150 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Natural Gas Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 5/15/52  | 200 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern California Gas Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 6/15/35  | 300 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/15/42  | 250 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 1/15/49  | 125 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 4/1/54  | 150 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/41  | 300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 9/29/46  | 50 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spire Missouri, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 6/1/51 <sup>†</sup> <br>| 100 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Gas Light Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 9/15/49  | 100 | 73 |
|  |  | **5637** |

---

FIXED INCOME FUNDS **25** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Health Care Facilities & Services – 1.1%** | **Health Care Facilities & Services – 1.1%** | **Health Care Facilities & Services – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advocate Health & Hospitals Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 6/15/50  | $265 | $174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aetna, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/15/36  | 40 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/15/37  | 150 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AHS Hospital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 7/1/45  | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascension Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/15/29  | 750 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/30  | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/34 <sup>†</sup> <br>| 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/44  | 200 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 12/15/29  | 150 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/15/34  | 150 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/1/45  | 60 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/47  | 100 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centene Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 8/1/31  | 1000 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/30 <sup>†</sup> <br>| 450 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/32  | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/36  | 250 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 7/15/46  | 880 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 2/15/54 <sup>†</sup> <br>| 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/56  | 300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 9/1/30  | 250 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 9/1/35  | 250 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 10/1/49  | 200 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 8/21/27  | 39 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 3/25/28  | 234 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 8/15/29  | 191 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/1/30  | 386 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/32  | 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 6/1/34  | 250 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 9/15/35  | 600 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/5/43  | 150 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 7/20/45  | 1286 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/25/48  | 319 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 6/1/54 <sup>†</sup> <br>| 200 | 200 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Health Care Facilities & Services – 1.1%continued** | **Health Care Facilities & Services – 1.1%continued** | **Health Care Facilities & Services – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/63  | $400 | $388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dignity Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 11/1/64  | 200 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 3/1/28  | 245 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 9/15/32  | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/15/37  | 500 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/42  | 325 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 3/15/51  | 100 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 6/15/54  | 300 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 2/15/55  | 300 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 9/15/55  | 250 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28  | 450 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/1/30  | 300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/33 <sup>†</sup> <br>| 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/35 <sup>†</sup> <br>| 300 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/15/39  | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/47  | 330 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/49  | 50 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/54  | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 9/15/54  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 3/1/55 <sup>†</sup> <br>| 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 4/1/64  | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/28  | 500 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 8/15/29  | 85 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/15/31  | 300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/53  | 300 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/55  | 250 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icon Investments Six DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 5/8/29  | 250 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQVIA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/29 <sup>†</sup> <br>| 250 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaiser Foundation Hospitals, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 11/1/49  | 500 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 2/1/45  | 300 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 5/30/30 <sup>†</sup> <br>| 500 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Memorial Sloan-Kettering Cancer <br> Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/1/52 <sup>†</sup> <br>| 100 | 80 |

---

NORTHERN FUNDS QUARTERLY REPORT **26** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Health Care Facilities & Services – 1.1%continued** | **Health Care Facilities & Services – 1.1%continued** | **Health Care Facilities & Services – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novant Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.32%, 11/1/61  | $120 | $77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYU Langone Hospitals, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 7/1/47  | 200 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Providence St. Joseph Health Obligated <br> Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37%, 10/1/32  | 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 6/30/29  | 59 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 11/30/33  | 200 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sutter Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 8/15/48  | 500 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 1/15/27  | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 5/15/27  | 55 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/28  | 218 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/29  | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/29  | 600 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 1/15/30 <sup>†</sup> <br>| 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/15/30  | 216 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 1/15/31  | 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 5/15/31  | 200 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 7/15/34  | 300 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 11/15/37  | 640 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 2/15/38  | 170 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/15/42  | 219 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/15/45  | 281 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 4/15/53  | 750 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 6/15/55  | 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/64  | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/64  | 900 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/29  | 250 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 10/15/34  | 250 | 246 |
|  |  | **27468** |
| **Home & Office Products – 0.0%** | **Home & Office Products – 0.0%** | **Home & Office Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/27 | 500 | **492** |
| **Home Construction – 0.1%** | **Home Construction – 0.1%** | **Home Construction – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/35  | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/25/52  | 50 | 40 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Home Construction – 0.1%continued** | **Home Construction – 0.1%continued** | **Home Construction – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/29/27  | $200 | $202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masco Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/15/28  | 500 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 3/15/35  | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 9/18/28  | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/15/30  | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sekisui House U.S., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/15/31  | 200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/1/29  | 150 | 148 |
|  |  | **1551** |
| **Household Products – 0.2%** | **Household Products – 0.2%** | **Household Products – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 8/1/47  | 100 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 3/1/33  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/15/37  | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/15/45  | 150 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 3/15/47  | 70 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 5/15/53  | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haleon U.S. Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/24/32  | 600 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 3/22/33  | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 3/22/43  | 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/22/53 <sup>†</sup> <br>| 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/2/31 <sup>†</sup> <br>| 200 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 8/1/37  | 350 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 7/30/46  | 25 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/25/30  | 794 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/29/30 <sup>†</sup> <br>| 300 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 2/1/32  | 200 | 183 |
|  |  | **3636** |
| **Industrial Intermediate Products – 0.0%** | **Industrial Intermediate Products – 0.0%** | **Industrial Intermediate Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Timken (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/1/32 | 100 | **96** |

---

FIXED INCOME FUNDS **27** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WW Grainger, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 6/15/45 | $100 | **$91** |
| **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 5/16/27  | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.33%), 3.44%, 2/7/28 <sup>(3)</sup> <br>| 1000 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.09%), <br> 4.98%, 3/14/30 <sup>(3)</sup> <br>| 500 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.23%), <br> 5.06%, 7/22/32 <sup>(3)</sup> <br>| 250 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.51%), <br> 4.71%, 2/1/34 <sup>(3)</sup> <br>| 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BGC Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 6/10/29  | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/16/32  | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/15/28  | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 9/15/43  | 45 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group (The), Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 1/15/27  | 613 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 1/26/27  | 623 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.32%), <br> 4.94%, 4/23/28 <sup>(3)</sup> <br>| 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.77%), 3.69%, 6/5/28 <sup>(3)</sup> <br>| 579 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.42%), 3.81%, 4/23/29 <sup>(3)</sup> <br>| 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.90%), <br> 4.15%, 10/21/29 <sup>(3)</sup> <br>| 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.08%), <br> 5.21%, 1/28/31 <sup>(3)</sup> <br>| 1000 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.06%), <br> 4.37%, 10/21/31 <sup>(3)</sup> <br>| 500 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.09%), <br> 1.99%, 1/27/32 <sup>(3) †</sup> <br>| 1500 | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.95%), <br> 6.56%, 10/24/34 <sup>(3) †</sup> <br>| 400 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.55%), <br> 5.85%, 4/25/35 <sup>(3)</sup> <br>| 700 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.38%), <br> 5.54%, 1/28/36 <sup>(3) †</sup> <br>| 400 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.33%), <br> 4.94%, 10/21/36 <sup>(3)</sup> <br>| 500 | 497 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Institutional Financial Services – 1.1%continued** | **Institutional Financial Services – 1.1%continued** | **Institutional Financial Services – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.69%), 4.41%, 4/23/39 <sup>(3)</sup> <br>| $500 | $463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/41  | 192 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.51%), <br> 3.21%, 4/22/42 <sup>(3)</sup> <br>| 808 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.63%), <br> 3.44%, 2/24/43 <sup>(3)</sup> <br>| 400 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 7/8/44  | 350 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.58%), <br> 5.56%, 11/19/45 <sup>(3)</sup> <br>| 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.70%), <br> 5.73%, 1/28/56 <sup>(3)</sup> <br>| 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/31  | 400 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 6/15/62  | 600 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/15/31  | 400 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 4/14/34  | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lazard Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/15/31  | 125 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 3/15/30  | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 1/20/27  | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.91%), <br> 4.13%, 10/18/29 <sup>(3)</sup> <br>| 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.26%), <br> 5.66%, 4/18/30 <sup>(3)</sup> <br>| 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.11%), <br> 5.23%, 1/15/31 <sup>(3)</sup> <br>| 2400 | 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.07%), <br> 4.36%, 10/22/31 <sup>(3)</sup> <br>| 500 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.03%), <br> 1.79%, 2/13/32 <sup>(3)</sup> <br>| 36 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.02%), <br> 1.93%, 4/28/32 <sup>(3)</sup> <br>| 66 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.88%), <br> 5.42%, 7/21/34 <sup>(3)</sup> <br>| 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.73%), <br> 5.47%, 1/18/35 <sup>(3)</sup> <br>| 700 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.42%), <br> 5.59%, 1/18/36 <sup>(3)</sup> <br>| 300 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.76%), <br> 5.66%, 4/17/36 <sup>(3)</sup> <br>| 300 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.36%), <br> 2.48%, 9/16/36 <sup>(3)</sup> <br>| 600 | 528 |

---

NORTHERN FUNDS QUARTERLY REPORT **28** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Institutional Financial Services – 1.1%continued** | **Institutional Financial Services – 1.1%continued** | **Institutional Financial Services – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.31%), <br> 4.89%, 10/22/36 <sup>(3) †</sup> <br>| $500 | $497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.43%), 5.95%, <br> 1/19/38 <sup>(3)</sup> <br>| 800 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.80%), 5.94%, <br> 2/7/39 <sup>(3)</sup> <br>| 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 7/24/42  | 300 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 1/27/45  | 784 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.71%), <br> 5.52%, 11/19/55 <sup>(3)</sup> <br>| 300 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 8/15/53 <sup>(9)</sup> <br>| 300 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73%, 2/28/30  | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 4.82%, 1/26/34 <sup>(3)</sup> <br>| 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.89%), <br> 5.16%, 5/18/34 <sup>(3)</sup> <br>| 400 | 414 |
|  |  | **28016** |
| **Insurance – 0.6%** | **Insurance – 0.6%** | **Insurance – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 4/1/30  | 500 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allstate (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/15/43  | 45 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/15/46  | 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, ICE LIBOR USD 3M + <br> 2.12%), 6.50%, 5/15/57 <sup>(3)</sup> <br>| 225 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/2/30  | 150 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/16/44  | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/30/50  | 300 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American National Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/1/29  | 150 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aon Corp./Aon Global Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 2/28/52  | 300 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aon North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/1/27  | 2000 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 3/1/31  | 300 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 6/30/50  | 200 | 149 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Insurance – 0.6%continued** | **Insurance – 0.6%continued** | **Insurance – 0.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/2/53  | $250 | $246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 2/15/55  | 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 3/27/28  | 215 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty U.S. Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/28  | 120 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Athene Holding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 2/1/33  | 300 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/54  | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/19/55  | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AXIS Specialty Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.19%), 4.90%, <br> 1/15/40 <sup>(3)</sup> <br>| 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 3/15/32  | 178 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 5/15/42  | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 5/15/43  | 300 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/49  | 300 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/11/43  | 255 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/22/51  | 250 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 3/17/52  | 200 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 6/23/55  | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb INA Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 5/15/36  | 50 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/11/37  | 50 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/38  | 85 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 3/13/43  | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/15/51  | 100 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 12/15/61  | 200 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNA Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/33  | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 4/5/52  | 300 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enstar Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 9/1/31  | 150 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/20/48  | 136 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everest Reinsurance Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/15/52  | 200 | 127 |

---

FIXED INCOME FUNDS **29** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Insurance – 0.6%continued** | **Insurance – 0.6%continued** | **Insurance – 0.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.40%, 1/13/28  | $100 | $105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 9/15/34  | 150 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group (The), Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/15/36  | 285 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 9/15/28  | 150 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 3/1/28  | 117 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/9/37  | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loews Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/15/43  | 75 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/20/49  | 200 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 5/7/52  | 100 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 8/1/33  | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/15/34  | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 3/15/53  | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 3/15/55  | 300 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/15/34  | 485 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 12/15/44  | 370 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/54  | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/28/34  | 150 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/53  | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progressive (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 1/15/27  | 250 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 3/15/48  | 300 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 3/14/35  | 400 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/10/40  | 300 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 12/7/49  | 335 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/15/33  | 200 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.39%), 6.65%, <br> 9/15/55 <sup>(3)</sup> <br>| 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 4/15/35  | 100 | 105 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Insurance – 0.6%continued** | **Insurance – 0.6%continued** | **Insurance – 0.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transatlantic Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/30/39  | $70 | $88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travelers (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 6/15/37  | 375 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 5/25/53  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 7/24/55  | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unum Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/15/51  | 200 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W R Berkley Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 3/30/52  | 200 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 9/15/29  | 500 | 476 |
|  |  | **15912** |
| **Internet Media & Services – 0.4%** | **Internet Media & Services – 0.4%** | **Internet Media & Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/30  | 1300 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/45  | 1000 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 8/15/50  | 75 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 8/15/60 <sup>†</sup> <br>| 400 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 5/15/65  | 250 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/1/27  | 300 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 5/15/28  | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 8/15/29 <sup>†</sup> <br>| 750 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 8/15/31  | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/15/32  | 2000 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 5/15/33  | 1800 | 1856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/15/55  | 1200 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 1/15/31  | 250 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 9/15/35  | 250 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 9/15/54  | 250 | 238 |
|  |  | **10934** |
| **IT Services – 0.1%** | **IT Services – 0.1%** | **IT Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/4/31  | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBM International Capital Pte. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 2/5/34  | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 2/5/54  | 300 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/15/28  | 226 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 5/15/30  | 797 | 727 |

---

NORTHERN FUNDS QUARTERLY REPORT **30** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **IT Services – 0.1%continued** | **IT Services – 0.1%continued** | **IT Services – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 2/10/35 <sup>†</sup> <br>| $700 | $719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/49  | 300 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/15/28  | 500 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leidos, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/15/33  | 300 | 318 |
|  |  | **3508** |
| **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/30/27  | 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 8/15/34  | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 3/15/30  | 400 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 4/15/31  | 500 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 4/15/32  | 300 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 8/14/28  | 700 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/17/29  | 400 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/13/36  | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/9/45  | 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 3/1/47  | 200 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 9/1/48  | 112 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 8/14/53  | 300 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/34  | 250 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 5/15/35 <sup>†</sup> <br>| 250 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/50  | 600 | 422 |
|  |  | **4757** |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 3/15/40 | 50 | **53** |
| **Machinery – 0.3%** | **Machinery – 0.3%** | **Machinery – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 3/21/34  | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 1/8/27  | 186 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 8/12/27  | 500 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 8/15/42  | 185 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 5/15/44  | 235 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 9/19/49  | 220 | 157 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Machinery – 0.3%continued** | **Machinery – 0.3%continued** | **Machinery – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 4/20/29  | $300 | $307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deere & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/15/50  | 633 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 9/15/27  | 250 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 5/18/28  | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 8/23/52  | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 1/15/32  | 100 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 6/15/31  | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31%, 6/15/31  | 500 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 9/15/27  | 118 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 1/7/28  | 400 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/14/28  | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 9/8/31  | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennametal, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/15/28  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oshkosh Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 3/1/30  | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 4/15/28  | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 5/1/50  | 100 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/50  | 300 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 1/30/31  | 200 | 182 |
|  |  | **6655** |
| **Medical Equipment & Devices – 0.3%** | **Medical Equipment & Devices – 0.3%** | **Medical Equipment & Devices – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 1/30/28  | 400 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/30/36  | 353 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/30/37  | 202 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/15/43  | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 3/12/31  | 300 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.92%, 2/1/27  | 109 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/15/46  | 350 | 249 |

---

FIXED INCOME FUNDS **31** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Medical Equipment & Devices – 0.3%continued** | **Medical Equipment & Devices – 0.3%continued** | **Medical Equipment & Devices – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/1/51  | $150 | $95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 2/13/28  | 800 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 12/15/44  | 210 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/40  | 240 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DH Europe Finance II S.a.r.l., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/15/29  | 1100 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91%, 11/22/32  | 600 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medtronic, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/45  | 406 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 9/15/31  | 300 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 2/10/27  | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 3/7/28  | 152 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 2/10/30  | 250 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 4/1/43  | 50 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/15/44  | 200 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 6/15/50  | 200 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/15/28  | 38 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/31/29  | 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 3/1/31  | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.47%, 10/7/32  | 250 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/15/41  | 500 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/24/31  | 400 | 362 |
|  |  | **7936** |
| **Metals & Mining – 0.0%** | **Metals & Mining – 0.0%** | **Metals & Mining – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/1/30  | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/1/35  | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp./Newcrest Finance Pty. <br> Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 5/13/50  | 300 | 245 |
|  |  | **857** |
| **Oil & Gas Services & Equipment – 0.1%** | **Oil & Gas Services & Equipment – 0.1%** | **Oil & Gas Services & Equipment – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 9/15/40  | 100 | 98 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Oil & Gas Services & Equipment – 0.1%continued** | **Oil & Gas Services & Equipment – 0.1%continued** | **Oil & Gas Services & Equipment – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Holdings LLC/Baker <br> Hughes Co-Obligor, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 12/15/47  | $110 | $88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 3/1/30  | 300 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/15/35  | 275 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 9/15/39  | 160 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 8/1/43  | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOV, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/1/29 <sup>†</sup> <br>| 150 | 146 |
|  |  | **1090** |
| **Oil & Gas Supply Chain – 1.4%** | **Oil & Gas Supply Chain – 1.4%** | **Oil & Gas Supply Chain – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APA Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 2/15/35 <sup>†</sup> <br>| 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boardwalk Pipelines L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 7/15/27  | 150 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 1/16/27  | 312 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 11/6/28  | 428 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 1/12/32  | 110 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 4/10/34  | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/8/61  | 800 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 9/19/27  | 138 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 12/31/39  | 300 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 6/30/33  | 500 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 10/30/35 <sup>(2)</sup> <br>| 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 4/15/34  | 250 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 8/12/27  | 31 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 4/15/30  | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/32  | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 10/15/35  | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 8/12/50 <sup>†</sup> <br>| 200 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 9/15/33  | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 3/15/42  | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 5/15/53  | 300 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/55  | 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 3/15/62  | 405 | 295 |

---

NORTHERN FUNDS QUARTERLY REPORT **32** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/15/29  | $200 | $201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCP Midstream Operating L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/27  | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/27  | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/15/54 <sup>†</sup> <br>| 500 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 4/18/34 <sup>†</sup> <br>| 400 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/53  | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/18/54  | 300 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 4/18/64  | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern Gas Transmission & Storage, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/15/44  | 200 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enbridge Energy Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/38  | 50 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 3/15/27  | 90 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 4/15/27  | 160 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/27  | 266 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 6/15/28  | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/15/29  | 212 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 9/15/29  | 183 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/1/30  | 400 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 7/1/38  | 310 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 1/15/43 <sup>†</sup> <br>| 500 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 2/1/43  | 309 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 4/1/44  | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 5/15/45  | 80 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/49  | 400 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 9/1/54 <sup>†</sup> <br>| 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 2/15/27  | 529 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 7/31/29  | 138 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/1/33  | 50 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 4/15/38  | 515 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 2/1/41  | 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 2/1/49  | 200 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 1/31/50  | 700 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 2/16/55  | 300 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 1/15/36  | 250 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 4/15/50  | 100 | 90 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 7/15/55  | $150 | $153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQT Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 2/1/34  | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 3/19/30  | 125 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 10/15/30  | 1010 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/16/39  | 200 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 3/19/50  | 500 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hess Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/33  | 390 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/30  | 250 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan Energy Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 8/15/33  | 175 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 9/15/40  | 205 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/40  | 305 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/41  | 35 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/1/41  | 310 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 9/1/44  | 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 8/1/52  | 300 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 8/1/54  | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 4/1/28  | 38 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/1/41  | 300 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPLX L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 2/15/29  | 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 8/15/30  | 300 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 9/15/35  | 500 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 12/1/47  | 407 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 4/15/48  | 400 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 3/1/53  | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 1/1/31  | 1160 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 3/15/46  | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/1/54  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 10/1/36  | 80 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 7/15/28  | 23 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 3/15/29  | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/31  | 700 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 9/1/33  | 300 | 320 |

---

FIXED INCOME FUNDS **33** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/15/35  | $250 | $253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/15/43  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 6/1/47  | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 1/15/51  | 400 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/1/54  | 300 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/1/64  | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.10%, 7/15/53  | 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips 66, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 5/1/42  | 140 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 3/15/35  | 400 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/1/46  | 200 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 6/15/54  | 350 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P./PAA <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 12/15/29  | 554 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 9/15/30  | 137 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 1/15/36  | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/27  | 268 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/30  | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell Finance U.S., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/13/28 <sup>(2)</sup> <br>| 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/7/29  | 287 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/11/35  | 300 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 8/12/43  | 60 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/11/45  | 390 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/12/46  | 230 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/7/49 <sup>(2)</sup> <br>| 100 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/26/51 <sup>(2)</sup> <br>| 150 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell International Finance B.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/21/42  | 230 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectra Energy Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 9/25/43  | 89 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/15/45  | 110 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/33  | 500 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 2/15/36  | 250 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/53  | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 5/15/55  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Gas Pipeline Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/15/27  | 158 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/28  | 295 | 317 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 4/1/37  | $5 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/32  | 765 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Midstream Operating L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 4/1/33 <sup>†</sup> <br>| 700 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/15/27  | 548 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 3/15/29  | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 8/15/32 <sup>†</sup> <br>| 600 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/15/34  | 500 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 9/30/35 <sup>†</sup> <br>| 250 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/15/43  | 200 | 199 |
|  |  | **34928** |
| **Real Estate Investment Trusts – 0.8%** | **Real Estate Investment Trusts – 0.8%** | **Real Estate Investment Trusts – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/15/29  | 1000 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 4/15/49  | 200 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 4/15/52  | 200 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 1/15/27  | 128 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 1/15/28  | 79 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 1/31/28  | 39 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 3/15/29  | 134 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 8/15/29  | 500 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/33  | 300 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 2/15/34  | 300 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 1/15/51  | 100 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Operating Partnership <br> L.P.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 5/15/32 <sup>†</sup> <br>| 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/15/46  | 300 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/1/28  | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/15/34  | 500 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brixmor Operating Partnership L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/16/31  | 300 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COPT Defense Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/1/33  | 200 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 7/1/30  | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 3/1/34  | 300 | 315 |

---

NORTHERN FUNDS QUARTERLY REPORT **34** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Real Estate Investment Trusts – 0.8%continued** | **Real Estate Investment Trusts – 0.8%continued** | **Real Estate Investment Trusts – 0.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 2/15/49  | $350 | $317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 7/1/29  | 300 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPR Properties, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/31  | 250 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 7/15/30  | 1000 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ERP Operating L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/28  | 500 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/45  | 55 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 7/15/31  | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex Portfolio L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/29  | 146 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/15/30  | 154 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 4/1/28  | 700 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 1/15/31  | 300 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Realty OP L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/1/28  | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Industrial L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/31  | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLP Capital L.P./GLP Financing II, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/15/32  | 300 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/1/37  | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Holdings L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/15/31  | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthpeak OP LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/15/29  | 277 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/33  | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/15/30  | 118 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership <br> L.P.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/28  | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/15/28  | 112 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty OP LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 3/1/34  | 200 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/1/45  | 200 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/15/31  | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/15/30  | 100 | 101 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Real Estate Investment Trusts – 0.8%continued** | **Real Estate Investment Trusts – 0.8%continued** | **Real Estate Investment Trusts – 0.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/1/31  | $100 | $87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartments L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 9/15/51  | 200 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 4/15/50  | 300 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 4/15/33  | 300 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips Edison Grocery Center <br> Operating Partnership I L.P.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/34  | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/15/28  | 150 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 7/1/30  | 200 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/31  | 400 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/33  | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/31/35  | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/35  | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/53  | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage Operating Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 1/15/29  | 300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 5/1/31  | 300 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/9/31  | 200 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/15/27  | 56 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 1/15/28  | 61 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 3/15/28  | 600 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/15/29  | 123 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 7/15/33  | 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regency Centers L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 6/15/30  | 400 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/28  | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/15/29 <sup>†</sup> <br>| 150 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safehold GL Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 4/1/34  | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 9/13/29 <sup>†</sup> <br>| 1001 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/26/34  | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/40  | 242 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/1/44  | 148 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Store Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 12/1/31  | 200 | 177 |

---

FIXED INCOME FUNDS **35** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Real Estate Investment Trusts – 0.8%continued** | **Real Estate Investment Trusts – 0.8%continued** | **Real Estate Investment Trusts – 0.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Communities Operating L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/1/28  | $300 | $286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tanger Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 9/1/31  | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 6/15/33  | 300 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventas Realty L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/30  | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 9/30/43  | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/1/35  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 5/15/52  | 200 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Welltower OP LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 1/15/29  | 67 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/15/29  | 260 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 1/15/30  | 218 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 9/1/48  | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/9/52  | 200 | 155 |
|  |  | **20161** |
| **Real Estate Services – 0.0%** | **Real Estate Services – 0.0%** | **Real Estate Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBRE Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 8/15/34 | 200 | **214** |
| **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 4/20/32  | 300 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/52  | 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/1/31  | 200 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kroger (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/34  | 800 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 4/15/38  | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 7/15/40  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/15/54 <sup>†</sup> <br>| 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 9/15/64  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Target Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 6/15/28  | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/35 <sup>†</sup> <br>| 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/15/36  | 250 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 1/15/53 <sup>†</sup> <br>| 400 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 4/28/27  | 250 | 252 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Retail - Consumer Staples – 0.2%continued** | **Retail - Consumer Staples – 0.2%continued** | **Retail - Consumer Staples – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 6/26/28  | $251 | $252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 9/22/31  | 2000 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 6/28/38  | 200 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/53  | 300 | 266 |
|  |  | **5852** |
| **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 3/1/32 <sup>†</sup> <br>| 300 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/18/29  | 121 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/30  | 129 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 11/1/33  | 300 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 1/15/52  | 100 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Depot (The), Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/15/28  | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/25/29  | 600 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 9/15/30  | 250 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 9/15/35  | 250 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 9/15/40  | 680 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 4/1/41  | 405 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/6/48  | 400 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 4/15/52  | 643 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 4/1/27  | 115 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/27  | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/28  | 250 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 4/5/29  | 76 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/15/31  | 250 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/1/32  | 500 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/32  | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 10/15/35  | 250 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 9/15/41  | 200 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 5/3/47  | 94 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/50  | 700 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 4/1/63  | 300 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 6/1/29 <sup>†</sup> <br>| 500 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 4/15/31  | 200 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TJX (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 5/15/28  | 74 | 70 |
|  |  | **7924** |

---

NORTHERN FUNDS QUARTERLY REPORT **36** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Semiconductors – 0.5%** | **Semiconductors – 0.5%** | **Semiconductors – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 6/1/52  | $150 | $127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 6/15/27  | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/1/41  | 300 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 6/1/30  | 500 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 6/15/41  | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 2/15/28  | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 2/15/31  | 1024 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 4/15/32 <sup>(2)</sup> <br>| 500 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 7/15/35  | 700 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 2/15/36  | 250 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 5/15/37 <sup>(2) (8)</sup> <br>| 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 2/15/38  | 250 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/15/41  | 200 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/51  | 700 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/10/30  | 250 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/21/31  | 400 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/12/31  | 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 2/10/33 <sup>†</sup> <br>| 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/1/41  | 80 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 12/8/47  | 741 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/49  | 200 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/25/50  | 200 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 8/12/51  | 350 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 2/10/53  | 700 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KLA Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/62  | 250 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 6/15/30  | 700 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 2/15/29  | 300 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 1/15/31  | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/1/32  | 500 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 1/15/35  | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/50  | 400 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 5/20/33 <sup>†</sup> <br>| 300 | 318 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Semiconductors – 0.5%continued** | **Semiconductors – 0.5%continued** | **Semiconductors – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 5/20/45  | $300 | $275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/20/53  | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 9/4/29  | 200 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 3/14/33  | 800 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 2/8/54 <sup>†</sup> <br>| 200 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 5/18/63  | 300 | 270 |
|  |  | **13318** |
| **Software – 0.6%** | **Software – 0.6%** | **Software – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 2/1/27  | 419 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 1/17/35  | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/15/27  | 135 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 9/10/29  | 400 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 8/2/33 <sup>†</sup> <br>| 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 3/15/31  | 100 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 9/15/33  | 300 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 9/15/30  | 300 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/15/47  | 900 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/15/50  | 200 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 3/17/52  | 500 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 6/1/60  | 100 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 3/17/62  | 1000 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/1/27  | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/6/28  | 600 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 3/25/31  | 509 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/3/32  | 900 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 9/26/32  | 2200 | 2134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 2/6/33  | 300 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 9/27/34  | 1000 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 5/15/35  | 336 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/37  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 7/15/40  | 590 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 4/1/50  | 1000 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 2/6/53  | 500 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/15/55  | 25 | 17 |

---

FIXED INCOME FUNDS **37** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Software – 0.6%continued** | **Software – 0.6%continued** | **Software – 0.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 9/26/55  | $300 | $267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 9/26/65  | 500 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/15/34  | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 7/15/28  | 1300 | 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 7/15/31  | 300 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 4/1/30  | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VMware LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 8/15/31  | 300 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 4/1/32  | 300 | 288 |
|  |  | **15367** |
| **Specialty Finance – 0.6%** | **Specialty Finance – 0.6%** | **Specialty Finance – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/1/27  | 163 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 9/1/28  | 131 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/1/28  | 651 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/1/29  | 500 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.82%), <br> 6.85%, 1/3/30 <sup>(3) †</sup> <br>| 500 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/5/27  | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 5/3/29  | 72 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.28%), 5.28%, <br> 7/27/29 <sup>(3)</sup> <br>| 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.94%), <br> 6.49%, 10/30/31 <sup>(3)</sup> <br>| 700 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.93%), <br> 5.63%, 7/28/34 <sup>(3)</sup> <br>| 300 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.79%), <br> 5.67%, 4/25/36 <sup>(3)</sup> <br>| 300 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.24%), <br> 4.80%, 10/24/36 <sup>(3)</sup> <br>| 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 3/9/27  | 250 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 5/11/27  | 144 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.08%), <br> 5.47%, 2/1/29 <sup>(3) †</sup> <br>| 700 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.64%), <br> 6.31%, 6/8/29 <sup>(3)</sup> <br>| 500 | 525 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Specialty Finance – 0.6%continued** | **Specialty Finance – 0.6%continued** | **Specialty Finance – 0.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.86%), <br> 6.38%, 6/8/34 <sup>(3)</sup> <br>| $400 | $433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 3.37%), 7.96%, <br> 11/2/34 <sup>(3)</sup> <br>| 300 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 9/15/31  | 380 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 3/1/32  | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 9/17/51  | 200 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 7/15/32 <sup>†</sup> <br>| 400 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 8/21/28  | 500 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/29  | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 2/15/31  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 8/12/34  | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GATX Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/28  | 500 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 3/15/44  | 35 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 6/5/54  | 150 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 8/15/27  | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 11/15/32  | 600 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 1/15/32  | 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/21/46  | 500 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/8/32  | 500 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/1/29 <sup>†</sup> <br>| 300 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 6/1/34  | 500 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 3/1/27  | 300 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/15/33  | 300 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 3/1/52  | 100 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/1/27 <sup>†</sup> <br>| 400 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/1/33  | 300 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 4/15/30  | 400 | 371 |

---

NORTHERN FUNDS QUARTERLY REPORT **38** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Specialty Finance – 0.6%continued** | **Specialty Finance – 0.6%continued** | **Specialty Finance – 0.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/14/35  | $100 | $98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/15/50  | 500 | 272 |
|  |  | **15763** |
| **Steel – 0.0%** | **Steel – 0.0%** | **Steel – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 12/15/55  | 275 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 4/15/30  | 300 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/15/55  | 250 | 250 |
|  |  | **711** |
| **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 2/9/27  | 345 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 5/11/27  | 201 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 9/12/27  | 400 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/10/28  | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 8/8/29  | 37 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 9/11/29  | 188 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 5/10/30  | 400 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/12/32 <sup>†</sup> <br>| 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 8/8/32  | 450 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 5/10/33  | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 2/8/41  | 215 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 5/4/43  | 305 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 2/9/45  | 25 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/13/45  | 160 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 2/23/46  | 206 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 8/4/46  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/9/47  | 11 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/12/47  | 8 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/13/47  | 25 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 9/11/49 <sup>†</sup> <br>| 700 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 5/10/53  | 900 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 1/12/28  | 250 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDW LLC/CDW Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 12/1/28  | 500 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 2/24/32  | 400 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 2/15/39  | 200 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/40  | 90 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 2/26/64  | 500 | 474 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Technology Hardware – 0.5%continued** | **Technology Hardware – 0.5%continued** | **Technology Hardware – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/48  | $300 | $292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/35  | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 2/15/36  | 300 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.35%, 7/15/46  | 223 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.10%, 4/15/28  | 1000 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/28  | 300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 10/15/31  | 800 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 10/15/45  | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/15/41  | 275 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/15/31  | 300 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 3/15/41  | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 6/1/32  | 400 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 8/9/31  | 150 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 4/1/31  | 200 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 2/1/32  | 250 | 231 |
|  |  | **12273** |
| **Telecommunications – 0.7%** | **Telecommunications – 0.7%** | **Telecommunications – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 8/15/30  | 400 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 6/1/31  | 359 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 2/15/34  | 1700 | 1765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/1/35  | 250 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 2/1/43  | 900 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/1/45  | 250 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/9/48  | 574 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 2/1/52  | 550 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/1/54  | 400 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 8/15/56  | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/1/57  | 700 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 9/15/59  | 500 | 332 |

---

FIXED INCOME FUNDS **39** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Telecommunications – 0.7%continued** | **Telecommunications – 0.7%continued** | **Telecommunications – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T-Mobile U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/28  | $1066 | $1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 7/15/28  | 785 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/15/30 <sup>†</sup> <br>| 500 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 4/15/34 <sup>†</sup> <br>| 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 5/15/35 <sup>†</sup> <br>| 250 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/15/41  | 300 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/50  | 400 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/15/54  | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/55 <sup>†</sup> <br>| 500 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/55  | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 1/15/56  | 250 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 9/15/62  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 3/22/30  | 1352 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/30  | 818 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 2/15/35  | 1465 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/36  | 2000 | 1988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 3/22/41  | 300 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/1/52  | 300 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/23/54 <sup>†</sup> <br>| 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/56  | 700 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 3/22/61  | 1000 | 678 |
|  |  | **18148** |
| **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 11/1/28  | 500 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 2/4/32  | 200 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/2/43  | 410 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 2/14/49  | 517 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/7/28  | 800 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/13/29 <sup>†</sup> <br>| 600 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/1/30 <sup>†</sup> <br>| 181 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/1/31  | 400 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/4/43  | 591 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/43  | 100 | 93 |
|  |  | **4180** |
| **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Pass Through Trust, <br> Series 2021-1, Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 7/11/34  | 252 | 230 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Transportation & Logistics – 0.4%continued** | **Transportation & Logistics – 0.4%continued** | **Transportation & Logistics – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/15/27  | $325 | $323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 8/15/36  | 455 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 9/1/43  | 280 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 2/15/50  | 400 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/55  | 150 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 3/15/56  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 4/15/28  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSX Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 11/15/33  | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/36  | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 5/1/37  | 190 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 4/30/40  | 365 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/48  | 200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/15/49  | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Pass Through Trust, <br> Series 2020-1, Class AA,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 6/10/28  | 101 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/10/30  | 250 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 8/5/29  | 250 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/30 <sup>†</sup> <br>| 95 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 5/15/31  | 400 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 4/15/43  | 300 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/45  | 200 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/6/34  | 200 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JetBlue Pass Through Trust, Series <br> 2020-1, Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/34  | 134 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 3/1/28  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 8/1/30  | 400 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 6/15/45  | 275 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 11/1/47  | 300 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 8/1/54  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 3/15/64  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 12/1/33  | 100 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/15/27  | 400 | 405 |

---

NORTHERN FUNDS QUARTERLY REPORT **40** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Transportation & Logistics – 0.4%continued** | **Transportation & Logistics – 0.4%continued** | **Transportation & Logistics – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 4/6/36  | $300 | $254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/14/42  | 100 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/5/50  | 800 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 12/1/54  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 1/20/63  | 500 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines Pass Through Trust, <br> Series 2019-1, Class AA,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 8/25/31  | 317 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines Pass Through Trust, <br> Series 2024-1, Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/15/37  | 193 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 4/1/40  | 500 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/47  | 180 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 4/1/50  | 377 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 5/14/55  | 250 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 5/22/64  | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 5/14/65  | 250 | 259 |
|  |  | **10573** |
| **Transportation Equipment – 0.0%** | **Transportation Equipment – 0.0%** | **Transportation Equipment – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 9/1/30 <sup>†</sup> <br>| 500 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/1/43  | 90 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PACCAR Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/26/29  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 9/15/28  | 250 | 253 |
|  |  | **987** |
| **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/15/47  | 295 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 4/21/31  | 200 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 7/15/27  | 523 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 9/21/35  | 250 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 3/15/48  | 300 | 255 |
|  |  | **1449** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  | **CORPORATE BONDS - 20.3% continued**  |
| **Wholesale - Discretionary – 0.0%** | **Wholesale - Discretionary – 0.0%** | **Wholesale - Discretionary – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/28 | $200 | **$207** |
| **Total Corporate Bonds** |  |  |
| **(Cost $533,466)** |  | **516463** |
| **FOREIGN ISSUER BONDS – 6.3%**  | **FOREIGN ISSUER BONDS – 6.3%**  | **FOREIGN ISSUER BONDS – 6.3%**  |
| **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embraer Netherlands Finance B.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.98%, 2/11/35 | 100 | **106** |
| **Asset Management – 0.1%** | **Asset Management – 0.1%** | **Asset Management – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 4/24/35  | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Finance LLC/Brookfield <br> Finance, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 4/15/50  | 500 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 3/29/29  | 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 4/15/30  | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 1/15/35  | 300 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CI Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 6/15/51  | 100 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 9/11/28  | 800 | 835 |
|  |  | **2577** |
| **Automotive – 0.1%** | **Automotive – 0.1%** | **Automotive – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 3/10/27  | 1000 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 7/8/35  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/21/33  | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North <br> America LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/18/31  | 175 | 207 |
|  |  | **1605** |
| **Banking – 1.5%** | **Banking – 1.5%** | **Banking – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking <br> Group Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 12/16/29  | 350 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.70%), 6.14%, <br> 9/14/28 <sup>(3)</sup> <br>| 400 | 414 |

---

FIXED INCOME FUNDS **41** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Banking – 1.5%continued** | **Banking – 1.5%continued** | **Banking – 1.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Santander S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.00%), 4.18%, <br> 3/24/28 <sup>(3)</sup> <br>| $200 | $200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 6/27/29  | 1400 | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.94%, 11/7/33  | 400 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 3/8/27 <sup>†</sup> <br>| 1000 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.25%), <br> 4.64%, 9/10/30 <sup>(3)</sup> <br>| 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 2/1/34  | 500 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.74%), <br> 5.69%, 3/12/30 <sup>(3)</sup> <br>| 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 3.50%), 7.44%, <br> 11/2/33 <sup>(3)</sup> <br>| 500 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.98%), <br> 6.22%, 5/9/34 <sup>(3)</sup> <br>| 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.59%), <br> 5.79%, 2/25/36 <sup>(3) †</sup> <br>| 300 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.30%), 3.33%, <br> 11/24/42 <sup>(3)</sup> <br>| 100 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/17/45  | 144 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 4/7/27  | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.09%, 10/3/33  | 300 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooperatieve Rabobank U.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 10/17/28  | 600 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/43  | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 3.65%), <br> 7.08%, 2/10/34 <sup>(3)</sup> <br>| 900 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.05%), <br> 5.40%, 9/11/35 <sup>(3) †</sup> <br>| 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.81%), 4.04%, 3/13/28 <sup>(3)</sup> <br>| 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.73%), <br> 2.01%, 9/22/28 <sup>(3)</sup> <br>| 400 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.04%), <br> 5.13%, 11/19/28 <sup>(3)</sup> <br>| 1500 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.97%), <br> 6.16%, 3/9/29 <sup>(3)</sup> <br>| 750 | 781 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Banking – 1.5%continued** | **Banking – 1.5%continued** | **Banking – 1.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.29%), <br> 2.21%, 8/17/29 <sup>(3)</sup> <br>| $150 | $143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.46%), <br> 5.55%, 3/4/30 <sup>(3)</sup> <br>| 1000 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.29%), <br> 5.13%, 3/3/31 <sup>(3)</sup> <br>| 500 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.95%), <br> 2.36%, 8/18/31 <sup>(3)</sup> <br>| 1300 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.52%), <br> 5.73%, 5/17/32 <sup>(3)</sup> <br>| 800 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.87%), <br> 5.40%, 8/11/33 <sup>(3)</sup> <br>| 500 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 6/1/38  | 150 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.65%), <br> 6.33%, 3/9/44 <sup>(3)</sup> <br>| 500 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/14/44 <sup>†</sup> <br>| 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ING Groep N.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.01%), <br> 4.86%, 3/25/29 <sup>(3)</sup> <br>| 700 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.09%), <br> 6.11%, 9/11/34 <sup>(3)</sup> <br>| 200 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.61%), <br> 5.53%, 3/25/36 <sup>(3)</sup> <br>| 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.38%), 5.46%, <br> 1/5/28 <sup>(3)</sup> <br>| 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 0.85%), 5.09%, <br> 11/26/28 <sup>(3)</sup> <br>| 500 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.60%), 6.07%, <br> 6/13/36 <sup>(3)</sup> <br>| 300 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 1/9/48  | 500 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 7/25/27  | 378 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 3/7/29  | 1500 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.53%), 5.48%, <br> 2/22/31 <sup>(3)</sup> <br>| 1000 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.13%), 5.13%, <br> 7/20/33 <sup>(3)</sup> <br>| 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 0.93%), 5.19%, <br> 9/12/36 <sup>(3)</sup> <br>| 200 | 204 |

---

NORTHERN FUNDS QUARTERLY REPORT **42** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Banking – 1.5%continued** | **Banking – 1.5%continued** | **Banking – 1.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubshi UFJ Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.27%), 5.62%, <br> 4/24/36 <sup>(3) †</sup> <br>| $200 | $210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.33%), 2.59%, 5/25/31 <sup>(3)</sup> <br>| 1000 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.80%), 5.75%, <br> 5/27/34 <sup>(3)</sup> <br>| 500 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 1/14/30  | 500 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, ICE LIBOR USD 3M + <br> 1.75%), 4.89%, 5/18/29 <sup>(3)</sup> <br>| 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.50%), 5.78%, <br> 3/1/35 <sup>(3)</sup> <br>| 300 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 0.86%), 4.52%, <br> 10/18/28 <sup>(3)</sup> <br>| 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/4/32  | 600 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 2/1/34  | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.60%), <br> 6.53%, 1/10/29 <sup>(3)</sup> <br>| 700 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 12/3/27 <sup>†</sup> <br>| 250 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 1/17/28  | 1250 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 7/8/30  | 400 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.38%), <br> 4.95%, 7/8/33 <sup>(3)</sup> <br>| 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.78%, 7/13/33 <sup>†</sup> <br>| 800 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 9/14/33  | 500 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 1/12/27  | 2052 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 6/8/32  | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 3/8/27  | 500 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 11/18/27  | 500 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/20/28  | 308 | 292 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Banking – 1.5%continued** | **Banking – 1.5%continued** | **Banking – 1.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 4/16/29  | $500 | $517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.82%, 11/17/33  | 300 | 336 |
|  |  | **38614** |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. <br> LLC/Anheuser-Busch InBev <br> Worldwide, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 2/1/46  | 1500 | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/30  | 300 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/39  | 310 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 1/15/42  | 190 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 1/23/49  | 700 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/50  | 200 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Femsa S.A.B. de C.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 9/1/32  | 200 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diageo Capital PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/5/33  | 500 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diageo Investment Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 8/15/30  | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/15/35  | 300 | 318 |
|  |  | **4372** |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 6/12/27  | 31 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 8/6/30  | 731 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 9/15/37  | 450 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/18/42  | 250 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 7/9/40  | 500 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 7/9/50  | 204 | 137 |
|  |  | **1932** |
| **Chemicals – 0.0%** | **Chemicals – 0.0%** | **Chemicals – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/15/35  | 23 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/1/36  | 27 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/1/40  | 150 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 1/15/41  | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 3/27/53  | 200 | 201 |
|  |  | **609** |

---

FIXED INCOME FUNDS **43** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Commercial Support Services – 0.0%** | **Commercial Support Services – 0.0%** | **Commercial Support Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RELX Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/27/30  | $300 | $306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomson Reuters Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/15/35  | 150 | 153 |
|  |  | **459** |
| **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smurfit Kappa Treasury ULC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.78%, 4/3/54<sup>†</sup> <br>| 200 | **201** |
| **E-Commerce Discretionary – 0.0%** | **E-Commerce Discretionary – 0.0%** | **E-Commerce Discretionary – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/26/35 <sup>†</sup> <br>| 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 12/6/57  | 600 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JD.com, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 1/14/30  | 300 | 292 |
|  |  | **1002** |
| **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emera U.S. Finance L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 6/15/31  | 300 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 6/12/28  | 150 | 155 |
|  |  | **426** |
| **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABB Finance U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 4/3/28  | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyco Electronics Group S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/1/37  | 50 | 59 |
|  |  | **260** |
| **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suzano Austria GmbH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 1/15/32<sup>†</sup> <br>| 400 | **358** |
| **Governmental Banks – 0.5%** | **Governmental Banks – 0.5%** | **Governmental Banks – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Export Development Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/14/28  | 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/13/29  | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Export-Import Bank of Korea, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/14/35  | 300 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/29/41  | 500 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Bank for International <br> Cooperation,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/16/27  | 1373 | 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 7/19/28  | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/31/28  | 301 | 299 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Governmental Banks – 0.5%continued** | **Governmental Banks – 0.5%continued** | **Governmental Banks – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 4/15/31  | $500 | $451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Development Bank (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/3/30  | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/15/33  | 800 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kreditanstalt fuer Wiederaufbau, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 4/3/28 <sup>†</sup> <br>| 1215 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/15/28  | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/18/30  | 1000 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 7/15/30  | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/28/34  | 1500 | 1530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 4/18/36 <sup>(10)</sup> <br>| 500 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landwirtschaftliche Rentenbank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/14/28  | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oesterreichische Kontrollbank A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/1/28  | 500 | 507 |
|  |  | **12625** |
| **Household Products – 0.0%** | **Household Products – 0.0%** | **Household Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unilever Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 5/5/27  | 326 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/8/28  | 400 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/32  | 125 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/12/34  | 100 | 101 |
|  |  | **971** |
| **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triton Container International Ltd./TAL <br> International Container Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 3/15/32 | 200 | **182** |
| **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marex Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 11/4/29  | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 7/6/27  | 1200 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07%, 7/12/28  | 500 | 522 |
|  |  | **1796** |
| **Insurance – 0.0%** | **Insurance – 0.0%** | **Insurance – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 3/22/54  | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/20/55  | 250 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 3/16/32  | 300 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/5/33  | 200 | 210 |

---

NORTHERN FUNDS QUARTERLY REPORT **44** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Insurance – 0.0%continued** | **Insurance – 0.0%continued** | **Insurance – 0.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XL Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/43  | $50 | $47 |
|  |  | **1018** |
| **Internet Media & Services – 0.0%** | **Internet Media & Services – 0.0%** | **Internet Media & Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baidu, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 8/23/31  | 300 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weibo Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 7/8/30  | 200 | 190 |
|  |  | **463** |
| **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sands China Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 3/8/27 | 700 | **683** |
| **Machinery – 0.0%** | **Machinery – 0.0%** | **Machinery – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nVent Finance S.a.r.l., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 5/15/33 | 200 | **209** |
| **Medical Equipment & Devices – 0.0%** | **Medical Equipment & Devices – 0.0%** | **Medical Equipment & Devices – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips N.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/11/38  | 225 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/42  | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 3/20/34  | 250 | 259 |
|  |  | **604** |
| **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AngloGold Ashanti Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/1/30  | 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrick North America Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 5/30/41  | 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHP Billiton Finance U.S.A. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/24/42  | 200 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/8/53  | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/15/33  | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Alcan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/15/33  | 100 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/1/35  | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Finance U.S.A. PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/14/28  | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/22/42  | 150 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/21/42  | 300 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/14/55  | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/14/65  | 300 | 311 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Metals & Mining – 0.1%continued** | **Metals & Mining – 0.1%continued** | **Metals & Mining – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 7/27/35 <sup>†</sup> <br>| $300 | $353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/16/40  | 90 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale Overseas Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/12/33  | 600 | 642 |
|  |  | **3613** |
| **Oil & Gas Supply Chain – 0.3%** | **Oil & Gas Supply Chain – 0.3%** | **Oil & Gas Supply Chain – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/1/27  | 395 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 1/15/32  | 15 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 6/30/33  | 135 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/39  | 200 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/52  | 200 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/28 <sup>†</sup> <br>| 400 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 11/15/30  | 500 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/5/34  | 300 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 8/1/51  | 300 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 4/5/54  | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/6/27  | 52 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 5/22/30  | 870 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/23/41  | 350 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Bow U.S.A. Infrastructure <br> Holdings LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.03%, 10/1/29  | 400 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 2/1/32  | 200 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/1/34  | 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 5/15/38  | 130 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 3/4/51  | 100 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies Capital International S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 1/10/30  | 500 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies Capital S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 4/5/34  | 400 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.28%, 9/10/54  | 500 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 4/5/64  | 250 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.43%, 9/10/64  | 250 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransCanada PipeLines Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 6/1/40  | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 3/15/49  | 400 | 371 |

---

FIXED INCOME FUNDS **45** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Oil & Gas Supply Chain – 0.3%continued** | **Oil & Gas Supply Chain – 0.3%continued** | **Oil & Gas Supply Chain – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodside Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 9/12/54  | $100 | $94 |
|  |  | **7087** |
| **Regional – 0.3%** | **Regional – 0.3%** | **Regional – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Province of Alberta Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/24/34  | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Province of British Columbia Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/15/28  | 750 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 4/24/29  | 500 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/12/34  | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 9/1/36  | 175 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Province of Manitoba Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 5/31/34  | 500 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Province of Ontario Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 1/18/29 <sup>†</sup> <br>| 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/7/30  | 426 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 1/21/32  | 60 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 4/24/34  | 500 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Province of Quebec Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 4/13/28  | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/15/29  | 375 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/8/33  | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/28/35  | 300 | 303 |
|  |  | **6231** |
| **Retail - Consumer Staples – 0.0%** | **Retail - Consumer Staples – 0.0%** | **Retail - Consumer Staples – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize N.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/1/40 | 116 | **120** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NXP B.V./NXP Funding LLC/NXP <br> U.S.A., Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 5/1/30  | 1000 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TSMC Arizona Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/25/41  | 500 | 404 |
|  |  | **1369** |
| **Sovereign Agencies – 0.0%** | **Sovereign Agencies – 0.0%** | **Sovereign Agencies – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan International Cooperation <br> Agency,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/23/28 | 400 | **402** |
| **Sovereign Government – 1.1%** | **Sovereign Government – 1.1%** | **Sovereign Government – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/30/29  | 1200 | 1238 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Sovereign Government – 1.1%continued** | **Sovereign Government – 1.1%continued** | **Sovereign Government – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 1/31/27  | $1000 | $984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 1/13/37  | 300 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/25/50  | 210 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.33%, 1/5/54 <sup>†</sup> <br>| 500 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 1/22/61  | 500 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/11/28  | 500 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 1/15/35 <sup>†</sup> <br>| 1000 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 2/11/49  | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 1/11/53 <sup>†</sup> <br>| 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/12/29  | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/19/35  | 500 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/30/43  | 200 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/3/50  | 600 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 1/19/27  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/20/28  | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 2/9/28  | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 4/16/30  | 742 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/19/33  | 258 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/12/34 <sup>(11)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 2/9/35  | 500 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/22/35  | 1000 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/8/44  | 1000 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 1/21/45 <sup>†</sup> <br>| 500 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 1/23/46  | 500 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 1/15/47  | 500 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 2/12/52  | 700 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 5/4/53  | 500 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panama Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/17/28  | 565 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 1/23/30  | 33 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 9/29/32  | 102 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/31/36  | 500 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/47 <sup>†</sup> <br>| 250 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/56  | 1000 | 749 |

---

NORTHERN FUNDS QUARTERLY REPORT **46** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Sovereign Government – 1.1%continued** | **Sovereign Government – 1.1%continued** | **Sovereign Government – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peruvian Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 3/14/37  | $500 | $553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 3/11/41  | 500 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/18/50  | 600 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippine Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/5/30 <sup>†</sup> <br>| 700 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 1/14/31  | 500 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/23/34  | 500 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/13/37  | 500 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 2/2/42  | 500 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Italy Government <br> International Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/17/29  | 1200 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/15/33  | 175 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Poland Government <br> International Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 9/18/34  | 1000 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 2/12/35  | 400 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/4/53  | 500 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/18/54  | 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 3/21/36 <sup>†</sup> <br>| 250 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 6/18/50  | 750 | 707 |
|  |  | **26635** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 1/23/28  | 124 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/6/28  | 300 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 1/30/32  | 1000 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 1/19/34  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/13/27  | 300 | 305 |
|  |  | **1868** |
| **Steel – 0.0%** | **Steel – 0.0%** | **Steel – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 11/29/32<sup>†</sup> <br>| 500 | **561** |
| **Supranationals – 1.3%** | **Supranationals – 1.3%** | **Supranationals – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; African Development Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/14/28  | 1000 | 1017 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Supranationals – 1.3%continued** | **Supranationals – 1.3%continued** | **Supranationals – 1.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asian Development Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/2/27  | $500 | $491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/25/28  | 700 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/30/30  | 1750 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/12/33  | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asian Infrastructure Investment Bank <br> (The),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/18/29  | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Council of Europe Development Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/24/29  | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Bank for Reconstruction & <br> Development,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/9/28  | 1000 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Investment Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/15/28  | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/15/28  | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/29  | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/29  | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/30  | 2000 | 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/10/31  | 900 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/14/33  | 1900 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/15/36  | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inter-American Development Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 7/20/28  | 197 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 9/18/28  | 1000 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/14/30  | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 1/13/31  | 1000 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/12/33  | 300 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/28/41  | 200 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Bank for Reconstruction & <br> Development,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/5/28  | 2000 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/12/28  | 2000 | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/25/30  | 500 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/28/30  | 2000 | 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/29/32  | 1000 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/6/32  | 1400 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/28/34  | 500 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/8/34  | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/35  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 2/28/39  | 1000 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 7/2/29  | 1000 | 1020 |

---

FIXED INCOME FUNDS **47** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Supranationals – 1.3%continued** | **Supranationals – 1.3%continued** | **Supranationals – 1.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordic Investment Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/14/28  | $700 | $711 |
|  |  | **32662** |
| **Telecommunications – 0.2%** | **Telecommunications – 0.2%** | **Telecommunications – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; America Movil S.A.B. de C.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/15/37  | 505 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bell Telephone Co. of Canada or Bell <br> Canada,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 4/1/48  | 400 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British Telecommunications PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/4/28  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 12/15/30  | 100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom International Finance <br> B.V.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 6/15/30  | 400 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 3/1/31  | 610 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/15/42  | 400 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/1/43  | 49 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 3/15/52  | 500 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telefonica Emisiones S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 3/8/27  | 469 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 3/8/47  | 570 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 5/13/32  | 400 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 2/15/30  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 2/27/37  | 59 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/10/53  | 400 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/28/64 <sup>†</sup> <br>| 300 | 292 |
|  |  | **5277** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BAT Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 4/2/30  | 400 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 2/20/31  | 400 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/22/33  | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/35  | 250 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.08%, 8/2/53  | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reynolds American, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/37  | 250 | 289 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Tobacco & Cannabis – 0.1%continued** | **Tobacco & Cannabis – 0.1%continued** | **Tobacco & Cannabis – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 9/15/43  | $65 | $67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 8/15/45  | 795 | 784 |
|  |  | **2648** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 7/15/28  | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 8/1/34  | 15 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 6/1/36  | 40 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/37  | 20 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 8/5/52  | 300 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 5/15/37  | 710 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 8/15/45  | 100 | 93 |
|  |  | **1222** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $162,593)** |  | **160767** |
| **U.S. GOVERNMENT AGENCIES – 25.5%** <sup>(12)</sup> | **U.S. GOVERNMENT AGENCIES – 25.5%** <sup>(12)</sup> | **U.S. GOVERNMENT AGENCIES – 25.5%** <sup>(12)</sup> |
| **Fannie Mae – 12.9%** | **Fannie Mae – 12.9%** | **Fannie Mae – 12.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 1/15/30 | 1175 | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 8/5/30<sup>†</sup> <br>| 600 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 11/15/30 | 200 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/37 | 250 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2017-M11, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 8/25/29 | 103 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2017-M14, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 11/25/27<sup>(1)</sup> <br>| 182 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2017-M4, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 12/25/26<sup>(1)</sup> <br>| 85 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2017-M8, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 5/25/27 | 190 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M1, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 12/25/27<sup>(1)</sup> <br>| 149 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M10, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 7/25/28<sup>(1)</sup> <br>| 192 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M12, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/25/30<sup>(1)</sup> <br>| 110 | 108 |

---

NORTHERN FUNDS QUARTERLY REPORT **48** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M13, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 9/25/30<sup>(1)</sup> <br>| $142 | $140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M2, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 1/25/28<sup>(1)</sup> <br>| 96 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M4, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 3/25/28<sup>(1)</sup> <br>| 61 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M8, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 6/25/28<sup>(1)</sup> <br>| 79 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M18, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 8/25/29 | 90 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M4, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 2/25/31 | 127 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M7, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 4/25/29 | 154 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M9, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 6/25/29 | 112 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2020-M42, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.27%, 7/25/30 | 200 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2020-M46, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 5/25/30 | 487 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2020-M52, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 10/25/30<sup>(1)</sup> <br>| 328 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2020-M53, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.69%, 11/25/32<sup>(1)</sup> <br>| 200 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2021-M11, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.46%, 3/25/31<sup>(1)</sup> <br>| 200 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2022-M1, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.67%, 10/25/31<sup>(1)</sup> <br>| 200 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2022-M10, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 1/25/32<sup>(1)</sup> <br>| 250 | 221 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2023-M1S, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/25/33<sup>(1)</sup> <br>| $350 | $353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2025-M1, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 1/25/35 | 150 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2025-M4, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 4/25/35 | 75 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #256925, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/37 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #256959, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/37 | 26 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #257042, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/1/38 | 58 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #257237, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/28 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #707791, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/33 | 23 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #725425, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/34 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #730811, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/33 | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #735222, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/35 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #735358, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/35 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #735502, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/35 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #737853, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/33 | 59 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #745336, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/36 | 127 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #745418, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/36 | 9 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #745754, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/34 | 98 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #745826, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/36 | 42 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #747383, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/33 | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #755632, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/34 | 18 | 19 |

---

FIXED INCOME FUNDS **49** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #772730, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/34 | $20 | $20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #790406, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/34 | 9 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #793666, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/34 | 6 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #796250, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/34 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #800471, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/34 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #817795, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/36 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #826057, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #826585, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/35 | 27 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #828523, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #831676, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/36 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #833067, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/35 | 52 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #833163, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/35 | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #845425, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/36 | 4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #868435, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/36 | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #869710, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/36 | 11 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #871135, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/1/37 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #885866, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/36 | 53 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #888100, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/36 | 44 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #888205, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/37 | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #889224, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/1/37 | 48 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #889401, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/1/38 | 23 | 24 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #889579, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/38 | $51 | $53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #889630, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/1/38 | 5 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #889970, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/36 | 34 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #890234, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/38 | 24 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #890796, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/45 | 432 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #893363, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/36 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #893366, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/35 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #898417, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/36 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #899079, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/37 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #902414, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/36 | 35 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #906090, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/1/37 | 27 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #918515, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/37 | 24 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #923123, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/36 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #923166, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/1/37 | 3 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #928261, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/36 | 23 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #928584, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/37 | 77 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #928909, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/1/37<sup>(11)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #928915, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/37 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #930606, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/39 | 106 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #932023, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/38 | 19 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #940623, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/37 | 7 | 7 |

---

NORTHERN FUNDS QUARTERLY REPORT **50** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #943388, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/37 | $25 | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #943617, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/37 | 9 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #945876, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/37 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #947216, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/37 | 16 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #953018, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/37 | 28 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #953910, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/37 | 16 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #955771, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/37 | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #959604, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/1/37 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #959880, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/37 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #962687, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/38 | 27 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #968037, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/1/38 | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #969632, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/1/38 | 14 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #970013, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/38 | 59 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #972452, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/38 | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #981854, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/38 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #986760, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/38 | 80 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #992472, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/38 | 7 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #995018, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/38 | 16 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #995203, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #995879, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/39 | 21 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AA0649, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/38 | 77 | 79 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AA4482, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/39 | $96 | $95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AA8978, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/39 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AA9357, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/39 | 88 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB2067, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/41 | 211 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB2092, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/41 | 134 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB2693, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/41 | 136 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB2768, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/41 | 123 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB3035, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/41 | 229 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB3246, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/41 | 46 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB4293, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/42 | 259 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB6016, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/42 | 156 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB7076, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/42 | 776 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB7503, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/43 | 280 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB7733, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/43 | 614 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB9019, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/43 | 322 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB9136, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/1/43 | 34 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB9990, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/33 | 61 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AC3263, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/29 | 23 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AC6118, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/39 | 53 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AC8518, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/39 | 83 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0119, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/38 | 67 | 71 |

---

FIXED INCOME FUNDS **51** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0639, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/1/38 | $18 | $19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0969, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/37 | 79 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD5241, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/40 | 67 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD5525, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/40 | 98 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD7859, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/40 | 39 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AE0981, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/41 | 163 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AE1807, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/40 | 257 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AE3873, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/40 | 38 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AE5436, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/40 | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AH1295, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/26<sup>(11)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AH3226, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/41 | 34 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AH4158, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/41 | 47 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AH4450, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/26<sup>(11)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AH5614, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/26 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AH8854, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/41 | 56 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AI1247, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/26 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AI3470, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/41 | 92 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AI4361, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.80%, 1.80% Floor, <br> 8.09% Cap), 6.55%, 9/1/41<sup>(13)</sup> <br>| 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AI4380, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.80%, 1.80% Floor, <br> 7.93% Cap), 6.18%, 11/1/41<sup>(13)</sup> <br>| 5 | 5 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AI5603, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/41 | $51 | $52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AI7743, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/41 | 53 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AI9555, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/41 | 124 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AI9828, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.82%, 1.82% Floor, <br> 7.93% Cap), 6.34%, 11/1/41<sup>(13)</sup> <br>| 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AJ4093, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/1/26 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AJ4408, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/41 | 54 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AJ6086, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/26 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AJ9218, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/42 | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AJ9326, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/42 | 424 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AJ9355, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/27 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AK4813, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/42 | 142 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AK4945, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/42 | 108 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AK7766, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/1/27 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AK9444, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/42 | 23 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL0442, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/40 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL1849, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/39 | 94 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL1939, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/42 | 399 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL2243, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/42 | 272 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL2303, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/26<sup>(11)</sup> <br>|  |  |

---

NORTHERN FUNDS QUARTERLY REPORT **52** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL2397, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.72%, 1.71% Floor, <br> 7.77% Cap), 6.41%, 8/1/42<sup>(13)</sup> <br>| $4 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL3803, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/28 | 47 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL4462, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/28 | 67 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL5167, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/34 | 60 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL5254, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL5377, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/44 | 893 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL5734, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/29 | 105 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL5785, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/44 | 531 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL6488, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/43 | 201 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL7807, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/30 | 112 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL8951, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/46 | 258 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AO0752, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/42 | 166 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AO0800, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/27 | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AO4136, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/42 | 220 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AO8629, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/42 | 84 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AP6273, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/42 | 241 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AQ6784, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/42 | 210 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AQ8185, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/28 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AQ8647, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/42 | 333 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AR1706, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/28 | 157 | 155 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AR3054, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/28 | $50 | $50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AR3792, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/43 | 173 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AR9188, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/1/43 | 55 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AR9582, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/43 | 139 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS0018, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/43 | 165 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS0275, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/33 | 75 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS3294, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/44 | 326 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS3600, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/29 | 236 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS4085, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/44 | 150 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS4306, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/45 | 235 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS5500, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/35 | 88 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS5666, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/45 | 219 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS5892, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/1/45 | 244 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS6262, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/45 | 315 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS6398, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/45 | 269 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS6730, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/46 | 411 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS7149, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/46 | 471 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS7157, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/46 | 180 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS7247, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/46 | 89 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS7343, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/46 | 174 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS7480, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 7/1/31 | 39 | 37 |

---

FIXED INCOME FUNDS **53** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS7580, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/46 | $209 | $189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS8067, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/46 | 477 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS8074, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/46 | 147 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS8178, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/36 | 48 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS8194, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/31 | 521 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS8424, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/36 | 87 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS8699, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/47 | 516 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS8960, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/47 | 179 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS9505, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/32 | 145 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS9615, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/47 | 112 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AT2720, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/43 | 390 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AT3180, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/43 | 199 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AU1657, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/28 | 44 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AU1689, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/43 | 957 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AU3164, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/33 | 75 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AU5919, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/43 | 299 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AV2339, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/43 | 153 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AW8167, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/42 | 140 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AW8595, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/29 | 49 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AX2163, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/44 | 172 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AX4413, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/44 | 186 | 180 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AX4839, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/44 | $252 | $239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AY3062, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/26 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AY9555, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/45 | 230 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AZ1449, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/45 | 185 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AZ2936, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/45 | 126 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AZ2947, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/45 | 252 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AZ4775, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/1/45 | 166 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AZ6684, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/31 | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BA2911, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/30 | 61 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BC0326, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/45 | 127 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BC0822, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/46 | 1104 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BC1510, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/46 | 158 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BC9096, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/46 | 224 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BE3171, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/32 | 169 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BH1130, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/32 | 89 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BH7032, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/47 | 102 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BH7106, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/48 | 217 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BJ0648, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/48 | 233 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BJ9181, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/48 | 191 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BJ9260, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/48 | 178 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BJ9977, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/48 | 145 | 140 |

---

NORTHERN FUNDS QUARTERLY REPORT **54** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BK0276, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/48 | $68 | $66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BK0920, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/48 | 297 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BK0922, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/48 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BK3044, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/50 | 393 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BK4740, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/48 | 92 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BK4764, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/48 | 93 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BK4816, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/48 | 132 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM1787, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/47 | 101 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM2001, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/46 | 65 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM3286, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/47 | 37 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM5288, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/34 | 88 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM5804, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/49 | 207 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BN1176, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/48 | 87 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BN1628, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/48 | 57 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BN5947, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/49 | 147 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BN6097, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/49 | 415 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BN6683, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/49 | 203 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BN8985, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/51 | 287 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BN9007, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/51 | 691 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BO1012, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/49 | 78 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BO1021, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/49 | 96 | 90 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BO1169, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/49 | $70 | $65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BO1444, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/49 | 165 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BO1461, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/49 | 98 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BO3181, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/49 | 369 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BO4708, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/49 | 313 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BO8620, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/49 | 353 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BP3454, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/36 | 355 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BP4660, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/50 | 111 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BP6496, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 7/1/35 | 500 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BP6626, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/50 | 742 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BP6683, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/50 | 491 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BP7273, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 283 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BP7585, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/50 | 2438 | 1994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BQ0202, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 372 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BQ1147, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/50 | 552 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BQ1351, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 469 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BQ4077, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/50 | 798 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BQ5056, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/50 | 283 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BQ5979, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/50 | 1223 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BR1035, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/51 | 4933 | 4022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BR4450, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/1/36 | 484 | 440 |

---

FIXED INCOME FUNDS **55** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BR6042, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/51 | $1763 | $1438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BR9755, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | 1193 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BR9761, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | 895 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BT1034, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 7/1/51 | 1714 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BT2034, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/1/42 | 729 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BT4528, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/51 | 7801 | 6780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BT8308, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/52 | 703 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BT9031, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/41 | 709 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BU0066, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/51 | 802 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BU4046, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/53 | 828 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BX1915, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/1/53 | 675 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BX6021, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/53 | 318 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BY0545, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | 1925 | 1926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BY4424, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/53 | 750 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA0110, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/47 | 195 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA0619, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/47 | 56 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA0620, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/47 | 727 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA0656, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/47 | 538 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA0859, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/47 | 388 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA0917, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/47 | 344 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA1370, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/48 | 184 | 178 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA1378, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/48 | $148 | $143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA1564, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/48 | 64 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA1711, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/48 | 187 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA1902, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/48 | 181 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA1909, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/48 | 96 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA1951, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/48 | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA1952, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/48 | 43 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA2056, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/48 | 57 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA2208, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/48 | 57 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA2256, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/33 | 76 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA2366, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/48 | 65 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA2375, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/48 | 272 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA2559, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/33 | 92 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA2729, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/48 | 233 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA3640, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/49 | 242 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA4029, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/49 | 672 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA4143, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/49 | 2085 | 1880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA4420, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/49 | 312 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA4792, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/49 | 185 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA5020, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/50 | 339 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA5452, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/50 | 593 | 532 |

---

NORTHERN FUNDS QUARTERLY REPORT **56** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA5508, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/50 | $742 | $660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA5700, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/50 | 3187 | 2757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6072, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/50 | 312 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6074, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/50 | 427 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6144, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/50 | 488 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6290, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/50 | 370 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6305, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/50 | 843 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6339, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/50 | 860 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6346, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/50 | 488 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6563, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/35 | 371 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6601, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 364 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6951, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/50 | 338 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6962, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/50 | 498 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA7216, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/50 | 2167 | 1782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA7232, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/50 | 965 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA7596, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/50 | 377 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA7600, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/50 | 1001 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA7697, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/1/50 | 1247 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA7736, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/50 | 996 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA8043, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/1/50 | 603 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA9143, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/36 | 646 | 600 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA9355, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/41 | $390 | $341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA9418, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 3/1/36 | 107 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB0113, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/41 | 600 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB0325, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | 1413 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB1903, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/51 | 1355 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB2049, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/51 | 1539 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB2079, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/51 | 3537 | 2883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB3597, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/1/52 | 1374 | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB3705, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/37 | 191 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB4377, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/52 | 469 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB5094, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/1/52 | 1092 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB6031, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/53 | 78 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB6034, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/53 | 223 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB6750, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/53 | 882 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB6755, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/53 | 732 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB6933, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/53 | 218 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB7120, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/53 | 305 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB7123, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/53 | 300 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB7444, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/1/53 | 752 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB8484, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/54 | 632 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB8821, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/54 | 833 | 866 |

---

FIXED INCOME FUNDS **57** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB9323, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/54 | $914 | $935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB9485, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/54 | 4074 | 4174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB9506, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/54 | 958 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CC0260, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/55 | 564 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CC1056, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/1/55 | 2044 | 2151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #DA0508, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/53 | 246 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FA0386, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/54 | 937 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FA0684, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/55 | 1694 | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FA1595, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/55 | 932 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FA2470, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/1/53 | 1415 | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1496, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/49 | 1010 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1708, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/45 | 194 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1742, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/49 | 198 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1938, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/49 | 297 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM2305, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/50 | 514 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM2715, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/50 | 131 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM2778, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/50 | 824 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM2963, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/50 | 704 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3125, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/50 | 705 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3225, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/50 | 483 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3610, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/50 | 227 | 217 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3747, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | $782 | $673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4055, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 5518 | 4750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4149, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/50 | 2360 | 2127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4193, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/50 | 549 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4476, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/50 | 1436 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4544, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/50 | 756 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4598, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/40 | 169 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4734, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/35 | 872 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4799, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/50 | 651 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4868, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/50 | 1079 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4951, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/1/35 | 394 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM5087, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/50 | 454 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM5210, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/50 | 639 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM5534, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/41 | 251 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM5570, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/36 | 479 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM5849, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/50 | 857 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6055, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/51 | 1670 | 1373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6099, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/51 | 1673 | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6338, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/51 | 1011 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6496, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/51 | 465 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6550, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/51 | 327 | 270 |

---

NORTHERN FUNDS QUARTERLY REPORT **58** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6943, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | $1110 | $918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6964, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/51 | 871 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6991, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | 1372 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM7078, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | 1037 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM7080, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | 537 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM7411, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/51 | 2798 | 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM7429, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 5/1/36 | 168 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM7622, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/51 | 698 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM8146, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 7/1/36 | 1119 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM8848, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/41 | 678 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS0153, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/36 | 304 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS1096, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/51 | 1201 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS2039, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/51 | 784 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS2442, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/52 | 705 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS2815, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/52 | 379 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3086, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/52 | 1399 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3402, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/52 | 299 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3421, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/52 | 310 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3452, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/52 | 526 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3747, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/52 | 556 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3762, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/52 | 452 | 455 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3921, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | $363 | $375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4041, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/53 | 549 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4047, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/42 | 154 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4463, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 8/1/37 | 450 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4485, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/53 | 508 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4522, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | 160 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4842, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 232 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4931, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/53 | 707 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5050, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/52 | 5466 | 4852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5115, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 401 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5116, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 378 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5119, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/53 | 2290 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5304, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/53 | 158 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5396, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/53 | 1689 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5436, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/53 | 270 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5562, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/52 | 2903 | 2384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5584, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/53 | 351 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5696, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | 257 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5709, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/53 | 724 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5838, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/53 | 1032 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5946, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/37 | 2251 | 2085 |

---

FIXED INCOME FUNDS **59** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5965, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/53 | $313 | $325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6092, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/53 | 270 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6315, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/1/53 | 341 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6461, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/53 | 393 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6533, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/53 | 1614 | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6598, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/52 | 2513 | 2335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6611, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/1/53 | 1082 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6635, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/53 | 1322 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6855, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/54 | 412 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS7033, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/53 | 555 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS8129, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/54 | 521 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS8144, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/54 | 721 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0361, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/30 | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0711, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/31 | 39 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1138, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/32 | 77 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1141, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/32 | 36 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1200, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/32 | 215 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2320, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/35 | 189 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2473, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/35 | 76 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2512, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/46 | 101 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2670, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/46 | 490 | 445 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2672, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/36 | $99 | $94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2705, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/46 | 354 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2737, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/46 | 166 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2771, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/46 | 179 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2775, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/31 | 77 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2781, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/46 | 136 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2804, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/36 | 193 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2863, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/47 | 2965 | 2683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2895, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/47 | 185 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3028, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/37 | 151 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3057, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/47 | 275 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3058, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/47 | 102 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3059, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/37 | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3073, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/47 | 208 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3127, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/37 | 61 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3150, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/47 | 112 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3181, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/37 | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3182, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/47 | 339 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3184, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/47 | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3185, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/37 | 67 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3188, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/32 | 177 | 172 |

---

NORTHERN FUNDS QUARTERLY REPORT **60** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3211, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/47 | $64 | $62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3239, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/48 | 273 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3276, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/48 | 281 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3281, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/38 | 142 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3334, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/48 | 210 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3385, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/48 | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3413, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/38 | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3443, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/48 | 65 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3444, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/48 | 61 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3467, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/48 | 62 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3492, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/38 | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3547, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/33 | 105 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3590, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/39 | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3685, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/49 | 108 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3692, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/49 | 83 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3695, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/34 | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3744, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/49 | 121 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3765, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/49 | 260 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3870, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/1/49 | 135 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3871, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/49 | 125 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3896, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/35 | 653 | 621 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3898, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/35 | $209 | $205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3902, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/50 | 131 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3934, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/40 | 78 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3958, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/40 | 80 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4013, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/35 | 140 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4014, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/35 | 219 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4053, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/35 | 586 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4072, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/40 | 181 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4078, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/50 | 1115 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4094, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/40 | 202 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4096, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 699 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4099, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/35 | 606 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4100, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/50 | 1396 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4119, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/50 | 1642 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4122, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 9/1/35 | 215 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4123, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/35 | 750 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4128, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/40 | 347 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4153, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/40 | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4154, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/1/35 | 329 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4155, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/35 | 825 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4181, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/1/50 | 2112 | 1633 |

---

FIXED INCOME FUNDS **61** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4232, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/41 | $300 | $263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4254, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/1/51 | 468 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4266, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/1/41 | 450 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4278, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 3/1/36 | 1502 | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4280, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 3/1/51 | 814 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4305, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | 2552 | 2083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4310, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 4/1/41 | 270 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4326, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/51 | 967 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4333, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/41 | 713 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4334, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/41 | 260 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4355, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 6/1/51 | 11054 | 9010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4496, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/1/36 | 1628 | 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4500, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/1/41 | 367 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4652, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/52 | 5340 | 4545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4692, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/37 | 136 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4731, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/52 | 911 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4732, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/52 | 4326 | 4127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4733, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/52 | 4668 | 4581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4779, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/42 | 143 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4805, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/52 | 2167 | 2126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4823, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/37 | 164 | 165 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4915, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/38 | $137 | $139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4991, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/38 | 80 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5039, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 607 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5042, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/38 | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5060, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/43 | 66 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5088, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/38 | 102 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5330, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/39 | 60 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5353, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/54 | 6485 | 6585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5389, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/54 | 926 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5445, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/54 | 3644 | 3743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5557, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/1/39 | 167 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5559, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/39 | 225 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5590, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/40 | 391 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5596, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/1/45 | 91 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5597, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/45 | 174 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5711, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/40 | 560 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5744, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/40 | 177 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5773, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/40 | 262 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5830, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/40 | 364 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MB0301, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/55 | 1873 | 1871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool TBA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/40<sup>(14)</sup> <br>| 1100 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/40<sup>(14)</sup> <br>| 1900 | 1760 |

---

NORTHERN FUNDS QUARTERLY REPORT **62** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** | **Fannie Mae – 12.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/40<sup>(14)</sup> <br>| $900 | $852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/40<sup>(14)</sup> <br>| 500 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/52<sup>(14)</sup> <br>| 7200 | 6100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/52<sup>(14)</sup> <br>| 1200 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/52<sup>(14)</sup> <br>| 1000 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/53<sup>(14)</sup> <br>| 3000 | 2428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/53<sup>(14)</sup> <br>| 8400 | 8386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/53<sup>(14)</sup> <br>| 11800 | 11972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/53<sup>(14)</sup> <br>| 13200 | 13557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/54<sup>(14)</sup> <br>| 4000 | 3799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/54<sup>(14)</sup> <br>| 6200 | 6060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/55<sup>(14)</sup> <br>| 1000 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/55<sup>(14)</sup> <br>| 5500 | 5716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/55<sup>(14)</sup> <br>| 2500 | 2631 |
|  |  | **327351** |
| **Federal Farm Credit Bank – 0.2%** | **Federal Farm Credit Bank – 0.2%** | **Federal Farm Credit Bank – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Farm Credit Banks Funding <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 8/26/27 | 3918 | 3918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 9/15/27 | 1475 | 1472 |
|  |  | **5390** |
| **Federal Home Loan Bank – 0.2%** | **Federal Home Loan Bank – 0.2%** | **Federal Home Loan Bank – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 9/10/27 | 875 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/16/28 | 1000 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/15/36 | 500 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Banks, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 9/8/28 | 1500 | 1532 |
|  |  | **3960** |
| **Freddie Mac – 6.8%** | **Freddie Mac – 6.8%** | **Freddie Mac – 6.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/14/28 | 1300 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/31 | 700 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K065, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 4/25/27 | 350 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K067, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 7/25/27 | 250 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K068, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 8/25/27 | 150 | 149 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K069, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 9/25/27 | $146 | $144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K072, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 12/25/27 | 150 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K074, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 1/25/28 | 150 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K075, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 2/25/28 | 150 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K076, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 4/25/28 | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K077, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 5/25/28 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K078, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/25/28 | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K079, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 6/25/28 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K080, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 7/25/28 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K081, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 8/25/28 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K083, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 9/25/28 | 200 | 201 |

---

FIXED INCOME FUNDS **63** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K086, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 11/25/28 | $200 | $200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K091, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 3/25/29 | 150 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K092, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 4/25/29 | 300 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K093, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 5/25/29 | 197 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K094, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 6/25/29 | 300 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K096, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 7/25/29 | 300 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K102, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.54%, 10/25/29 | 250 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K104, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 1/25/30 | 250 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K105, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.87%, 1/25/30 | 200 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K111, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 5/25/30 | 500 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K112, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.31%, 5/25/30 | 500 | 447 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K113, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 6/25/30 | $500 | $448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K117, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 8/25/30 | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K119, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57%, 9/25/30 | 250 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K122, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.52%, 11/25/30 | 200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K129, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.91%, 5/25/31 | 300 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K141, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/25/32 | 200 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K144, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 4/25/32 | 500 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K147, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/25/32 | 250 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K148, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/25/32 | 450 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-151, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/25/32 | 300 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1510, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 1/25/31 | 100 | 98 |

---

NORTHERN FUNDS QUARTERLY REPORT **64** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1510, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 1/25/34 | $100 | $96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1511, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 3/25/31 | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1511, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 3/25/34 | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1512, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 5/25/31 | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1512, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 4/25/34 | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1515, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.94%, 2/25/35 | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1517, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 7/25/35 | 200 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1518, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.86%, 10/25/35 | 100 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1519, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 12/25/35 | 150 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1520, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 2/25/36 | 225 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K1522, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 10/25/36 | 100 | 81 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-153, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 12/25/32 | $500 | $486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K154, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 4/25/32 | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-154, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 1/25/33 | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K155, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/25/33 | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K157, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 5/25/33 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K157, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 8/25/33 | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-158, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 7/25/33 | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-159, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/25/33 | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-161, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/25/33 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-164, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/25/34 | 150 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-169, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 12/25/34 | 200 | 203 |

---

FIXED INCOME FUNDS **65** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K508, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 8/25/28 | $100 | $102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K510, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07%, 10/25/28 | 500 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K533, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 12/25/29 | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K754, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 11/25/30 | 250 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K755, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 2/25/31 | 150 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K757, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 8/25/31 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K760, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 1/25/32 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K761, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 6/25/32<sup>(1)</sup> <br>| 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, <br> Series-K516, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 1/25/29 | 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, <br> Series-K518, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 1/25/29 | 500 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QA0127, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/49 | 480 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QA1132, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/49 | 170 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QA1263, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/49 | 173 | 163 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QA1752, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/49 | $868 | $813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QA1883, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/49 | 278 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QA3149, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/49 | 295 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QA4699, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/49 | 170 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QA8043, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/50 | 1321 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB0211, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/50 | 423 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB2516, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 312 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB2545, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/50 | 1789 | 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB2682, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 352 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB2966, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/50 | 106 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB3199, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/50 | 616 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB4275, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/50 | 254 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB5128, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/50 | 898 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB5507, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/50 | 654 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB6246, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/50 | 304 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB6448, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/50 | 1001 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB8131, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/51 | 3138 | 2563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB8132, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/51 | 816 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB9266, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/51 | 413 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB9410, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/51 | 1240 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QC1443, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/51 | 1679 | 1390 |

---

NORTHERN FUNDS QUARTERLY REPORT **66** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QC1809, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/51 | $395 | $323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QC2062, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/51 | 703 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QC3259, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 6/1/51 | 2705 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QC9442, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/51 | 3577 | 3068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QD0822, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/51 | 930 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QD2146, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/51 | 761 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QE9161, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/52 | 719 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QF7121, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | 756 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QG5959, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/53 | 836 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QG7215, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/53 | 803 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QG8401, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/53 | 576 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QG8408, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/53 | 1074 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QH1135, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 9/1/53 | 329 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QI2828, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/54 | 894 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QJ5279, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/54 | 889 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QK0622, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/1/41 | 443 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QN0818, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/34 | 176 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QN5018, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/36 | 431 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QN5866, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/36 | 237 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QN6394, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 5/1/36 | 1300 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QN7743, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/36 | 678 | 628 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QN8899, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/36 | $632 | $586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA1196, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/49 | 618 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA1343, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/49 | 1848 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA1493, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/49 | 341 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA1501, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/49 | 113 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA2010, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/50 | 199 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA2117, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/50 | 267 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA2386, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/50 | 705 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA2457, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/50 | 413 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA2730, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/50 | 247 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA2790, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/50 | 388 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA2853, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/50 | 470 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA2959, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/50 | 452 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3086, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/50 | 343 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3306, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 321 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3524, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/50 | 1738 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3563, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/50 | 846 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3578, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/50 | 1146 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3580, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/50 | 1052 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3662, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/50 | 509 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3663, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/50 | 537 | 464 |

---

FIXED INCOME FUNDS **67** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3723, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/50 | $1091 | $897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3765, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/50 | 520 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3913, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/50 | 2635 | 2288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA4209, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/1/50 | 1619 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA4218, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/1/50 | 6683 | 5758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA5204, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/51 | 1430 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA5373, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 6/1/51 | 653 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA6333, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/51 | 3376 | 2735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA6340, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/51 | 2208 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA7097, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/52 | 737 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA7099, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/51 | 2433 | 1987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA8761, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/53 | 455 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA8791, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/53 | 1139 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB0452, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/41 | 737 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5032, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/40 | 58 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5033, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/40 | 217 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5043, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/1/40 | 108 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5048, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/40 | 59 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5059, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/40 | 75 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5066, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/40 | 203 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5076, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/40 | 440 | 391 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5085, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/40 | $396 | $351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5095, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/41 | 298 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5110, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 5/1/41 | 964 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5111, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/41 | 399 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5131, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/41 | 696 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RC1857, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/1/36 | 417 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RC2045, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 6/1/36 | 213 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RJ1229, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/54 | 780 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RJ2693, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/54 | 468 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0048, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/34 | 322 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0330, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/35 | 274 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0434, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/35 | 485 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0571, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/36 | 938 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0726, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/37 | 245 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0834, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/36 | 740 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0955, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/38 | 58 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8045, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/35 | 120 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8046, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/35 | 201 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8057, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/35 | 428 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8058, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/35 | 485 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8061, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/35 | 757 | 703 |

---

NORTHERN FUNDS QUARTERLY REPORT **68** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8067, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 9/1/35 | $199 | $181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8068, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/1/35 | 215 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8069, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/35 | 606 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8073, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/1/35 | 279 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8078, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/1/35 | 589 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8083, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 1/1/36 | 342 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8092, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 3/1/36 | 618 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8122, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/1/36 | 1306 | 1183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8177, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/37 | 185 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8178, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/37 | 173 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8182, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/37 | 263 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8206, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/38 | 108 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8208, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/1/38 | 54 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8233, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/38 | 169 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8247, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/38 | 61 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8332, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/39 | 145 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8501, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/35 | 472 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0163, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/49 | 501 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0261, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/50 | 206 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0262, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/50 | 334 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0410, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 1049 | 907 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0414, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | $186 | $161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0467, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/50 | 521 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0537, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/51 | 2784 | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0608, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/51 | 2451 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0764, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/51 | 2136 | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1592, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/52 | 623 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1596, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/52 | 526 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1855, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/52 | 473 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1958, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/52 | 306 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2236, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/52 | 973 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2258, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/53 | 588 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2266, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/53 | 518 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2666, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/53 | 568 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2693, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/53 | 497 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2922, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | 420 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2936, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/53 | 315 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3074, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/53 | 766 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3683, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | 857 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3713, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/53 | 731 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3714, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/53 | 433 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3904, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/1/53 | 335 | 351 |

---

FIXED INCOME FUNDS **69** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3913, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | $236 | $241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3990, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | 814 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3992, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | 493 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4204, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/53 | 517 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4262, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/53 | 548 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4668, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/53 | 354 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4702, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/1/54 | 477 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4919, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/54 | 399 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD5058, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/54 | 265 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD5316, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/54 | 704 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD5958, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/54 | 857 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD6004, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/54 | 1744 | 1818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD7440, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/55 | 935 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD7512, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/50 | 425 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD7536, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/51 | 4855 | 4197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD7539, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | 332 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD7541, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/51 | 1796 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8019, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/49 | 282 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8023, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/49 | 247 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8029, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/1/49 | 278 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8037, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/50 | 281 | 241 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8083, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | $638 | $545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8090, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/50 | 2028 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8097, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/50 | 1771 | 1444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8104, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/1/50 | 3506 | 2710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8112, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/1/50 | 1040 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8139, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 4/1/51 | 1995 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8213, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/52 | 1358 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8225, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/52 | 1654 | 1468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8266, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/52 | 2186 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8325, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/53 | 736 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8331, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 537 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8332, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/53 | 554 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8374, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/1/53 | 268 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8386, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/1/53 | 202 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8399, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/1/54 | 104 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/54 | 569 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SL0231, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/55 | 939 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SL1560, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/55 | 919 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA1036, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/40 | 55 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA1159, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/42 | 162 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA1165, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/42 | 253 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA1254, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/42 | 772 | 715 |

---

NORTHERN FUNDS QUARTERLY REPORT **70** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA1334, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/42 | $87 | $83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA1361, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/1/43 | 126 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA1375, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/44 | 72 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA1378, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/1/44 | 116 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA2773, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/27 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA3862, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/31 | 150 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA4194, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/43 | 179 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA4214, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/43 | 279 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA4715, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/46 | 469 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA5107, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/47 | 132 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA5642, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/48 | 114 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA5950, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/48 | 336 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZI6135, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/34 | 233 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZI6854, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/1/37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZI7645, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/38 | 53 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZI8519, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/39 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZI9349, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/39 | 192 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZI9657, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/1/40 | 256 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZI9939, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/40 | 71 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZJ0631, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/40 | 84 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZJ1046, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/41 | 130 | 128 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZJ1052, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/41 | $114 | $111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZJ1228, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/41 | 164 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZJ1359, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/41 | 84 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZK5468, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/28 | 106 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL1714, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/41 | 122 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL1806, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/41 | 326 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL1922, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/41 | 37 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL2350, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/41 | 58 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL3211, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/42 | 240 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL3551, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/42 | 345 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL4709, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/43 | 254 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL5074, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/43 | 112 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL5915, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/1/43 | 515 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL5927, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/43 | 143 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL6381, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/43 | 247 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL6467, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/43 | 191 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL6920, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/43 | 70 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL7780, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/44 | 188 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL8709, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/44 | 54 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM0489, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/45 | 139 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM0617, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/45 | 180 | 171 |

---

FIXED INCOME FUNDS **71** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM1194, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/46 | $217 | $198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM1933, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/46 | 248 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM2167, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/46 | 403 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM2286, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/46 | 651 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM3525, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/47 | 97 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM4305, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/47 | 347 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM4711, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/47 | 553 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM4736, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/47 | 134 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM4908, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/47 | 254 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM5133, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/47 | 113 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM5397, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/48 | 186 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM5659, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/48 | 210 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM5917, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/48 | 151 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM6682, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/48 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM7370, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/48 | 99 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM7378, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/48 | 120 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM7849, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/48 | 47 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM8045, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/48 | 139 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM8575, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/48 | 66 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZN1506, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/48 | 516 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZN3447, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/49 | 111 | 104 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS0932, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/34 | $6 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS1567, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/37 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS2391, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/38 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS2499, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/38 | 36 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS2533, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/39 | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS2827, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/39 | 102 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS3554, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/42 | 156 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS3596, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/42 | 398 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4078, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/45 | 223 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4127, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/44 | 94 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4472, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/42 | 153 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4536, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/1/43 | 227 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4584, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/44 | 87 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4600, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/45 | 236 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4607, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/45 | 301 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4617, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/45 | 156 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4618, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/45 | 243 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4621, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/45 | 376 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4627, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/45 | 81 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4629, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/45 | 478 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4630, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/45 | 164 | 156 |

---

NORTHERN FUNDS QUARTERLY REPORT **72** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4634, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/45 | $97 | $94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4639, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/45 | 99 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4642, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/45 | 338 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4655, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/46 | 166 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4667, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/46 | 240 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4671, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/46 | 542 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4677, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/46 | 150 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4703, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/47 | 158 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4722, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/47 | 148 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4730, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/47 | 56 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4740, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/47 | 269 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4743, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/47 | 370 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4745, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/47 | 247 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4747, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/47 | 102 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4748, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/47 | 277 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4749, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/1/47 | 83 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4752, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/48 | 221 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4759, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/48 | 219 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4769, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/48 | 115 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4773, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/48 | 36 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4781, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/48 | 89 | 89 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** | **Freddie Mac – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4785, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/48 | $90 | $87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS8023, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/32 | 29 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS8628, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/31 | 48 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS8639, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/32 | 17 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS9449, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/45 | 243 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS9495, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/1/45 | 384 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS9580, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/45 | 353 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS9805, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/46 | 375 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS9827, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/46 | 332 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZT0495, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/48 | 37 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZT0524, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/48 | 201 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZT0712, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/48 | 128 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZT0787, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/48 | 117 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZT1702, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/49 | 220 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZT2091, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/34 | 46 | 44 |
|  |  | **172182** |
| **Freddie Mac Gold – 0.1%** | **Freddie Mac Gold – 0.1%** | **Freddie Mac Gold – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A16753, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/33 | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A17665, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/34 | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A27950, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/34 | 45 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A31136, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/1/35 | 71 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A39306, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/35 | 18 | 18 |

---

FIXED INCOME FUNDS **73** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A46224, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | $5 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A48104, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/36 | 19 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A57604, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/37 | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A58718, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/37 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A59081, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/37 | 21 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A61560, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/36 | 52 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A64474, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/37 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A67116, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/1/37 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A68761, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/37 | 92 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A69303, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/37 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A73778, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/38 | 28 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A74134, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/1/38 | 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A83008, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/38 | 77 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A91541, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/40 | 56 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #C91009, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/26 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #C91247, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/29 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #C91370, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/31 | 36 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #C91826, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/35 | 60 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #C91858, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/35 | 62 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #C91879, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/36 | 75 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #C91908, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/37 | 37 | 35 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #D97564, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/28 | $28 | $28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #D99094, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/32 | 46 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #E04044, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/27 | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G02064, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/36 | 29 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G02069, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/36 | 4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G02386, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/36 | 42 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G02391, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/36 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G02540, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/34 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G02649, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/1/37 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G02789, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/37 | 224 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G02911, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/37 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G02973, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/37 | 6 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G03121, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/36 | 28 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G03134, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/36 | 12 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G03218, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/37 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G03351, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/37 | 12 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G03513, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/37 | 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G03600, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/1/37 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G03737, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/1/37 | 85 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G03992, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/1/38 | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G04287, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/38 | 18 | 18 |

---

NORTHERN FUNDS QUARTERLY REPORT **74** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G04459, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/38 | $24 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G04611, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/38 | 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G04650, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/1/38 | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G05733, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/39 | 76 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G05969, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/40 | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G06767, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/41 | 164 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G06947, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/40 | 54 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G08189, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/1/37 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G08192, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/37 | 11 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G08341, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/39 | 194 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G14554, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/26<sup>(11)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G14891, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/28 | 29 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G15134, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/29 | 26 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G16774, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/34 | 65 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G18438, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/27 | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G18571, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/30 | 70 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G18664, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/1/32 | 59 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G30327, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/1/27 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G67713, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/48 | 431 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #J14808, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/26 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #J16932, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/26 | 7 | 7 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #J17055, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/26 | $8 | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #J17232, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/26 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #J20834, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/27 | 36 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #J22069, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/28 | 11 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #K90641, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/33 | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #V60886, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/30 | 45 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #V60902, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/30 | 36 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #V61347, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/31 | 164 | 159 |
|  |  | **3184** |
| **Government National Mortgage Association I – 0.1%** | **Government National Mortgage Association I – 0.1%** | **Government National Mortgage Association I – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #510835, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/15/35 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #553463, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/15/42 | 210 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #597889, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/33 | 48 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #614169, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/33 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #616879, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/15/42 | 149 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #617739, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/37 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #634431, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/15/34 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #641416, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/35 | 37 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #646341, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/36 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #648538, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/35 | 41 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #651753, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/36 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #670030, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/15/45 | 139 | 125 |

---

FIXED INCOME FUNDS **75** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association I – 0.1%continued** | **Government National Mortgage Association I – 0.1%continued** | **Government National Mortgage Association I – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #675211, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/15/38 | $3 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #675484, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/38 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #676360, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/37 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #682899, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/15/40 | 46 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #687824, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/15/38 | 32 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #687900, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/38 | 47 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #687901, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/38 | 14 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #692309, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/39 | 13 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #697645, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/38 | 14 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #698236, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/39 | 81 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #698336, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/39 | 82 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #699277, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/15/38 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #700918, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/38 | 14 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #700972, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/38 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #703677, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/39 | 56 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #704185, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/39 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #704514, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/39 | 173 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #717175, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/15/39 | 87 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #719262, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/40 | 53 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #720202, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/15/39 | 67 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #723231, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/39 | 68 | 66 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association I – 0.1%continued** | **Government National Mortgage Association I – 0.1%continued** | **Government National Mortgage Association I – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #723339, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/39 | $38 | $38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #728629, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/15/40 | 116 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #736768, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/42 | 373 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #737286, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/40 | 88 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #738134, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/15/26 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #738247, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/41 | 45 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #747643, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/40 | 122 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #768800, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/15/41 | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #773939, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/41 | 160 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #778957, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/42 | 194 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #782131, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/36 | 11 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #782150, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/37 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #782259, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/36 | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #782272, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/15/38 | 29 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #782498, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/15/38 | 13 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #782584, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/39 | 19 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #782696, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/39 | 78 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #782831, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/15/39 | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #783176, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/40 | 221 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #783740, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/15/27 | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AA5391, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/15/42 | 12 | 12 |

---

NORTHERN FUNDS QUARTERLY REPORT **76** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association I – 0.1%continued** | **Government National Mortgage Association I – 0.1%continued** | **Government National Mortgage Association I – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AA6089, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/15/43 | $149 | $137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB2761, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/15/42 | 39 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB2891, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/15/42 | 55 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD8781, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/15/43 | 131 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD9016, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/15/43 | 106 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL1763, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/15/45 | 54 | 50 |
|  |  | **3572** |
| **Government National Mortgage Association II – 5.2%** | **Government National Mortgage Association II – 5.2%** | **Government National Mortgage Association II – 5.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #3570, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/20/34 | 13 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #3665, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/20/35 | 34 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #3852, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/20/36 | 6 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #3879, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/20/36 | 17 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #3910, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/20/36 | 9 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #3994, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/20/37 | 6 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4018, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/20/37 | 24 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4026, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/20/37 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4027, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/20/37 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4040, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/20/37 | 5 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4098, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/20/38 | 29 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4116, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/20/38 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4170, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/20/38 | 22 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4194, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/20/38 | 52 | 53 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4243, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/20/38 | $12 | $13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4244, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/20/38 | 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4245, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/20/38 | 8 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4269, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/20/38 | 11 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4290, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/20/38 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4344, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/20/39 | 18 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4345, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/20/39 | 12 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4425, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/20/39 | 29 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4559, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/20/39 | 63 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4561, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/20/39 | 35 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4617, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/20/40 | 18 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4619, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/20/40 | 69 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4713, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/20/40 | 53 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4747, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/20/40 | 48 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4923, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/20/41 | 49 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5050, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/20/26 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5081, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/20/41 | 81 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5082, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/20/41 | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5114, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/20/41 | 298 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5141, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/20/41 | 46 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5175, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/20/41 | 47 | 48 |

---

FIXED INCOME FUNDS **77** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5202, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/41 | $126 | $119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5203, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/41 | 74 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5232, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/41 | 234 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5264, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/20/41 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5280, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/20/42 | 87 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5304, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/20/42 | 88 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5317, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/20/42 | 39 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5331, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/20/42 | 139 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #737602, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/40 | 109 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #752757, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/20/40 | 153 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #755677, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/20/40 | 63 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #782433, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/20/38 | 32 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #784345, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/20/47 | 297 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AA5970, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/20/43 | 412 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AA6160, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/20/43 | 120 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AA6243, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/20/43 | 41 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AF5097, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/20/43 | 353 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AJ0645, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/20/44 | 89 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AJ3643, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/44 | 241 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AO7682, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/20/45 | 247 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BE9902, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/20/48 | 43 | 43 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0022, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/20/42 | $136 | $129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0088, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/20/42 | 313 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0220, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/20/42 | 162 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0318, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/20/42 | 303 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0321, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/20/42 | 62 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0391, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/20/42 | 702 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0392, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/20/42 | 135 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0698, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/20/43 | 164 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0826, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/20/28 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0850, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/20/43 | 68 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0851, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/20/43 | 238 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0934, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/20/43 | 94 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1011, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/20/43 | 278 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1012, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/20/43 | 254 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1089, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/20/43 | 294 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1224, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/20/43 | 206 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1285, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/20/43 | 122 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1839, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/20/44 | 61 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1920, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/20/44 | 65 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2224, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/20/44 | 370 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2444, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/44 | 43 | 40 |

---

NORTHERN FUNDS QUARTERLY REPORT **78** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2521, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/20/45 | $182 | $170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2522, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/20/45 | 79 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2677, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/20/45 | 88 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2753, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/20/45 | 241 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2754, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/20/45 | 98 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2891, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/20/45 | 269 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2892, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/20/45 | 92 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2960, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/20/45 | 221 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3034, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/20/45 | 271 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3104, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/20/45 | 320 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3106, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/20/45 | 233 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3172, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/45 | 59 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3174, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/45 | 130 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3244, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/45 | 207 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3245, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/45 | 473 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3310, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/45 | 770 | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3378, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/20/46 | 299 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3521, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/20/46 | 381 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3522, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/20/46 | 109 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3596, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/20/46 | 218 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3597, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/20/46 | 387 | 361 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3662, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/20/46 | $363 | $332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3663, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/20/46 | 228 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3664, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/20/46 | 105 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3735, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/20/46 | 436 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3736, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/20/46 | 297 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3778, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/20/31 | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3802, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/20/46 | 516 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3873, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/20/46 | 199 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3874, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/20/46 | 207 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3936, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/20/46 | 452 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4002, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/20/46 | 35 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4003, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/46 | 303 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4067, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/20/46 | 279 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4125, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/46 | 19 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4196, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/20/47 | 313 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4322, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/20/47 | 120 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4382, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/20/47 | 98 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4509, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/20/47 | 477 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4512, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/20/47 | 174 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4624, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/20/32 | 31 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4652, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/20/47 | 409 | 381 |

---

FIXED INCOME FUNDS **79** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4718, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/20/47 | $237 | $216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4778, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/47 | 397 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4838, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/47 | 55 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4900, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/47 | 400 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4962, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/20/48 | 369 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4963, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/20/48 | 135 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5021, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/20/48 | 177 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5077, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/20/48 | 426 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5137, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/20/48 | 57 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5191, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/20/48 | 253 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5264, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/20/48 | 144 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5265, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/20/48 | 144 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5266, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/20/48 | 183 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5330, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/20/48 | 191 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5331, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/20/48 | 288 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5398, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/20/48 | 135 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5399, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/20/48 | 143 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5466, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/20/48 | 327 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5467, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/20/48 | 168 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5528, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/48 | 188 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5529, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/48 | 164 | 163 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5595, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/48 | $66 | $63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5653, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/20/48 | 209 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5818, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/20/49 | 167 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5931, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/20/49 | 339 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5985, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/20/49 | 355 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6040, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/20/49 | 402 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6218, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/49 | 596 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6310, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/34 | 28 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6337, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/49 | 128 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6338, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/49 | 1356 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6339, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/49 | 685 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6408, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/20/50 | 338 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6409, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/20/50 | 390 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6410, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/20/50 | 688 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6654, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/20/50 | 998 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6655, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/20/50 | 279 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6709, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/20/50 | 1300 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6765, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/20/50 | 1497 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6819, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/20/50 | 830 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6820, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/20/50 | 640 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6865, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/20/50 | 649 | 562 |

---

NORTHERN FUNDS QUARTERLY REPORT **80** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6866, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/20/50 | $3063 | $2767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6930, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/20/50 | 998 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6994, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/20/50 | 1307 | 1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6995, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/20/50 | 1035 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7051, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/20/50 | 870 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7052, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/50 | 1184 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7135, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/20/51 | 2356 | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7136, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/20/51 | 1364 | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7164, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/20/36 | 249 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7192, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/20/51 | 2756 | 2287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7254, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/20/51 | 3047 | 2529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7312, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/20/51 | 1161 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7366, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/20/51 | 703 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7367, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/20/51 | 1800 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7417, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 6/20/51 | 2786 | 2312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7418, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/20/51 | 1255 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7471, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 7/20/51 | 2535 | 2103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7472, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/20/51 | 1949 | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7534, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/20/51 | 1724 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7535, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/20/51 | 808 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7588, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/20/51 | 1383 | 1148 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7589, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/20/51 | $2025 | $1752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7590, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/20/51 | 874 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7647, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/20/51 | 365 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7649, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/20/51 | 1315 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7704, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/20/51 | 1430 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7705, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/20/51 | 1399 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7880, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/20/52 | 1492 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7881, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/20/52 | 1092 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7936, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/20/52 | 726 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7988, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/20/52 | 1470 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7989, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/20/52 | 447 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8148, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/20/52 | 512 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8151, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/20/52 | 1499 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8199, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/20/52 | 826 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8201, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/20/52 | 600 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8266, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/20/52 | 775 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8267, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/20/52 | 1560 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8268, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/20/52 | 760 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8429, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/20/52 | 205 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8430, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/20/52 | 52 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8489, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/20/52 | 1584 | 1556 |

---

FIXED INCOME FUNDS **81** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8490, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/20/52 | $1511 | $1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8491, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/20/52 | 1311 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8492, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/20/52 | 990 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8569, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/20/53 | 1490 | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8723, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/20/53 | 1515 | 1444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8945, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/20/53 | 254 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8947, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/20/53 | 821 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8948, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/20/53 | 735 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8949, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/20/53 | 1435 | 1471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8950, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/20/53 | 597 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9015, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/20/53 | 859 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9016, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/20/53 | 1993 | 1998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9017, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/20/53 | 1182 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9106, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/20/53 | 740 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9107, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/20/53 | 287 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9240, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/20/53 | 704 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9241, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/20/53 | 599 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9242, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/20/53 | 598 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9243, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/20/53 | 219 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9244, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/20/53 | 163 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9305, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/20/53 | 1002 | 1017 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9306, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/20/53 | $419 | $428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9307, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/20/53 | 225 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9366, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/20/53 | 41 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9424, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/20/54 | 275 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9425, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/20/54 | 497 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9426, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/20/54 | 233 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9541, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/20/54 | 1914 | 1936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9604, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/20/54 | 355 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9605, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/20/54 | 2161 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9606, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/20/54 | 492 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9669, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/20/54 | 1195 | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9670, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/20/54 | 701 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9906, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/20/54 | 1062 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9907, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/20/54 | 1337 | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9908, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/20/54 | 576 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MB0025, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/20/54 | 1971 | 1969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MB0090, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/20/54 | 1340 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MB0091, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/20/54 | 2357 | 2356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MB0092, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/20/54 | 865 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MB0310, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/20/55 | 854 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MB0555, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/20/55 | 2579 | 2577 |

---

NORTHERN FUNDS QUARTERLY REPORT **82** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** | **Government National Mortgage Association II – 5.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MB0556, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/20/55 | $2968 | $3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MB0557, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/20/55 | 1975 | 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MB0686, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/20/55 | 2588 | 2615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MB0687, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/20/55 | 1989 | 2029 |
|  |  | **131134** |
| **Tennessee Valley Authority – 0.0%** | **Tennessee Valley Authority – 0.0%** | **Tennessee Valley Authority – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/15/39 | 1050 | **1112** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $697,810)** |  | **647885** |
| **U.S. GOVERNMENT OBLIGATIONS – 45.2%**  | **U.S. GOVERNMENT OBLIGATIONS – 45.2%**  | **U.S. GOVERNMENT OBLIGATIONS – 45.2%**  |
| **U.S. Treasury Bonds – 9.8%** | **U.S. Treasury Bonds – 9.8%** | **U.S. Treasury Bonds – 9.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 2/15/27<sup>†</sup> <br>| 5000 | 5180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/36 | 700 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/37 | 500 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/37 | 500 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/15/38 | 600 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/38 | 600 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/15/39 | 700 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/39 | 1000 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/39 | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/39 | 1000 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/40 | 1200 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 5/15/40 | 3500 | 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/15/40 | 1100 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 8/15/40 | 3500 | 2207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/40 | 1000 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/40 | 4000 | 2606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/40 | 1000 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/41 | 5000 | 3506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/41 | 1175 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 5/15/41 | 3750 | 2768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/15/41 | 2000 | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 8/15/41 | 5500 | 3726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/15/41 | 4000 | 3618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/41 | 5000 | 3503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/41 | 1000 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 2/15/42 | 4000 | 2956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 2/15/42 | 1000 | 826 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 45.2%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 45.2%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 45.2%continued**  |
| **U.S. Treasury Bonds – 9.8%continued** | **U.S. Treasury Bonds – 9.8%continued** | **U.S. Treasury Bonds – 9.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/15/42 | $1000 | $808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 5/15/42 | 3500 | 2930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 8/15/42 | 1500 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 8/15/42 | 3000 | 2544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/42 | 2000 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/42 | 3500 | 3220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 2/15/43 | 1500 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/43 | 3000 | 2709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/15/43 | 2500 | 1948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/15/43 | 3000 | 2701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/15/43 | 2000 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/15/43 | 3300 | 3163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/43 | 2000 | 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/43 | 3500 | 3513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 2/15/44 | 2000 | 1723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/44 | 3500 | 3398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 5/15/44 | 1600 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/44 | 2750 | 2710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 8/15/44 | 2000 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/44 | 3000 | 2763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/44 | 2000 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/44 | 3500 | 3442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/15/45 | 2500 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/45 | 3300 | 3295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/15/45 | 1500 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/45 | 3500 | 3606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 8/15/45 | 1500 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 8/15/45 | 3000 | 3040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/45 | 1000 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/45 | 2400 | 2354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/15/46 | 2000 | 1399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/15/46 | 2000 | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 8/15/46 | 3000 | 1983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/46 | 1500 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/15/47 | 2000 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/15/47 | 2000 | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 8/15/47 | 2500 | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/47 | 2500 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/15/48 | 3000 | 2242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 5/15/48 | 3000 | 2288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/15/48 | 3500 | 2603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/48 | 3500 | 2781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/15/49 | 4000 | 2959 |

---

FIXED INCOME FUNDS **83** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 45.2%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 45.2%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 45.2%continued**  |
| **U.S. Treasury Bonds – 9.8%continued** | **U.S. Treasury Bonds – 9.8%continued** | **U.S. Treasury Bonds – 9.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/15/49 | $4500 | $3242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 8/15/49 | 3500 | 2205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/49 | 3500 | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/15/50 | 4500 | 2650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 5/15/50 | 5000 | 2406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 8/15/50 | 5500 | 2718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/50 | 6000 | 3166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/51 | 6000 | 3370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 5/15/51 | 6000 | 3799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/15/51 | 6000 | 3454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/15/51 | 5700 | 3166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/15/52 | 5500 | 3353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/15/52 | 5500 | 3861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/15/52 | 5000 | 3598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/52 | 5000 | 4355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 2/15/53 | 4500 | 3660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/15/53 | 4500 | 3657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/53 | 4900 | 4357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/53 | 5900 | 5817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/54 | 5500 | 4994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/54 | 5350 | 5175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/15/54 | 5400 | 4904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/54 | 6000 | 5684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/55 | 6000 | 5805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/15/55 | 6000 | 5922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 8/15/55 | 8000 | 7900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/55 | 3500 | 3387 |
|  |  | **248742** |
| **U.S. Treasury Notes – 35.4%** | **U.S. Treasury Notes – 35.4%** | **U.S. Treasury Notes – 35.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/15/27 | 5000 | 5024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 1/31/27 | 10000 | 9787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/31/27 | 5000 | 5031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/15/27 | 5000 | 4931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 2/28/27 | 5000 | 4865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/28/27 | 5000 | 4908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/28/27 | 5000 | 5034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/15/27 | 5000 | 5043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/31/27 | 5000 | 4938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/31/27 | 5000 | 5022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/27 | 5000 | 5062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 4/30/27 | 5000 | 4952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/30/27 | 5000 | 5016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 5/15/27 | 5000 | 4925 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 45.2%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 45.2%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 45.2%continued**  |
| **U.S. Treasury Notes – 35.4%continued** | **U.S. Treasury Notes – 35.4%continued** | **U.S. Treasury Notes – 35.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/27 | $5000 | $5067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 5/31/27 | 5000 | 4796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 5/31/27 | 5000 | 4940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/31/27 | 5000 | 5026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/15/27 | 5000 | 5080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/30/27 | 5000 | 4983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/30/27 | 5000 | 5020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 7/15/27 | 5000 | 5067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 7/31/27 | 5000 | 4944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/31/27 | 5000 | 5030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/15/27 | 5000 | 5021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 8/31/27 | 5000 | 4761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 8/31/27 | 5000 | 4972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/31/27 | 5000 | 5012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 9/15/27 | 5000 | 4991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 9/30/27 | 5000 | 4740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/30/27 | 5000 | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 9/30/27 | 5000 | 5054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/27 | 5000 | 5034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/31/27 | 5000 | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/27 | 5000 | 5056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/27 | 5000 | 4890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/30/27 | 5000 | 4739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/30/27 | 1500 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/27 | 5000 | 5049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/31/27 | 5000 | 4727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/31/27 | 5000 | 4991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/31/27 | 5000 | 5038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 1/31/28 | 5000 | 4728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/31/28 | 5000 | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 2/15/28 | 5000 | 4925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/28 | 5000 | 5077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 2/29/28 | 5000 | 4756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/29/28 | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/15/28 | 5000 | 5041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 3/31/28 | 5000 | 4760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/31/28 | 5000 | 5014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/15/28 | 5000 | 5027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 4/30/28 | 5000 | 4751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/30/28 | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/15/28 | 5000 | 4930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/15/28 | 5000 | 5028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 5/31/28 | 5000 | 4742 |

---

NORTHERN FUNDS QUARTERLY REPORT **84** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 45.2%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 45.2%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 45.2%continued**  |
| **U.S. Treasury Notes – 35.4%continued** | **U.S. Treasury Notes – 35.4%continued** | **U.S. Treasury Notes – 35.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/31/28 | $5000 | $5014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/15/28 | 5000 | 5044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 6/30/28 | 5000 | 4733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/30/28 | 5000 | 5060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/15/28 | 5000 | 5044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 7/31/28 | 5000 | 4693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/31/28 | 5000 | 5076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 8/15/28 | 5000 | 4921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/15/28 | 5000 | 5014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 8/31/28 | 5000 | 4698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/31/28 | 5000 | 5107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 9/15/28 | 5000 | 4981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 9/30/28 | 5000 | 4705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/30/28 | 5000 | 5143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/28 | 5000 | 4997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/31/28 | 5000 | 4712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/31/28 | 5000 | 5179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/28 | 5000 | 4946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/28 | 5000 | 4996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/28 | 5000 | 4721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/30/28 | 5000 | 5115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/28 | 5000 | 4996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 12/31/28 | 5000 | 4696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/28 | 5000 | 5030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 1/31/29 | 5000 | 4740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/31/29 | 5000 | 5066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 2/15/29 | 5000 | 4864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/28/29 | 4000 | 3801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/28/29 | 5000 | 5103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 3/31/29 | 4000 | 3856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/31/29 | 5000 | 5085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 4/30/29 | 4000 | 3913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/30/29 | 5000 | 5164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 5/15/29 | 5000 | 4810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 5/31/29 | 3500 | 3408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/31/29 | 5000 | 5146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/30/29 | 3000 | 2967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/30/29 | 5000 | 5108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 7/31/29 | 3000 | 2903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/31/29 | 5000 | 5067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 8/15/29 | 5000 | 4670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 8/31/29 | 5000 | 4918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/31/29 | 5000 | 5002 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 45.2%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 45.2%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 45.2%continued**  |
| **U.S. Treasury Notes – 35.4%continued** | **U.S. Treasury Notes – 35.4%continued** | **U.S. Treasury Notes – 35.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/30/29 | $5000 | $4980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 9/30/29 | 5000 | 5046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/31/29 | 3000 | 3041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/29 | 5000 | 5089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/29 | 3500 | 3271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/29 | 5000 | 5045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/30/29 | 5000 | 5090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/31/29 | 5000 | 5137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/31/30 | 5000 | 4975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/31/30 | 5000 | 5115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/15/30 | 5000 | 4596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/28/30 | 9000 | 9121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/31/30 | 5000 | 5067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/30/30 | 5000 | 4968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/30/30 | 5000 | 5043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 5/15/30 | 5000 | 4391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/31/30 | 5000 | 5016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/31/30 | 5000 | 5068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/30/30 | 5000 | 5042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/31/30 | 5000 | 5041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 8/15/30 | 10000 | 8709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/31/30 | 5000 | 4987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 9/30/30 | 5000 | 4985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/30/30 | 5000 | 5200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/31/30 | 10000 | 9967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/30 | 5000 | 4375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/30/30 | 5000 | 4954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/30/30 | 5000 | 5149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/30 | 5000 | 5007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/31/31 | 5000 | 5063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 2/15/31 | 10000 | 8814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/28/31 | 5000 | 5120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/31/31 | 5000 | 5090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/30/31 | 5000 | 5210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 5/15/31 | 10000 | 8969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/31/31 | 5000 | 5210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/30/31 | 5000 | 5119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/31/31 | 5000 | 5087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 8/15/31 | 8500 | 7415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/31/31 | 5000 | 4989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 9/30/31 | 5000 | 4956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/31 | 10000 | 8722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/31/31 | 5000 | 5181 |

---

FIXED INCOME FUNDS **85** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 45.2%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 45.2%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 45.2%continued**  |
| **U.S. Treasury Notes – 35.4%continued** | **U.S. Treasury Notes – 35.4%continued** | **U.S. Treasury Notes – 35.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/31/32 | $5000 | $5146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/32 | 5000 | 4465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/31/32 | 5000 | 5075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/30/32 | 6500 | 6551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/15/32 | 5000 | 4721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/31/32 | 5000 | 5073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/30/32 | 5000 | 5036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/31/32 | 5000 | 5033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 8/15/32 | 5000 | 4668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 9/30/32 | 5000 | 4992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/31/32 | 5000 | 4952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/32 | 2000 | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/31/32 | 3650 | 3640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/15/33 | 5000 | 4867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 5/15/33 | 5000 | 4815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/33 | 10000 | 9934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/33 | 10000 | 10343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/34 | 5000 | 4994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/15/34 | 10000 | 10238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/34 | 15000 | 14798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/34 | 20000 | 20251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/35 | 10000 | 10401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/35 | 10000 | 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/15/35 | 10000 | 10094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/35 | 7000 | 6915 |
|  |  | **901624** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $1,191,229)** |  | **1150366** |
| **MUNICIPAL BONDS – 0.4%**  | **MUNICIPAL BONDS – 0.4%**  | **MUNICIPAL BONDS – 0.4%**  |
| **Arizona – 0.0%** | **Arizona – 0.0%** | **Arizona – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> Revenue Bonds, Build America <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 1/1/41 | 110 | **108** |
| **California – 0.1%** | **California – 0.1%** | **California – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Subordinate Revenue Bonds, Series <br> S1, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.04%, 4/1/50 | 150 | 171 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  |
| **California – 0.1%continued** | **California – 0.1%continued** | **California – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Taxable Revenue Bonds, Series S3, <br> Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.91%, 10/1/50 | $150 | $170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 10/1/39 | 920 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 3/1/40 | 405 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 11/1/40 | 100 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Water <br> System Subordinated Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87%, 6/1/40 | 300 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Community College District <br> G.O. Unlimited Bonds, Build America <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/1/49 | 150 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Water Authority <br> Financing Agency Water Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.14%, 5/1/49 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Public <br> Utilities Commission Water Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 11/1/50 | 75 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California Taxable <br> General Revenue Bonds, Series AD,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 5/15/12<sup>(7)</sup> <br>| 500 | 415 |
|  |  | **3108** |
| **Connecticut – 0.0%** | **Connecticut – 0.0%** | **Connecticut – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Taxable G.O. <br> Unlimited Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 3/15/32 | 300 | **323** |
| **Georgia – 0.0%** | **Georgia – 0.0%** | **Georgia – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Revenue Bonds, Build America <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.66%, 4/1/57 | 92 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Taxable Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.64%, 4/1/57 | 63 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.06%, 4/1/57 | 279 | 313 |
|  |  | **481** |

---

NORTHERN FUNDS QUARTERLY REPORT **86** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  |
| **Illinois – 0.1%** | **Illinois – 0.1%** | **Illinois – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales & <br> Transfer Tax Receipts Pension <br> Funding Taxable Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 12/1/40 | $263 | $294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax <br> Receipts Revenue Bonds, Series B, <br> Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 12/1/40 | 135 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Taxable Pension G.O. <br> Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 6/1/33 | 615 | 631 |
|  |  | **1068** |
| **Massachusetts – 0.0%** | **Massachusetts – 0.0%** | **Massachusetts – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State G.O. Limited <br> Bonds, Series D, Build America <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/31 | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State School Building <br> Authority Sales TRB, Build America <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 8/15/39 | 100 | 104 |
|  |  | **354** |
| **Mississippi – 0.0%** | **Mississippi – 0.0%** | **Mississippi – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi State G.O. Unlimited Bonds, <br> Series F, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/1/34 | 100 | **103** |
| **Nevada – 0.0%** | **Nevada – 0.0%** | **Nevada – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clark County Airport System Taxable <br> Revenue Bonds, Series C, Build <br> America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.82%, 7/1/45 | 200 | **222** |
| **New Jersey – 0.0%** | **New Jersey – 0.0%** | **New Jersey – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust <br> Fund Authority Revenue Bonds, <br> Series B, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.56%, 12/15/40 | 200 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority <br> Taxable Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.41%, 1/1/40 | 125 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rutgers State University Revenue Bonds, <br> Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 5/1/40 | 145 | 150 |
|  |  | **525** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  |
| **New York – 0.1%** | **New York – 0.1%** | **New York – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br> Dedicated Tax Fund, Build America <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.34%, 11/15/39 | $70 | $82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/41 | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 6/15/42 | 250 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Build <br> America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 10/1/37 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> Personal Income TRB, Series D, Build <br> America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 3/15/40 | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income TRB, Build <br> America Bonds, Unrefunded <br> Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 3/15/39 | 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development <br> Corp. Taxable Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77%, 3/15/39 | 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Taxable Sustainable G.O. <br> Unlimited Bonds, Series E2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 10/1/55 | 400 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Consolidated 164th Taxable <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/1/40 | 350 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Consolidated 165th Taxable <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/1/40 | 200 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Consolidated 168th Revenue <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 10/1/51 | 250 | 233 |
|  |  | **2253** |

---

FIXED INCOME FUNDS **87** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  |
| **Ohio – 0.0%** | **Ohio – 0.0%** | **Ohio – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Municipal Power-Ohio, Inc., <br> Revenue Bonds, Subseries B, Build <br> America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 2/15/44 | $200 | $211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Municipal Power-Ohio, Inc., <br> Taxable Revenue Bonds, Series B, <br> Build America Bonds, Combined <br> Hydroelectric Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.08%, 2/15/50 | 300 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State University Revenue Bonds, <br> Series C, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 6/1/40 | 190 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State University Taxable Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 6/1/11<sup>(4)</sup> <br>| 200 | 165 |
|  |  | **943** |
| **Pennsylvania – 0.0%** | **Pennsylvania – 0.0%** | **Pennsylvania – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority <br> Taxable Revenue Bonds, Series A, <br> Qualified School Construction <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/27 | 193 | **197** |
| **Tennessee – 0.0%** | **Tennessee – 0.0%** | **Tennessee – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville <br> & Davidson County Convention <br> Center Authority Subordinate <br> Taxable Revenue Bonds, Series B, <br> Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.73%, 7/1/43 | 100 | **106** |
| **Texas – 0.1%** | **Texas – 0.1%** | **Texas – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit Sales TRB, <br> Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 12/1/48 | 180 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas Independent School District <br> Taxable G.O. Unlimited Bonds, <br> Series C, Build America Bonds (PSF, <br> Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 2/15/35 | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.72%, 1/1/49 | 125 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.99%, 2/1/39 | 200 | 215 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  |
| **Texas – 0.1%continued** | **Texas – 0.1%continued** | **Texas – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Taxable G.O. Unlimited <br> Bonds, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 4/1/39 | $187 | $192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Transportation Commission <br> State Highway Fund Taxable <br> Revenue Bonds, Series B, First Tier,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 4/1/30 | 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Texas Revenue Bonds, <br> Series C, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 8/15/46 | 100 | 95 |
|  |  | **1316** |
| **Virginia – 0.0%** | **Virginia – 0.0%** | **Virginia – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Virginia University Taxable <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 9/1/50 | 300 | **175** |
| **Washington – 0.0%** | **Washington – 0.0%** | **Washington – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Puget Sound Regional <br> Transportation Authority Sales & Use <br> TRB, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49%, 11/1/39 | 80 | **82** |
| **Total Municipal Bonds** |  |  |
| **(Cost $11,311)** |  | **11364** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 4.2%**  | **INVESTMENT COMPANIES – 4.2%**  | **INVESTMENT COMPANIES – 4.2%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(15) (16) (17)</sup> <br>| 20482385 | $20482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(15) (16)</sup> <br>| 87666152 | 87666 |
| **Total Investment Companies** |  |  |
| **(Cost $108,149)** |  | **108148** |
| **Total Investments – 103.0%** | **Total Investments – 103.0%** |  |
| **(Cost $2,732,870)** | **(Cost $2,732,870)** | **2622993** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (3.0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (3.0%) | (77208)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2545785** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Variable or floating rate security, the interest rate of which adjusts* *periodically based on changes in current interest rates and prepayments on* *the underlying pool of assets.* 

<sup>(2)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At December 31,* *2025, the value of these securities amounted to approximately $2,087,000* *or 0.1% of net assets.* 

NORTHERN FUNDS QUARTERLY REPORT **88** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BOND INDEX FUND continued** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(3)</sup> <br>| *Variable or floating rate security. Security issued at a fixed coupon rate,* <br> *which converts to a variable rate at a future date. Rate shown is the rate in* <br> *effect as of December 31, 2025.*<br>|
| <sup>(4)</sup> <br>| *Century bond maturing in 2111.* |
| <sup>(5)</sup> <br>| *Century bond maturing in 2114.* |
| <sup>(6)</sup> <br>| *Century bond maturing in 2116.* |
| <sup>(7)</sup> <br>| *Century bond maturing in 2112.* |
| <sup>(8)</sup> <br>| *Security exempt from registration pursuant to Regulation S under the* <br> *Securities Act of 1933. Regulation S applies to securities offerings that are* <br> *made outside of the United States and do not involve direct selling efforts in* <br> *the United States and as such may have restrictions on resale.*<br>|
| <sup>(9)</sup> <br>| *Investment in affiliate.* |
| <sup>(10)</sup> <br>| *Zero coupon bond.* |
| <sup>(11)</sup> <br>| *Principal Amount and Value rounds to less than one thousand.* |
| <sup>(12)</sup> <br>| *The obligations of certain U.S. government-sponsored entities are neither* <br> *issued nor guaranteed by the United States Treasury.*<br>|
| <sup>(13)</sup> <br>| *Variable or floating rate security. Rate as of December 31, 2025 is* <br> *disclosed.*<br>|
| <sup>(14)</sup> <br>| *When-Issued Security. Coupon rate is not in effect at December 31, 2025.* |
| <sup>(15)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(16)</sup> <br>| *7-day current yield as of December 31, 2025 is disclosed.* |
| <sup>(17)</sup> <br>| *Investment of cash collateral received from securities lending activities.* |
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 1Y - 1 Year |
| 3M - 3 Month |
| 5Y - 5 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| Fannie Mae - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |
| G.O. - General Obligation |
| Gtd. - Guaranteed |
| IBOR - Interbank Offered Rates  |
| ICE - Intercontinental Exchange |
| LIBOR - London Interbank Offered Rate |
| PSF - Permanent School Fund |
| SOFR - Secured Overnight Financing Rate |
| TBA - To be announced |
| TRB - Tax Revenue Bonds |

---

USD - United States Dollar<br>

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Asset-Backed Securities<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $10360 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10360 |
| &nbsp;&nbsp;&nbsp; Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 17640 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17640 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 516463 | &nbsp;&nbsp; — | &nbsp;&nbsp; 516463 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 160767 | &nbsp;&nbsp; — | &nbsp;&nbsp; 160767 |
| &nbsp;&nbsp;&nbsp; U.S. Government <br> Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 647885 | &nbsp;&nbsp; — | &nbsp;&nbsp; 647885 |
| &nbsp;&nbsp;&nbsp; U.S. Government <br> Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1150366 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1150366 |
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 11364 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11364 |
| Investment Companies | &nbsp;&nbsp; 108148 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 108148 |
| Total Investments | &nbsp;&nbsp; $108148 | &nbsp;&nbsp; $2514845 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2622993 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

FIXED INCOME FUNDS **89** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **NET CHANGE**<br> **IN UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Nasdaq, Inc. | $306 | $— | $— | $7 | $13 | $313 | 300000 |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) |  | 166516 | 146034 |  | 121 <br><sup>(1)</sup><br>| 20482 | 20482385 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 41789 | 455869 | 409992 |  | 1766 | 87666 | 87666152 |
| Total | $42095 | $622385 | $556026 | $7 | $1900 | $108461 | 108448537 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

NORTHERN FUNDS QUARTERLY REPORT **90** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 94.8%**  | **MUNICIPAL BONDS – 94.8%**  | **MUNICIPAL BONDS – 94.8%**  |
| **California – 94.8%** | **California – 94.8%** | **California – 94.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alameda County Unified School District <br> G.O. Unlimited Bonds, Series B, <br> Election of 2014,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/42 | $2000 | $2048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albany Unified School District G.O. <br> Unlimited Bonds, Series B, Measure <br> B, Election of 2016,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/43 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alum Rock Union Elementary School <br> District G.O. Unlimited Refunding <br> Bonds, Series B (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33 | 1750 | 2074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azusa Unified School District G.O. <br> Unlimited Bonds, Series C, Election <br> of 2014,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/44 | 1700 | 1758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Subordinate Revenue Refunding <br> Bonds, Series S-11,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/32 | 795 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Clean Energy Project <br> Revenue Bonds, Green Bond, Series <br> B-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/31<sup>(1) (2)</sup> <br>| 3500 | 3549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/27<sup>(1) (2)</sup> <br>| 1400 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/30<sup>(1) (2)</sup> <br>| 1215 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32<sup>(1) (2)</sup> <br>| 1250 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33<sup>(1) (2)</sup> <br>| 2000 | 2189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/33<sup>(1) (2)</sup> <br>| 2000 | 2123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/34<sup>(1) (2)</sup> <br>| 2000 | 2074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/35<sup>(1) (2)</sup> <br>| 1000 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Series E, Clean Energy <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| 2320 | 2489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Revenue Bonds, <br> Clean Energy Project, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/29<sup>(1) (2)</sup> <br>| 750 | 786 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  |
| **California – 94.8%continued** | **California – 94.8%continued** | **California – 94.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32<sup>(1) (2)</sup> <br>| $2000 | $2081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| 2720 | 2953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-2, Class A Social <br> Certificates (FHLMC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 3/25/35 | 1880 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California PFA Revenue Refunding <br> Bonds, Series A, PIH Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/32 | 1500 | 1673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California School Finance Authority <br> Educational Facilities Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/40 | 800 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, The <br> Master's University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/40 | 1500 | 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, University <br> of the Pacific,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/43 | 610 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/44 | 700 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Refunding Bonds, <br> University of the Pacific,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/35 | 750 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Enterprise Development <br> Authority Lease Revenue Bonds, <br> Riverside County - Mead Valley <br> Wellness Village Project ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32 | 2875 | 3368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Enterprise Development <br> Authority Lease Revenue Bonds, <br> Riverside County Library Facilities <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/44 | 3000 | 2443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/30<sup>(3)</sup> <br>| 25 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32 | 1515 | 1692 |

---

FIXED INCOME FUNDS **91** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  |
| **California – 94.8%continued** | **California – 94.8%continued** | **California – 94.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33 | $2500 | $2937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/34 | 2000 | 2378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds, Bid Group C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/28 | 2000 | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue Bonds, <br> Adventist Health System/West,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/35 | 2500 | 2837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Cedars-Sinai <br> Medical Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/27 | 250 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Series A, El <br> Camino Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/33 | 700 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Series B, Stanford <br> Health Care,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/33 | 690 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Children's Hospital <br> of Orange County,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/31<sup>(1) (2)</sup> <br>| 1855 | 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/32<sup>(1) (2)</sup> <br>| 2000 | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Series B-2, Scripps <br> Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/4/31<sup>(1) (2)</sup> <br>| 1350 | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> National Charter Equitable School <br> Revolving Fund Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/29 | 2045 | 2179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/33 | 200 | 221 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  |
| **California – 94.8%continued** | **California – 94.8%continued** | **California – 94.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Revenue Bonds, California Science <br> Center Phase III Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/31 | $1500 | $1701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Revenue Bonds, UCSF <br> 2130 Third Street,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/36 | 1000 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Variable Revenue Refunding Bonds, <br> Los Angeles Museum of Art Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 6/1/28<sup>(1) (2)</sup> <br>| 3000 | 2794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority MFH Revenue Bonds, <br> Pass-Through Park Western <br> Apartments (FNMA Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 8/1/36 | 3234 | 2886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, <br> HumanGood, California Obligated <br> Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/46 | 1000 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, Series A, <br> National University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/36 | 2245 | 2378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Refunding Bonds, <br> Southwestern Law School,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/41 | 400 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Bonds, Series C, <br> Various Capital Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/35 | 405 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/39 | 500 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Refunding Bonds, <br> Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/31 | 1500 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Refunding Bonds, <br> Various Capital Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32 | 3500 | 4050 |

---

NORTHERN FUNDS QUARTERLY REPORT **92** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  |
| **California – 94.8%continued** | **California – 94.8%continued** | **California – 94.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Statewide Communities <br> Development Authority Student <br> Housing Revenue Refunding Bonds, <br> CHF-Irvine, LLC-Phase I (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/33 | $4630 | $5079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/31 | 4560 | 4773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/39 | 1500 | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement <br> Authority Essential Housing Senior <br> Revenue Bonds, Crescent West <br> Hollywood,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 7/1/43 | 1000 | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Desert Sands Unified School District <br> G.O. Unlimited Bonds, Election of <br> 2014,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/39 | 1330 | 1373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Desert Sands Unified School District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 1230 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East Side Union High School District <br> Santa Clara County G.O. Unlimited <br> Bonds, Series D, Election of 2016,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 750 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen School District G.O. <br> Unlimited Bonds, Election of 2014,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/46 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fontana PFA Lease Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32 | 425 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/37 | 450 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garden Grove PFA Lease Revenue <br> Bonds, Series A (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/32 | 580 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garden Grove PFS Lease Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/29 | 300 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization <br> Corp. Tobacco Settlement Taxable <br> Revenue Refunding Bonds, Series <br> A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.16%, 6/1/26 | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 6/1/28 | 1500 | 1438 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  |
| **California – 94.8%continued** | **California – 94.8%continued** | **California – 94.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hayward Unified School District G.O. <br> Unlimited Refunding Bonds, Series B <br> (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33 | $3750 | $4433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Irrigation District Electric <br> Revenue Bonds, Series B-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/46 | 2500 | 2519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inglewood Joint Powers Authority Lease <br> Revenue Bonds, Inglewood Main <br> Library Renovation (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/40 | 1070 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Irvine Unified School District Special <br> Refunding Tax Refunding Bonds, <br> Community Facilities District No. 01-1 <br> (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32 | 1400 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson Union High School District <br> San Mateo County G.O. Unlimited <br> Bonds, Series C, Measure Z, Election <br> of 2020,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/34 | 300 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake Elsinore Facilities Financing <br> Authority Local Agency Special TRB, <br> Series A (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/33 | 1750 | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Beach Community College District <br> G.O. Unlimited Bonds, Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/52 | 2000 | 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Beach Harbor Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/30 | 1300 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Beach Harbor Revenue Refunding <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/47 | 3000 | 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Beach Marina Revenue Refunding <br> Bonds, Alamitos Bay Marina Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/33 | 700 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Alamitos Unified School District <br> COPS, Capital Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 8/1/34 | 1100 | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan <br> Transportation Authority Sales Senior <br> TRB, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/36 | 2975 | 3145 |

---

FIXED INCOME FUNDS **93** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  |
| **California – 94.8%continued** | **California – 94.8%continued** | **California – 94.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/29 | $1665 | $1669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Bonds, Series J,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/43 | 1750 | 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/30 | 1465 | 1548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International <br> Airport,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/31 | 2000 | 2105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/44 | 1500 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue <br> Refunding Bonds (AMT), Unrefunded <br> Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/32 | 2840 | 3152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | 1850 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/33 | 4210 | 4805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/43 | 1850 | 1891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Municipal Improvement <br> Corp. Lease Revenue Bonds, Capital <br> Equipment & Real Property,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/30 | 600 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Municipal Improvement <br> Corp. Lease Revenue Bonds, Los <br> Angeles Convention Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/40 | 1930 | 2183 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  |
| **California – 94.8%continued** | **California – 94.8%continued** | **California – 94.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Special Refunding Tax <br> Refunding Bonds, Community <br> Facilities District No. 4 Playa Vista <br> (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/30 | $775 | $863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District <br> G.O. Unlimited Bonds, Series B-1, <br> Election of 2008,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/30 | 190 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District <br> G.O. Unlimited Bonds, Series B-1, <br> Election of 2008 (BAM-TCRS <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31 | 1500 | 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District <br> G.O. Unlimited Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/33 | 3500 | 4163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Menifee Community Facilities District <br> Special Tax Bonds, McCall,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/42 | 385 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/51 | 1000 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern <br> California Waterworks Revenue <br> Bonds, Series B-3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31<sup>(1) (2)</sup> <br>| 2920 | 3235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moreland School District G.O. <br> Unlimited Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 1300 | 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morongo Unified School District G.O. <br> Unlimited Bonds, Election of 2024,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/41 | 375 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mount Diablo Unified School District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 750 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natomas Unified School District G.O. <br> Unlimited Bonds (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/39 | 1655 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/40 | 2000 | 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ontario PFA Lease Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32 | 300 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/33 | 475 | 568 |

---

NORTHERN FUNDS QUARTERLY REPORT **94** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  |
| **California – 94.8%continued** | **California – 94.8%continued** | **California – 94.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange County Community Facilities <br> District No. 2021-1 Rienda Special <br> Tax Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/37 | $1000 | $1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Springs Unified School District <br> G.O. Unlimited Bonds, Series D, <br> Election of 2008,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/27 | 1970 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peralta Community College District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33 | 2150 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rancho Cucamonga Redevelopment <br> Agency Successor Agency Tax <br> Allocation Revenue Refunding Bonds, <br> Rancho Redevelopment Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32 | 1500 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redding Joint Powers Financing <br> Authority Electric System Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/55 | 2250 | 2322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redlands Unified School District G.O. <br> Unlimited Refunding Bonds, San <br> Bernardino County,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/30 | 2295 | 2305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rialto Unified School District COPS, <br> Kitchen & Meeting (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/31 | 270 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sacramento City Unified School District <br> G.O. Unlimited Refunding Bonds, <br> Series B (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/34 | 1295 | 1538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/35 | 845 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sacramento County Airport System <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/32 | 325 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sacramento County Special Refunding <br> Tax Refunding Bonds, Metro Air Park <br> Community Facilities,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego Association of Governments <br> South Bay Expressway Toll Senior <br> Lien Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/37 | 1000 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Regional Airport <br> Authority Senior Revenue Bonds, <br> (AMT), Private Activity,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/36 | 1100 | 1250 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  |
| **California – 94.8%continued** | **California – 94.8%continued** | **California – 94.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing <br> Authority Lease Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/38 | $2500 | $2947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Refunding Bonds, Second <br> Series (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/1/41 | 1000 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County <br> Infrastructure & Revitalization Tax <br> Allocation Bonds, Facilities <br> Increment, Treasure Island,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/37 | 375 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County <br> Redevelopment Successor Agency <br> Tax Allocation Refunding Bonds, <br> Mission Bay South Redevelopment <br> (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/31 | 1150 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 1420 | 1627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Refunding <br> COPS, Multiple Capital Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/33 | 2800 | 2517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Unified <br> School District G.O. Unlimited <br> Bonds, Proposition A, Series F&C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/15/32 | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Unified <br> School District G.O. Unlimited <br> Bonds, Series A, Election of 2016,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/35 | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Joaquin Valley Clean Energy <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/35<sup>(1) (2)</sup> <br>| 1500 | 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Leandro Unified School District <br> G.O. Unlimited Bonds, Series B, <br> Election of 2016 (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 560 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Mateo Union High School District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/1/35<sup>(4)</sup> <br>| 600 | 710 |

---

FIXED INCOME FUNDS **95** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  |
| **California – 94.8%continued** | **California – 94.8%continued** | **California – 94.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santa Cruz County Redevelopment <br> Successor Agency Tax Allocation <br> Refunding Bonds, Series B (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32 | $560 | $652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santa Rosa Elementary School District <br> G.O. Unlimited Bonds, Series D, <br> Election of 2014 (AG Insured), <br> Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26<sup>(3)</sup> <br>| 1145 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santa Rosa High School District G.O. <br> Unlimited Bonds, Series C, Election <br> of 2014 (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/43 | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silicon Valley Clean Water Wastewater <br> Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 3/1/26 | 3000 | 2988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern California Logistics Airport <br> Authority Junior Lien Tax Allocation <br> Refunding Bonds, Series A (AG <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/35 | 360 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern California State Public Power <br> Authority Revenue Refunding Bonds, <br> Series A, Canyon Power Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | 1000 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sutter Butte Flood Control Agency <br> Special Assessment Revenue <br> Refunding Bonds (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/35 | 500 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Temecula Valley Unified School District <br> Financing Authority Special Tax <br> Revenue Refunding Bonds (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32 | 670 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transbay Joint Powers Authority Senior <br> Tax Allocation Bonds, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/29 | 465 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/34 | 600 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California Revenue Bonds, <br> Series CD,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/36 | 2000 | 2391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/31 | 3000 | 3415 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  |
| **California – 94.8%continued** | **California – 94.8%continued** | **California – 94.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Val Verde Unified School District <br> Special Tax Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32 | $245 | $284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Joint Powers Financing Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/33 | 900 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Contra Costa Unified School <br> District G.O. Unlimited Bonds, Series <br> B, Election of 2020 (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/31 | 235 | 270 |
|  |  | **224137** |
| **Total Municipal Bonds** |  |  |
| **(Cost $227,794)** |  | **224137** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(5) (6)</sup> <br>| 2169424 | $2169 |
| **Total Investment Companies** |  |  |
| **(Cost $2,169)** |  | **2169** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 2.9%**  | **SHORT-TERM INVESTMENTS – 2.9%**  | **SHORT-TERM INVESTMENTS – 2.9%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Revenue Refunding Bonds, San <br> Francisco Bay Area,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 4/1/26<sup>(1) (2)</sup> <br>| $6825 | **$6821** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $6,827)** | **(Cost $6,827)** | **6821** |
| **Total Investments – 98.6%** | **Total Investments – 98.6%** |  |
| **(Cost $236,790)** | **(Cost $236,790)** | **233127** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 1.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 1.4% | 3364 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$236491** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Maturity date represents the puttable date.*

<sup>(2)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of December 31,* *2025 is disclosed.* 

<sup>(3)</sup> *Maturity date represents the prerefunded date.*

<sup>(4)</sup> *When-Issued Security. Coupon rate is not in effect at December 31, 2025.*

<sup>(5)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

NORTHERN FUNDS QUARTERLY REPORT **96** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND continued**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(6)</sup> *7-day current yield as of December 31, 2025 is disclosed.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| CD - Certificate of Deposit |
| CHF - Collegiate Housing Foundation |
| COPS - Certificates of Participation |
| CSCDA - California Statewide Communities Development Authority |
| FHLMC - Federal Home Loan Mortgage Corporation |
| FNMA - Federal National Mortgage Association |
| G.O. - General Obligation |
| MFH - Multi-Family Housing |
| PFA - Public Finance Authority |
| TCRS - Transferable Custodial Receipts |

---

<br> TRB - Tax Revenue Bonds

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $224137 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $224137 |
| Investment Companies | &nbsp;&nbsp; 2169 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2169 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 6821 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6821 |
| Total Investments | &nbsp;&nbsp; $2169 | &nbsp;&nbsp; $230958 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $233127 |

---

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $5563 | $87874 | $91268 | $135 | $2169 | 2169424 |

---

FIXED INCOME FUNDS **97** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CALIFORNIA TAX-EXEMPT FUND**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 93.5%**  | **MUNICIPAL BONDS – 93.5%**  | **MUNICIPAL BONDS – 93.5%**  |
| **California – 93.5%** | **California – 93.5%** | **California – 93.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alameda County Unified School District <br> G.O. Unlimited Bonds, Series B, <br> Election of 2014,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/42 | $500 | $512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antioch Unified School District G.O. <br> Unlimited Bonds, Series A, Election <br> of 2024 (AGC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/42 | 900 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/27<sup>(1) (2)</sup> <br>| 600 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/30<sup>(1) (2)</sup> <br>| 500 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32<sup>(1) (2)</sup> <br>| 750 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33<sup>(1) (2)</sup> <br>| 1500 | 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/33<sup>(1) (2)</sup> <br>| 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Series E, Clean Energy <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| 1385 | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32<sup>(1) (2)</sup> <br>| 1000 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| 500 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California County Tobacco <br> Securitization Agency Tobacco <br> Settlement Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/35 | 885 | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California County Tobacco <br> Securitization Agency Tobacco <br> Settlement Revenue Refunding Bonds, <br> Sonoma County Securitization,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/29 | 310 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-1, Class A <br> Certificates,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/35 | 1157 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-2, Class A Social <br> Certificates (FHLMC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 3/25/35 | 470 | 476 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.5%continued**  | **MUNICIPAL BONDS - 93.5%continued**  | **MUNICIPAL BONDS - 93.5%continued**  |
| **California – 93.5%continued** | **California – 93.5%continued** | **California – 93.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, Art Center <br> College of Design,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/51 | $600 | $411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, The <br> Master's University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/40 | 750 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, University <br> of the Pacific,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/55 | 1500 | 1573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Enterprise Development <br> Authority Lease Revenue Bonds, <br> Riverside County - Mead Valley <br> Wellness Village Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32 | 905 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/55 | 1000 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/42 | 1000 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/45 | 2000 | 2177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue Bonds, <br> Adventist Health System/West,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/35 | 1300 | 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue Bonds, <br> Subseries A-2, Kaiser Permanente,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/44 | 2000 | 1893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Series A, El <br> Camino Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/34 | 800 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Children's Hospital <br> of Orange County,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/31<sup>(1) (2)</sup> <br>| 225 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/32<sup>(1) (2)</sup> <br>| 1000 | 1100 |

---

NORTHERN FUNDS QUARTERLY REPORT **98** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CALIFORNIA TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.5%continued**  | **MUNICIPAL BONDS - 93.5%continued**  | **MUNICIPAL BONDS - 93.5%continued**  |
| **California – 93.5%continued** | **California – 93.5%continued** | **California – 93.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> National Charter Equitable School <br> Revolving Fund Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/42 | $275 | $288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/44 | 625 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Variable Revenue Refunding Bonds, <br> Los Angeles Museum of Art Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 6/1/28<sup>(1) (2)</sup> <br>| 2000 | 1863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, California <br> Institute of the Arts,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/51 | 250 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, <br> HumanGood, California Obligated <br> Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/49 | 1000 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, Samuel <br> Merritt University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/53 | 500 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, Series A, <br> National University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/40 | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Refunding Bonds, <br> Southwestern Law School,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/41 | 175 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Bonds, Series C, <br> Various Capital Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/50 | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Refunding Bonds, <br> Various Capital Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 1750 | 1826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Statewide Communities <br> Development Authority Student <br> Housing Revenue Refunding Bonds, <br> CHF-Irvine, LLC-Phase I (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/33 | 500 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/15/51 | 500 | 378 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.5%continued**  | **MUNICIPAL BONDS - 93.5%continued**  | **MUNICIPAL BONDS - 93.5%continued**  |
| **California – 93.5%continued** | **California – 93.5%continued** | **California – 93.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/31 | $1000 | $1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Refunding Bonds <br> (BAM-TCRS Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/35 | 2000 | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlsbad Unified School District G.O. <br> Unlimited Bonds, Series A, Election <br> of 2018,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/42 | 550 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coachella Valley Water District <br> Revenue COPS, Series A, Oasis <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/46 | 1750 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement <br> Authority Essential Housing Senior <br> Revenue Bonds, Crescent West <br> Hollywood,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 7/1/59 | 500 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen School District G.O. <br> Unlimited Bonds, Election of 2014,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/46 | 1300 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foothill Eastern Transportation Corridor <br> Agency Toll Road Senior Lien <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/15/46 | 250 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Irrigation District Electric <br> Revenue Bonds, Series B-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/46 | 1500 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake Elsinore Facilities Financing <br> Authority Local Agency Special TRB, <br> Series A (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/34 | 1000 | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Beach Community College District <br> G.O. Unlimited Bonds, Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/52 | 1000 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Beach Marina Revenue Refunding <br> Bonds, Alamitos Bay Marina Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/34 | 700 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Community College District <br> G.O. Unlimited Refunding Bonds, <br> Series K, Election of 2008,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/39 | 2915 | 2919 |

---

FIXED INCOME FUNDS **99** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.5%continued**  | **MUNICIPAL BONDS - 93.5%continued**  | **MUNICIPAL BONDS - 93.5%continued**  |
| **California – 93.5%continued** | **California – 93.5%continued** | **California – 93.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Bonds, Series F, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/1/51 | $1600 | $1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Bonds, Series J,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/50 | 1500 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Refunding Bonds, Series H,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/41 | 1000 | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Senior Revenue Bonds <br> (AMT), Private Activity,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/15/47 | 1000 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/31 | 1000 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International <br> Airport,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/44 | 500 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue <br> Refunding Bonds, Series A (AMT), P3 <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/46 | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/40 | 1000 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/52 | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/38 | 450 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks System Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/39 | 525 | 560 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.5%continued**  | **MUNICIPAL BONDS - 93.5%continued**  | **MUNICIPAL BONDS - 93.5%continued**  |
| **California – 93.5%continued** | **California – 93.5%continued** | **California – 93.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Harbor Department <br> Sustainable Revenue Refunding <br> Bonds, Exempt Facility,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/44 | $375 | $413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Municipal Improvement <br> Corp. Lease Revenue Bonds, Los <br> Angeles Convention Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/55 | 1000 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District <br> Sustainable G.O. Unlimited Bonds, <br> Series QRR,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/38 | 1000 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Rios Community College District <br> G.O. Unlimited Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/44 | 1000 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lucia Mar Unified School District G.O. <br> Unlimited Bonds, Series B, Election of <br> 2016,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/42 | 1450 | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Menifee Community Facilities District <br> Special Tax Bonds, McCall,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/42 | 165 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mesa Water District COPS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/15/45 | 1150 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern <br> California Waterworks Revenue <br> Bonds, Series B-3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31<sup>(1) (2)</sup> <br>| 1000 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modesto High School District Stanislaus <br> County G.O. Unlimited Bonds, Series <br> A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/48 | 1000 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monterey County Financing Authority <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/37 | 1170 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mount Diablo Unified School District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/34 | 750 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountain View Whisman School <br> District G.O. Unlimited Bonds, Series <br> B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/1/45 | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newport Mesa Unified School District <br> G.O. Unlimited CABS, Election of <br> 2005,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 8/1/33<sup>(3)</sup> <br>| 7000 | 5677 |

---

NORTHERN FUNDS QUARTERLY REPORT **100** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CALIFORNIA TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.5%continued**  | **MUNICIPAL BONDS - 93.5%continued**  | **MUNICIPAL BONDS - 93.5%continued**  |
| **California – 93.5%continued** | **California – 93.5%continued** | **California – 93.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oakland G.O. Unlimited Bonds, Series <br> B-1, Measure U,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/55 | $750 | $780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ontario PFA Lease Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/34 | 450 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pasadena Unified School District G.O. <br> Unlimited Bonds, Series D, Election of <br> 2020,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/47 | 1000 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redding Joint Powers Financing <br> Authority Electric System Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/55 | 1250 | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood City Public Facilities & <br> Infrastructure Authority Lease <br> Revenue Bonds, Veterans Memorial <br> Building,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/51 | 1750 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside County Transportation <br> Commission Toll Senior Lien Revenue <br> Refunding Bonds, RCTC 91 Express <br> Lanes,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/46 | 750 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sacramento City Unified School District <br> G.O. Unlimited Bonds, Series C, <br> Measure H, Election of 2020 (AG <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/43 | 1330 | 1453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sacramento County Airport System <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/32 | 300 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sacramento County Special Refunding <br> Tax Refunding Bonds, Metro Air Park <br> Community Facilities,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/34 | 1000 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Carlos School District G.O. <br> Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/41 | 400 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego Community College District <br> G.O. Unlimited Bonds, Series A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/55 | 1500 | 1594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/42 | 1500 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/49 | 1000 | 1006 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.5%continued**  | **MUNICIPAL BONDS - 93.5%continued**  | **MUNICIPAL BONDS - 93.5%continued**  |
| **California – 93.5%continued** | **California – 93.5%continued** | **California – 93.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Bonds, Series E (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/45 | $1000 | $1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/50 | 1500 | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Refunding Bonds, Second <br> Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/30 | 915 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Public <br> Utilities Commission Water Revenue <br> Bonds, Series D, Hetch Hetchy <br> Water,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/50 | 600 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Public <br> Utilities Commission Water Revenue <br> Refunding Bonds, Subseries C, <br> Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/41 | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Public <br> Utilities Commission Water Revenue <br> Refunding Bonds, Sustainable Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32 | 205 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Refunding <br> COPS, Multiple Capital Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/33 | 1200 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Unified <br> School District G.O. Unlimited <br> Bonds, Series A, Election of 2016,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/35 | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco Community College <br> District G.O. Unlimited Bonds, Series <br> A, Election of 2020,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/15/45 | 1000 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Joaquin Hills Transportation <br> Corridor Agency Toll Road Senior <br> Lien Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/15/34 | 500 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Joaquin Valley Clean Energy <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/35<sup>(1) (2)</sup> <br>| 1000 | 1129 |

---

FIXED INCOME FUNDS **101** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.5%continued**  | **MUNICIPAL BONDS - 93.5%continued**  | **MUNICIPAL BONDS - 93.5%continued**  |
| **California – 93.5%continued** | **California – 93.5%continued** | **California – 93.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Jose Financing Authority <br> Wastewater Revenue Bonds, Series <br> B, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/41 | $500 | $553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Jose G.O. Unlimited Bonds, Series <br> A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/42 | 1310 | 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Mateo Union High School District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/1/35<sup>(4)</sup> <br>| 400 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santa Clarita Community College <br> District G.O. Unlimited Bonds, <br> Election of 2016,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/48 | 1000 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santa Cruz County Capital Financing <br> Authority Lease Revenue Bonds, <br> Series A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/32 | 300 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/34 | 330 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silicon Valley Clean Water Wastewater <br> Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 3/1/26 | 2000 | 1992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonoma County Junior College District <br> G.O. Unlimited Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/36 | 900 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern California Logistics Airport <br> Authority Junior Lien Tax Allocation <br> Refunding Bonds, Series A (AG <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/43 | 500 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwestern Community College <br> District G.O. Unlimited Bonds, Series <br> D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/33 | 650 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sutter Butte Flood Control Agency <br> Special Assessment Revenue <br> Refunding Bonds (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/38 | 750 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Securitization Authority <br> Tobacco Settlement Senior Revenue <br> Refunding Bonds, Sacramento <br> County,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/37 | 700 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transbay Joint Powers Authority Senior <br> Tax Allocation Bonds, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/45 | 1000 | 1004 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.5%continued**  | **MUNICIPAL BONDS - 93.5%continued**  | **MUNICIPAL BONDS - 93.5%continued**  |
| **California – 93.5%continued** | **California – 93.5%continued** | **California – 93.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turlock Irrigation District Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/37 | $805 | $873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California General <br> Revenue Refunding Bonds, Series AZ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/34 | 85 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California Revenue Bonds, <br> Series CD,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/40 | 600 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/35 | 1500 | 1735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series BH,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/46 | 2000 | 1940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series O, Limited <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/58 | 2500 | 2540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upper Santa Clara Valley Joint Powers <br> Authority Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/45 | 1200 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Placer Waste Management <br> Authority Solid Waste Revenue <br> Bonds, Material Recovery Facility <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/40 | 625 | 692 |
|  |  | **119153** |
| **Total Municipal Bonds** |  |  |
| **(Cost $124,054)** |  | **119153** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 2.2%**  | **INVESTMENT COMPANIES – 2.2%**  | **INVESTMENT COMPANIES – 2.2%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(5) (6)</sup> <br>| 2768845 | $2769 |
| **Total Investment Companies** |  |  |
| **(Cost $2,769)** |  | **2769** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

NORTHERN FUNDS QUARTERLY REPORT **102** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CALIFORNIA TAX-EXEMPT FUND continued**  | **December 31, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 5.4%**  | **SHORT-TERM INVESTMENTS – 5.4%**  | **SHORT-TERM INVESTMENTS – 5.4%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Revenue Refunding Bonds, San <br> Francisco Bay Area,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 4/1/26<sup>(1) (2)</sup> <br>| $3400 | $3398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Variable Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 8/1/26<sup>(1) (2)</sup> <br>| 3500 | 3460 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $6,901)** | **(Cost $6,901)** | **6858** |
| **Total Investments – 101.1%** | **Total Investments – 101.1%** |  |
| **(Cost $133,724)** | **(Cost $133,724)** | **128780** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (1.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (1.1%) | (1381)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$127399** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Maturity date represents the puttable date.*

<sup>(2)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of December 31,* *2025 is disclosed.* 

<sup>(3)</sup> *Zero coupon bond.*

<sup>(4)</sup> *When-Issued Security. Coupon rate is not in effect at December 31, 2025.*

<sup>(5)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(6)</sup> *7-day current yield as of December 31, 2025 is disclosed.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGC - Assured Guaranty Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |

---

---

| |
|:---|
| CABS - Capital Appreciation Bonds |
| CD - Certificate of Deposit |
| CHF - Collegiate Housing Foundation |
| COPS - Certificates of Participation |
| CSCDA - California Statewide Communities Development Authority |
| FHLMC - Federal Home Loan Mortgage Corporation |
| G.O. - General Obligation |
| PFA - Public Finance Authority |
| TCRS - Transferable Custodial Receipts |
| TRB - Tax Revenue Bonds |

---

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $119153 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $119153 |
| Investment Companies | &nbsp;&nbsp; 2769 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2769 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 6858 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6858 |
| Total Investments | &nbsp;&nbsp; $2769 | &nbsp;&nbsp; $126011 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $128780 |

---

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $2723 | $45130 | $45084 | $62 | $2769 | 2768845 |

---

FIXED INCOME FUNDS **103** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CORE BOND FUND**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 18.7%**  | **ASSET-BACKED SECURITIES – 18.7%**  | **ASSET-BACKED SECURITIES – 18.7%**  |
| **Auto Loan – 8.2%** | **Auto Loan – 8.2%** | **Auto Loan – 8.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 11/10/31 | $400 | $409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Auto Owner Trust, Series <br> 2025-2A, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 2/25/31<sup>(1)</sup> <br>| 400 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31%, 1/16/29 | 287 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/28 | 2390 | 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 7/16/29 | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49%, 5/15/31 | 185 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-2A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.89%, 7/15/31 | 180 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2023-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 5/15/28 | 74 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-B, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96%, 5/15/30 | 150 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37%, 3/15/29 | 94 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization <br> Trust, Series 2024-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 5/17/27<sup>(1)</sup> <br>| 138 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research-Driven Pagaya Motor Trust, <br> Series 2025-5A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 6/26/34<sup>(1)</sup> <br>| 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research-Driven Pagaya Motor Trust, <br> Series 2025-6A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 8/25/34<sup>(1)</sup> <br>| 700 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Bank Auto Credit-Linked <br> Notes, Series 2025-A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 1/16/34<sup>(1)</sup> <br>| 270 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 5/15/31 | 549 | 556 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 18.7%continued**  | **ASSET-BACKED SECURITIES - 18.7%continued**  | **ASSET-BACKED SECURITIES - 18.7%continued**  |
| **Auto Loan – 8.2%continued** | **Auto Loan – 8.2%continued** | **Auto Loan – 8.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 5/15/31 | $570 | $578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SFS Auto Receivables Securitization <br> Trust, Series 2025-2A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 12/20/30<sup>(1)</sup> <br>| 190 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust, Series 2024-B, <br> Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 8/21/28<sup>(1)</sup> <br>| 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 5/15/30<sup>(1)</sup> <br>| 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/30<sup>(1)</sup> <br>| 200 | 203 |
|  |  | **7930** |
| **Credit Card – 0.3%** | **Credit Card – 0.3%** | **Credit Card – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discover Card Execution Note Trust, <br> Series 2023-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 3/15/28 | 230 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 3/15/30 | 77 | 78 |
|  |  | **308** |
| **Other – 4.1%** | **Other – 4.1%** | **Other – 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 Henderson Receivables I LLC, <br> Series 2007-3A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 10/15/48<sup>(1)</sup> <br>| 216 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2024-A, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77%, 6/15/29 | 83 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2024-C, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 1/15/30 | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust, Series <br> 2023-3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 4/23/29<sup>(1)</sup> <br>| 53 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance of America Structured <br> Securities Trust, Series 2023-S2, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/25/73<sup>(1)</sup> <br>| 253 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.G. Wentworth XLI LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 10/17/72<sup>(1)</sup> <br>| 394 | 358 |

---

NORTHERN FUNDS QUARTERLY REPORT **104** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 18.7%continued**  | **ASSET-BACKED SECURITIES - 18.7%continued**  | **ASSET-BACKED SECURITIES - 18.7%continued**  |
| **Other – 4.1%continued** | **Other – 4.1%continued** | **Other – 4.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JGWPT XXVII LLC, Series 2012-3A, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 9/15/65<sup>(1)</sup> <br>| $206 | $189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JGWPT XXX LLC, Series 2013-3A, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 1/17/73<sup>(1)</sup> <br>| 304 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96%, 11/15/28 | 165 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 6/15/29 | 610 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagaya AI Debt Trust, Series 2025-4, <br> Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 1/17/33<sup>(1)</sup> <br>| 280 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-CES1, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.22% on 11/25/29), <br> 5.22%, 9/25/55<sup>(1) (2)</sup> <br>| 730 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-CES1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.37% on 11/25/29), <br> 5.37%, 9/25/55<sup>(1) (2)</sup> <br>| 500 | 499 |
|  |  | **3944** |
| **Whole Loan – 6.1%** | **Whole Loan – 6.1%** | **Whole Loan – 6.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 4.70% on 5/25/26), <br> 4.75%, 9/26/67<sup>(1) (2)</sup> <br>| 206 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2024-4, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.66% on 4/25/28), <br> 6.20%, 1/25/69<sup>(1) (2)</sup> <br>| 457 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Home Lending Mortgage Trust, <br> Series 2023-1, Class B3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31%, 6/25/54<sup>(1) (3)</sup> <br>| 338 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colt Mortgage Loan Trust, Series <br> 2024-7, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.79% on 12/25/28), <br> 5.79%, 12/26/69<sup>(1) (2)</sup> <br>| 249 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2022-7, Class 1A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/25/52<sup>(1) (3)</sup> <br>| 254 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2023-1, Class A3A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/25/53<sup>(1) (3)</sup> <br>| 175 | 174 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 18.7%continued**  | **ASSET-BACKED SECURITIES - 18.7%continued**  | **ASSET-BACKED SECURITIES - 18.7%continued**  |
| **Whole Loan – 6.1%continued** | **Whole Loan – 6.1%continued** | **Whole Loan – 6.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Series <br> 2025-NQM5, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.23% on 1/25/30), <br> 5.23%, 5/25/65<sup>(1) (2) (4)</sup> <br>| $250 | $250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mello Mortgage Capital Acceptance, <br> Series 2021-MTG2, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/25/51<sup>(1) (3)</sup> <br>| 252 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 7.56% on 10/25/27), <br> 6.84%, 4/25/63<sup>(1) (2)</sup> <br>| 254 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 7.56% on 10/25/27), <br> 7.30%, 4/25/63<sup>(1) (2)</sup> <br>| 54 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2024-NQM2, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.88% on 2/25/28), <br> 5.88%, 12/25/63<sup>(1) (2)</sup> <br>| 140 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2024-NQM9, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 7.20% on 7/25/28), <br> 6.03%, 1/25/64<sup>(1) (2)</sup> <br>| 197 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PMT Loan Trust, Series 2024-INV1, <br> Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/25/59<sup>(1) (3)</sup> <br>| 430 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust, <br> Series 2024-1, Class A13<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/25/54<sup>(1) (3)</sup> <br>| 652 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM1, <br> Class M1A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.42%, 1/25/65<sup>(1)</sup> <br>| 508 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM4, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.76% on 8/25/29), <br> 5.76%, 7/25/65<sup>(1) (2)</sup> <br>| 442 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM5, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.47% on 10/25/29), <br> 5.47%, 8/25/65<sup>(1) (2)</sup> <br>| 145 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM6, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 11/25/65<sup>(1) (3)</sup> <br>| 226 | 226 |

---

FIXED INCOME FUNDS **105** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 18.7%continued**  | **ASSET-BACKED SECURITIES - 18.7%continued**  | **ASSET-BACKED SECURITIES - 18.7%continued**  |
| **Whole Loan – 6.1%continued** | **Whole Loan – 6.1%continued** | **Whole Loan – 6.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM6, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.44% on 11/25/29), <br> 5.44%, 11/25/65<sup>(1) (2)</sup> <br>| $108 | $108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/25/53<sup>(1)</sup> <br>| 78 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 7/25/62<sup>(1)</sup> <br>| 544 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-4, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/25/62<sup>(1)</sup> <br>| 63 | 61 |
|  |  | **5961** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $18,044)** |  | **18143** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 6.2%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 6.2%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 6.2%**  |
| **Non Agency – 6.2%** | **Non Agency – 6.2%** | **Non Agency – 6.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2021-BN37, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 11/15/64 | 250 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK5, Series 2023-5YR2, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.66%, 7/15/56 | 210 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2023-V3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.36%, 7/15/56 | 260 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMARK, Series 2023-V4, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.46%, 11/15/56<sup>(3)</sup> <br>| 352 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPR Trust, Series 2023-BRK2, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 10/5/38<sup>(1) (3)</sup> <br>| 120 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Trust, Series 2024-PAT, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 2.09%, 2.09% Floor), 5.84%, <br> 3/15/41<sup>(1) (5)</sup> <br>| 343 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2016-P3, Class AS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 4/15/49 | 165 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMM Mortgage Trust, Series <br> 2024-277P, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/10/44<sup>(1) (3)</sup> <br>| 800 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fashion Show Mall LLC, Series <br> 2024-SHOW, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 10/10/41<sup>(1) (3)</sup> <br>| 135 | 138 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.2%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.2%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.2%continued**  |
| **Non Agency – 6.2%continued** | **Non Agency – 6.2%continued** | **Non Agency – 6.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIVE Mortgage Trust, Series 2023-V1, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 2/10/56 | $260 | $267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Yards Mortgage Trust, Series <br> 2016-10HY, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 8/10/38<sup>(1)</sup> <br>| 280 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAD Commercial Mortgage Trust, <br> Series 2025-11MD, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/42<sup>(1) (3)</sup> <br>| 130 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series 2016-C32, <br> Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 12/15/49 | 80 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2016-UBS9, Class AS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 3/15/49 | 115 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSRW Pass Through Trust, Series <br> 2025-CC, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.89%, 8/15/30<sup>(1)</sup> <br>| 595 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSRW Pass Through Trust, Series <br> 2025-CC, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 8/15/30<sup>(1)</sup> <br>| 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCMS Mortgage Trust, Series <br> 2025-BNC1, Class AS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31%, 4/15/28<sup>(1) (3)</sup> <br>| 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2016-C35, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 7/15/48 | 90 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2024-C63, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31%, 8/15/57 | 1100 | 1140 |
|  |  | **6000** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $5,923)** |  | **6000** |
| **CORPORATE BONDS – 18.1%**  | **CORPORATE BONDS – 18.1%**  | **CORPORATE BONDS – 18.1%**  |
| **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boeing (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53%, 5/1/34  | 400 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 6/1/31  | 230 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 10/15/31  | 110 | 113 |
|  |  | **766** |

---

NORTHERN FUNDS QUARTERLY REPORT **106** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 18.1% continued**  | **CORPORATE BONDS - 18.1% continued**  | **CORPORATE BONDS - 18.1% continued**  |
| **Asset Management – 2.3%** | **Asset Management – 2.3%** | **Asset Management – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/15/36  | $460 | $461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 7/15/29  | 160 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/15/26  | 300 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 7/16/29  | 160 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/30  | 300 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 6/13/28  | 450 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 1/23/32 <sup>(1)</sup> <br>| 390 | 415 |
|  |  | **2272** |
| **Automotive – 0.9%** | **Automotive – 0.9%** | **Automotive – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87%, 10/31/35<sup>†</sup> <br>| 890 | **881** |
| **Banking – 3.9%** | **Banking – 3.9%** | **Banking – 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.82%, 9/15/29 <sup>(6)</sup> <br>| 165 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.41%), 3.52%, 10/27/28 <sup>(6)</sup> <br>| 131 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 3.91%), <br> 4.41%, 3/31/31 <sup>(6)</sup> <br>| 133 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.34%), <br> 6.34%, 7/27/29 <sup>(6)</sup> <br>| 130 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.70%), 6.14%, <br> 11/18/39 <sup>(6)</sup> <br>| 270 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.16%), <br> 5.58%, 4/22/30 <sup>(6)</sup> <br>| 700 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeyBank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/26/33  | 210 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.80%), <br> 7.41%, 10/30/29 <sup>(6)</sup> <br>| 160 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.40%), <br> 5.18%, 7/8/31 <sup>(6)</sup> <br>| 440 | 452 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 18.1% continued**  | **CORPORATE BONDS - 18.1% continued**  | **CORPORATE BONDS - 18.1% continued**  |
| **Banking – 3.9%continued** | **Banking – 3.9%continued** | **Banking – 3.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.40%), <br> 4.96%, 10/23/36 <sup>(6)</sup> <br>| $900 | $892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.10%), <br> 2.39%, 6/2/28 <sup>(6)</sup> <br>| 159 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.50%), <br> 5.20%, 1/23/30 <sup>(6)</sup> <br>| 300 | 309 |
|  |  | **3779** |
| **Beverages – 0.0%** | **Beverages – 0.0%** | **Beverages – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/1/30 | 44 | **41** |
| **Construction Materials – 1.1%** | **Construction Materials – 1.1%** | **Construction Materials – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 9/15/40  | 180 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRH America Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/9/35  | 290 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/1/34  | 525 | 545 |
|  |  | **1031** |
| **Electric Utilities – 1.4%** | **Electric Utilities – 1.4%** | **Electric Utilities – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/15/31  | 93 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 5/15/31  | 130 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 4/1/30  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 4/1/32  | 114 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/15/33  | 173 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PacifiCorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 2/15/34  | 230 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSEG Power LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/15/35 <sup>(1)</sup> <br>| 285 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Co. of Colorado, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 9/15/35  | 260 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 3/30/32  | 92 | 82 |
|  |  | **1369** |
| **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 3/15/31 | 180 | **164** |

---

FIXED INCOME FUNDS **107** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 18.1% continued**  | **CORPORATE BONDS - 18.1% continued**  | **CORPORATE BONDS - 18.1% continued**  |
| **Energy – 0.1%** | **Energy – 0.1%** | **Energy – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/15/34 | $65 | **$68** |
| **Food – 0.0%** | **Food – 0.0%** | **Food – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 3/1/29 | 47 | **47** |
| **Health Care Facilities & Services – 0.6%** | **Health Care Facilities & Services – 0.6%** | **Health Care Facilities & Services – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 9/15/35  | 425 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/15/35  | 170 | 168 |
|  |  | **604** |
| **Home Construction – 0.0%** | **Home Construction – 0.0%** | **Home Construction – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 9/18/28 | 2 | **2** |
| **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/35 | 290 | **299** |
| **Insurance – 1.7%** | **Insurance – 1.7%** | **Insurance – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 2/15/35  | 270 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/15/34  | 190 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Life Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 4/25/28 <sup>(1)</sup> <br>| 440 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sammons Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/34 <sup>(1)</sup> <br>| 105 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/15/36  | 600 | 601 |
|  |  | **1631** |
| **Internet Media & Services – 0.4%** | **Internet Media & Services – 0.4%** | **Internet Media & Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beignet Investor LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.58%, 5/30/49<sup>(1)</sup> <br>| 375 | **397** |
| **Oil & Gas Supply Chain – 1.3%** | **Oil & Gas Supply Chain – 1.3%** | **Oil & Gas Supply Chain – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 3/1/35  | 380 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 9/1/33  | 58 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/15/33  | 325 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 4/15/52  | 500 | 429 |
|  |  | **1228** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 18.1% continued**  | **CORPORATE BONDS - 18.1% continued**  | **CORPORATE BONDS - 18.1% continued**  |
| **Real Estate Investment Trusts – 0.8%** | **Real Estate Investment Trusts – 0.8%** | **Real Estate Investment Trusts – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 4/1/32  | $44 | $38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex Portfolio L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 3/15/32  | 66 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/34  | 130 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/1/31  | 18 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Store Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 4/30/30 <sup>(1)</sup> <br>| 480 | 489 |
|  |  | **738** |
| **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBRE Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 1/15/33 | 250 | **252** |
| **Retail - Discretionary – 0.0%** | **Retail - Discretionary – 0.0%** | **Retail - Discretionary – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/1/30 | 23 | **20** |
| **Semiconductors – 0.7%** | **Semiconductors – 0.7%** | **Semiconductors – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/15/34  | 110 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 1/25/39 <sup>(1)</sup> <br>| 450 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KLA Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/1/34  | 71 | 76 |
|  |  | **662** |
| **Software – 0.9%** | **Software – 0.9%** | **Software – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 3/15/31  | 97 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 9/26/30  | 430 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 9/15/35  | 350 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VMware LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 8/15/28  | 42 | 40 |
|  |  | **901** |
| **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.22%), <br> 4.92%, 7/20/33 <sup>(6)</sup> <br>| 110 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/1/29  | 42 | 40 |

---

NORTHERN FUNDS QUARTERLY REPORT **108** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 18.1% continued**  | **CORPORATE BONDS - 18.1% continued**  | **CORPORATE BONDS - 18.1% continued**  |
| **Specialty Finance – 0.3%continued** | **Specialty Finance – 0.3%continued** | **Specialty Finance – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 2.13%), 5.94%, <br> 8/2/30 <sup>(6)</sup> <br>| $120 | $125 |
|  |  | **277** |
| **Technology Hardware – 0.0%** | **Technology Hardware – 0.0%** | **Technology Hardware – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/30 | 44 | **40** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/1/30 | 102 | **91** |
| **Transportation & Logistics – 0.0%** | **Transportation & Logistics – 0.0%** | **Transportation & Logistics – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 5/20/31 | 1 | **1** |
| **Total Corporate Bonds** |  |  |
| **(Cost $17,358)** |  | **17561** |
| **FOREIGN ISSUER BONDS – 5.5%**  | **FOREIGN ISSUER BONDS – 5.5%**  | **FOREIGN ISSUER BONDS – 5.5%**  |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/27<sup>(1)</sup> <br>| 70 | **72** |
| **Automotive – 0.2%** | **Automotive – 0.2%** | **Automotive – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Group of America <br> Finance LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 9/11/30<sup>(1)</sup> <br>| 200 | **202** |
| **Banking – 2.5%** | **Banking – 2.5%** | **Banking – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.65%), 5.50%, <br> 8/9/28 <sup>(6)</sup> <br>| 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.83%), <br> 5.86%, 8/11/46 <sup>(6)</sup> <br>| 230 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.36%), <br> 4.82%, 9/25/33 <sup>(1) (6)</sup> <br>| 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.30%), <br> 4.95%, 8/4/31 <sup>(6)</sup> <br>| 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBC Group N.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.10%), 5.80%, <br> 1/19/29 <sup>(1) (6)</sup> <br>| 200 | 207 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 5.5% continued**  | **FOREIGN ISSUER BONDS - 5.5% continued**  | **FOREIGN ISSUER BONDS - 5.5% continued**  |
| **Banking – 2.5%continued** | **Banking – 2.5%continued** | **Banking – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 0.82%), 4.43%, <br> 11/4/31 <sup>(6)</sup> <br>| $200 | $200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.55%), 3.07%, <br> 5/22/28 <sup>(6)</sup> <br>| 250 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.20%), 6.48%, <br> 6/1/34 <sup>(6)</sup> <br>| 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.07%), 4.32%, <br> 9/22/29 <sup>(6)</sup> <br>| 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.95%), 7.13%, <br> 1/19/55 <sup>(1) (6)</sup> <br>| 269 | 282 |
|  |  | **2387** |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Femsa S.A.B. de C.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 9/1/32 | 205 | **173** |
| **Institutional Financial Services – 0.9%** | **Institutional Financial Services – 0.9%** | **Institutional Financial Services – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.30%), 5.04%, <br> 6/10/36<sup>(6)</sup> <br>| 925 | **915** |
| **Metals & Mining – 0.7%** | **Metals & Mining – 0.7%** | **Metals & Mining – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHP Billiton Finance U.S.A. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 2/21/35 | 650 | **673** |
| **Oil & Gas Supply Chain – 0.7%** | **Oil & Gas Supply Chain – 0.7%** | **Oil & Gas Supply Chain – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/30/35 <sup>(1)</sup> <br>| 340 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harbour Energy PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.33%, 4/1/35 <sup>(1)</sup> <br>| 375 | 380 |
|  |  | **713** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/26/31<sup>(1)</sup> <br>| 97 | **104** |

---

FIXED INCOME FUNDS **109** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 5.5% continued**  | **FOREIGN ISSUER BONDS - 5.5% continued**  | **FOREIGN ISSUER BONDS - 5.5% continued**  |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 7/1/34<sup>(1)</sup> <br>| $80 | **$84** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $5,304)** |  | **5323** |
| **U.S. GOVERNMENT AGENCIES – 22.8%** <sup>(7)</sup> | **U.S. GOVERNMENT AGENCIES – 22.8%** <sup>(7)</sup> | **U.S. GOVERNMENT AGENCIES – 22.8%** <sup>(7)</sup> |
| **Fannie Mae – 11.7%** | **Fannie Mae – 11.7%** | **Fannie Mae – 11.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2013-M6, <br> Class 1AC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/25/43<sup>(3)</sup> <br>| 663 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #889641, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/37 | 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #995802, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/35 | 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB5209, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/32 | 138 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0248, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/37 | 137 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0494, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/37 | 75 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0925, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/40 | 77 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL5119, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/34 | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL6041, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/33 | 348 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL7497, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/40 | 160 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL8352, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/44 | 197 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS3655, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/44 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS6520, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/46 | 190 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS6730, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/46 | 247 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS7088, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/31 | 54 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS8576, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/1/46 | 140 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BJ0686, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/48 | 108 | 104 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 22.8%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.8%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.8%** <sup>(7)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM1761, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/44 | $97 | $95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM5984, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/49 | 52 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM5996, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/48 | 34 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BX4910, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/53 | 205 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BY5368, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/53 | 67 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6359, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/50 | 240 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB1666, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/51 | 145 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB2286, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/1/51 | 220 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB3515, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/1/52 | 192 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB4842, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/52 | 220 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB4844, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/52 | 116 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB5113, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/52 | 66 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB7114, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | 120 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB8223, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/1/54 | 165 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #DA0017, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/53 | 198 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1303, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/48 | 366 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1472, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/34 | 18 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1534, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/49 | 177 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM2671, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/48 | 85 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3173, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/47 | 294 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3201, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/34 | 57 | 56 |

---

NORTHERN FUNDS QUARTERLY REPORT **110** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 22.8%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.8%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.8%** <sup>(7)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3727, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/50 | $235 | $210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4491, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/36 | 188 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM5237, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/47 | 116 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6125, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/51 | 266 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM8215, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/1/51 | 240 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FP0012, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/51 | 218 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3063, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/52 | 328 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3120, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/52 | 330 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3384, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/50 | 279 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3391, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/51 | 282 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3662, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/53 | 241 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4040, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/53 | 225 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4045, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | 218 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4267, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/38 | 248 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4300, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/53 | 155 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4610, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/40 | 99 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4653, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/53 | 153 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4663, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | 257 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5441, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/53 | 228 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5952, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/53 | 154 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6869, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/1/40 | 54 | 57 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 22.8%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.8%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.8%** <sup>(7)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2232, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/35 | $133 | $130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2864, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/47 | 237 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3088, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/47 | 165 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3183, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/47 | 324 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3184, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/47 | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4186, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/35 | 80 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5098, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/43 | 149 | 154 |
|  |  | **11343** |
| **Freddie Mac – 8.4%** | **Freddie Mac – 8.4%** | **Freddie Mac – 8.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS, Series 3013, <br> Class HZ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/35 | 130 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS, Series 4077, <br> Class TO,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 5/15/41<sup>(8)</sup> <br>| 256 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS, Series 5391, <br> Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/25/51 | 125 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Seasoned Credit Risk <br> Transfer Trust, Series 2021-1, <br> Class TT,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/25/60 | 342 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #1B3575, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.80%, 1.80% Floor, <br> 11.42% Cap), 6.55%, 9/1/37<sup>(5)</sup> <br>| 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #1G2296, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 2.09%, 2.09% Floor, <br> 11.34% Cap), 6.46%, 11/1/37<sup>(5)</sup> <br>| 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QF3725, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/52 | 244 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QF8053, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | 294 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QG4632, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 238 | 243 |

---

FIXED INCOME FUNDS **111** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 22.8%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.8%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.8%** <sup>(7)</sup>**continued** |
| **Freddie Mac – 8.4%continued** | **Freddie Mac – 8.4%continued** | **Freddie Mac – 8.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA7677, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/52 | $223 | $225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA8880, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/53 | 224 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA9840, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | 233 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RD5026, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/30 | 28 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0084, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/32 | 141 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0216, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/32 | 51 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0328, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/34 | 161 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0826, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/35 | 163 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8502, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/35 | 394 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1518, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/52 | 241 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2347, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | 226 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2477, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/53 | 258 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2642, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/53 | 245 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2665, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/53 | 71 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2757, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | 239 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2920, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/53 | 238 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2922, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | 252 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2999, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 245 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3133, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/53 | 183 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3136, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 244 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3174, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 237 | 243 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 22.8%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.8%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.8%** <sup>(7)</sup>**continued** |
| **Freddie Mac – 8.4%continued** | **Freddie Mac – 8.4%continued** | **Freddie Mac – 8.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3189, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/53 | $166 | $172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3251, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/53 | 214 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3515, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/53 | 144 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3760, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/53 | 174 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4013, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/53 | 166 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4027, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/53 | 195 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4285, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/53 | 204 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD5136, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/54 | 166 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZK7457, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/29 | 34 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM5332, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/48 | 179 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZT1333, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/31 | 317 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seasoned Loans Structured Transaction <br> Trust, Series 2019-2, Class A1C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 9/25/29 | 247 | 238 |
|  |  | **8097** |
| **Freddie Mac Gold – 0.5%** | **Freddie Mac Gold – 0.5%** | **Freddie Mac Gold – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G07505, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/1/39 | 105 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G16396, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/33 | 43 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G30926, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/36 | 42 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #Q15842, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/43 | 263 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #Q63667, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/49 | 55 | 54 |
|  |  | **498** |
| **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/20/46 | 149 | **141** |

---

NORTHERN FUNDS QUARTERLY REPORT **112** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 22.8%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.8%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.8%** <sup>(7)</sup>**continued** |
| **Government National Mortgage Association I – 0.4%** | **Government National Mortgage Association I – 0.4%** | **Government National Mortgage Association I – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #604183, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/33 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #633627, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/15/34 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #757013, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/40 | 211 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #786470, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/40 | 215 | 221 |
|  |  | **421** |
| **Government National Mortgage Association II – 1.6%** | **Government National Mortgage Association II – 1.6%** | **Government National Mortgage Association II – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #784801, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/20/47 | 224 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #786922, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | 212 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0089, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/20/42 | 332 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0782, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/20/43 | 117 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1287, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/20/43 | 57 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1996, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/20/44 | 59 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2755, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/20/45 | 44 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3666, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/20/46 | 112 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8346, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/52 | 235 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8724, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/20/53 | 241 | 236 |
|  |  | **1584** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $22,476)** |  | **22084** |
| **U.S. GOVERNMENT OBLIGATIONS – 21.3%**  | **U.S. GOVERNMENT OBLIGATIONS – 21.3%**  | **U.S. GOVERNMENT OBLIGATIONS – 21.3%**  |
| **U.S. Treasury Bonds – 8.1%** | **U.S. Treasury Bonds – 8.1%** | **U.S. Treasury Bonds – 8.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/45 | 3733 | 3661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/55 | 4332 | 4192 |
|  |  | **7853** |
| **U.S. Treasury Notes – 10.9%** | **U.S. Treasury Notes – 10.9%** | **U.S. Treasury Notes – 10.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/27<sup>(9)</sup> <br>| 138 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/15/28<sup>(9)</sup> <br>| 1618 | 1632 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 21.3%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 21.3%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 21.3%continued**  |
| **U.S. Treasury Notes – 10.9%continued** | **U.S. Treasury Notes – 10.9%continued** | **U.S. Treasury Notes – 10.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/30/30 | $3766 | $3798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/35 | 5093 | 5031 |
|  |  | **10600** |
| **U.S. Treasury Strips – 2.3%** | **U.S. Treasury Strips – 2.3%** | **U.S. Treasury Strips – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 2/15/51<sup>(10)</sup> <br>| 7762 | **2222** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $23,233)** |  | **20675** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 6.1%**  | **INVESTMENT COMPANIES – 6.1%**  | **INVESTMENT COMPANIES – 6.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(11) (12) (13)</sup> <br>| 243355 | $243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(11) (12)</sup> <br>| 5604414 | 5604 |
| **Total Investment Companies** |  |  |
| **(Cost $5,847)** |  | **5847** |
| **Total Investments – 98.7%** | **Total Investments – 98.7%** |  |
| **(Cost $98,185)** | **(Cost $98,185)** | **95633** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 1.3% | 1286 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$96919** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At December 31,* *2025, the value of these securities amounted to approximately* *$19,515,000 or 20.1% of net assets.* 

<sup>(2)</sup> *Step coupon bond. Rate as of December 31, 2025 is disclosed.*

<sup>(3)</sup> *Variable or floating rate security, the interest rate of which adjusts* *periodically based on changes in current interest rates and prepayments on* *the underlying pool of assets.* 

<sup>(4)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(5)</sup> *Variable or floating rate security. Rate as of December 31, 2025 is* *disclosed.* 

<sup>(6)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of December 31, 2025.* 

<sup>(7)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(8)</sup> *Zero coupon bond.*

<sup>(9)</sup> *All or a portion of this security has been pledged as collateral to cover* *margin requirements for open futures contracts.* 

<sup>(10)</sup> *Discount rate at the time of purchase.*

<sup>(11)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(12)</sup> *7-day current yield as of December 31, 2025 is disclosed.*

FIXED INCOME FUNDS **113** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(13)</sup> *Investment of cash collateral received from securities lending activities.* <br> <sup>†</sup> *Security is either wholly or partially on loan.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 1M - 1 Month |
| 1Y - 1 Year |
| 3M - 3 Month |
| 5Y - 5 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| Fannie Mae - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |
| IBOR - Interbank Offered Rates  |
| REMICS - Real Estate Mortgage Investment Conduits |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; 2-Year <br> U.S. Treasury <br> Note<br>| 18 | $3758 | Long | 3/26 | $(2)<br>|
| &nbsp;&nbsp; 5-Year <br> U.S. Treasury <br> Note<br>| 46 | 5028 | Long | 3/26 | (15)<br>|
| &nbsp;&nbsp; U.S. Treasury <br> Long Bond<br>| 47 | 5433 | Long | 3/26 | (56)<br>|
| &nbsp;&nbsp; Ultra 10-Year <br> U.S. Treasury <br> Note<br>| (40)<br>| (4601)<br>| Short | 3/26 | 28 |
| &nbsp;&nbsp; Ultra Long <br> U.S. Treasury <br> Bond<br>| (13)<br>| (1534)<br>| Short | 3/26 | 27 |
| Total |  |  |  |  | $(18)<br>|

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Asset-Backed Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whole Loan | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5711 | &nbsp;&nbsp; $250 | &nbsp;&nbsp; $5961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 12182 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12182 |
| Total Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 17893 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 18143 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6000 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 17561 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17561 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 5323 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5323 |
| U.S. Government Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 22084 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22084 |
| U.S. Government Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 20675 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20675 |
| Investment Companies | &nbsp;&nbsp; 5847 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5847 |
| Total Investments | &nbsp;&nbsp; $5847 | &nbsp;&nbsp; $89536 | &nbsp;&nbsp; $250 | &nbsp;&nbsp; $95633 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $55 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $55 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; (73)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (73)<br>|
| Total Other Financial Instruments | &nbsp;&nbsp; $(18)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

NORTHERN FUNDS QUARTERLY REPORT **114** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CORE BOND FUND continued**  | **December 31, 2025 (UNAUDITED)**  |

---

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $5240 | $4997 | $1 <br><sup>(1)</sup><br>| $243 | 243355 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 769 | 35428 | 30593 | 117 | 5604 | 5604414 |
| Total | $769 | $40668 | $35590 | $118 | $5847 | 5847769 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

FIXED INCOME FUNDS **115** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **FIXED INCOME FUND**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 19.2%**  | **ASSET-BACKED SECURITIES – 19.2%**  | **ASSET-BACKED SECURITIES – 19.2%**  |
| **Auto Loan – 7.0%** | **Auto Loan – 7.0%** | **Auto Loan – 7.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 11/10/31 | $1692 | $1729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Auto Owner Trust, Series <br> 2025-2A, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 2/25/31<sup>(1)</sup> <br>| 2000 | 1998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31%, 1/16/29 | 958 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 7/16/29 | 1390 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49%, 5/15/31 | 615 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-2A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.89%, 7/15/31 | 590 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2023-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 5/15/28 | 273 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-B, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96%, 5/15/30 | 510 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37%, 3/15/29 | 349 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization <br> Trust, Series 2024-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 5/17/27<sup>(1)</sup> <br>| 505 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research-Driven Pagaya Motor Trust, <br> Series 2025-5A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 6/26/34<sup>(1)</sup> <br>| 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research-Driven Pagaya Motor Trust, <br> Series 2025-6A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 8/25/34<sup>(1)</sup> <br>| 2500 | 2501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Bank Auto Credit-Linked <br> Notes, Series 2025-A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 1/16/34<sup>(1)</sup> <br>| 730 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 5/15/31 | 1805 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 5/15/31 | 1830 | 1855 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 19.2%continued**  | **ASSET-BACKED SECURITIES - 19.2%continued**  | **ASSET-BACKED SECURITIES - 19.2%continued**  |
| **Auto Loan – 7.0%continued** | **Auto Loan – 7.0%continued** | **Auto Loan – 7.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SFS Auto Receivables Securitization <br> Trust, Series 2025-2A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 12/20/30<sup>(1)</sup> <br>| $630 | $636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust, Series 2024-B, <br> Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 8/21/28<sup>(1)</sup> <br>| 1600 | 1614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 5/15/30<sup>(1)</sup> <br>| 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/30<sup>(1)</sup> <br>| 800 | 814 |
|  |  | **20255** |
| **Credit Card – 0.4%** | **Credit Card – 0.4%** | **Credit Card – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discover Card Execution Note Trust, <br> Series 2023-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 3/15/28 | 940 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 3/15/30 | 301 | 305 |
|  |  | **1246** |
| **Other – 4.5%** | **Other – 4.5%** | **Other – 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 Henderson Receivables I LLC, <br> Series 2007-3A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 10/15/48<sup>(1)</sup> <br>| 926 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2024-A, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77%, 6/15/29 | 333 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2024-C, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 1/15/30 | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust, Series <br> 2023-3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 4/23/29<sup>(1)</sup> <br>| 214 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance of America Structured <br> Securities Trust, Series 2023-S2, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/25/73<sup>(1)</sup> <br>| 1013 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.G. Wentworth XLI LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 10/17/72<sup>(1)</sup> <br>| 1970 | 1792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JGWPT XXVII LLC, Series 2012-3A, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 9/15/65<sup>(1)</sup> <br>| 795 | 729 |

---

NORTHERN FUNDS QUARTERLY REPORT **116** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 19.2%continued**  | **ASSET-BACKED SECURITIES - 19.2%continued**  | **ASSET-BACKED SECURITIES - 19.2%continued**  |
| **Other – 4.5%continued** | **Other – 4.5%continued** | **Other – 4.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JGWPT XXX LLC, Series 2013-3A, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 1/17/73<sup>(1)</sup> <br>| $1092 | $1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96%, 11/15/28 | 550 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 6/15/29 | 2240 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MMAF Equipment Finance LLC, Series <br> 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/14/31<sup>(1)</sup> <br>| 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagaya AI Debt Trust, Series 2025-4, <br> Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 1/17/33<sup>(1)</sup> <br>| 900 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-CES1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.37% on 11/25/29), <br> 5.37%, 9/25/55<sup>(1) (2)</sup> <br>| 1650 | 1648 |
|  |  | **12966** |
| **Whole Loan – 7.3%** | **Whole Loan – 7.3%** | **Whole Loan – 7.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 4.70% on 5/25/26), <br> 4.75%, 9/26/67<sup>(1) (2)</sup> <br>| 833 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2024-4, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.66% on 4/25/28), <br> 6.20%, 1/25/69<sup>(1) (2)</sup> <br>| 1697 | 1716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colt Mortgage Loan Trust, Series <br> 2024-7, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.79% on 12/25/28), <br> 5.79%, 12/26/69<sup>(1) (2)</sup> <br>| 1162 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2022-7, Class 1A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/25/52<sup>(1) (3)</sup> <br>| 1101 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2023-1, Class A3A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/25/53<sup>(1) (3)</sup> <br>| 735 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Series <br> 2025-NQM5, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.23% on 1/25/30), <br> 5.23%, 5/25/65<sup>(1) (2) (4)</sup> <br>| 757 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mello Mortgage Capital Acceptance, <br> Series 2021-MTG2, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/25/51<sup>(1) (3)</sup> <br>| 1070 | 897 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 19.2%continued**  | **ASSET-BACKED SECURITIES - 19.2%continued**  | **ASSET-BACKED SECURITIES - 19.2%continued**  |
| **Whole Loan – 7.3%continued** | **Whole Loan – 7.3%continued** | **Whole Loan – 7.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 7.56% on 10/25/27), <br> 6.84%, 4/25/63<sup>(1) (2)</sup> <br>| $915 | $923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 7.56% on 10/25/27), <br> 7.30%, 4/25/63<sup>(1) (2)</sup> <br>| 232 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2024-NQM2, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.88% on 2/25/28), <br> 5.88%, 12/25/63<sup>(1) (2)</sup> <br>| 555 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2024-NQM9, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 7.20% on 7/25/28), <br> 6.03%, 1/25/64<sup>(1) (2)</sup> <br>| 736 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PMT Loan Trust, Series 2024-INV1, <br> Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/25/59<sup>(1) (3)</sup> <br>| 1549 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust, <br> Series 2024-1, Class A13<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/25/54<sup>(1) (3)</sup> <br>| 2365 | 2374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM1, <br> Class M1A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.42%, 1/25/65<sup>(1)</sup> <br>| 1676 | 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM4, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.76% on 8/25/29), <br> 5.76%, 7/25/65<sup>(1) (2)</sup> <br>| 1937 | 1946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM6, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 11/25/65<sup>(1) (3)</sup> <br>| 1050 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM6, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.44% on 11/25/29), <br> 5.44%, 11/25/65<sup>(1) (2)</sup> <br>| 363 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/25/53<sup>(1)</sup> <br>| 547 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 7/25/62<sup>(1)</sup> <br>| 1697 | 1632 |

---

FIXED INCOME FUNDS **117** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 19.2%continued**  | **ASSET-BACKED SECURITIES - 19.2%continued**  | **ASSET-BACKED SECURITIES - 19.2%continued**  |
| **Whole Loan – 7.3%continued** | **Whole Loan – 7.3%continued** | **Whole Loan – 7.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-4, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/25/62<sup>(1)</sup> <br>| $314 | $303 |
|  |  | **21028** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $55,123)** |  | **55495** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 7.6%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 7.6%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 7.6%**  |
| **Non Agency – 7.6%** | **Non Agency – 7.6%** | **Non Agency – 7.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2021-BN37, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 11/15/64 | 898 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK5, Series 2023-5YR2, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.66%, 7/15/56 | 853 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2023-V3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.36%, 7/15/56 | 1090 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMARK, Series 2023-V4, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.46%, 11/15/56<sup>(3)</sup> <br>| 1265 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPR Trust, Series 2023-BRK2, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 10/5/38<sup>(1) (3)</sup> <br>| 380 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Trust, Series 2024-PAT, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 2.09%, 2.09% Floor), 5.84%, <br> 3/15/41<sup>(1) (5)</sup> <br>| 1208 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2016-P3, Class AS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 4/15/49 | 610 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMM Mortgage Trust, Series <br> 2024-277P, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/10/44<sup>(1) (3)</sup> <br>| 2900 | 3082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fashion Show Mall LLC, Series <br> 2024-SHOW, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 10/10/41<sup>(1) (3)</sup> <br>| 580 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIVE Mortgage Trust, Series 2023-V1, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 2/10/56 | 1140 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Yards Mortgage Trust, Series <br> 2016-10HY, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 8/10/38<sup>(1)</sup> <br>| 910 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAD Commercial Mortgage Trust, <br> Series 2025-11MD, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/42<sup>(1) (3)</sup> <br>| 460 | 464 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.6%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.6%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.6%continued**  |
| **Non Agency – 7.6%continued** | **Non Agency – 7.6%continued** | **Non Agency – 7.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series 2016-C32, <br> Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 12/15/49 | $350 | $347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2016-UBS9, Class AS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 3/15/49 | 449 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSRW Pass Through Trust, Series <br> 2025-CC, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.89%, 8/15/30<sup>(1)</sup> <br>| 1983 | 1992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSRW Pass Through Trust, Series <br> 2025-CC, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 8/15/30<sup>(1)</sup> <br>| 940 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCMS Mortgage Trust, Series <br> 2025-BNC1, Class AS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31%, 4/15/28<sup>(1) (3)</sup> <br>| 1200 | 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2016-C35, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 7/15/48 | 370 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2024-C63, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31%, 8/15/57 | 3960 | 4103 |
|  |  | **21978** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $21,689)** |  | **21978** |
| **CORPORATE BONDS – 25.1%**  | **CORPORATE BONDS – 25.1%**  | **CORPORATE BONDS – 25.1%**  |
| **Aerospace & Defense – 0.9%** | **Aerospace & Defense – 0.9%** | **Aerospace & Defense – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boeing (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53%, 5/1/34  | 1375 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 6/1/31  | 790 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 10/15/31  | 420 | 431 |
|  |  | **2675** |
| **Asset Management – 3.1%** | **Asset Management – 3.1%** | **Asset Management – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/15/36  | 1430 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 7/15/29  | 610 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/15/26  | 720 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 7/16/29  | 595 | 607 |

---

NORTHERN FUNDS QUARTERLY REPORT **118** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 25.1% continued**  | **CORPORATE BONDS - 25.1% continued**  | **CORPORATE BONDS - 25.1% continued**  |
| **Asset Management – 3.1%continued** | **Asset Management – 3.1%continued** | **Asset Management – 3.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/30  | $1125 | $1118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 6/13/28  | 2000 | 2116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 1/23/32 <sup>(1)</sup> <br>| 1440 | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/27  | 835 | 824 |
|  |  | **8963** |
| **Automotive – 1.2%** | **Automotive – 1.2%** | **Automotive – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 5/28/27  | 313 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 11/7/28  | 305 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87%, 10/31/35 <sup>†</sup> <br>| 2780 | 2750 |
|  |  | **3384** |
| **Banking – 4.6%** | **Banking – 4.6%** | **Banking – 4.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.82%, 9/15/29 <sup>(6)</sup> <br>| 1092 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.41%), 3.52%, 10/27/28 <sup>(6)</sup> <br>| 1010 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.34%), <br> 6.34%, 7/27/29 <sup>(6) †</sup> <br>| 400 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.70%), 6.14%, <br> 11/18/39 <sup>(6)</sup> <br>| 1020 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.16%), <br> 5.58%, 4/22/30 <sup>(6)</sup> <br>| 2000 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeyBank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/26/33  | 660 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.80%), <br> 7.41%, 10/30/29 <sup>(6) †</sup> <br>| 660 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.40%), <br> 5.18%, 7/8/31 <sup>(6)</sup> <br>| 1460 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.40%), <br> 4.96%, 10/23/36 <sup>(6)</sup> <br>| 2950 | 2924 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 25.1% continued**  | **CORPORATE BONDS - 25.1% continued**  | **CORPORATE BONDS - 25.1% continued**  |
| **Banking – 4.6%continued** | **Banking – 4.6%continued** | **Banking – 4.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.10%), <br> 2.39%, 6/2/28 <sup>(6)</sup> <br>| $810 | $792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.50%), <br> 5.20%, 1/23/30 <sup>(6)</sup> <br>| 1000 | 1031 |
|  |  | **13345** |
| **Construction Materials – 1.4%** | **Construction Materials – 1.4%** | **Construction Materials – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 9/15/40  | 584 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRH America Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/9/35  | 1320 | 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/1/34  | 1975 | 2051 |
|  |  | **4021** |
| **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 5/15/31  | 395 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 4/1/30  | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PacifiCorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 2/15/34  | 900 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pattern Energy Operations L.P./Pattern <br> Energy Operations, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/28 <sup>(1)</sup> <br>| 230 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSEG Power LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/15/35 <sup>(1)</sup> <br>| 980 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Co. of Colorado, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 9/15/35  | 840 | 853 |
|  |  | **3365** |
| **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 3/15/31 | 660 | **602** |
| **Energy – 0.1%** | **Energy – 0.1%** | **Energy – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/15/34 | 260 | **272** |
| **Entertainment Content – 0.3%** | **Entertainment Content – 0.3%** | **Entertainment Content – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/29 | 775 | **768** |

---

FIXED INCOME FUNDS **119** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 25.1% continued**  | **CORPORATE BONDS - 25.1% continued**  | **CORPORATE BONDS - 25.1% continued**  |
| **Finance Companies – 0.3%** | **Finance Companies – 0.3%** | **Finance Companies – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.44%), 6.00%, <br> 9/24/29<sup>(6) (7)</sup> <br>| $800 | **$763** |
| **Health Care Facilities & Services – 1.3%** | **Health Care Facilities & Services – 1.3%** | **Health Care Facilities & Services – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/1/30 <sup>(1)</sup> <br>| 850 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 9/15/35  | 1350 | 1384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/15/35  | 530 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/15/32 <sup>(1)</sup> <br>| 850 | 923 |
|  |  | **3660** |
| **Home Construction – 0.0%** | **Home Construction – 0.0%** | **Home Construction – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 9/18/28 | 7 | **7** |
| **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/35 | 970 | **1000** |
| **Insurance – 1.2%** | **Insurance – 1.2%** | **Insurance – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 2/15/35  | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sammons Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/34 <sup>(1)</sup> <br>| 430 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/15/36  | 1890 | 1894 |
|  |  | **3378** |
| **Internet Media & Services – 0.4%** | **Internet Media & Services – 0.4%** | **Internet Media & Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beignet Investor LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.58%, 5/30/49<sup>(1)</sup> <br>| 1225 | **1298** |
| **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novelis Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/31<sup>(1)</sup> <br>| 1375 | **1253** |
| **Oil & Gas Supply Chain – 3.2%** | **Oil & Gas Supply Chain – 3.2%** | **Oil & Gas Supply Chain – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/1/34 <sup>(1)</sup> <br>| 450 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/33 <sup>(1)</sup> <br>| 850 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 4/1/32 <sup>(1)</sup> <br>| 1375 | 1333 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 25.1% continued**  | **CORPORATE BONDS - 25.1% continued**  | **CORPORATE BONDS - 25.1% continued**  |
| **Oil & Gas Supply Chain – 3.2%continued** | **Oil & Gas Supply Chain – 3.2%continued** | **Oil & Gas Supply Chain – 3.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 3/1/35  | $1380 | $1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 9/1/33  | 180 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/15/33  | 1200 | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 4/15/52  | 1600 | 1373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/30 <sup>(1) †</sup> <br>| 850 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WPX Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/15/30  | 1593 | 1598 |
|  |  | **9345** |
| **Real Estate Investment Trusts – 0.7%** | **Real Estate Investment Trusts – 0.7%** | **Real Estate Investment Trusts – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/34  | 510 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Store Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 4/30/30 <sup>(1)</sup> <br>| 1580 | 1610 |
|  |  | **2139** |
| **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBRE Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 1/15/33 | 800 | **805** |
| **Semiconductors – 0.6%** | **Semiconductors – 0.6%** | **Semiconductors – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 1/25/39<sup>(1)</sup> <br>| 1650 | **1746** |
| **Software – 1.1%** | **Software – 1.1%** | **Software – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 3/15/31  | 275 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 9/26/30  | 1430 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 9/15/35  | 1170 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VMware LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 8/15/28  | 135 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 5/15/30  | 205 | 209 |
|  |  | **3164** |
| **Specialty Finance – 1.3%** | **Specialty Finance – 1.3%** | **Specialty Finance – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.22%), <br> 4.92%, 7/20/33 <sup>(6)</sup> <br>| 330 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/30 <sup>(1)</sup> <br>| 455 | 464 |

---

NORTHERN FUNDS QUARTERLY REPORT **120** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 25.1% continued**  | **CORPORATE BONDS - 25.1% continued**  | **CORPORATE BONDS - 25.1% continued**  |
| **Specialty Finance – 1.3%continued** | **Specialty Finance – 1.3%continued** | **Specialty Finance – 1.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/15/33 <sup>(1)</sup> <br>| $900 | $924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/27 <sup>(1)</sup> <br>| 690 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneMain Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/29  | 825 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 2.13%), 5.94%, <br> 8/2/30 <sup>(6)</sup> <br>| 450 | 469 |
|  |  | **3705** |
| **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/32<sup>(1)</sup> <br>| 1375 | **1422** |
| **Telecommunications – 0.5%** | **Telecommunications – 0.5%** | **Telecommunications – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cipher Compute LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/30<sup>(1) †</sup> <br>| 1375 | **1400** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/1/30 | 350 | **312** |
| **Total Corporate Bonds** |  |  |
| **(Cost $71,769)** |  | **72792** |
| **FOREIGN ISSUER BONDS – 6.0%**  | **FOREIGN ISSUER BONDS – 6.0%**  | **FOREIGN ISSUER BONDS – 6.0%**  |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/27<sup>(1)</sup> <br>| 375 | **385** |
| **Automotive – 0.3%** | **Automotive – 0.3%** | **Automotive – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Group of America <br> Finance LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 9/11/30<sup>(1)</sup> <br>| 880 | **889** |
| **Banking – 2.0%** | **Banking – 2.0%** | **Banking – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.65%), 5.50%, <br> 8/9/28 <sup>(6)</sup> <br>| 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.83%), <br> 5.86%, 8/11/46 <sup>(6)</sup> <br>| 710 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.22%), <br> 2.16%, 9/15/29 <sup>(1) (6)</sup> <br>| 430 | 407 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.0% continued**  | **FOREIGN ISSUER BONDS - 6.0% continued**  | **FOREIGN ISSUER BONDS - 6.0% continued**  |
| **Banking – 2.0%continued** | **Banking – 2.0%continued** | **Banking – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.36%), <br> 4.82%, 9/25/33 <sup>(1) (6)</sup> <br>| $1250 | $1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.30%), <br> 4.95%, 8/4/31 <sup>(6)</sup> <br>| 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBC Group N.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.10%), 5.80%, <br> 1/19/29 <sup>(1) (6)</sup> <br>| 620 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 0.82%), 4.43%, <br> 11/4/31 <sup>(6)</sup> <br>| 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.68%), 6.63%, <br> 9/27/35 <sup>(6) (7)</sup> <br>| 210 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.07%), 4.32%, <br> 9/22/29 <sup>(6)</sup> <br>| 800 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.95%), 7.13%, <br> 1/19/55 <sup>(1) (6)</sup> <br>| 906 | 951 |
|  |  | **5797** |
| **Biotechnology & Pharmaceuticals – 0.3%** | **Biotechnology & Pharmaceuticals – 0.3%** | **Biotechnology & Pharmaceuticals – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance <br> Netherlands III B.V.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/1/32 | 770 | **808** |
| **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.30%), 5.04%, <br> 6/10/36<sup>(6)</sup> <br>| 3125 | **3092** |
| **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sands China Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 3/8/29<sup>(8)</sup> <br>|  | **—** |
| **Metals & Mining – 1.2%** | **Metals & Mining – 1.2%** | **Metals & Mining – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHP Billiton Finance U.S.A. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 2/21/35  | 2250 | 2329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taseko Mines Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/1/30 <sup>(1)</sup> <br>| 935 | 993 |
|  |  | **3322** |

---

FIXED INCOME FUNDS **121** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.0% continued**  | **FOREIGN ISSUER BONDS - 6.0% continued**  | **FOREIGN ISSUER BONDS - 6.0% continued**  |
| **Oil & Gas Supply Chain – 0.8%** | **Oil & Gas Supply Chain – 0.8%** | **Oil & Gas Supply Chain – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/30/35 <sup>(1)</sup> <br>| $1170 | $1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harbour Energy PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.33%, 4/1/35 <sup>(1)</sup> <br>| 1275 | 1293 |
|  |  | **2438** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/26/31<sup>(1)</sup> <br>| 375 | **401** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 7/1/34<sup>(1)</sup> <br>| 345 | **361** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $17,329)** |  | **17493** |
| **U.S. GOVERNMENT AGENCIES – 28.0%** <sup>(9)</sup> | **U.S. GOVERNMENT AGENCIES – 28.0%** <sup>(9)</sup> | **U.S. GOVERNMENT AGENCIES – 28.0%** <sup>(9)</sup> |
| **Fannie Mae – 13.3%** | **Fannie Mae – 13.3%** | **Fannie Mae – 13.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae Pool, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/1/31<sup>(8)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2013-M6, <br> Class 1AC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/25/43<sup>(3)</sup> <br>| 2441 | 2394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #545437, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/1/32 | 9 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #545556, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/1/32 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #555189, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/1/32 | 53 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #581806, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 7/1/31 | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #585617, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/1/31<sup>(8)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #889641, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/37 | 322 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #995802, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/35 | 323 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB5209, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/32 | 1193 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB9546, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/28 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0248, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/37 | 586 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0494, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/37 | 324 | 333 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** |
| **Fannie Mae – 13.3%continued** | **Fannie Mae – 13.3%continued** | **Fannie Mae – 13.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0925, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/40 | $39 | $40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AK9457, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/32 | 57 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL3063, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/28 | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL5119, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/34 | 493 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL7497, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/40 | 778 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL8876, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/44 | 247 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AO2961, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/42 | 130 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AQ9360, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/28 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS1991, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/29 | 103 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS3655, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/44 | 377 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS6520, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/46 | 827 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS7088, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/31 | 629 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS8576, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/1/46 | 673 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BJ0686, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/48 | 432 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM1761, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/44 | 138 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM5984, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/49 | 94 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM5996, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/48 | 62 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BX4910, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/53 | 959 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BY5368, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/53 | 263 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6359, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/50 | 940 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6417, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/50 | 688 | 620 |

---

NORTHERN FUNDS QUARTERLY REPORT **122** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** |
| **Fannie Mae – 13.3%continued** | **Fannie Mae – 13.3%continued** | **Fannie Mae – 13.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB1666, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/51 | $579 | $500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB2286, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/1/51 | 1025 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB3515, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/1/52 | 768 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB4844, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/52 | 425 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB5113, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/52 | 263 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB7114, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | 529 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #DA0017, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/53 | 844 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1303, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/48 | 818 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1438, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/38 | 287 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1472, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/34 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1534, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/49 | 749 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1572, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/48 | 518 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM2671, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/48 | 274 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3201, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/34 | 308 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4491, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/36 | 751 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6125, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/51 | 1060 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM8215, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/1/51 | 917 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FP0012, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/51 | 799 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3063, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/52 | 948 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3120, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/52 | 1233 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3391, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/51 | 1081 | 938 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** |
| **Fannie Mae – 13.3%continued** | **Fannie Mae – 13.3%continued** | **Fannie Mae – 13.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3662, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/53 | $965 | $972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4040, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/53 | 977 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4045, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | 943 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4267, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/38 | 805 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4610, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/40 | 385 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4653, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/53 | 690 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4663, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | 1116 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5441, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/53 | 836 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5952, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/53 | 606 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5965, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/53 | 125 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6176, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/47 | 689 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6869, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/1/40 | 203 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0878, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/31 | 211 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2522, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/46 | 1049 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2864, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/47 | 665 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3004, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/37 | 254 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3088, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/47 | 509 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3183, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/47 | 240 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3184, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/47 | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4186, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/35 | 293 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5098, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/43 | 573 | 592 |
|  |  | **38476** |

---

FIXED INCOME FUNDS **123** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** |
| **Freddie Mac – 11.5%** | **Freddie Mac – 11.5%** | **Freddie Mac – 11.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS, Series 3013, <br> Class HZ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/35 | $444 | $453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS, Series 4077, <br> Class TO,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 5/15/41<sup>(10)</sup> <br>| 843 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS, Series 4835, <br> Class CA,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/15/47 | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS, Series 5391, <br> Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/25/51 | 486 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #1B3575, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.80%, 1.80% Floor, <br> 11.42% Cap), 6.55%, 9/1/37<sup>(5)</sup> <br>| 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #1G2296, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 2.09%, 2.09% Floor, <br> 11.34% Cap), 6.46%, 11/1/37<sup>(5)</sup> <br>| 83 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QF3725, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/52 | 1057 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QF8053, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | 1207 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QG4632, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 1034 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA7677, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/52 | 965 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA8880, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/53 | 897 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA9840, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | 927 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RD5026, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/30 | 185 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0084, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/32 | 557 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0216, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/32 | 288 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0328, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/34 | 654 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0826, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/35 | 704 | 678 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** |
| **Freddie Mac – 11.5%continued** | **Freddie Mac – 11.5%continued** | **Freddie Mac – 11.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8502, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/35 | $1578 | $1466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0033, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/47 | 560 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1360, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/52 | 922 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1518, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/52 | 1046 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2347, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | 906 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2477, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/53 | 1116 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2642, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/53 | 1060 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2665, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/53 | 120 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2757, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | 1037 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2920, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/53 | 1032 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2922, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | 1092 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2999, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 1060 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3133, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/53 | 643 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3136, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 895 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3174, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 870 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3189, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/53 | 648 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3251, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/53 | 870 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3515, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/53 | 560 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3760, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/53 | 720 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4027, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/53 | 786 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4285, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/53 | 757 | 776 |

---

NORTHERN FUNDS QUARTERLY REPORT **124** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** |
| **Freddie Mac – 11.5%continued** | **Freddie Mac – 11.5%continued** | **Freddie Mac – 11.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD5136, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/54 | $664 | $689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZK7457, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/29 | 392 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM4714, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/47 | 1195 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM5332, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/48 | 429 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZT1333, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/31 | 1145 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seasoned Loans Structured Transaction <br> Trust, Series 2019-2, Class A1C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 9/25/29 | 836 | 805 |
|  |  | **33250** |
| **Freddie Mac Gold – 0.6%** | **Freddie Mac Gold – 0.6%** | **Freddie Mac Gold – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A87842, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/39 | 134 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #C00910, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/1/30 | 28 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G07068, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/41 | 201 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G07505, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/1/39 | 424 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G15612, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/29 | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G16396, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/33 | 505 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G18643, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/32 | 45 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G30926, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/36 | 182 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G61723, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/43 | 68 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #Q63667, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/49 | 181 | 180 |
|  |  | **1811** |
| **Government National Mortgage Association – 0.3%** | **Government National Mortgage Association – 0.3%** | **Government National Mortgage Association – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/20/46 | 632 | 595 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.0%** <sup>(9)</sup>**continued** |
| **Government National Mortgage Association – 0.3%continued** | **Government National Mortgage Association – 0.3%continued** | **Government National Mortgage Association – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage <br> Association, Series 2025-33, <br> Class LH,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/20/54 | $267 | $271 |
|  |  | **866** |
| **Government National Mortgage Association I – 0.6%** | **Government National Mortgage Association I – 0.6%** | **Government National Mortgage Association I – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #757013, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/40 | 845 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #786470, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/40 | 930 | 957 |
|  |  | **1746** |
| **Government National Mortgage Association II – 1.7%** | **Government National Mortgage Association II – 1.7%** | **Government National Mortgage Association II – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #786922, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | 859 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0089, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/20/42 | 990 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1996, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/20/44 | 184 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3666, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/20/46 | 423 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4008, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/20/46 | 61 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6870, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/20/50 | 312 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8346, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/52 | 1018 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8724, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/20/53 | 1042 | 1023 |
|  |  | **4823** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $81,964)** |  | **80972** |
| **U.S. GOVERNMENT OBLIGATIONS – 13.1%**  | **U.S. GOVERNMENT OBLIGATIONS – 13.1%**  | **U.S. GOVERNMENT OBLIGATIONS – 13.1%**  |
| **U.S. Treasury Bonds – 3.8%** | **U.S. Treasury Bonds – 3.8%** | **U.S. Treasury Bonds – 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/45 | 2317 | 2272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/55 | 8941 | 8652 |
|  |  | **10924** |
| **U.S. Treasury Notes – 6.4%** | **U.S. Treasury Notes – 6.4%** | **U.S. Treasury Notes – 6.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/15/28 | 2324 | 2345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/31/29<sup>(11)</sup> <br>| 810 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/31/30<sup>(11)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/30/30<sup>(11)</sup> <br>| 4877 | 4918 |

---

FIXED INCOME FUNDS **125** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 13.1%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 13.1%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 13.1%continued**  |
| **U.S. Treasury Notes – 6.4%continued** | **U.S. Treasury Notes – 6.4%continued** | **U.S. Treasury Notes – 6.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/35<sup>(11)</sup> <br>| $105 | $106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/35 | 10422 | 10295 |
|  |  | **18547** |
| **U.S. Treasury Strips – 2.9%** | **U.S. Treasury Strips – 2.9%** | **U.S. Treasury Strips – 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.48%, 2/15/51<sup>(12)</sup> <br>| 29423 | **8422** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $47,515)** |  | **37893** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(13) (14) (15)</sup> <br>| 2826695 | $2827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(13) (14)</sup> <br>| 294814 | 295 |
| **Total Investment Companies** |  |  |
| **(Cost $3,122)** |  | **3122** |
| **Total Investments – 100.1%** | **Total Investments – 100.1%** |  |
| **(Cost $298,511)** | **(Cost $298,511)** | **289745** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (0.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (0.1%) | (316)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$289429** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At December 31,* *2025, the value of these securities amounted to approximately* *$78,759,000 or 27.2% of net assets.* 

<sup>(2)</sup> *Step coupon bond. Rate as of December 31, 2025 is disclosed.*

<sup>(3)</sup> *Variable or floating rate security, the interest rate of which adjusts* *periodically based on changes in current interest rates and prepayments on* *the underlying pool of assets.* 

<sup>(4)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(5)</sup> *Variable or floating rate security. Rate as of December 31, 2025 is* *disclosed.* 

<sup>(6)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of December 31, 2025.* 

<sup>(7)</sup> *Perpetual bond. Maturity date represents next call date.*

<sup>(8)</sup> *Principal Amount and Value rounds to less than one thousand.*

<sup>(9)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(10)</sup> *Zero coupon bond.*

<sup>(11)</sup> *All or a portion of this security has been pledged as collateral to cover* *margin requirements for open futures contracts.* 

<sup>(12)</sup> *Discount rate at the time of purchase.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(13)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(14)</sup> <br>| *7-day current yield as of December 31, 2025 is disclosed.* |
| <sup>(15)</sup> <br>| *Investment of cash collateral received from securities lending activities.* |
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 1M - 1 Month |
| 1Y - 1 Year |
| 3M - 3 Month |
| 5Y - 5 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| Fannie Mae - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |
| IBOR - Interbank Offered Rates  |
| REMICS - Real Estate Mortgage Investment Conduits |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; 2-Year <br> U.S. Treasury <br> Note<br>| 90 | $18791 | Long | 3/26 | $(8)<br>|
| &nbsp;&nbsp; 5-Year <br> U.S. Treasury <br> Note<br>| 23 | 2514 | Long | 3/26 | (8)<br>|
| &nbsp;&nbsp; U.S. Treasury <br> Long Bond<br>| 190 | 21963 | Long | 3/26 | (225)<br>|
| &nbsp;&nbsp; Ultra 10-Year <br> U.S. Treasury <br> Note<br>| (126)<br>| (14492)<br>| Short | 3/26 | 89 |
| &nbsp;&nbsp; Ultra Long <br> U.S. Treasury <br> Bond<br>| (35)<br>| (4130)<br>| Short | 3/26 | 71 |
| Total |  |  |  |  | $(81)<br>|

---

NORTHERN FUNDS QUARTERLY REPORT **126** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **FIXED INCOME FUND continued**  | **December 31, 2025 (UNAUDITED)**  |

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Asset-Backed Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whole Loan | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20271 | &nbsp;&nbsp; $757 | &nbsp;&nbsp; $21028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 34467 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34467 |
| Total Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 54738 | &nbsp;&nbsp; 757 | &nbsp;&nbsp; 55495 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 21978 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21978 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 72792 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72792 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 17493 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17493 |
| U.S. Government Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 80972 | &nbsp;&nbsp; — | &nbsp;&nbsp; 80972 |
| &nbsp;&nbsp;&nbsp; U.S. Government <br> Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 37893 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37893 |
| Investment Companies | &nbsp;&nbsp; 3122 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3122 |
| Total Investments | &nbsp;&nbsp; $3122 | &nbsp;&nbsp; $285866 | &nbsp;&nbsp; $757 | &nbsp;&nbsp; $289745 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $160 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $160 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; (241)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (241)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(81)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(81)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $28452 | $25625 | $4 <br><sup>(1)</sup><br>| $2827 | 2826695 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 2380 | 105991 | 108076 | 122 | 295 | 294814 |
| Total | $2380 | $134443 | $133701 | $126 | $3122 | 3121509 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

FIXED INCOME FUNDS **127** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **HIGH YIELD FIXED INCOME FUND**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS – 80.6%**  | **CORPORATE BONDS – 80.6%**  | **CORPORATE BONDS – 80.6%**  |
| **Advertising & Marketing – 1.0%** | **Advertising & Marketing – 1.0%** | **Advertising & Marketing – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dotdash Meredith, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 6/15/32 <sup>(1)</sup> <br>| $5125 | $4668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neptune Bidco U.S., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.29%, 4/15/29 <sup>(1)</sup> <br>| 16097 | 16124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 5/15/31 <sup>(1)</sup> <br>| 2365 | 2425 |
|  |  | **23217** |
| **Aerospace & Defense – 1.5%** | **Aerospace & Defense – 1.5%** | **Aerospace & Defense – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAR Escrow Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/29 <sup>(1)</sup> <br>| 5375 | 5562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/30 <sup>(1)</sup> <br>| 2865 | 2957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/33 <sup>(1)</sup> <br>| 1655 | 1722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 6/15/28  | 3595 | 3599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/15/30 <sup>(1)</sup> <br>| 3615 | 3783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 12/1/31 <sup>(1)</sup> <br>| 1105 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/33 <sup>(1)</sup> <br>| 2159 | 2210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/31/33 <sup>(1)</sup> <br>| 8800 | 9030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/31/34 <sup>(1)</sup> <br>| 1865 | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/31/34 <sup>(1)</sup> <br>| 1365 | 1422 |
|  |  | **33381** |
| **Apparel & Textile Products – 0.2%** | **Apparel & Textile Products – 0.2%** | **Apparel & Textile Products – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; William Carter (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/31<sup>(1) †</sup> <br>| 3645 | **3769** |
| **Asset Management – 0.9%** | **Asset Management – 0.9%** | **Asset Management – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hightower Holding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 1/31/30 <sup>(1)</sup> <br>| 6530 | 6922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 1/15/29  | 4830 | 4815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 11/15/29 <sup>(1)</sup> <br>| 3175 | 3173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 6/15/30  | 3375 | 3226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaic Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/1/32 <sup>(1)</sup> <br>| 465 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 8/1/33 <sup>(1)</sup> <br>| 1370 | 1425 |
|  |  | **20047** |
| **Automotive – 1.8%** | **Automotive – 1.8%** | **Automotive – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/15/33 <sup>(1) †</sup> <br>| 5235 | 5403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/1/28 <sup>†</sup> <br>| 4252 | 4253 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Automotive – 1.8%continued** | **Automotive – 1.8%continued** | **Automotive – 1.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/15/32 <sup>(1)</sup> <br>| $1445 | $1471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/33 <sup>(1)</sup> <br>| 2150 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarios Global L.P./Clarios <br> U.S. Finance Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/28 <sup>(1) †</sup> <br>| 3050 | 3128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/1/30  | 6855 | 6637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 4/22/30  | 2030 | 2351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/43  | 2095 | 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/30/31 <sup>†</sup> <br>| 2690 | 2582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/29/28 <sup>(1) †</sup> <br>| 1825 | 1830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/30/30 <sup>(1)</sup> <br>| 1825 | 1825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/29 <sup>(1)</sup> <br>| 6540 | 6772 |
|  |  | **40107** |
| **Basic Industry – 0.4%** | **Basic Industry – 0.4%** | **Basic Industry – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avient Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/1/31<sup>(1)</sup> <br>| 8620 | **8861** |
| **Biotechnology & Pharmaceuticals – 1.3%** | **Biotechnology & Pharmaceuticals – 1.3%** | **Biotechnology & Pharmaceuticals – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1261229 B.C. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 4/15/32 <sup>(1)</sup> <br>| 8500 | 8843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Americas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/31/27 <sup>(1)</sup> <br>| 11455 | 11341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt <br> Co-Issuer B.V.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/28 <sup>(1)</sup> <br>| 6060 | 5905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/30/31 <sup>(1) †</sup> <br>| 5255 | 4352 |
|  |  | **30441** |
| **Cable & Satellite – 4.3%** | **Cable & Satellite – 4.3%** | **Cable & Satellite – 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings <br> Capital Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/28 <sup>(1)</sup> <br>| 20652 | 20490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/31 <sup>(1)</sup> <br>| 9935 | 9131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/32 <sup>(1)</sup> <br>| 14295 | 13065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/33 <sup>(1)</sup> <br>| 9815 | 8592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/34 <sup>(1) †</sup> <br>| 5906 | 5022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 1/31/29 <sup>(1)</sup> <br>| 3025 | 2248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/29 <sup>(1)</sup> <br>| 10985 | 7277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/30 <sup>(1)</sup> <br>| 7445 | 2752 |

---

NORTHERN FUNDS QUARTERLY REPORT **128** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Cable & Satellite – 4.3%continued** | **Cable & Satellite – 4.3%continued** | **Cable & Satellite – 4.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/30 <sup>(1)</sup> <br>| $3735 | $1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directv Financing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 2/1/30 <sup>(1)</sup> <br>| 2455 | 2484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 8/15/27 <sup>(1)</sup> <br>| 3954 | 3977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISH DBS Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/1/26 <sup>†</sup> <br>| 9155 | 9044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/26 <sup>(1) †</sup> <br>| 8257 | 8007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISH Network Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 11/15/27 <sup>(1)</sup> <br>| 2420 | 2518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midcontinent Communications, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 8/15/32 <sup>(1)</sup> <br>| 2380 | 2437 |
|  |  | **98378** |
| **Chemicals – 1.7%** | **Chemicals – 1.7%** | **Chemicals – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celanese U.S. Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/30  | 4970 | 4994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/33 <sup>†</sup> <br>| 4655 | 4631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/31  | 985 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/34  | 1910 | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntsman International LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/15/34 <sup>†</sup> <br>| 2370 | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illuminate Buyer LLC/Illuminate <br> Holdings IV, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 7/1/28 <sup>(1)</sup> <br>| 866 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inversion Escrow Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/1/32 <sup>(1)</sup> <br>| 5080 | 5061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSB Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/28 <sup>(1)</sup> <br>| 7720 | 7704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympus Water U.S. Holding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/33 <sup>(1)</sup> <br>| 3995 | 4015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qnity Electronics, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/15/32 <sup>(1)</sup> <br>| 2980 | 3047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 8/15/33 <sup>(1)</sup> <br>| 2980 | 3089 |
|  |  | **38506** |
| **Commercial Support Services – 2.3%** | **Commercial Support Services – 2.3%** | **Commercial Support Services – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADT Security (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/1/29 <sup>(1)</sup> <br>| 3285 | 3204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 2/15/31 <sup>(1)</sup> <br>| 5170 | 5449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/15/31 <sup>(1) †</sup> <br>| 2445 | 2446 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Commercial Support Services – 2.3%continued** | **Commercial Support Services – 2.3%continued** | **Commercial Support Services – 2.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brink's (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/29 <sup>(1)</sup> <br>| $4228 | $4378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/31 <sup>(1)</sup> <br>| 5695 | 5975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luna 1.5 S.a.r.l., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 7/1/32 <sup>(1) (2)</sup> <br>| 6085 | 6370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OT Midco, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 2/15/30 <sup>(1) †</sup> <br>| 4000 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/31 <sup>(1)</sup> <br>| 4851 | 4998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 8/1/29 <sup>(1)</sup> <br>| 2835 | 2921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VM Consolidated, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/29 <sup>(1)</sup> <br>| 3530 | 3531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VT Topco, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 8/15/30 <sup>(1) †</sup> <br>| 6720 | 7018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams Scotsman, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/15/29 <sup>(1)</sup> <br>| 3060 | 3160 |
|  |  | **51042** |
| **Construction Materials – 0.8%** | **Construction Materials – 0.8%** | **Construction Materials – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/32 <sup>(1)</sup> <br>| 5976 | 6220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/33 <sup>(1)</sup> <br>| 4900 | 5117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 11/15/31 <sup>(1)</sup> <br>| 3530 | 3776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 1/15/31 <sup>(1)</sup> <br>| 3320 | 3044 |
|  |  | **18157** |
| **Consumer Non-Cyclical – 0.3%** | **Consumer Non-Cyclical – 0.3%** | **Consumer Non-Cyclical – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Healthcare Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 9/1/29<sup>(1)</sup> <br>| 7205 | **7565** |
| **Consumer Services – 0.3%** | **Consumer Services – 0.3%** | **Consumer Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneMor, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/15/29<sup>(1)</sup> <br>| 6070 | **5933** |
| **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LABL, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/1/28 <sup>(1) †</sup> <br>| 3400 | 2131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding <br> Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/15/30 <sup>(1) †</sup> <br>| 2897 | 2781 |

---

FIXED INCOME FUNDS **129** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Containers & Packaging – 0.3%continued** | **Containers & Packaging – 0.3%continued** | **Containers & Packaging – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 5/15/31 <sup>(1) †</sup> <br>| $1420 | $1449 |
|  |  | **6361** |
| **Electric Utilities – 2.7%** | **Electric Utilities – 2.7%** | **Electric Utilities – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Generation LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/34 <sup>(1)</sup> <br>| 1010 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calpine Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/15/28 <sup>(1)</sup> <br>| 7022 | 7030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/31 <sup>(1)</sup> <br>| 3195 | 3245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/33 <sup>(1)</sup> <br>| 1565 | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lightning Power LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/15/32 <sup>(1)</sup> <br>| 4230 | 4498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/28  | 7565 | 7594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/29 <sup>(1)</sup> <br>| 4320 | 4299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/34 <sup>(1)</sup> <br>| 1445 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/1/34 <sup>(1)</sup> <br>| 6340 | 6511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/36 <sup>(1)</sup> <br>| 3430 | 3475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pattern Energy Operations L.P./Pattern <br> Energy Operations, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/28 <sup>(1)</sup> <br>| 3720 | 3669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 6/1/30 <sup>(1)</sup> <br>| 3435 | 3637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/34 <sup>(1)</sup> <br>| 3400 | 3471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/36 <sup>(1)</sup> <br>| 2430 | 2513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/15/27 <sup>(1)</sup> <br>| 5510 | 5512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners <br> L.P.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 1/15/31 <sup>(1)</sup> <br>| 620 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 3/15/33 <sup>(1)</sup> <br>| 1895 | 1994 |
|  |  | **62165** |
| **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMRLD Borrower L.P./Emerald <br> Co-Issuer, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/15/30<sup>(1)</sup> <br>| 9800 | **10215** |
| **Energy – 0.2%** | **Energy – 0.2%** | **Energy – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aethon United BR L.P./Aethon United <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/1/29<sup>(1)</sup> <br>| 4135 | **4332** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Engineering & Construction – 0.7%** | **Engineering & Construction – 0.7%** | **Engineering & Construction – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AECOM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/33 <sup>(1)</sup> <br>| $4020 | $4120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 8/15/32 <sup>(1)</sup> <br>| 3701 | 3901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brundage-Bone Concrete Pumping <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/1/32 <sup>(1)</sup> <br>| 7510 | 7666 |
|  |  | **15687** |
| **Entertainment Content – 1.7%** | **Entertainment Content – 1.7%** | **Entertainment Content – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allen Media LLC/Allen Media <br> Co-Issuer, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 2/15/28 <sup>(1)</sup> <br>| 12035 | 5175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 7/15/32 <sup>(1) †</sup> <br>| 3470 | 3833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/29  | 4877 | 4834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univision Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/30/30 <sup>(1)</sup> <br>| 2343 | 2382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 7/31/31 <sup>(1)</sup> <br>| 7390 | 7718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 8/1/32 <sup>(1)</sup> <br>| 1160 | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Versant Media Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 1/30/31 <sup>(1)</sup> <br>| 1375 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 3/15/32  | 4195 | 3683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/15/42  | 6180 | 4363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 3/15/52  | 4855 | 3199 |
|  |  | **37852** |
| **Food – 0.8%** | **Food – 0.8%** | **Food – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiesta Purchaser, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 3/1/31 <sup>(1)</sup> <br>| 8605 | 8978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 9/15/32 <sup>(1) †</sup> <br>| 5375 | 5633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/31 <sup>(1)</sup> <br>| 2111 | 1999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simmons Foods, Inc./Simmons <br> Prepared Foods, Inc./Simmons Pet <br> Food, Inc./Simmons Feed,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/1/29 <sup>(1)</sup> <br>| 2672 | 2575 |
|  |  | **19185** |
| **Forestry, Paper & Wood Products – 0.3%** | **Forestry, Paper & Wood Products – 0.3%** | **Forestry, Paper & Wood Products – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnera Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/29<sup>(1)</sup> <br>| 7842 | **7248** |

---

NORTHERN FUNDS QUARTERLY REPORT **130** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriGas Partners L.P./AmeriGas <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 6/1/30 <sup>(1)</sup> <br>| $2465 | $2626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas L.P./Ferrellgas Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 1/15/31 <sup>(1)</sup> <br>| 2765 | 2848 |
|  |  | **5474** |
| **Health Care Facilities & Services – 3.1%** | **Health Care Facilities & Services – 3.1%** | **Health Care Facilities & Services – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/1/30 <sup>(1)</sup> <br>| 7535 | 7350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/29 <sup>(1) †</sup> <br>| 2125 | 1891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/1/30 <sup>(1)</sup> <br>| 3420 | 2740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 1/15/32 <sup>(1)</sup> <br>| 9049 | 9876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 1/15/34 <sup>(1)</sup> <br>| 5640 | 5924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.52%), 6.75%, <br> 12/10/54 <sup>(3)</sup> <br>| 5082 | 5308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 9/1/32 <sup>(1)</sup> <br>| 4150 | 4320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/15/33 <sup>(1)</sup> <br>| 2960 | 3069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/29 <sup>(1)</sup> <br>| 5910 | 5807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 8/15/30 <sup>(1)</sup> <br>| 4025 | 4333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 6/1/32 <sup>(1)</sup> <br>| 2725 | 2897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Parent, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 10/1/30 <sup>(1)</sup> <br>| 5291 | 5647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 4/15/32 <sup>(1) †</sup> <br>| 8076 | 8178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/32 <sup>(1)</sup> <br>| 3255 | 3300 |
|  |  | **70640** |
| **Home & Office Products – 0.8%** | **Home & Office Products – 0.8%** | **Home & Office Products – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CD&R Smokey Buyer, Inc./Radio <br> Systems Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 10/15/29 <sup>(1)</sup> <br>| 1715 | 1399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FXI Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.00%, 11/15/29 <sup>(1) (2) †</sup> <br>| 2920 | 1722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 11/15/30 <sup>(1) †</sup> <br>| 4883 | 4364 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Home & Office Products – 0.8%continued** | **Home & Office Products – 0.8%continued** | **Home & Office Products – 0.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/32 <sup>†</sup> <br>| $2860 | $2775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 4/1/36 <sup>†</sup> <br>| 9065 | 8514 |
|  |  | **18774** |
| **Home Construction – 1.5%** | **Home Construction – 1.5%** | **Home Construction – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashton Woods U.S.A. LLC/Ashton <br> Woods Finance Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 8/1/33 <sup>(1)</sup> <br>| 2175 | 2177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/27  | 5810 | 5825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Century Communities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/15/33 <sup>(1)</sup> <br>| 1390 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 9/15/30 <sup>(1)</sup> <br>| 2510 | 2524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; K Hovnanian Enterprises, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/1/31 <sup>(1)</sup> <br>| 1040 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 10/1/33 <sup>(1)</sup> <br>| 1030 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Home, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/15/30  | 4030 | 4163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 12/15/28 <sup>(1)</sup> <br>| 2380 | 2483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/29 <sup>(1) †</sup> <br>| 5260 | 4793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 2/15/30  | 2040 | 1963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Home (The) Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/1/30 <sup>(1)</sup> <br>| 6300 | 6488 |
|  |  | **33930** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 6/15/30 <sup>†</sup> <br>| 340 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/30/32  | 3010 | 2932 |
|  |  | **3261** |
| **Industrial Intermediate Products – 0.6%** | **Industrial Intermediate Products – 0.6%** | **Industrial Intermediate Products – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anagram Holdings LLC/Anagram <br> International, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 8/15/26 <sup>(1) (4) (5)</sup> <br>| 2819 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/1/30 <sup>(1)</sup> <br>| 6150 | 6410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 1/1/31 <sup>(1)</sup> <br>| 2915 | 3094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park-Ohio Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 8/1/30 <sup>(1)</sup> <br>| 3000 | 3080 |
|  |  | **12625** |

---

FIXED INCOME FUNDS **131** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Industrial Support Services – 0.9%** | **Industrial Support Services – 0.9%** | **Industrial Support Services – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 5/15/32 <sup>(1)</sup> <br>| $2502 | $2643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/15/33 <sup>(1) †</sup> <br>| 7256 | 7613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/15/30 <sup>(1)</sup> <br>| 1940 | 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/29 <sup>(1)</sup> <br>| 3365 | 3314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synergy Infrastructure Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/1/30 <sup>(1)</sup> <br>| 2305 | 2390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Rentals North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/32  | 2030 | 1904 |
|  |  | **19906** |
| **Institutional Financial Services – 0.7%** | **Institutional Financial Services – 0.7%** | **Institutional Financial Services – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aretec Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/1/29 <sup>(1)</sup> <br>| 3742 | 3758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 8/15/30 <sup>(1)</sup> <br>| 2934 | 3163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armor Holdco, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/15/29 <sup>(1) †</sup> <br>| 4145 | 4175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/1/31 <sup>(1)</sup> <br>| 6025 | 5373 |
|  |  | **16469** |
| **Insurance – 0.5%** | **Insurance – 0.5%** | **Insurance – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/29 <sup>(1)</sup> <br>| 4410 | 4301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliant Holdings <br> Intermediate LLC/Alliant Holdings <br> Co-Issuer,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/31 <sup>(1)</sup> <br>| 5400 | 5568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC and Asurion Co-Issuer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/31/32 <sup>(1)</sup> <br>| 1325 | 1375 |
|  |  | **11244** |
| **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GrubHub Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.00%, 7/31/30 <sup>(1) (2) †</sup> <br>| 1555 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/15/34 <sup>(1) †</sup> <br>| 1980 | 2039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZipRecruiter, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/30 <sup>(1)</sup> <br>| 1749 | 1373 |
|  |  | **4677** |
| **IT Services – 0.6%** | **IT Services – 0.6%** | **IT Services – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insight Enterprises, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/32 <sup>(1)</sup> <br>| 9712 | 9977 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **IT Services – 0.6%continued** | **IT Services – 0.6%continued** | **IT Services – 0.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtusa Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 12/15/28 <sup>(1)</sup> <br>| $2650 | $2612 |
|  |  | **12589** |
| **Leisure Facilities & Services – 4.4%** | **Leisure Facilities & Services – 4.4%** | **Leisure Facilities & Services – 4.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boyne U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/15/29 <sup>(1)</sup> <br>| 5155 | 5084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/30 <sup>(1)</sup> <br>| 3690 | 3822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/32 <sup>(1) †</sup> <br>| 6642 | 6803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co., Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/30 <sup>(1) †</sup> <br>| 4060 | 3859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Full House Resorts, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 2/15/28 <sup>(1) †</sup> <br>| 10771 | 9357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPS Hospitality Holding Co. LLC/GPS <br> Finco, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/15/28 <sup>(1)</sup> <br>| 6555 | 3311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacobs Entertainment, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/29 <sup>(1)</sup> <br>| 3980 | 3900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/1/33 <sup>(1)</sup> <br>| 3185 | 3223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/33 <sup>(1)</sup> <br>| 5035 | 4831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCL Corp. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/1/30 <sup>(1)</sup> <br>| 4975 | 5053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/15/31 <sup>(1)</sup> <br>| 1570 | 1564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/32 <sup>(1)</sup> <br>| 10110 | 10352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 9/15/33 <sup>(1)</sup> <br>| 915 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/1/29 <sup>(1) †</sup> <br>| 4805 | 4450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 9/1/31 <sup>(1) †</sup> <br>| 2190 | 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC/Rivers <br> Enterprise Lender Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/30 <sup>(1)</sup> <br>| 1435 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 6/1/27 <sup>(1)</sup> <br>| 9796 | 9992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.13%, 7/15/30 <sup>(1)</sup> <br>| 6265 | 5194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scientific Games Holdings L.P.,Scientific <br> Games U.S. FinCo, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/1/30 <sup>(1)</sup> <br>| 2565 | 2280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/1/33 <sup>(1) †</sup> <br>| 4105 | 4167 |

---

NORTHERN FUNDS QUARTERLY REPORT **132** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Leisure Facilities & Services – 4.4%continued** | **Leisure Facilities & Services – 4.4%continued** | **Leisure Facilities & Services – 4.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viking Cruises Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/29 <sup>(1)</sup> <br>| $5680 | $5712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/33 <sup>(1)</sup> <br>| 2620 | 2660 |
|  |  | **99444** |
| **Leisure Products – 0.6%** | **Leisure Products – 0.6%** | **Leisure Products – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/1/32 <sup>(1)</sup> <br>| 6760 | 6936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thor Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/29 <sup>(1) †</sup> <br>| 6390 | 6156 |
|  |  | **13092** |
| **Machinery – 1.2%** | **Machinery – 1.2%** | **Machinery – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amsted Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/33 <sup>(1)</sup> <br>| 3580 | 3687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/30/28 <sup>(1)</sup> <br>| 4540 | 4461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/30/29 <sup>(1)</sup> <br>| 3070 | 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manitowoc (The) Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 10/1/31 <sup>(1)</sup> <br>| 2895 | 3117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maxim Crane Works Holdings <br> Capital LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 9/1/28 <sup>(1)</sup> <br>| 6655 | 7079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/30/28  | 5145 | 5172 |
|  |  | **26567** |
| **Medical Equipment & Devices – 0.5%** | **Medical Equipment & Devices – 0.5%** | **Medical Equipment & Devices – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medline Borrower L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/1/29 <sup>(1)</sup> <br>| 5352 | 5225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/29 <sup>(1) †</sup> <br>| 6860 | 6899 |
|  |  | **12124** |
| **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcoa Nederland Holding B.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/31 <sup>(1)</sup> <br>| 4055 | 4311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliance Resource Operating Partners <br> L.P./Alliance Resource Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 6/15/29 <sup>(1)</sup> <br>| 2900 | 3062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alumina Pty. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/15/32 <sup>(1)</sup> <br>| 2238 | 2324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellium S.E., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/15/29 <sup>(1)</sup> <br>| 2785 | 2689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/15/32 <sup>(1) †</sup> <br>| 3943 | 4070 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Metals & Mining – 0.8%continued** | **Metals & Mining – 0.8%continued** | **Metals & Mining – 0.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/1/34 <sup>(1)</sup> <br>| $2395 | $2402 |
|  |  | **18858** |
| **Oil & Gas Services & Equipment – 1.5%** | **Oil & Gas Services & Equipment – 1.5%** | **Oil & Gas Services & Equipment – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/33 <sup>(1)</sup> <br>| 2330 | 2381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/1/35 <sup>(1)</sup> <br>| 1720 | 1768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/15/28 <sup>(1)</sup> <br>| 790 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 1/31/30 <sup>(1)</sup> <br>| 1375 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Finance II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/15/30 <sup>(1)</sup> <br>| 1775 | 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/28  | 3895 | 3943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SESI LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 9/30/30 <sup>(1)</sup> <br>| 1735 | 1708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 7/15/30 <sup>(1)</sup> <br>| 2070 | 2222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transocean Aquila Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 9/30/28 <sup>(1)</sup> <br>| 1518 | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transocean International Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 2/15/30 <sup>(1)</sup> <br>| 3109 | 3246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/15/31 <sup>(1)</sup> <br>| 1460 | 1446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 10/15/32 <sup>(1)</sup> <br>| 1080 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/1/28 <sup>(1)</sup> <br>| 1089 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S.A. Compression Partners <br> L.P./U.S.A. Compression Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/29 <sup>(1)</sup> <br>| 4560 | 4720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/1/33 <sup>(1)</sup> <br>| 1025 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weatherford International Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/33 <sup>(1)</sup> <br>| 4395 | 4500 |
|  |  | **34839** |
| **Oil & Gas Supply Chain – 10.0%** | **Oil & Gas Supply Chain – 10.0%** | **Oil & Gas Supply Chain – 10.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/34 <sup>(1)</sup> <br>| 3235 | 3187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITGO Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 1/15/29 <sup>(1)</sup> <br>| 2800 | 2911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 7/1/28 <sup>(1)</sup> <br>| 3565 | 3673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/1/30 <sup>(1)</sup> <br>| 2880 | 3018 |

---

FIXED INCOME FUNDS **133** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Oil & Gas Supply Chain – 10.0%continued** | **Oil & Gas Supply Chain – 10.0%continued** | **Oil & Gas Supply Chain – 10.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 7/1/31 <sup>(1)</sup> <br>| $3780 | $3921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 6/15/33 <sup>(1)</sup> <br>| 3490 | 3765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/31 <sup>(1)</sup> <br>| 1656 | 1715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 3/1/32 <sup>(1)</sup> <br>| 3457 | 3610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/29 <sup>(1) †</sup> <br>| 3230 | 3237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/29 <sup>(1)</sup> <br>| 1990 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/31/29 <sup>(1)</sup> <br>| 8372 | 8353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 4/1/32 <sup>(1)</sup> <br>| 4315 | 4184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/32 <sup>(1) †</sup> <br>| 790 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 1/15/34 <sup>(1)</sup> <br>| 2990 | 2970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVR Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/15/29 <sup>(1)</sup> <br>| 2606 | 2679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delek Logistics Partners L.P./Delek <br> Logistics Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 6/1/28 <sup>(1)</sup> <br>| 2310 | 2323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 3/15/29 <sup>(1)</sup> <br>| 5785 | 6064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/30/33 <sup>(1)</sup> <br>| 3460 | 3531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQT Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 4/1/29  | 3745 | 3876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/30  | 3405 | 3748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesis Energy L.P./Genesis Energy <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/29  | 5500 | 5742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Partners L.P./GLP Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/15/29  | 3625 | 3671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 7/1/33 <sup>(1)</sup> <br>| 2005 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvest Midstream I L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/1/28 <sup>(1)</sup> <br>| 2800 | 2842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance <br> Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/1/28 <sup>(1)</sup> <br>| 5952 | 5997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/1/33 <sup>(1)</sup> <br>| 1540 | 1573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howard Midstream Energy <br> Partners LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/34 <sup>(1)</sup> <br>| 2040 | 2096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITT Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/29 <sup>(1)</sup> <br>| 7730 | 7420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin Midstream Partners L.P./Martin <br> Midstream Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 2/15/28 <sup>(1)</sup> <br>| 5580 | 5761 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Oil & Gas Supply Chain – 10.0%continued** | **Oil & Gas Supply Chain – 10.0%continued** | **Oil & Gas Supply Chain – 10.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/32 <sup>†</sup> <br>| $3585 | $3581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL <br> Energy Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/15/32 <sup>(1)</sup> <br>| 9683 | 10028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 10/15/33 <sup>(1)</sup> <br>| 940 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NuStar Logistics L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/26  | 4165 | 4174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/28 <sup>†</sup> <br>| 6448 | 6387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/15/27 <sup>(1)</sup> <br>| 4575 | 4636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/29 <sup>†</sup> <br>| 3935 | 4013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/33 <sup>(1)</sup> <br>| 1470 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/1/29 <sup>(1)</sup> <br>| 6669 | 6718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/32 <sup>(1)</sup> <br>| 3555 | 3495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunoco L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/1/29 <sup>(1)</sup> <br>| 4145 | 4322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/29 <sup>(1)</sup> <br>| 2320 | 2261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.23%), 7.88%, <br> 9/18/30 <sup>(1) (3) (6)</sup> <br>| 3090 | 3174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/1/33 <sup>(1)</sup> <br>| 1385 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/34 <sup>(1)</sup> <br>| 2250 | 2250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunoco L.P./Sunoco Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/30/30  | 1370 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/29 <sup>(1)</sup> <br>| 3880 | 4014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talos Production, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/1/29 <sup>(1) †</sup> <br>| 1300 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 2/1/31 <sup>(1)</sup> <br>| 5810 | 6059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransMontaigne Partners LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/15/30 <sup>(1)</sup> <br>| 6855 | 6919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 2/1/29 <sup>(1)</sup> <br>| 17963 | 18619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 6/1/31 <sup>(1)</sup> <br>| 13653 | 13581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/15/30 <sup>(1)</sup> <br>| 335 | 341 |

---

NORTHERN FUNDS QUARTERLY REPORT **134** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Oil & Gas Supply Chain – 10.0%continued** | **Oil & Gas Supply Chain – 10.0%continued** | **Oil & Gas Supply Chain – 10.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/15/34 <sup>(1)</sup> <br>| $3575 | $3662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/34 <sup>(1) †</sup> <br>| 1025 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/36 <sup>(1)</sup> <br>| 3865 | 3959 |
|  |  | **226491** |
| **Publishing & Broadcasting – 2.0%** | **Publishing & Broadcasting – 2.0%** | **Publishing & Broadcasting – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beasley Mezzanine Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.20%, 8/1/28 <sup>(1)</sup> <br>| 5830 | 2215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/29 <sup>(1)</sup> <br>| 5471 | 5432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/1/30 <sup>(1)</sup> <br>| 2260 | 2380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/15/31 <sup>(1)</sup> <br>| 2310 | 2420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulus Media New Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 7/1/29 <sup>(1)</sup> <br>| 5760 | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EW Scripps (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 8/15/30 <sup>(1)</sup> <br>| 4950 | 4944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Media, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 7/15/29 <sup>(1) †</sup> <br>| 4822 | 5185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/31 <sup>(1)</sup> <br>| 4446 | 3334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 7/15/32 <sup>(1)</sup> <br>| 2080 | 2164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 5/1/30 <sup>(1) †</sup> <br>| 2381 | 2058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 8/15/30 <sup>(1)</sup> <br>| 3106 | 2718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamar Media Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/1/33 <sup>(1)</sup> <br>| 3515 | 3492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 9/1/31 <sup>(1)</sup> <br>| 3860 | 4071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/27 <sup>(1)</sup> <br>| 4005 | 4016 |
|  |  | **45984** |
| **Real Estate Investment Trusts – 1.7%** | **Real Estate Investment Trusts – 1.7%** | **Real Estate Investment Trusts – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Property REIT, Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LL,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/27 <sup>(1)</sup> <br>| 3563 | 3521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/30/28 <sup>(1)</sup> <br>| 5480 | 5370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IIP Operating Partnership L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/25/26  | 5215 | 5142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/29 <sup>(1)</sup> <br>| 7254 | 7156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millrose Properties, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/1/30 <sup>(1)</sup> <br>| 2755 | 2819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 9/15/32 <sup>(1)</sup> <br>| 2145 | 2164 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Real Estate Investment Trusts – 1.7%continued** | **Real Estate Investment Trusts – 1.7%continued** | **Real Estate Investment Trusts – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPT Operating Partnership L.P./MPT <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27  | $3490 | $3369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 2/15/32 <sup>(1)</sup> <br>| 600 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK <br> Domestic Property LLC/PK Finance <br> Co-Issuer,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/15/29 <sup>(1)</sup> <br>| 2765 | 2700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 9/30/27 <sup>(1) (7)</sup> <br>| 295 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27  | 6535 | 6433 |
|  |  | **39582** |
| **Renewable Energy – 0.2%** | **Renewable Energy – 0.2%** | **Renewable Energy – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EnerSys, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/32<sup>(1)</sup> <br>| 4205 | **4375** |
| **Retail - Consumer Staples – 0.3%** | **Retail - Consumer Staples – 0.3%** | **Retail - Consumer Staples – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, <br> Inc./New Albertsons <br> L.P./Albertsons LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/27 <sup>(1)</sup> <br>| 4150 | 4146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/31/34 <sup>(1)</sup> <br>| 1995 | 2003 |
|  |  | **6149** |
| **Retail - Discretionary – 3.3%** | **Retail - Discretionary – 3.3%** | **Retail - Discretionary – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academy Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/27 <sup>(1)</sup> <br>| 6010 | 6015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/30 <sup>(1) †</sup> <br>| 2265 | 2277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 8/1/33 <sup>(1)</sup> <br>| 3505 | 3519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/1/30 <sup>(1)</sup> <br>| 4230 | 4325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/1/36  | 7455 | 7399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, (100% Cash), 6/1/30 <sup>(1) (2)</sup> <br>| 1194 | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 6/1/31 <sup>(1) (2)</sup> <br>| 1633 | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ken Garff Automotive LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/28 <sup>(1)</sup> <br>| 5235 | 5218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LBM Acquisition LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 6/15/31 <sup>(1)</sup> <br>| 3800 | 3961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/34  | 4780 | 4338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/29 <sup>(1) †</sup> <br>| 7014 | 6967 |

---

FIXED INCOME FUNDS **135** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Retail - Discretionary – 3.3%continued** | **Retail - Discretionary – 3.3%continued** | **Retail - Discretionary – 3.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michaels (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/1/28 <sup>(1)</sup> <br>| $2435 | $2341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/1/29 <sup>(1)</sup> <br>| 1300 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park River Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/15/31 <sup>(1)</sup> <br>| 4040 | 4166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PetSmart LLC/PetSmart Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/15/32 <sup>(1)</sup> <br>| 1890 | 1923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 12/15/29 <sup>(1)</sup> <br>| 2750 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 12/15/29 <sup>(1)</sup> <br>| 1000 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Staples, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 9/1/29 <sup>(1)</sup> <br>| 7510 | 7466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 7/15/29 <sup>(1) †</sup> <br>| 3945 | 3825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victra Holdings LLC/Victra Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 9/15/29 <sup>(1) †</sup> <br>| 6235 | 6579 |
|  |  | **74677** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/29<sup>(1) †</sup> <br>| 2011 | **2003** |
| **Software – 2.3%** | **Software – 2.3%** | **Software – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capstone Borrower, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 6/15/30 <sup>(1)</sup> <br>| 3065 | 3157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle U.S. Holding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 6/30/31 <sup>(1)</sup> <br>| 3995 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Parent, Inc./CDK Global, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/29 <sup>(1)</sup> <br>| 7605 | 6448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 9/30/29 <sup>(1)</sup> <br>| 6740 | 7018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 6/30/32 <sup>(1)</sup> <br>| 3990 | 4170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 8/15/33 <sup>(1)</sup> <br>| 2105 | 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreWeave, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 6/1/30 <sup>(1)</sup> <br>| 9490 | 8823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/1/31 <sup>(1) †</sup> <br>| 650 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McAfee Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/30 <sup>(1)</sup> <br>| 9230 | 8049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagaya U.S. Holdings Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 8/1/30 <sup>(1) †</sup> <br>| 9345 | 8153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UKG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 2/1/31 <sup>(1)</sup> <br>| 3320 | 3412 |
|  |  | **52511** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Specialty Finance – 8.7%** | **Specialty Finance – 8.7%** | **Specialty Finance – 8.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.87%), 4.70%, <br> 5/15/26 <sup>(3) (6)</sup> <br>| $5605 | $5548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 7Y + 3.48%), 4.70%, <br> 5/15/28 <sup>(3) (6)</sup> <br>| 1515 | 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arbor Realty SR, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 12/15/28 <sup>(1)</sup> <br>| 1460 | 1455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/1/29 <sup>(1)</sup> <br>| 2200 | 2347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/15/33 <sup>(1)</sup> <br>| 2440 | 2505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/15/31 <sup>(1)</sup> <br>| 6430 | 6834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.30%), 8.38%, <br> 6/15/35 <sup>(1) (3)</sup> <br>| 2051 | 2120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/30 <sup>(1)</sup> <br>| 7929 | 7731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 7/1/31 <sup>(1)</sup> <br>| 8340 | 8588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 7/15/33 <sup>(1)</sup> <br>| 540 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 3.34%), 5.50%, 10/30/27 <sup>(3) (6)</sup> <br>† <br>| 5575 | 5587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPI CG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 7/15/29 <sup>(1)</sup> <br>| 5435 | 5757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CrossCountry Intermediate HoldCo LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/30 <sup>(1)</sup> <br>| 1550 | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/1/32 <sup>(1)</sup> <br>| 2860 | 2906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EF Holdco/EF Cayman Hold/Ellington <br> Fin REIT Cayman/TRS/EF Cayman <br> Non-MTM,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 9/30/30 <sup>(1)</sup> <br>| 2505 | 2524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/1/29 <sup>(1)</sup> <br>| 3065 | 3226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/15/30 <sup>(1) †</sup> <br>| 6310 | 6773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/15/31 <sup>(1)</sup> <br>| 2555 | 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 8/1/29 <sup>(1) †</sup> <br>| 8445 | 8987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 4/1/32 <sup>(1)</sup> <br>| 2540 | 2695 |

---

NORTHERN FUNDS QUARTERLY REPORT **136** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Specialty Finance – 8.7%continued** | **Specialty Finance – 8.7%continued** | **Specialty Finance – 8.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freedom Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 10/1/30 <sup>(1)</sup> <br>| $4605 | $5108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 2/1/29 <sup>(1)</sup> <br>| 3230 | 3376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 4/1/32 <sup>(1) †</sup> <br>| 2450 | 2581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Investors LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/15/32 <sup>(1)</sup> <br>| 4520 | 4752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ION Platform Finance U.S., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 9/30/32 <sup>(1)</sup> <br>| 4095 | 3886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ION Platform Finance U.S., Inc./ION <br> Platform Finance S.A.R.L.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 5/1/29 <sup>(1)</sup> <br>| 3835 | 3885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/28 <sup>(1)</sup> <br>| 2750 | 2647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/15/26 <sup>(1)</sup> <br>| 7235 | 7213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 2/15/29 <sup>(1)</sup> <br>| 3115 | 3272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/15/30 <sup>(1)</sup> <br>| 1238 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPR Royalty Sub LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.00%, 9/1/20 <sup>(1) (4) (5)</sup> <br>| 8000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/27 <sup>(1)</sup> <br>| 9035 | 8975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/1/28 <sup>(1)</sup> <br>| 4615 | 4608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navient Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/27  | 8745 | 8762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneMain Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/15/31  | 5955 | 6266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/15/33  | 4398 | 4442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/30 <sup>(1)</sup> <br>| 4975 | 5230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/15/31 <sup>(1)</sup> <br>| 3070 | 3083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/15/32 <sup>(1)</sup> <br>| 1855 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/34 <sup>(1)</sup> <br>| 2535 | 2621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planet Financial Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 12/15/29 <sup>(1)</sup> <br>| 5945 | 6225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rfna L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 2/15/30 <sup>(1)</sup> <br>| 9245 | 9403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/29 <sup>(1)</sup> <br>| 5747 | 5927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 8/1/30 <sup>(1)</sup> <br>| 4965 | 5134 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Specialty Finance – 8.7%continued** | **Specialty Finance – 8.7%continued** | **Specialty Finance – 8.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UWM Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/31 <sup>(1)</sup> <br>| $3100 | $3095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyager Aviation Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/9/26 <sup>(1) (4) (5)</sup> <br>| 2524 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/15/33 <sup>(1)</sup> <br>| 2530 | 2590 |
|  |  | **198016** |
| **Steel – 0.5%** | **Steel – 0.5%** | **Steel – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/15/31 <sup>(1)</sup> <br>| 3701 | 3904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/33 <sup>(1)</sup> <br>| 1440 | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/15/35 <sup>(1)</sup> <br>| 1810 | 1858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TMS International Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/29 <sup>(1)</sup> <br>| 2165 | 2092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Steel Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/1/29  | 1019 | 1024 |
|  |  | **10350** |
| **Technology Hardware – 1.5%** | **Technology Hardware – 1.5%** | **Technology Hardware – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommScope LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 7/1/28 <sup>(1) †</sup> <br>| 1372 | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 12/15/31 <sup>(1) †</sup> <br>| 6450 | 6515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommScope Technologies LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/27 <sup>(1)</sup> <br>| 5646 | 5633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 4/1/29 <sup>(1)</sup> <br>| 10984 | 11921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte. <br> Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 7/15/31 <sup>(1)</sup> <br>| 2615 | 2279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/32 <sup>(1)</sup> <br>| 6129 | 6337 |
|  |  | **34062** |
| **Telecommunications – 3.8%** | **Telecommunications – 3.8%** | **Telecommunications – 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APLD ComputeCo LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 12/15/30 <sup>(1) †</sup> <br>| 1905 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cipher Compute LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/30 <sup>(1) †</sup> <br>| 1675 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/30/29  | 13540 | 14972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/1/29 <sup>(1)</sup> <br>| 6695 | 6746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 8/1/26 <sup>†</sup> <br>| 2475 | 2260 |

---

FIXED INCOME FUNDS **137** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Telecommunications – 3.8%continued** | **Telecommunications – 3.8%continued** | **Telecommunications – 3.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 7/1/28 <sup>(1)</sup> <br>| $9811 | $9369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/15/29 <sup>(1)</sup> <br>| 1490 | 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 6/30/33 <sup>(1)</sup> <br>| 4010 | 4102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/31/34 <sup>(1) †</sup> <br>| 3145 | 3241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/15/36 <sup>(1)</sup> <br>| 3095 | 3173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/15/29 <sup>(1) †</sup> <br>| 710 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 9/15/39 <sup>†</sup> <br>| 340 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.65%, 3/15/42  | 340 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniti Group L.P./Uniti Group Finance <br> 2019, Inc./CSL Capital LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/29 <sup>(1) †</sup> <br>| 10350 | 9939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 6/15/32 <sup>(1) †</sup> <br>| 3350 | 3300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/15/27 <sup>(1)</sup> <br>| 6455 | 6447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/28 <sup>(1)</sup> <br>| 1621 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windstream Services LLC/Windstream <br> Escrow Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 10/1/31 <sup>(1)</sup> <br>| 10086 | 10588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 3/9/30 <sup>(1) (2)</sup> <br>| 711 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.75%, 9/9/30 <sup>(1) (2) †</sup> <br>| 3491 | 3203 |
|  |  | **85924** |
| **Tobacco & Cannabis – 0.3%** | **Tobacco & Cannabis – 0.3%** | **Tobacco & Cannabis – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turning Point Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 3/15/32<sup>(1)</sup> <br>| 5685 | **6051** |
| **Transportation & Logistics – 3.4%** | **Transportation & Logistics – 3.4%** | **Transportation & Logistics – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/15/27 <sup>(1)</sup> <br>| 3119 | 3162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/28 <sup>(1) †</sup> <br>| 1870 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/15/29 <sup>(1)</sup> <br>| 2572 | 2690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/20/26 <sup>(1)</sup> <br>| 1213 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/20/29 <sup>(1)</sup> <br>| 13230 | 13472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Mobility Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/1/30 <sup>(1)</sup> <br>| 3740 | 3911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Student Bidco, Inc./First Transit <br> Parent, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/31/29 <sup>(1)</sup> <br>| 5975 | 5809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/32 <sup>(1)</sup> <br>| 2935 | 3027 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  | **CORPORATE BONDS - 80.6% continued**  |
| **Transportation & Logistics – 3.4%continued** | **Transportation & Logistics – 3.4%continued** | **Transportation & Logistics – 3.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneSky Flight LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 12/15/29 <sup>(1)</sup> <br>| $5725 | $6126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Leasing Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 2/15/30 <sup>(1)</sup> <br>| 9750 | 9070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stonepeak Nile Parent LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 3/15/32 <sup>(1)</sup> <br>| 9745 | 10313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/29 <sup>(1)</sup> <br>| 6860 | 6829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPO, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 6/1/31 <sup>(1)</sup> <br>| 8204 | 8557 |
|  |  | **76092** |
| **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/1/33 <sup>(1)</sup> <br>| 810 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JB Poindexter & Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 12/15/31 <sup>(1)</sup> <br>| 760 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/15/28 <sup>(1)</sup> <br>| 5022 | 5218 |
|  |  | **6837** |
| **Total Corporate Bonds** |  |  |
| **(Cost $1,848,165)** |  | **1826066** |
| **FOREIGN ISSUER BONDS – 13.7%**  | **FOREIGN ISSUER BONDS – 13.7%**  | **FOREIGN ISSUER BONDS – 13.7%**  |
| **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bombardier, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/28 <sup>(1)</sup> <br>| 8745 | 8772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/1/29 <sup>(1)</sup> <br>| 2915 | 3041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/1/31 <sup>(1)</sup> <br>| 2640 | 2813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/1/32 <sup>(1)</sup> <br>| 1381 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/33 <sup>(1)</sup> <br>| 2485 | 2627 |
|  |  | **18712** |
| **Asset Management – 0.3%** | **Asset Management – 0.3%** | **Asset Management – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CI Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/30/29<sup>(1)</sup> <br>| 6075 | **6449** |
| **Automotive – 0.8%** | **Automotive – 0.8%** | **Automotive – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forvia S.E., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/33 <sup>(1)</sup> <br>| 1930 | 1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, (100% Cash), <br> 11/15/30 <sup>(1) (2)</sup> <br>| 4654 | 4890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZF North America Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 4/14/30 <sup>(1)</sup> <br>| 5525 | 5565 |

---

NORTHERN FUNDS QUARTERLY REPORT **138** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 13.7% continued**  | **FOREIGN ISSUER BONDS - 13.7% continued**  | **FOREIGN ISSUER BONDS - 13.7% continued**  |
| **Automotive – 0.8%continued** | **Automotive – 0.8%continued** | **Automotive – 0.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 3/24/31 <sup>(1)</sup> <br>| $1600 | $1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/23/32 <sup>(1) †</sup> <br>| 4275 | 4181 |
|  |  | **18243** |
| **Banking – 0.7%** | **Banking – 0.7%** | **Banking – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.10%), 9.38%, <br> 3/19/29 <sup>(3) (6) †</sup> <br>| 3775 | 4213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, USD SOFR ICE Swap Rate <br> 5Y + 5.78%), 9.63%, <br> 12/15/29 <sup>(3) (6)</sup> <br>| 2135 | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, USD SOFR ICE Swap Rate <br> 5Y + 3.58%), 7.13%, <br> 9/23/35 <sup>(1) (3) (6)</sup> <br>| 2490 | 2593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.68%), 6.63%, <br> 9/27/35 <sup>(3) (6) †</sup> <br>| 1210 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.72%), 6.75%, <br> 11/10/33 <sup>(1) (3) (6)</sup> <br>| 2280 | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.45%), 10.00%, <br> 11/14/28 <sup>(1) (3) (6)</sup> <br>| 3610 | 4012 |
|  |  | **16786** |
| **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/28 <sup>(1)</sup> <br>| 4205 | 3763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GENMAB A/S/GENMAB <br> FINANCE LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 12/15/33 <sup>(1)</sup> <br>| 965 | 1017 |
|  |  | **4780** |
| **Cable & Satellite – 0.3%** | **Cable & Satellite – 0.3%** | **Cable & Satellite – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ziggo Bond Co. B.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/28/30<sup>(1)</sup> <br>| 8370 | **7472** |
| **Chemicals – 0.5%** | **Chemicals – 0.5%** | **Chemicals – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 10/3/31 <sup>(1)</sup> <br>| 7770 | 8032 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 13.7% continued**  | **FOREIGN ISSUER BONDS - 13.7% continued**  | **FOREIGN ISSUER BONDS - 13.7% continued**  |
| **Chemicals – 0.5%continued** | **Chemicals – 0.5%continued** | **Chemicals – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nufarm Australia Ltd./Nufarm <br> Americas, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/27/30 <sup>(1)</sup> <br>| $4130 | $3798 |
|  |  | **11830** |
| **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garda World Security Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/15/31<sup>(1)</sup> <br>| 1555 | **1591** |
| **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARD Finance S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/30/27<sup>(1) (4)</sup> <br>| 6287 | **47** |
| **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 4/15/29<sup>(1)</sup> <br>| 2947 | **3294** |
| **Electric Utilities – 0.2%** | **Electric Utilities – 0.2%** | **Electric Utilities – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica <br> Sustainable Infrastructure PLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 2/15/32<sup>(1)</sup> <br>| 3540 | **3546** |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TK Elevator U.S. Newco, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/27<sup>(1)</sup> <br>| 2940 | **2941** |
| **Food – 0.2%** | **Food – 0.2%** | **Food – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerva Luxembourg S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/18/31<sup>(1)</sup> <br>| 3720 | **3458** |
| **Home Construction – 0.1%** | **Home Construction – 0.1%** | **Home Construction – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mattamy Group Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/15/33<sup>(1)</sup> <br>| 2380 | **2360** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kronos Acquisition Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 6/30/31<sup>(1) †</sup> <br>| 3520 | **2314** |
| **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albion Financing 1 S.A.R.L./Aggreko <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/21/30<sup>(1)</sup> <br>| 2940 | **3068** |
| **Insurance – 1.0%** | **Insurance – 1.0%** | **Insurance – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardonagh Group Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 2/15/32 <sup>(1)</sup> <br>| 11302 | 11746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howden UK Refinance PLC/Howden <br> UK Refinance 2 PLC/Howden <br> U.S. Refinance LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 2/15/32 <sup>(1)</sup> <br>| 7435 | 7676 |

---

FIXED INCOME FUNDS **139** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 13.7% continued**  | **FOREIGN ISSUER BONDS - 13.7% continued**  | **FOREIGN ISSUER BONDS - 13.7% continued**  |
| **Insurance – 1.0%continued** | **Insurance – 1.0%continued** | **Insurance – 1.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance <br> Management, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/1/33 <sup>(1)</sup> <br>| $3750 | $3621 |
|  |  | **23043** |
| **Leisure Facilities & Services – 1.7%** | **Leisure Facilities & Services – 1.7%** | **Leisure Facilities & Services – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011778 B.C. ULC/New Red Finance, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/30 <sup>(1)</sup> <br>| 4410 | 4198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allwyn Entertainment Financing UK PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/30/29 <sup>(1)</sup> <br>| 4795 | 4988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brightstar Lottery PLC/Brightstar Global <br> Solutions Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/33 <sup>(1)</sup> <br>| 980 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cruise Yacht Upper HoldCo Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.88%, 7/5/28  | 8250 | 7187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/17/27 <sup>(1) †</sup> <br>| 6680 | 6676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/4/29 <sup>(1) †</sup> <br>| 2500 | 2473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/24/33 <sup>(1)</sup> <br>| 2065 | 2068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Studio City Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/29 <sup>(1) †</sup> <br>| 6510 | 6287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wynn Macau Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/34 <sup>(1)</sup> <br>| 2860 | 2897 |
|  |  | **37747** |
| **Machinery – 0.3%** | **Machinery – 0.3%** | **Machinery – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Husky Injection Molding Systems <br> Ltd./Titan Co-Borrower LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/15/29<sup>(1)</sup> <br>| 5895 | **6182** |
| **Metals & Mining – 1.5%** | **Metals & Mining – 1.5%** | **Metals & Mining – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aris Mining Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/31/29 <sup>(1)</sup> <br>| 4220 | 4402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capstone Copper Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/31/33 <sup>(1)</sup> <br>| 3920 | 4069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 3/1/29 <sup>(1)</sup> <br>| 945 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 6/1/31 <sup>(1) †</sup> <br>| 9070 | 9546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/34 <sup>(1)</sup> <br>| 1365 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortescue Treasury Pty. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/1/31 <sup>(1)</sup> <br>| 7160 | 6923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taseko Mines Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/1/30 <sup>(1)</sup> <br>| 6451 | 6852 |
|  |  | **34222** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 13.7% continued**  | **FOREIGN ISSUER BONDS - 13.7% continued**  | **FOREIGN ISSUER BONDS - 13.7% continued**  |
| **Oil & Gas Services & Equipment – 0.3%** | **Oil & Gas Services & Equipment – 0.3%** | **Oil & Gas Services & Equipment – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enerflex, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/15/31 <sup>(1)</sup> <br>| $1605 | $1641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seadrill Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 8/1/30 <sup>(1)</sup> <br>| 5855 | 6089 |
|  |  | **7730** |
| **Oil & Gas Supply Chain – 0.4%** | **Oil & Gas Supply Chain – 0.4%** | **Oil & Gas Supply Chain – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baytex Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/15/32 <sup>(1)</sup> <br>| 2085 | 2177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EG Global Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 11/30/28 <sup>(1)</sup> <br>| 5286 | 5745 |
|  |  | **7922** |
| **Specialty Finance – 0.9%** | **Specialty Finance – 0.9%** | **Specialty Finance – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GGAM Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 2/15/27 <sup>(1)</sup> <br>| 3355 | 3431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; goeasy Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 12/1/28 <sup>(1)</sup> <br>| 4175 | 4293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/15/30 <sup>(1)</sup> <br>| 6076 | 5799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 2/15/31 <sup>(1)</sup> <br>| 1195 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Aviation Capital Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 7/15/30 <sup>(1)</sup> <br>| 5385 | 5737 |
|  |  | **20378** |
| **Steel – 0.2%** | **Steel – 0.2%** | **Steel – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infrabuild Australia Pty. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.50%, 11/15/28<sup>(1)</sup> <br>| 3415 | **3619** |
| **Telecommunications – 2.4%** | **Telecommunications – 2.4%** | **Telecommunications – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altice Financing S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/28 <sup>(1)</sup> <br>| 4915 | 3440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/15/29 <sup>(1) †</sup> <br>| 2160 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altice France Lux 3/Altice Holdings 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 1/15/33 <sup>(1)</sup> <br>| 2082 | 1909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altice France S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 5/15/27 [EUR]<sup>(1) (6) (7)</sup> <br>| 9 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/15/30 <sup>(1)</sup> <br>| 2538 | 2461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/32 <sup>(1)</sup> <br>| 5090 | 4880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/15/32 <sup>(1)</sup> <br>| 7081 | 6790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connect Finco S.a.r.l./Connect <br> U.S. Finco LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 9/15/29 <sup>(1)</sup> <br>| 3952 | 4192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fibercop S.p.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/33 <sup>(1)</sup> <br>| 7004 | 6941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iliad Holding SAS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/28 <sup>(1)</sup> <br>| 2950 | 2987 |

---

NORTHERN FUNDS QUARTERLY REPORT **140** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 13.7% continued**  | **FOREIGN ISSUER BONDS - 13.7% continued**  | **FOREIGN ISSUER BONDS - 13.7% continued**  |
| **Telecommunications – 2.4%continued** | **Telecommunications – 2.4%continued** | **Telecommunications – 2.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 4/15/31 <sup>(1)</sup> <br>| $1675 | $1803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/15/32 <sup>(1)</sup> <br>| 2400 | 2476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telesat Canada/Telesat LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/6/26 <sup>(1)</sup> <br>| 1950 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/31/31 <sup>(1)</sup> <br>| 5250 | 4789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/15/31 <sup>(1)</sup> <br>| 4740 | 4376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/33 <sup>(1)</sup> <br>| 3200 | 3173 |
|  |  | **53265** |
| **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/1/27 <sup>(1)</sup> <br>| 3045 | 3067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 2/1/30 <sup>(1) †</sup> <br>| 4125 | 3926 |
|  |  | **6993** |
| **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Flyer Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 7/1/30<sup>(1)</sup> <br>| 1810 | **1945** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $313,889)** |  | **309937** |
| **TERM LOANS – 0.1%** <sup>(8)</sup> | **TERM LOANS – 0.1%** <sup>(8)</sup> | **TERM LOANS – 0.1%** <sup>(8)</sup> |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alvogen Pharma U.S., Inc., Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.50%, 3.00% Floor), 6.17%, <br> 3/1/29<br>| 2694 | **1765** |
| **Total Term Loans** |  |  |
| **(Cost $2,631)** |  | **1765** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 0.0%**  | **COMMON STOCKS – 0.0%**  | **COMMON STOCKS – 0.0%**  |
| **Financial Services – 0.0%** | **Financial Services – 0.0%** | **Financial Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yeoman Capital S.A.<sup>(1) (5) \*</sup> <br>| 76076 | **$495** |
| **Media – 0.0%** | **Media – 0.0%** | **Media – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beasley Broadcast Group, Inc., <br> Class A\*<br>| 6461 | **32** |
| **Passenger Airlines – 0.0%** | **Passenger Airlines – 0.0%** | **Passenger Airlines – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyager Aviation Holdings LLC<sup>(5) (9) \*</sup> <br>| 2621 | **—** |
| **Total Common Stocks** |  |  |
| **(Cost $1,682)** |  | **527** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  |
| **Specialized Finance – 0.0%** | **Specialized Finance – 0.0%** | **Specialized Finance – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cayenne Aviation LLC<sup>(5) (9) \*</sup> <br>| 15725 | **$—** |
| **Total Preferred Stocks** |  |  |
| **(Cost $1,573)** |  | **—** |
| **INVESTMENT COMPANIES – 9.1%**  | **INVESTMENT COMPANIES – 9.1%**  | **INVESTMENT COMPANIES – 9.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(10) (11) (12)</sup> <br>| 120313425 | 120313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(10) (11)</sup> <br>| 85487913 | 85488 |
| **Total Investment Companies** |  |  |
| **(Cost $205,801)** |  | **205801** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.0%**  | **SHORT-TERM INVESTMENTS – 0.0%**  | **SHORT-TERM INVESTMENTS – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 5/7/26<sup>(13) (14)</sup> <br>| $546 | **$539** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $539)** | **(Cost $539)** | **539** |
| **Total Investments – 103.5%** | **Total Investments – 103.5%** |  |
| **(Cost $2,374,280)** | **(Cost $2,374,280)** | **2344635** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (3.5%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (3.5%) | (79386)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2265249** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At December 31,* *2025, the value of these securities amounted to approximately* *$1,887,916,000 or 83.3% of net assets.* 

<sup>(2)</sup> *Security is a payment in-kind bond (PIK), distributions received in-kind unless* *otherwise noted in the description.* 

<sup>(3)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of December 31, 2025.* 

<sup>(4)</sup> *Issuer has defaulted on terms of debt obligation. Income is not being* *accrued.* 

<sup>(5)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(6)</sup> *Perpetual bond. Maturity date represents next call date.*

<sup>(7)</sup> *Zero coupon bond.*

<sup>(8)</sup> *Variable or floating rate security. Rate as of December 31, 2025 is disclosed.*

<sup>(9)</sup> *Restricted security. At December 31, 2025, the value of these restricted* *securities amounted to $0 or 0.0% of net assets. Additional information on* *these restricted securities are as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FIXED INCOME FUNDS **141** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| Cayenne Aviation LLC | 5/18/21 | &nbsp;&nbsp; $1573 |
| Voyager Aviation Holdings LLC | 5/18/21 | &nbsp;&nbsp; 3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(10)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(11)</sup> <br>| *7-day current yield as of December 31, 2025 is disclosed.* |
| <sup>(12)</sup> <br>| *Investment of cash collateral received from securities lending activities.* |
| <sup>(13)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(14)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 3M - 3 Month |
| 5Y - 5 Year |
| 7Y - 7 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| ICE - Intercontinental Exchange |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; 2-Year <br> U.S. Treasury <br> Note<br>| 400 | $83516 | Long | 3/26 | $(35)<br>|

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Corporate Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Intermediate <br> Products<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $12584 | &nbsp;&nbsp; $41 | &nbsp;&nbsp; $12625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1813441 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1813441 |
| Total Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1826025 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 1826066 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 309937 | &nbsp;&nbsp; — | &nbsp;&nbsp; 309937 |
| Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 1765 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1765 |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp; 32 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32 |
| Total Common Stocks | &nbsp;&nbsp; 32 | &nbsp;&nbsp; — | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 527 |
| Investment Companies | &nbsp;&nbsp; 205801 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 205801 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 539 | &nbsp;&nbsp; — | &nbsp;&nbsp; 539 |
| Total Investments | &nbsp;&nbsp; $205833 | &nbsp;&nbsp; $2138266 | &nbsp;&nbsp; $536 | &nbsp;&nbsp; $2344635 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $(35)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(35)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

NORTHERN FUNDS QUARTERLY REPORT **142** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **HIGH YIELD FIXED INCOME FUND continued**  | **December 31, 2025 (UNAUDITED)**  |

---

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $441451 | $321138 | $706 <br><sup>(1)</sup><br>| $120313 | 120313425 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 34238 | 540723 | 489473 | 2047 | 85488 | 85487913 |
| Total | $34238 | $982174 | $810611 | $2753 | $205801 | 205801338 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

FIXED INCOME FUNDS **143** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **INTERMEDIATE TAX-EXEMPT FUND**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS – 0.6%**  | **CORPORATE BONDS – 0.6%**  | **CORPORATE BONDS – 0.6%**  |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nature Conservancy (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 7/1/28 | $1350 | **$1244** |
| **Health Care Facilities & Services – 0.5%** | **Health Care Facilities & Services – 0.5%** | **Health Care Facilities & Services – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bon Secours Mercy Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 6/1/30  | 500 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Children's Hospital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21%, 10/1/27  | 5000 | 4752 |
|  |  | **5240** |
| **Total Corporate Bonds** |  |  |
| **(Cost $6,850)** |  | **6484** |
| **MUNICIPAL BONDS – 98.7%**  | **MUNICIPAL BONDS – 98.7%**  | **MUNICIPAL BONDS – 98.7%**  |
| **Alabama – 3.0%** | **Alabama – 3.0%** | **Alabama – 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy District Gas Project <br> Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| 1500 | 1613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy District Gas Project <br> Revenue Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32 | 6000 | 6511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/31<sup>(1) (2)</sup> <br>| 3930 | 4020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Refunding Bonds, <br> Series D1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/27<sup>(1) (2)</sup> <br>| 2500 | 2521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Series A, Gas Project No. 8,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/29<sup>(1) (2)</sup> <br>| 7500 | 7675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntsville Health Care Authority <br> Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/35 | 6000 | 6877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson County Sewer Revenue <br> Refunding Warrants,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/38 | 1325 | 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority <br> Cooperative District Energy Supply <br> Revenue Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/31<sup>(1) (2)</sup> <br>| 2000 | 2140 |
|  |  | **32806** |
| **Alaska – 1.0%** | **Alaska – 1.0%** | **Alaska – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alaska State Housing Finance Corp. <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/30 | 5000 | 5164 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Alaska – 1.0%continued** | **Alaska – 1.0%continued** | **Alaska – 1.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alaska State Railroad Corp. Cruise Port <br> Revenue Bonds (AMT) (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/40 | $500 | $558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/41 | 500 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchorage Port Revenue Bonds, Series <br> A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/32 | 2010 | 2266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Juneau City & Borough G.O. Unlimited <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/35 | 2000 | 2322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matanuska-Susitna Borough G.O. <br> Unlimited Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/44 | 725 | 774 |
|  |  | **11635** |
| **Arizona – 2.7%** | **Arizona – 2.7%** | **Arizona – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State IDA Education Revenue <br> Bonds, Series A-Social, Macombs <br> Facility Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/36 | 315 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/41 | 800 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State IDA National Charter <br> School Revolving Loan Fund Revenue <br> Bonds, Equitable School Revenue, <br> Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/46 | 1000 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glendale IDA Revenue Bonds, <br> Midwestern University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/40 | 1375 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County High School District <br> No. 210 Phoenix G.O. Unlimited <br> Bonds, School Improvement Project <br> of 2011 & 2017,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | 1775 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County IDA Educational <br> Facilities Revenue Bonds, Creighton <br> University Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/47 | 1500 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County IDA Revenue <br> Refunding Bonds, Banner Health <br> Obligation Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/36 | 180 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Special Health Care <br> District G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/38 | 2500 | 2511 |

---

NORTHERN FUNDS QUARTERLY REPORT **144** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Arizona – 2.7%continued** | **Arizona – 2.7%continued** | **Arizona – 2.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mesa Utility Systems Revenue Bonds <br> (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/45 | $1055 | $1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Airport Senior Lien Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31 | 1500 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Excise Tax Subordinate Revenue <br> Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/39 | 12000 | 13653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Wastewater System Junior Lien <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/30 | 2000 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Verde Financial Corp. Senior Gas <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/37 | 1500 | 1627 |
|  |  | **29562** |
| **Arkansas – 0.4%** | **Arkansas – 0.4%** | **Arkansas – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Little Rock School District G.O. Limited <br> Refunding Bonds, Series A (AGM <br> Insured State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/34 | 4000 | 3504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/1/41 | 1485 | 1100 |
|  |  | **4604** |
| **California – 7.8%** | **California – 7.8%** | **California – 7.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anaheim Housing & Public <br> Improvements Authority Revenue <br> Refunding Bonds, Electric Utility <br> Distribution System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/34 | 1250 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/52 | 5000 | 5068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Clean Energy Project <br> Revenue Bonds, Green Bond, Series <br> B-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/31<sup>(1) (2)</sup> <br>| 4525 | 4589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Revenue Bonds, Clean <br> Energy Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/32<sup>(1) (2)</sup> <br>| 5705 | 6114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/27<sup>(1) (2)</sup> <br>| 5000 | 5048 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **California – 7.8%continued** | **California – 7.8%continued** | **California – 7.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33<sup>(1) (2)</sup> <br>| $5000 | $5472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32<sup>(1) (2)</sup> <br>| 2000 | 2081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-1, Class A <br> Certificates,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/35 | 3240 | 3210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, The <br> Master's University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/40 | 3000 | 3147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Series 2007, Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/1/30 | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33 | 2500 | 2938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/34 | 2000 | 2378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/32<sup>(1) (2)</sup> <br>| 4000 | 4401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Revenue Bonds, California Science <br> Center Phase III Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/31 | 1500 | 1701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Refunding Bonds, <br> The Master's University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/34 | 1585 | 1633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlsbad Unified School District G.O. <br> Unlimited Convertible CABS, Series <br> C, Election,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.63% on 8/1/26), 0.00%, <br> 8/1/35<sup>(3)</sup> <br>| 11850 | 14677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International <br> Airport,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/35 | 600 | 603 |

---

FIXED INCOME FUNDS **145** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **California – 7.8%continued** | **California – 7.8%continued** | **California – 7.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Senior Revenue Bonds, Series C <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/33 | $4420 | $4774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31 | 2480 | 2768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Refunding <br> Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/38 | 3000 | 3053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/38 | 1755 | 1755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Bonds, Series E (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/39 | 2355 | 2449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County <br> Commission International Airport <br> Revenue Bonds, Second Series A <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/33 | 2500 | 2810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern California State Public Power <br> Authority Variable Revenue Bonds, <br> Southern Transmission System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/29<sup>(1) (2)</sup> <br>| 2655 | 2807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series BZ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/39 | 1635 | 1884 |
|  |  | **86740** |
| **Colorado – 4.4%** | **Colorado – 4.4%** | **Colorado – 4.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams County School District No. 1 <br> Taxable G.O. Unlimited Refunding <br> Bonds, Series B (State Aid <br> Withholding), Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/26<sup>(4)</sup> <br>| 225 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams County School District No. 1 <br> Taxable G.O. Unlimited Refunding <br> Bonds, Series B, Unrefunded Balance <br> (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/40 | 4775 | 4842 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Colorado – 4.4%continued** | **Colorado – 4.4%continued** | **Colorado – 4.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams County School District No. 14 <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/40 | $1500 | $1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/43 | 3500 | 3925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arvada Sales & Use TRB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/31 | 2000 | 2138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Bridge & Tunnel Enterprise <br> Senior Infrastructure Revenue Bonds, <br> Series A (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/44 | 930 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/45 | 1300 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State COPS, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/36 | 5000 | 5081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities <br> Authority Hospital Revenue <br> Refunding Bonds, Adventist Health <br> System/Sunbelt,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/41 | 1000 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities <br> Authority Revenue Bonds, Series A, <br> Craig Hospital Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/44 | 1625 | 1682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/45 | 2225 | 2289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities <br> Authority Revenue Refunding Bonds, <br> Intermountain Healthcare,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/32 | 2000 | 2270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Airport Revenue <br> Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/35 | 10000 | 11304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/41 | 1000 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Airport System <br> Subordinate Revenue Refunding <br> Bonds (AMT), Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/43 | 4500 | 4557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Dedicated TRB, <br> Series A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/48 | 2750 | 2760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Larimer & Weld Counties School District <br> No. RE-5J G.O. Unlimited Bonds <br> (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/34 | 1850 | 1922 |
|  |  | **49199** |

---

NORTHERN FUNDS QUARTERLY REPORT **146** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Connecticut – 1.9%** | **Connecticut – 1.9%** | **Connecticut – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series 2021 A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/15/33 | $5005 | $5004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/34 | 2000 | 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational <br> Facilities Authority Variable Revenue <br> Bonds, Series A-3, Yale University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 7/1/27<sup>(1) (2)</sup> <br>| 3000 | 3017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Special Tax <br> Obligation Revenue Refunding <br> Bonds, Transportation Infrastructure,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/41 | 2000 | 2236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Connecticut Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/47 | 8000 | 8217 |
|  |  | **20814** |
| **Delaware – 0.3%** | **Delaware – 0.3%** | **Delaware – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware State EDA Variable Revenue <br> Refunding Bonds, Series A, NRG <br> Energy Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/35<sup>(1) (2)</sup> <br>| 3350 | **3356** |
| **District of Columbia – 1.6%** | **District of Columbia – 1.6%** | **District of Columbia – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Income Tax <br> Secured Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/47 | 2000 | 2074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/30 | 7500 | 8175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/33 | 4765 | 5370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports <br> Authority System Revenue Refunding <br> Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/30 | 2630 | 2720 |
|  |  | **18339** |
| **Florida – 8.2%** | **Florida – 8.2%** | **Florida – 8.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County Airport System <br> Revenue Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/37 | 1500 | 1530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County Port Facilities Revenue <br> Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/40 | 795 | 854 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Florida – 8.2%continued** | **Florida – 8.2%continued** | **Florida – 8.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County School Board <br> Refunding COPS, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | $3000 | $3033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Authority Health Care <br> Facilities Revenue Refunding Bonds, <br> Series A, UF Health Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32 | 1300 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Florida Expressway Authority <br> Senior Lien Revenue Refunding <br> Bonds, Series B, Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/26<sup>(4)</sup> <br>| 2000 | 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Florida State Tourism Oversight <br> District Utilities Revenue Bonds, <br> Series 1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/40 | 3105 | 3457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia County School Board COPS <br> (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/37 | 1135 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Revenue Bonds <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/33 | 2100 | 2363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority <br> Special Purpose Airport Facilities <br> Revenue Bonds (AMT), United <br> Airlines Inc., Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/37 | 1500 | 1619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JEA Water & Sewer Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/31 | 10000 | 10413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake County School Board Refunding <br> COPS, Series A (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/31 | 2000 | 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lee County School Board COPS, Series <br> A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33 | 2350 | 2686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lee County Transportation Facilities <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 1600 | 1660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manatee County School Board COPS, <br> Master Lease Program (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/42 | 2000 | 2184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami Beach Redevelopment Agency <br> Tax Allocation Bonds, City <br> Center/Historic Convention (AG <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/37 | 1500 | 1685 |

---

FIXED INCOME FUNDS **147** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Florida – 8.2%continued** | **Florida – 8.2%continued** | **Florida – 8.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Aviation Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/35 | $2810 | $3122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Educational <br> Facilities Authority Revenue <br> Refunding Bonds, University of <br> Miami, Series B (AMBAC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/26 | 4000 | 4023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County G.O. Unlimited <br> Bonds, Building Better Communities <br> Program,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/46 | 6800 | 7161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Seaport Revenue <br> Refunding Bonds, Subseries A-1 <br> (AMT) (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/45 | 2325 | 2111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Seaport Revenue <br> Refunding Bonds, Subseries A-2 <br> (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/50 | 7500 | 5560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Water & Sewer <br> System Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/37 | 2500 | 2526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Miami Community <br> Redevelopment Agency Revenue <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/39 | 1250 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/40 | 1000 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/41 | 1000 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Utilities Commission Utility <br> System Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/1/28<sup>(1) (2)</sup> <br>| 1000 | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Educational <br> Facilities Authority Revenue Bonds, <br> Palm Beach Atlantic University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/43 | 625 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County School Board <br> Refunding COPS, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 1300 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pasco County School Board COPS, <br> Series A (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/43 | 5000 | 5132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Broward Hospital District <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/44 | 4000 | 3655 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Florida – 8.2%continued** | **Florida – 8.2%continued** | **Florida – 8.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Florida Water Management <br> District Refunding COPS,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/36 | $4000 | $4013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tallahassee Consolidated Utility <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/39 | 2500 | 2800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USF Financing Corp. Capital <br> Improvement Revenue Refunding <br> Bonds, Student Housing Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/29 | 2000 | 2159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/34 | 1000 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volusia County Educational Facilities <br> Authority Revenue Bonds, Embry <br> Riddle Aeronautical University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/35 | 2500 | 2863 |
|  |  | **91277** |
| **Georgia – 2.7%** | **Georgia – 2.7%** | **Georgia – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta Airport Passenger Facility <br> Charge Subordinate Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/37 | 5000 | 5315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta Airport Sustainable Revenue <br> Bonds, Series B-1 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/33 | 1100 | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burke County Development Authority <br> PCR Bonds, Go Power Company <br> Plant Vogtle Project-FIF,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 10/1/32 | 650 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Downtown Savannah Authority <br> Revenue Bonds, Chatham County <br> Judicial Complex,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/32 | 1250 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/27<sup>(1) (2)</sup> <br>| 5000 | 5048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/30<sup>(1) (2)</sup> <br>| 5000 | 5277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32<sup>(1) (2)</sup> <br>| 2500 | 2667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Revenue Bonds, Plant Vogtle Units 3 <br> & 4 Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/60 | 2500 | 2501 |

---

NORTHERN FUNDS QUARTERLY REPORT **148** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Georgia – 2.7%continued** | **Georgia – 2.7%continued** | **Georgia – 2.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Colleges & Universities Authority <br> Exchangeable Revenue Bonds, <br> Series B, Emory University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/33 | $3000 | $3472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richmond County Board of Education <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/26 | 2100 | 2138 |
|  |  | **29490** |
| **Hawaii – 0.7%** | **Hawaii – 0.7%** | **Hawaii – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawaii State Airports System Revenue <br> Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/43 | 5000 | 5074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawaii State Department of Budget & <br> Finance Special Purpose Revenue <br> Bonds, Hawaii Pacific Health <br> Obligated Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 2510 | 2538 |
|  |  | **7612** |
| **Illinois – 8.3%** | **Illinois – 8.3%** | **Illinois – 8.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Champaign County Community Unit <br> School District No. 4 G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/32 | 2300 | 2407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Board of Education G.O. <br> Unlimited Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/50 | 2000 | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/33 | 2640 | 2764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway Airport Senior <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/33 | 2500 | 2743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport <br> Senior Lien Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/39 | 2400 | 2472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Park District G.O. Limited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/40 | 1500 | 1631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Waterworks Second Lien <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 1220 | 1270 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Illinois – 8.3%continued** | **Illinois – 8.3%continued** | **Illinois – 8.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cook County Community Consolidated <br> School District No. 34 G.O. <br> Unlimited Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/38 | $2425 | $1861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cook County Sales Tax Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/33 | 5000 | 5192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/35 | 5000 | 5197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cook Kane Lake & Mc Henry Counties <br> Community College District No. 512 <br> G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/30 | 5000 | 5180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DuPage County High School District <br> No. 87 Glenbard Township G.O. <br> Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/43 | 1500 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority <br> Academic Facilities Lease Revenue <br> Bonds, University of Illinois at <br> Urbana-Champaign,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/44 | 1030 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, The Chicago School,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/27 | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, Township High School <br> District,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/32 | 1940 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Moorings of <br> Arlington Heights,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/36<sup>(5)</sup> <br>| 2000 | 2159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, OSF Healthcare <br> System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/34 | 3000 | 3348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Series A, Rush <br> University System for Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/30 | 3650 | 3935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Series A, University <br> of Chicago,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/31 | 4150 | 4653 |

---

FIXED INCOME FUNDS **149** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Illinois – 8.3%continued** | **Illinois – 8.3%continued** | **Illinois – 8.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Bonds, Series A-3, <br> UChicago Medicine,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/35<sup>(1) (2)</sup> <br>| $2500 | $2752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Refunding Bonds, Silver <br> Cross Hospital,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/30<sup>(1) (2)</sup> <br>| 1750 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/34 | 2700 | 3053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/29 | 3425 | 3549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/35 | 4000 | 4486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/39 | 5000 | 5413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Sales TRB, Junior Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/38 | 3000 | 3313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority <br> Senior Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/41 | 2825 | 3060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority <br> Senior Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/33 | 1720 | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake County Community Consolidated <br> School District No. 34 Antioch G.O. <br> Unlimited Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/44 | 2545 | 2662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/45 | 2670 | 2767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake County Community Consolidated <br> School District No. 41 Lake Villa <br> G.O. Unlimited Bonds (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/31 | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake County Forest Preservation District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/15/31 | 1765 | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoria G.O. Unlimited Bonds, Series A <br> (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/36 | 500 | 551 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Illinois – 8.3%continued** | **Illinois – 8.3%continued** | **Illinois – 8.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation Authority <br> Revenue Bonds, Series B (NATL <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/1/33 | $2000 | $2238 |
|  |  | **91877** |
| **Indiana – 2.7%** | **Indiana – 2.7%** | **Indiana – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomington Public Building Corp. <br> Lease Rental Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/45 | 800 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton County Public Building Corp. <br> Lease Rental Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/10/41 | 3910 | 4230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority Wastewater <br> Utility First Lien Revenue Bonds, <br> Series A, CWA Authority,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/1/44 | 5000 | 4821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority <br> Thermal Energy System Utility <br> Revenue Refunding Bonds, Citizens <br> Energy Group Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/43 | 1360 | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bank Revenue Refunding Bonds, <br> Indianapolis Airport Authority <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/1/50 | 3000 | 3177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bond Bank Revenue Refunding <br> Bonds, Unlimited Ad Valorem Project <br> (State Aid Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/38 | 5250 | 5922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPS Multi-School Building Corp. <br> Sustainable First Mortgage Revenue <br> Bonds (State Aid Intercept),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/38 | 1600 | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPS Multi-School Building Corp. <br> Sustainable First Mortgage Revenue <br> Bonds (State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/38 | 2440 | 2695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPS Multi-School Building Corp. <br> Sustainable Revenue Bonds (State <br> Aid Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/41 | 1000 | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lebanon Middle School Building Corp. <br> First Mortgage Revenue Bonds (State <br> Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/40 | 1000 | 1094 |

---

NORTHERN FUNDS QUARTERLY REPORT **150** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Indiana – 2.7%continued** | **Indiana – 2.7%continued** | **Indiana – 2.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Logansport Renovation School Building <br> Corp. First Mortgage Revenue Bonds <br> (State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/27 | $1025 | $1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Bend Community School Corp. <br> G.O. Limited Bonds (State Intercept <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/15/26 | 1375 | 1376 |
|  |  | **29562** |
| **Iowa – 0.2%** | **Iowa – 0.2%** | **Iowa – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Le Mars Community School District <br> G.O. Unlimited Bonds (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/35 | 1890 | **2087** |
| **Kansas – 0.1%** | **Kansas – 0.1%** | **Kansas – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leavenworth County Unified School <br> District No. 458 G.O. Unlimited <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/35 | 670 | **754** |
| **Kentucky – 5.5%** | **Kentucky – 5.5%** | **Kentucky – 5.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carroll County Environmental Facilities <br> Revenue Refunding Bonds (AMT), <br> Kentucky Utilities Company,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/32 | 5250 | 4718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fayette County School District Finance <br> Corp. Revenue Bonds, Series A <br> (State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/38 | 5000 | 4974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson County School District Finance <br> Corp. School Building Revenue <br> Bonds, Series A (State Intercept <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/31 | 3935 | 3946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Economic Development <br> Finance Authority Revenue Refunding <br> Bonds, Series A, CommonSpirit <br> Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/34 | 750 | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/35 | 550 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/36 | 750 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Property & Buildings <br> Commission Revenue Bonds, Project <br> No.130, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/30 | 2425 | 2685 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Kentucky – 5.5%continued** | **Kentucky – 5.5%continued** | **Kentucky – 5.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Property & Buildings <br> Commission Revenue Bonds, Series <br> A, Project No. 133,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/38 | $4500 | $5133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Bonds, Series <br> B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/33 | 2885 | 2991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/29<sup>(1) (2)</sup> <br>| 2000 | 2116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/1/32<sup>(1) (2)</sup> <br>| 9000 | 9720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32<sup>(1) (2)</sup> <br>| 8130 | 8746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government Health System Revenue <br> Refunding Bonds, Norton <br> Healthcare, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/36 | 1315 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government PCR Refunding Bonds <br> (AMT), Gas & Electric,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 11/1/27 | 2500 | 2397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government PCR Refunding Bonds, <br> Gas & Electric,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/33 | 6000 | 5234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oldham School District Finance Corp. <br> Revenue Refunding Bonds (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/31 | 2170 | 2407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richmond G.O. Unlimited Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/42 | 1550 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trimble County Pollution Control <br> Variable Revenue Bonds (AMT), <br> Louisville Gas & Electric Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 9/1/27<sup>(1) (2)</sup> <br>| 1000 | 953 |
|  |  | **61148** |

---

FIXED INCOME FUNDS **151** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Louisiana – 1.6%** | **Louisiana – 1.6%** | **Louisiana – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East Baton Rouge Parish Sewerage <br> Commission Variable Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 2/1/28<sup>(1) (2)</sup> <br>| $2500 | $2358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Bonds, Department of Public <br> Safety Crime (AGC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/43 | 795 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Ochsner <br> Clinic Foundation Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/50 | 3500 | 3664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Ochsner <br> Clinic, Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/47 | 2925 | 2929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities & Community <br> Development Authority Revenue <br> Refunding Bonds, Entergy <br> Louisiana LLC Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/1/36 | 7500 | 6433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities & Community <br> Development Authority Revenue <br> Refunding Bonds, Series A, Woman's <br> Hospital Foundation Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/30 | 1505 | 1556 |
|  |  | **17786** |
| **Maine – 0.4%** | **Maine – 0.4%** | **Maine – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maine State Housing Authority Energy <br> Housing & Economic Revenue Fund <br> Revenue Refunding Bonds, Series 1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/35 | 3730 | **4041** |
| **Maryland – 1.4%** | **Maryland – 1.4%** | **Maryland – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State Department of <br> Transportation Consolidated Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/31 | 5000 | 5026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/32 | 5000 | 5007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Suburban Sanitary District <br> Consolidated Public Improvement <br> G.O. Unlimited Revenue Bonds, <br> Second Series (County Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/37 | 5000 | 5034 |
|  |  | **15067** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Massachusetts – 1.6%** | **Massachusetts – 1.6%** | **Massachusetts – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Bay Transportation <br> Authority Senior Sales Tax Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/40 | $4000 | $4484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Consolidated Loan <br> G.O. Unlimited Bonds, Series G,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/40 | 1625 | 1840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Bonds, <br> Lasell Village, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/45 | 2000 | 2047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Refunding <br> Bonds, Partners Healthcare System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/29 | 1625 | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Refunding <br> Bonds, Suffolk University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/29 | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Variable Revenue <br> Bonds, Brown Health University <br> Obligated Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/31<sup>(1) (2)</sup> <br>| 2000 | 2172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State G.O. Limited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/50 | 2000 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Port Authority <br> Revenue Bonds, Series C (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/30 | 3000 | 3207 |
|  |  | **18063** |
| **Michigan – 2.5%** | **Michigan – 2.5%** | **Michigan – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Battle Creek School District G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/27 | 1540 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comstock Park Public Schools G.O. <br> Unlimited Bonds, Series II (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/44 | 1170 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/49 | 2230 | 2327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grosse Pointe Public School System <br> G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/34 | 1815 | 1786 |

---

NORTHERN FUNDS QUARTERLY REPORT **152** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Michigan – 2.5%continued** | **Michigan – 2.5%continued** | **Michigan – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holt Public Schools G.O. Unlimited <br> Bonds, Series I (Q-SBLF Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/34 | $1175 | $1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Finance Authority <br> Limited Obligation Revenue <br> Refunding Bonds, Lawrence <br> Technology University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/42 | 745 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Refunding Bonds, <br> Beaumont-Spectrum Consolidation,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/27 | 3175 | 3268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Finance Authority <br> Variable Revenue Refunding Bonds, <br> McLaren Healthcare,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 4/13/28<sup>(1) (2)</sup> <br>| 1250 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State HDA SFM Revenue <br> Bonds, Series A, Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/37 | 2505 | 2523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockford Public School District G.O. <br> Unlimited Bonds, Series II (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/44 | 3805 | 4021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walled Lake Consolidated School <br> District G.O. Unlimited Bonds <br> (Q-SBLF Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/50 | 1635 | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayne County Airport Authority <br> Revenue Refunding Bonds (AMT), <br> Detroit Metropolitan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/30 | 1760 | 1908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Bloomfield School District G.O. <br> Unlimited Bonds, Series I (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/42 | 4200 | 4536 |
|  |  | **27843** |
| **Minnesota – 0.2%** | **Minnesota – 0.2%** | **Minnesota – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minneapolis & Saint Paul Housing & <br> Redevelopment Authority Health <br> Care Revenue Refunding Bonds, <br> Allina Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/26 | 2000 | **2036** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Mississippi – 0.1%** | **Mississippi – 0.1%** | **Mississippi – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi State Business Finance <br> Corp. Revenue Bonds, System <br> Energy Resources, Inc., Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 6/1/44 | $1000 | **$648** |
| **Missouri – 1.4%** | **Missouri – 1.4%** | **Missouri – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joplin Schools G.O. Unlimited <br> Refunding Bonds, Missouri Direct <br> Deposit Program (State Aid Direct <br> Deposit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/30 | 1215 | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri Joint Municipal Electric Utility <br> Commission Power Project Revenue <br> Bonds, Marshall Energy Center <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/51 | 1000 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri Joint Municipal Electric Utility <br> Commission Power Project Revenue <br> Refunding Bonds, IATAN 2 Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/33 | 1400 | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental <br> Improvement & Energy Resources <br> Authority Water Pollution Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/26 | 1480 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platte County School District No. 3 <br> G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/1/34 | 2710 | 3049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint Charles County Public Water <br> Supply District No. 2 COPS,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/46 | 5000 | 5296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wentzville School District No. R-4 G.O. <br> Unlimited Refunding CABS, Missouri <br> Direct Deposit Program (State Aid <br> Direct Deposit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 3/1/27<sup>(6)</sup> <br>| 2100 | 2022 |
|  |  | **15716** |
| **Nebraska – 1.2%** | **Nebraska – 1.2%** | **Nebraska – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lancaster County School District No. 1 <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/27 | 3760 | 3767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCook Revenue BANS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/27 | 2000 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omaha G.O. Unlimited Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/43 | 1250 | 1356 |

---

FIXED INCOME FUNDS **153** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Nebraska – 1.2%continued** | **Nebraska – 1.2%continued** | **Nebraska – 1.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omaha Public Power District Electric <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/41 | $6000 | $6543 |
|  |  | **13691** |
| **Nevada – 0.8%** | **Nevada – 0.8%** | **Nevada – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clark County School District G.O. <br> Limited Bonds, Various <br> Purpose-Medium Term Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/15/26 | 1265 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reno-Tahoe Airport Authority Revenue <br> Bonds (AMT), Taho International <br> Airport,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31 | 850 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/32 | 1000 | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washoe County School District G.O. <br> Limited Bonds, Series C, School <br> Improvement Bonds (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/1/42 | 6500 | 5735 |
|  |  | **9022** |
| **New Hampshire – 0.3%** | **New Hampshire – 0.3%** | **New Hampshire – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hampshire State Health & <br> Education Facilities Authority <br> Revenue Refunding Bonds, Southern <br> New Hampshire University Issue,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/30 | 1070 | 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/32 | 835 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/33 | 1245 | 1401 |
|  |  | **3488** |
| **New Jersey – 0.7%** | **New Jersey – 0.7%** | **New Jersey – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust <br> Fund Authority Program Revenue <br> Bonds, Series AA,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/38 | 1600 | 1822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust <br> Fund Authority Revenue Bonds, <br> Transformation Program Notes,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/33 | 3325 | 3521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passaic Valley Sewage Commissioners <br> Revenue Refunding Bonds, Series J <br> (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/27 | 2870 | 2894 |
|  |  | **8237** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **New Mexico – 0.4%** | **New Mexico – 0.4%** | **New Mexico – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albuquerque Bernalillo County Water <br> Utility Authority Joint Water & Sewer <br> Senior Lien Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/31 | $1300 | $1359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico Finance Authority <br> Subordinate Lien Public Project <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/43 | 1475 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/44 | 1000 | 1081 |
|  |  | **4051** |
| **New York – 11.3%** | **New York – 11.3%** | **New York – 11.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br> Dedicated Tax Fund Sustainable <br> Revenue Refunding Bonds, Series <br> B-2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/47 | 9200 | 9640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Climate Bond Certified,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/32 | 2065 | 2338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development <br> Corp. MFH Sustainable <br> Development Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/1/33 | 2870 | 2738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water <br> Finance Authority & Sewer System <br> Revenue Refunding Bonds, Series <br> DD, Fiscal 2025,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/39 | 1500 | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Bonds, Second <br> General Resolution, Series BB,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/49 | 3865 | 3959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Refunding Bonds, <br> Series DD-2 Block 5,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/40 | 5000 | 5145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Building Aid Revenue <br> Bonds, Series S-3 (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/43 | 3000 | 3077 |

---

NORTHERN FUNDS QUARTERLY REPORT **154** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **New York – 11.3%continued** | **New York – 11.3%continued** | **New York – 11.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Revenue Bonds, Subseries C-2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/36 | $1575 | $1638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Subordinate Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/40 | 2000 | 2064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/44 | 2500 | 2609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series C-3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/41 | 2100 | 2155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/46 | 3815 | 3992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Refunding Bonds, Series H, Fiscal <br> 2025,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/43 | 2750 | 2954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/47 | 5000 | 5116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> D, Subseries D1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/39 | 10000 | 10406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> E-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/1/35 | 2750 | 2879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/37 | 3700 | 3836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> H, Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/30 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, <br> Subseries F-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/45 | 5000 | 5075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, School Districts Building <br> Financing Program (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/31 | 1460 | 1483 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **New York – 11.3%continued** | **New York – 11.3%continued** | **New York – 11.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/31 | $665 | $708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/8/32 | 575 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> Sales TRB, Series A, Group C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/44 | 3755 | 3801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/15/39 | 2000 | 2099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Revenue <br> Refunding Bonds, Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 3/15/36 | 3000 | 2939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income TRB, Series A, <br> Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/43 | 2000 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance <br> Agency Affordable Housing Variable <br> Sustainability Revenue Bonds, Series <br> J (SonyMA Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 5/1/27<sup>(1) (2)</sup> <br>| 3145 | 3036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Mortgage Agency <br> Homeowner Mortgage Revenue <br> Refunding Bonds, Series 220,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/1/39 | 3300 | 2807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Mortgage Agency <br> Homeowner Revenue Bonds, Series <br> 244, Social Bonds (SonyMA <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 4/1/35 | 3150 | 2953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Mortgage Agency <br> Homeowner Revenue Refunding <br> Bonds, Series 233, Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 4/1/33 | 3000 | 2677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Revenue Bonds (AMT), Terminal 4 <br> John F. Kennedy International Airport <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/42 | 500 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/42 | 255 | 261 |

---

FIXED INCOME FUNDS **155** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **New York – 11.3%continued** | **New York – 11.3%continued** | **New York – 11.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Revenue Refunding Bonds (AMT), <br> Terminal 4 John F. Kennedy <br> International Airport,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/30 | $350 | $377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Revenue Refunding Bonds, Terminal <br> 4 John F. Kennedy International <br> Airport,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/31 | 550 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Sustainable Revenue Bonds (AMT), <br> John F. Kennedy International <br> Airport,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/30/39 | 2250 | 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development <br> Corp. General Purpose Personal <br> Income TRB,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/37 | 5000 | 5255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/40 | 2500 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onondaga Civic Development Corp. <br> Revenue Bonds, Syracuse University <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/45 | 1000 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 207 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/28 | 2000 | 2072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 227 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/32 | 12550 | 10918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/34 | 1500 | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Troy Capital Resource Corp. Revenue <br> Refunding Bonds, Rensselaer <br> Polytechnic Institute,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/38 | 1300 | 1377 |
|  |  | **125269** |
| **North Carolina – 0.5%** | **North Carolina – 0.5%** | **North Carolina – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte-Mecklenburg Hospital <br> Authority Health Care System <br> Variable Revenue Bonds, Series B, <br> Atrium Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/1/29<sup>(1) (2)</sup> <br>| 4500 | 4234 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **North Carolina – 0.5%continued** | **North Carolina – 0.5%continued** | **North Carolina – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Grant <br> Anticipation Revenue Refunding <br> GARVEE Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/40 | $1250 | $1398 |
|  |  | **5632** |
| **Ohio – 1.8%** | **Ohio – 1.8%** | **Ohio – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akron Income Tax Revenue Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/32 | 1285 | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin County Convention Facilities <br> Authority Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/34 | 10600 | 12290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Ridgeville City School District <br> G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/39 | 600 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Ohio Medical University <br> General Receipts Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/29 | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/35 | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Higher Educational Facility <br> Revenue Bonds, Denison University <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/39 | 1365 | 1429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Hospital Revenue Refunding <br> Bonds, University Hospitals Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/34 | 2260 | 2557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/36 | 1500 | 1685 |
|  |  | **20333** |
| **Oklahoma – 0.3%** | **Oklahoma – 0.3%** | **Oklahoma – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority State Highways Capital <br> Improvement Revenue Bonds, <br> Department of Transportation,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/45 | 1000 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma State Municipal Power <br> Authority Revenue Refunding Bonds, <br> Series A (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/37 | 1250 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma State Water Resources <br> Board State Loan Program Revenue <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/41 | 1020 | 1107 |
|  |  | **3606** |

---

NORTHERN FUNDS QUARTERLY REPORT **156** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Oregon – 0.4%** | **Oregon – 0.4%** | **Oregon – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clackamas Community College District <br> G.O. Unlimited Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/36 | $1600 | $1644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lane County Eugene School District <br> No.4J G.O. Unlimited Bonds, <br> (School Board Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/35 | 475 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Dedicated TRB, Oregon <br> Convention Center Hotel,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/42 | 2065 | 2099 |
|  |  | **4231** |
| **Pennsylvania – 2.0%** | **Pennsylvania – 2.0%** | **Pennsylvania – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumberland County Municipal <br> Authority Revenue Refunding Bonds, <br> Series A, Messiah Village Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/1/44<sup>(7)</sup> <br>| 1500 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State G.O. Unlimited <br> Bonds, First Series of 2020,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/26 | 1450 | 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Higher Educational <br> Facilities Authority Revenue Bonds, <br> University of Pennsylvania Health <br> System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/37 | 5000 | 5125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Housing Finance <br> Agency SFM Revenue Bonds, Series <br> 137, Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 10/1/33 | 2420 | 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Housing Finance <br> Agency SFM Revenue Refunding <br> Bonds, Series 136, Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/31 | 1845 | 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Bonds, Series <br> A-2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/37 | 5000 | 5262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Subordinate Revenue <br> Refunding Bonds, First Series of <br> 2025,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/30 | 2000 | 2197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Gas Works Revenue <br> Refunding Bonds, 1998 General <br> Ordinance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 2485 | 2823 |
|  |  | **22546** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Rhode Island – 0.1%** | **Rhode Island – 0.1%** | **Rhode Island – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhode Island State Housing & <br> Mortgage Finance Corp. Revenue <br> Bonds, Series 77-A, Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 4/1/33 | $1535 | **$1563** |
| **South Carolina – 1.1%** | **South Carolina – 1.1%** | **South Carolina – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charleston Educational Excellence <br> Financing Corp. Revenue Refunding <br> Bonds, Charleston County School <br> District Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | 1125 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriots Energy Group Financing <br> Agency Gas Supply Variable <br> Revenue Refunding Bonds, Series <br> B-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/1/31<sup>(1) (2)</sup> <br>| 10000 | 10811 |
|  |  | **11960** |
| **South Dakota – 0.2%** | **South Dakota – 0.2%** | **South Dakota – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Dakota State Health & <br> Educational Facilities Authority <br> Variable Revenue Refunding Bonds, <br> Sanford Series C-2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32<sup>(1) (2)</sup> <br>| 2355 | **2611** |
| **Tennessee – 1.1%** | **Tennessee – 1.1%** | **Tennessee – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knox County G.O. Unlimited Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/28 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & <br> Davidson County Health & <br> Educational Facility Board Revenue <br> Bonds, The Vanderbilt University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/49 | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennergy Corp. Gas Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/28<sup>(1) (2)</sup> <br>| 10000 | 10170 |
|  |  | **12231** |
| **Texas – 6.7%** | **Texas – 6.7%** | **Texas – 6.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austin Certificates of Obligation G.O. <br> Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/39 | 4000 | 4543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austin Texas Electric Utility System <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/38 | 3000 | 3406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp. <br> Revenue Bonds, Series A, Idea Public <br> Schools,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/15/37 | 780 | 785 |

---

FIXED INCOME FUNDS **157** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Texas – 6.7%continued** | **Texas – 6.7%continued** | **Texas – 6.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas & Fort Worth International <br> Airport Revenue Bonds, Series A-1 <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/1/39 | $2000 | $2222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas County Community College <br> District G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/36 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Paso Independent School District <br> G.O. Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/15/39 | 2630 | 2653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forney Independent School District <br> G.O. Unlimited Refunding CABS, <br> Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 8/15/39<sup>(6)</sup> <br>| 1000 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Worth Independent School District <br> Revenue Refunding Bonds, Series A <br> (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/35 | 1500 | 1755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/36 | 1500 | 1761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Cultural Education <br> Facilities Finance Corp. Medical <br> Facilities Variable Revenue Bonds, <br> Baylor College of Medicine,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/32<sup>(1) (2)</sup> <br>| 2000 | 2177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houston Airport System Revenue <br> Refunding Bonds (AMT), United <br> Airlines Inc., Terminal,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/32 | 5000 | 5344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houston Utility System Subordinate First <br> Lien Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/28 | 2500 | 2552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority Junior <br> Lien Revenue Bonds, Seventh <br> Supplemental Series, Escrowed to <br> Maturity (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/1/28 | 155 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority Revenue <br> Refunding Bonds, Series A, First Tier,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/26 | 4860 | 4860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/39 | 5000 | 5153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/30 | 2820 | 2928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Electric & Gas Junior Lien <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/35 | 1640 | 1761 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Texas – 6.7%continued** | **Texas – 6.7%continued** | **Texas – 6.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/1/39<sup>(7)</sup> <br>| $3000 | $3412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/1/40<sup>(7)</sup> <br>| 2600 | 2911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/1/41<sup>(7)</sup> <br>| 2400 | 2657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/38 | 2000 | 2291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Water System Junior Lien <br> Revenue Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/35 | 3500 | 3557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sherman Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/48 | 4000 | 4146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education <br> Facilities Finance Corp. Hospital <br> Revenue Bonds, Methodist Hospitals <br> of Dallas,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/31 | 1000 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education <br> Facilities Finance Corp. Variable <br> Revenue Refunding Bonds, Ascension <br> Senior Credit,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/35<sup>(1) (2)</sup> <br>| 2000 | 2278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State A&M University Revenue <br> Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/31 | 1655 | 1663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/36 | 1500 | 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/35 | 1000 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board <br> Revenue Bonds, Master Trust ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/35 | 2000 | 2352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wylie Independent School District G.O. <br> Unlimited Bonds, Series B, Collin <br> County (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 8/15/41<sup>(2)</sup> <br>| 1750 | 1750 |
|  |  | **74384** |

---

NORTHERN FUNDS QUARTERLY REPORT **158** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Utah – 1.4%** | **Utah – 1.4%** | **Utah – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Downtown Revitalization Public <br> Infrastructure District First Lien Sales <br> Revenue Bonds, Seg Redevelopment <br> Project (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/35 | $1600 | $1852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City Airport Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/32 | 1250 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/36 | 5000 | 5364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/42 | 2000 | 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/46 | 5000 | 5077 |
|  |  | **15675** |
| **Virginia – 0.9%** | **Virginia – 0.9%** | **Virginia – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albemarle County EDA Residential <br> Care Facility Revenue Refunding <br> Bonds, Westminster-Canterbury of <br> the Blue Ridge,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/49 | 1905 | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roanoke EDA Hospital Variable <br> Revenue Refunding Bonds, Carilion <br> Clinic Obligated Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/30<sup>(1) (2)</sup> <br>| 4425 | 4767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State HDA Revenue Bonds, <br> Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 5/1/31 | 880 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State HDA Revenue Bonds, <br> Series K (GNMA, FNMA, FHLMC <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 12/1/32 | 1440 | 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State Small Business Financing <br> Authority Senior Lien Revenue Bonds <br> (AMT), Elizabeth River,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/41 | 1810 | 1489 |
|  |  | **10005** |
| **Washington – 3.5%** | **Washington – 3.5%** | **Washington – 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant County G.O. Limited Bonds <br> (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/45 | 1280 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King County School District No. 401 <br> Highline G.O. Unlimited Bonds <br> (School Board Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/30 | 10000 | 10203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pierce County School District No. 403 <br> Bethel G.O. Unlimited Bonds (School <br> Board Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/36 | 1750 | 1864 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Washington – 3.5%continued** | **Washington – 3.5%continued** | **Washington – 3.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Solid Waste Revenue Refunding <br> & Improvement Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/31 | $1865 | $1873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State COPS, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/36 | 2500 | 2526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2017A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/29 | 2895 | 2933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2018C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33 | 4000 | 4143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Bonds, Providence <br> St. Joseph Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/35 | 6000 | 6798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance <br> Commission Nonprofit Housing <br> Revenue Refunding Bonds, Horizon <br> House Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/1/33 | 1750 | 1758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Motor Vehicle Fuel <br> Tax G.O. Unlimited Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/31 | 1930 | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whatcom County Public Utility District <br> No. 1 G.O. Limited Bonds, Series A <br> (AMT) (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/41 | 700 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/42 | 1000 | 1080 |
|  |  | **38356** |
| **West Virginia – 0.4%** | **West Virginia – 0.4%** | **West Virginia – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio County Commission Special <br> District Excise Tax Revenue Refunding <br> Bonds, Fort Henry Opportunity <br> Development (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/40 | 500 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia State Hospital Finance <br> Authority Variable Revenue Bonds, <br> United Health System Obligated <br> Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/33<sup>(1) (2)</sup> <br>| 3640 | 4011 |
|  |  | **4549** |

---

FIXED INCOME FUNDS **159** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Wisconsin – 2.9%** | **Wisconsin – 2.9%** | **Wisconsin – 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Brown County Water Authority <br> Water System Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/31 | $3425 | $3825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PFA Hospital Taxable Revenue Bonds, <br> Series 2021A, UNC Health <br> Southeastern,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 2/1/29 | 2000 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PFA Student Housing Revenue Bonds, <br> PRG-Oxford Properties LLC Project <br> (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/45 | 1000 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Grove Union High School District <br> G.O. Unlimited Refunding Promissory <br> Notes,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/41 | 1565 | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/32 | 2500 | 2816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State G.O. Unlimited <br> Refunding Bonds, Series 2025-2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/38 | 2000 | 2303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Ascension Health <br> Credit Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/36 | 3000 | 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Hospital Sisters <br> Credit Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/30 | 1500 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Marquette <br> University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 | 670 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Milwaukee <br> Regional Medical Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/36 | 3875 | 4045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/39 | 4250 | 4276 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Wisconsin – 2.9%continued** | **Wisconsin – 2.9%continued** | **Wisconsin – 2.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Variable Revenue <br> Refunding Bonds, Mercy Health <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/1/33<sup>(1) (7)</sup> <br>| $5000 | $5500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Housing & EDA Home <br> Ownership Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/39 | 165 | 154 |
|  |  | **32589** |
| **Wyoming – 0.0%** | **Wyoming – 0.0%** | **Wyoming – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laramie County Hospital Revenue <br> Refunding Bonds, Cheyenne <br> Regional Medical Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/36 | 200 | **204** |
| **Total Municipal Bonds** |  |  |
| **(Cost $1,118,351)** |  | **1096295** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.3%**  | **INVESTMENT COMPANIES – 0.3%**  | **INVESTMENT COMPANIES – 0.3%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(8) (9)</sup> <br>| 3227987 | $3228 |
| **Total Investment Companies** |  |  |
| **(Cost $3,228)** |  | **3228** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 1.0%**  | **SHORT-TERM INVESTMENTS – 1.0%**  | **SHORT-TERM INVESTMENTS – 1.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development <br> Corp. MFH Revenue Refunding <br> Bonds, Sustainable Neighborhood <br> Bonds (FNMA Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 2/1/26<sup>(1) (2)</sup> <br>| $4000 | $3998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PEFA, Inc., Iowa Gas Project Revenue <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/26<sup>(1) (2)</sup> <br>| 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint John The Baptist Parish Revenue <br> Refunding Bonds, Marathon Oil <br> Corp. Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 7/1/26<sup>(1) (2)</sup> <br>| 1000 | 997 |

---

NORTHERN FUNDS QUARTERLY REPORT **160** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 1.0%continued**  | **SHORT-TERM INVESTMENTS - 1.0%continued**  | **SHORT-TERM INVESTMENTS - 1.0%continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Transportation Commission <br> Mobility Variable G.O. Unlimited <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 4/1/26<sup>(1) (2)</sup> <br>| $5000 | $4963 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $11,015)** | **(Cost $11,015)** | **10967** |
| **Total Investments – 100.6%** | **Total Investments – 100.6%** |  |
| **(Cost $1,139,444)** | **(Cost $1,139,444)** | **1116974** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (0.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (0.6%) | (6386)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1110588** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Maturity date represents the puttable date.*

<sup>(2)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of December 31,* *2025 is disclosed.* 

<sup>(3)</sup> *Step coupon bond. Rate as of December 31, 2025 is disclosed.*

<sup>(4)</sup> *Maturity date represents the prerefunded date.*

<sup>(5)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At December 31,* *2025, the value of this security amounted to approximately $2,159,000 or* *0.2% of net assets.* 

<sup>(6)</sup> *Zero coupon bond.*

<sup>(7)</sup> *When-Issued Security. Coupon rate is not in effect at December 31, 2025.*

<sup>(8)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(9)</sup> *7-day current yield as of December 31, 2025 is disclosed.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGC - Assured Guaranty Corporation |
| AGM - Assured Guaranty Municipal Corporation |
| AMBAC - American Municipal Bond Assurance Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| BANS - Bond Anticipation Notes |
| CABS - Capital Appreciation Bonds |
| COPS - Certificates of Participation |
| CWA - Clean Water Act |
| EDA - Economic Development Authority |

---

---

| |
|:---|
| FHLMC - Federal Home Loan Mortgage Corporation |
| FNMA - Federal National Mortgage Association |
| G.O. - General Obligation |
| GARVEE - Grant Anticipation Revenue Vehicle |
| GNMA - Government National Mortgage Association |
| Gtd. - Guaranteed |
| HDA - Housing Development Authority |
| IDA - Industrial Development Authority |
| MFH - Multi-Family Housing |
| NATL - National Public Finance Guarantee Corporation |
| PCR - Pollution Control Revenue |
| PFA - Public Finance Authority |
| PSF - Permanent School Fund |
| Q-SBLF - Qualified School Bond Loan Fund |
| SFM - Single Family Mortgage |
| SonyMA - State of New York Mortgage Agency |
| TRB - Tax Revenue Bonds |

---

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $6484 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6484 |
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1096295 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1096295 |
| Investment Companies | &nbsp;&nbsp; 3228 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3228 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 10967 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10967 |
| Total Investments | &nbsp;&nbsp; $3228 | &nbsp;&nbsp; $1113746 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1116974 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

FIXED INCOME FUNDS **161** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $12265 | $332462 | $341499 | $446 | $3228 | 3227987 |

---

NORTHERN FUNDS QUARTERLY REPORT **162** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**LIMITED TERM TAX-EXEMPT FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 93.2%**  | **MUNICIPAL BONDS – 93.2%**  | **MUNICIPAL BONDS – 93.2%**  |
| **Alabama – 5.4%** | **Alabama – 5.4%** | **Alabama – 5.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Refunding Bonds, <br> Series D1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/27<sup>(1) (2)</sup> <br>| $440 | $444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Series C-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/29<sup>(1) (2)</sup> <br>| 3000 | 3168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Series E, Gas Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/28<sup>(1) (2)</sup> <br>| 8000 | 8383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Southeast, A Cooperative <br> District Energy Supply Revenue <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/32<sup>(1) (2)</sup> <br>| 2500 | 2720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority <br> Cooperative District Energy Supply <br> Revenue Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/31<sup>(1) (2)</sup> <br>| 1500 | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority, A <br> Cooperative District Energy Supply <br> Revenue Bonds, Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/30 | 1000 | 1074 |
|  |  | **17394** |
| **Alaska – 0.9%** | **Alaska – 0.9%** | **Alaska – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alaska State Railroad Corp. Cruise Port <br> Revenue Bonds (AMT) (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/32 | 200 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/33 | 460 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchorage Port Revenue Bonds, Series <br> A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/31 | 1900 | 2110 |
|  |  | **2864** |
| **Arizona – 2.8%** | **Arizona – 2.8%** | **Arizona – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chandler IDA IDR Bonds, Series 1 <br> (AMT), Intel Corp. Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27<sup>(1) (2)</sup> <br>| 2575 | 2624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County IDA Variable <br> Revenue Bonds, Series A-2, Banner <br> Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/28<sup>(1) (2)</sup> <br>| 2400 | 2507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Airport Senior Lien Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31 | 1095 | 1211 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  |
| **Arizona – 2.8%continued** | **Arizona – 2.8%continued** | **Arizona – 2.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> System Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/33 | $2700 | $2824 |
|  |  | **9166** |
| **California – 5.6%** | **California – 5.6%** | **California – 5.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Clean Energy Project <br> Revenue Bonds, Green Bond, Series <br> B-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/27 | 1125 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/31<sup>(1) (2)</sup> <br>| 3150 | 3195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/31 | 500 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Revenue Bonds, <br> Clean Energy Project, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/26 | 630 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 675 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 | 475 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/29 | 650 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/32<sup>(1) (2)</sup> <br>| 1000 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Revenue Bonds, California Science <br> Center Phase III Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/31 | 500 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Public Schools Funding Authority <br> School Facilities Improvement District <br> No. 2016-1 G.O. Unlimited Bonds, <br> Series B (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/26 | 805 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/28 | 935 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/33 | 1670 | 1886 |

---

FIXED INCOME FUNDS **163** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  |
| **California – 5.6%continued** | **California – 5.6%continued** | **California – 5.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue <br> Refunding Bonds (AMT), Private <br> Activity,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/32 | $615 | $677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 1430 | 1430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District <br> G.O. Unlimited Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/33 | 1000 | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County <br> Commission International Airport <br> Revenue Bonds, Second Series A <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/30 | 2000 | 2167 |
|  |  | **18170** |
| **Colorado – 3.0%** | **Colorado – 3.0%** | **Colorado – 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arapahoe County School District No. 6 <br> Littleton G.O. Unlimited Bonds, <br> Series A (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/43 | 3825 | 4025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities <br> Authority Variable Revenue Bonds, <br> AdventHealth Obligated Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/29<sup>(1) (2)</sup> <br>| 3660 | 3951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities <br> Authority Variable Revenue <br> Refunding Bonds, AdventHealth <br> Obligated Group, Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/19/26<sup>(2) (3)</sup> <br>| 95 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & Country Airport Revenue <br> Refunding Bonds, Series D (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/27 | 1750 | 1829 |
|  |  | **9902** |
| **District of Columbia – 1.4%** | **District of Columbia – 1.4%** | **District of Columbia – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/32 | 3150 | 3415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/34 | 1000 | 1132 |
|  |  | **4547** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  |
| **Florida – 6.1%** | **Florida – 6.1%** | **Florida – 6.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County Airport System <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/32 | $1315 | $1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County Port Facilities Revenue <br> Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/33 | 1265 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Authority Health Care <br> Facilities Revenue Refunding Bonds, <br> Series A, UF Health Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32 | 1000 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collier County IDA Revenue Bonds, <br> NCH Healthcare System Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/31<sup>(1) (2)</sup> <br>| 2000 | 2172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duval County School Board COPS, <br> Series A (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1750 | 1771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Board of Education Public <br> Education Capital Outlay G.O. <br> Unlimited Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/26 | 1950 | 1970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Revenue Bonds <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/32 | 700 | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lee County School Board COPS, Series <br> A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33 | 1000 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Aviation Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 3000 | 3103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pasco Country School District Sales <br> TRB,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/32 | 2500 | 2856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint Johns County School Board <br> COPS, Series A (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31 | 1270 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tallahassee Consolidated Utility <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/32 | 535 | 613 |
|  |  | **19764** |
| **Georgia – 2.3%** | **Georgia – 2.3%** | **Georgia – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas County School District G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/33 | 825 | 957 |

---

NORTHERN FUNDS QUARTERLY REPORT **164** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**LIMITED TERM TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  |
| **Georgia – 2.3%continued** | **Georgia – 2.3%continued** | **Georgia – 2.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/27<sup>(1) (2)</sup> <br>| $1535 | $1550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/31<sup>(1) (2)</sup> <br>| 2715 | 2908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32<sup>(1) (2)</sup> <br>| 1000 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Colleges & Universities Authority <br> Exchangeable Revenue Bonds, <br> Series B, Emory University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/33 | 975 | 1128 |
|  |  | **7610** |
| **Hawaii – 0.2%** | **Hawaii – 0.2%** | **Hawaii – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honolulu City & County G.O. Unlimited <br> Refunding Bonds, Series F,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 725 | **734** |
| **Illinois – 5.7%** | **Illinois – 5.7%** | **Illinois – 5.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago G.O. Unlimited Bonds, Series <br> B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/33 | 1000 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway Airport Senior Lien <br> Revenue Refunding Bonds, Series A <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/30 | 2000 | 2136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway Airport Senior <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/27 | 2000 | 2037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Waterworks Second Lien <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 3640 | 3788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, The Chicago School,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/26 | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Moorings of <br> Arlington Heights,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 5/1/31<sup>(4)</sup> <br>| 1600 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Series A, Rush <br> University System for Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/30 | 2500 | 2695 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  |
| **Illinois – 5.7%continued** | **Illinois – 5.7%continued** | **Illinois – 5.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Refunding Bonds, Silver <br> Cross Hospital,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/30<sup>(1) (2)</sup> <br>| $1000 | $1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/27 | 1500 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/27 | 2100 | 2149 |
|  |  | **18387** |
| **Indiana – 4.0%** | **Indiana – 4.0%** | **Indiana – 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater Clark County School Building <br> Corp. Revenue Refunding Bonds, <br> Series A (State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/32 | 1100 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Heights School Building Corp. <br> Revenue Bonds (State Intercept <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/26 | 585 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bank Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/32 | 1040 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bond Bank Revenue Refunding <br> Bonds, Unlimited Ad Valorem Project <br> (State Aid Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/30 | 2000 | 2179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSD of Washington Township School <br> Building Corp. Revenue Bonds (State <br> Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/35 | 1090 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSD of Washington Township School <br> Building Corp. Revenue Bonds, 2016 <br> Refferendum Projects (State Intercept <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/27 | 1100 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/27 | 1075 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSD of Washington Township School <br> Building Corp. Revenue Bonds, 2020 <br> Refferendum Projects (State Intercept <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/26 | 2040 | 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/27 | 2195 | 2275 |
|  |  | **12894** |

---

FIXED INCOME FUNDS **165** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  |
| **Iowa – 1.6%** | **Iowa – 1.6%** | **Iowa – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Le Mars Community School District <br> G.O. Unlimited Bonds (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/33 | $1000 | $1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polk County G.O. Unlimited Capital <br> Loan Notes, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/31 | 2280 | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waterloo G.O. Unlimited Bonds, Series <br> D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/27 | 1700 | 1712 |
|  |  | **5326** |
| **Kansas – 0.4%** | **Kansas – 0.4%** | **Kansas – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wichita G.O. Unlimited Bonds, Series <br> 811,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/27 | 1185 | **1185** |
| **Kentucky – 1.5%** | **Kentucky – 1.5%** | **Kentucky – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Property & Buildings <br> Commission Revenue Bonds, Series <br> A, Project No. 133,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/29 | 3000 | 3253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/29<sup>(1) (2)</sup> <br>| 1500 | 1587 |
|  |  | **4840** |
| **Louisiana – 0.6%** | **Louisiana – 0.6%** | **Louisiana – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Tulane <br> University, Escrowed to Maturity,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/26 | 270 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities & Community <br> Development Authority Insurance <br> Revenue Bonds, Louisiana Insurance <br> Guaranty Association,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/26 | 1500 | 1521 |
|  |  | **1792** |
| **Maine – 0.8%** | **Maine – 0.8%** | **Maine – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maine State Governmental Facilities <br> Authority Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/33 | 2640 | **2709** |
| **Maryland – 0.9%** | **Maryland – 0.9%** | **Maryland – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montgomery County G.O. Unlimited <br> Refunding Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/29 | 2925 | **2997** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  |
| **Massachusetts – 2.2%** | **Massachusetts – 2.2%** | **Massachusetts – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Bonds, <br> Lasell Village, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/29 | $1000 | $1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Variable Revenue <br> Bonds, Brown Health University <br> Obligated Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/31<sup>(1) (2)</sup> <br>| 1000 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State G.O. Limited <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/30 | 595 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State G.O. Limited <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1040 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Massachusetts Building <br> Authority Revenue Refunding Bonds, <br> Series 2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/29 | 3370 | 3376 |
|  |  | **7226** |
| **Michigan – 1.7%** | **Michigan – 1.7%** | **Michigan – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Refunding Bonds, Henry <br> Ford Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/29 | 3840 | 3907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State HDA Rental Housing <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/1/26 | 465 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayne County Airport Authority <br> Revenue Refunding Bonds (AMT), <br> Detroit Metropolitan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/30 | 1000 | 1084 |
|  |  | **5457** |
| **Minnesota – 0.6%** | **Minnesota – 0.6%** | **Minnesota – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota Municipal Gas Agency <br> Commodity Supply Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/27<sup>(1) (2)</sup> <br>| 2000 | **2032** |
| **Missouri – 0.7%** | **Missouri – 0.7%** | **Missouri – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint Joseph School District G.O. <br> Unlimited Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/31 | 2000 | **2146** |

---

NORTHERN FUNDS QUARTERLY REPORT **166** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**LIMITED TERM TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  |
| **Montana – 0.5%** | **Montana – 0.5%** | **Montana – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montana State Facility Finance <br> Authority Variable Revenue Bonds, <br> Benefis Health System Obligated <br> Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/30<sup>(1) (2)</sup> <br>| $1390 | **$1475** |
| **Nebraska – 0.7%** | **Nebraska – 0.7%** | **Nebraska – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCook Revenue BANS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/27 | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omaha Airport Authority Airport <br> Facilities Revenue Bonds (AMT) <br> (AGC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/31 | 1275 | 1412 |
|  |  | **2424** |
| **Nevada – 1.3%** | **Nevada – 1.3%** | **Nevada – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clark County School District G.O. <br> Limited Bonds, Series A (AGM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/27 | 1000 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clark County School District G.O. <br> Limited Bonds, Series B (AGM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/32 | 3000 | 3117 |
|  |  | **4152** |
| **New Hampshire – 0.3%** | **New Hampshire – 0.3%** | **New Hampshire – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hampshire State Health & <br> Education Facilities Authority <br> Revenue Refunding Bonds, Southern <br> New Hampshire University Issue,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/34 | 1000 | **1135** |
| **New Jersey – 2.2%** | **New Jersey – 2.2%** | **New Jersey – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clifton Board of Education G.O. <br> Unlimited Bonds (AGM School <br> Board Resource Fund Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/15/26 | 1200 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue School <br> Facilities Construction Revenue <br> Refunding Bonds, Series GGG,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/1/26 | 3000 | 3052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State G.O. Unlimited <br> Bonds, Covid-19 Go Emergency <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/27 | 2750 | 2846 |
|  |  | **7086** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  |
| **New York – 5.4%** | **New York – 5.4%** | **New York – 5.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Climate Bond Certified,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/32 | $1500 | $1698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Revenue Bonds, Subseries F-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/31 | 1000 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> J-10, Fiscal 2008,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 605 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Refunding <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 | 1795 | 1866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, Series A, Pace University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/1/31 | 400 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/1/32 | 600 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance <br> Agency Affordable Housing <br> Sustainability Variable Revenue <br> Bonds, Series B (SonyMA Insured, <br> HUD Sector 8 Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 5/1/27<sup>(1) (2)</sup> <br>| 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance <br> Agency Affordable Housing Variable <br> Revenue Bonds, Series F, <br> Sustainability Bonds (SonyMA, FHA <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 5/1/27<sup>(1) (2)</sup> <br>| 2420 | 2421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Liberty Development <br> Corp. Revenue Refunding Bonds, <br> Four World Trade, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 11/15/28 | 2000 | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 207 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/32 | 1500 | 1553 |

---

FIXED INCOME FUNDS **167** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  |
| **New York – 5.4%continued** | **New York – 5.4%continued** | **New York – 5.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 249 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/26 | $2850 | $2894 |
|  |  | **17567** |
| **North Carolina – 0.1%** | **North Carolina – 0.1%** | **North Carolina – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte Water & Sewer System <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/30 | 225 | **250** |
| **North Dakota – 0.3%** | **North Dakota – 0.3%** | **North Dakota – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fargo Annual Appropriation Revenue <br> Bonds, Series G,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32 | 1010 | **1142** |
| **Ohio – 4.8%** | **Ohio – 4.8%** | **Ohio – 4.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akron Income Tax Revenue Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/26 | 1120 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Municipal Power-Ohio, Inc. <br> Revenue Refunding Bonds, <br> Combined Hydroelectric Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/30 | 500 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority <br> Revenue Refunding Bonds, John <br> Glenn Columbus International <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/33 | 1000 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Ridgeville City School District <br> G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/33 | 870 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Air Quality Development <br> Authority Revenue Bonds, American <br> Electric Power Company Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 5/1/26 | 1075 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State G.O. Unlimited Refunding <br> Bonds, Series A, Conservation <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/32 | 1500 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Highway Capital <br> Improvements G.O. Unlimited Bonds, <br> Series S,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/28 | 5085 | 5126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Turnpike Commission <br> Subordinate Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/32 | 3860 | 4050 |
|  |  | **15685** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  |
| **Oklahoma – 3.6%** | **Oklahoma – 3.6%** | **Oklahoma – 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma County Independent School <br> District No. 12 G.O. Unlimited <br> Bonds, Edmond School District,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/27 | $3925 | $3988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma County Independent School <br> District No. 89 G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/27 | 2775 | 2836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tulsa G.O. Unlimited Bonds, Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/28 | 4865 | 4863 |
|  |  | **11687** |
| **Oregon – 1.7%** | **Oregon – 1.7%** | **Oregon – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multnomah County G.O. Limited Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/28 | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland G.O. Limited Bonds, Series A, <br> Transportation Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 1730 | 1807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington County School District No. <br> 48J Beaverton G.O. Unlimited <br> Convertible CABS (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/35 | 2500 | 2572 |
|  |  | **5413** |
| **Pennsylvania – 4.7%** | **Pennsylvania – 4.7%** | **Pennsylvania – 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Valley Regional Financial <br> Authority Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/29 | 2275 | 2173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Valley Regional Financial <br> Authority Revenue Bonds, Series A <br> (AMBAC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/28 | 2505 | 2675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | 275 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Refunding <br> Bonds, Subseries B-2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/32 | 1875 | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Subordinate Revenue <br> Refunding Bonds, First Series of <br> 2025,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/30 | 2500 | 2747 |

---

NORTHERN FUNDS QUARTERLY REPORT **168** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**LIMITED TERM TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  |
| **Pennsylvania – 4.7%continued** | **Pennsylvania – 4.7%continued** | **Pennsylvania – 4.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Subordinate Revenue <br> Refunding Bonds, Series 2017-3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/30 | $860 | $899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 3535 | 3583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Redevelopment Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/31 | 1000 | 1113 |
|  |  | **15406** |
| **South Carolina – 1.2%** | **South Carolina – 1.2%** | **South Carolina – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scago Educational Facilities Corp. For <br> Pickens School District Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/31 | 1500 | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Jobs EDA Hospital <br> Facilities Variable Revenue Refunding <br> Bonds, Bon Secours Mercy Health, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32<sup>(1) (2)</sup> <br>| 1000 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Jobs-EDA <br> Educational Facilities Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/26 | 1000 | 1017 |
|  |  | **3818** |
| **Texas – 11.8%** | **Texas – 11.8%** | **Texas – 11.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austin Water & Wastewater System <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/26 | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bexar County Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/31 | 1250 | 1399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bexar County Certificates of Obligation <br> G.O. Limited Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/26 | 1125 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit Senior Lien <br> Sales Tax Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32 | 3395 | 3676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Prairie Independent School <br> District G.O. Unlimited Refunding <br> Bonds (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/33 | 5420 | 5423 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  |
| **Texas – 11.8%continued** | **Texas – 11.8%continued** | **Texas – 11.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harlingen Consolidated Independent <br> School District G.O. Unlimited <br> Refunding Bonds (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/26 | $1105 | $1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Cultural Education <br> Facilities Finance Corp. Medical <br> Facilities Variable Revenue Bonds, <br> Baylor College of Medicine,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/32<sup>(1) (2)</sup> <br>| 1000 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Toll Road First Lien <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/31 | 1635 | 1837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houston Airport System Revenue <br> Refunding Bonds (AMT), United <br> Airlines Inc., Terminal,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/32 | 1500 | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houston G.O. Limited Bonds, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/31 | 2200 | 2460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klein Independent School District G.O. <br> Unlimited Refunding Bonds (PSF, <br> Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 1575 | 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laredo Public Property Finance <br> Contractual Obligation G.O. Limited <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 800 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority Revenue <br> Refunding Bonds, Series A, First Tier,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/31 | 595 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pecos Barstow Toyah Independent <br> School District G.O. Unlimited <br> Bonds, Escrowed to Maturity (PSF, <br> Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 1000 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Electric & Gas Junior Lien <br> Variable Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/27<sup>(1) (2)</sup> <br>| 3150 | 3074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/30 | 3000 | 3282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant Regional Water District <br> Transmission Facility Contract <br> Revenue Bonds, Series A, City of <br> Dallas Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/31 | 1370 | 1438 |

---

FIXED INCOME FUNDS **169** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  |
| **Texas – 11.8%continued** | **Texas – 11.8%continued** | **Texas – 11.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/27 | $2135 | $2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Municipal Gas Acquisition <br> & Supply Corp. III Gas Supply <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/26 | 1400 | 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity River Authority Regional <br> Wastewater System Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 1000 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of North Texas Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/32 | 1000 | 1094 |
|  |  | **38498** |
| **Utah – 2.3%** | **Utah – 2.3%** | **Utah – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Davis County School District G.O. <br> Unlimited Refunding Bonds, Utah <br> School Bond Guaranty (School <br> Board Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/28 | 4095 | 4095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murray City School District G.O. <br> Unlimited Refunding Bonds (School <br> Board Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/28 | 1685 | 1769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City Airport Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/32 | 1500 | 1638 |
|  |  | **7502** |
| **Virginia – 0.1%** | **Virginia – 0.1%** | **Virginia – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State College Building <br> Authority Educational Facilities <br> Revenue Refunding Bonds, 21st <br> Century College & Equipment <br> Programs, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/29 | 275 | **275** |
| **Washington – 2.8%** | **Washington – 2.8%** | **Washington – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benton County School District No. 17 <br> Kennewick G.O. Unlimited Refunding <br> Bonds (School Board Guaranty <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/28 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pierce County School District No. 320 <br> G.O. Unlimited Refunding Bonds <br> (School Board Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/28 | 650 | 650 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  | **MUNICIPAL BONDS - 93.2%continued**  |
| **Washington – 2.8%continued** | **Washington – 2.8%continued** | **Washington – 2.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Bonds, Series 2017-A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/29 | $2400 | $2431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2023B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 2000 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Refunding Bonds, <br> Series A, Commonspirit Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/30 | 1750 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whatcom County Public Utility District <br> No. 1 G.O. Limited Bonds, Series A <br> (AMT) (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/27 | 450 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/28 | 450 | 473 |
|  |  | **8950** |
| **Wisconsin – 1.0%** | **Wisconsin – 1.0%** | **Wisconsin – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waushara County G.O. Unlimited <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/31 | 450 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Hospital Sisters <br> Credit Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/30 | 1000 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Variable Revenue <br> Refunding Bonds, Mercy Health <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/1/33<sup>(1) (5)</sup> <br>| 1500 | 1650 |
|  |  | **3253** |
| **Total Municipal Bonds** |  |  |
| **(Cost $302,571)** |  | **302860** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.8%**  | **INVESTMENT COMPANIES – 1.8%**  | **INVESTMENT COMPANIES – 1.8%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(6) (7)</sup> <br>| 5828865 | $5829 |
| **Total Investment Companies** |  |  |
| **(Cost $5,829)** |  | **5829** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

NORTHERN FUNDS QUARTERLY REPORT **170** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**LIMITED TERM TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 3.8%**  | **SHORT-TERM INVESTMENTS – 3.8%**  | **SHORT-TERM INVESTMENTS – 3.8%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Gas Project No.7-S,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/26<sup>(1) (2)</sup> <br>| $2500 | $2511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities <br> Authority Variable Revenue <br> Refunding Bonds, AdventHealth <br> Obligated Group, Unrefunded <br> Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/19/26<sup>(1) (2)</sup> <br>| 905 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Development <br> Authority MFH Variable Revenue <br> Bonds, West Los Angeles VA <br> Campus (Housing & Urban <br> Development Sector 8 Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 7/1/26<sup>(1) (2)</sup> <br>| 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Health & Educational <br> Facilities Authority Health Variable <br> Revenue Refunding Bonds, Series B, <br> BJC Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/26<sup>(1) (2)</sup> <br>| 1500 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Variable G.O. Unlimited <br> Bonds, Series 2, Fiscal 2021,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 1/12/26<sup>(8)</sup> <br>| 2750 | 2750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Electric & Gas Junior Lien <br> Variable Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 12/1/26<sup>(1) (2)</sup> <br>| 3500 | 3427 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $12,253)** | **(Cost $12,253)** | **12117** |
| **Total Investments – 98.8%** | **Total Investments – 98.8%** |  |
| **(Cost $320,653)** | **(Cost $320,653)** | **320806** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 1.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 1.2% | 4030 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$324836** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Maturity date represents the puttable date.*

<sup>(2)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of December 31,* *2025 is disclosed.* 

<sup>(3)</sup> *Maturity date represents the prerefunded date.*

<sup>(4)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At December 31,* *2025, the value of this security amounted to approximately $1,602,000 or* *0.5% of net assets.* 

<sup>(5)</sup> *When-Issued Security. Coupon rate is not in effect at December 31, 2025.*

<sup>(6)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(7)</sup> *7-day current yield as of December 31, 2025 is disclosed.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(8)</sup> *Variable or floating rate security. Rate is determined by a remarketing agent* *and, in the agent's judgment, on the basis of prevailing financial markets, will* *be the lowest interest rate necessary to enable the remarketing agent to sell* *the bonds at a price equal to 100% of the principal amount.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGC - Assured Guaranty Corporation |
| AGM - Assured Guaranty Municipal Corporation |
| AMBAC - American Municipal Bond Assurance Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| BANS - Bond Anticipation Notes |
| CABS - Capital Appreciation Bonds |
| COPS - Certificates of Participation |
| EDA - Economic Development Authority |
| FHA - Federal Housing Administration |
| G.O. - General Obligation |
| Gtd. - Guaranteed |
| HDA - Housing Development Authority |
| HUD - Housing and Urban Development |
| IDA - Industrial Development Authority |
| IDR - Industrial Development Revenue |
| MFH - Multi-Family Housing |
| PSF - Permanent School Fund |
| SonyMA - State of New York Mortgage Agency |
| TRB - Tax Revenue Bonds |
| VA - Veterans Affairs |

---

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

FIXED INCOME FUNDS **171** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $302860 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $302860 |
| Investment Companies | &nbsp;&nbsp; 5829 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5829 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 12117 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12117 |
| Total Investments | &nbsp;&nbsp; $5829 | &nbsp;&nbsp; $314977 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $320806 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $4900 | $109939 | $109010 | $162 | $5829 | 5828865 |

---

NORTHERN FUNDS QUARTERLY REPORT **172** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**LIMITED TERM U.S. GOVERNMENT FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES – 2.7%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 2.7%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 2.7%** <sup>(1)</sup> |
| **Fannie Mae – 0.3%** | **Fannie Mae – 0.3%** | **Fannie Mae – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #555649, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/1/32 | $4 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BH9277, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/48 | 99 | 93 |
|  |  | **98** |
| **Freddie Mac – 0.8%** | **Freddie Mac – 0.8%** | **Freddie Mac – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA8880, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/53 | 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1360, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/52 | 85 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2665, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/53 | 71 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS7735, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/32 | 1 | 1 |
|  |  | **238** |
| **Freddie Mac Gold – 0.3%** | **Freddie Mac Gold – 0.3%** | **Freddie Mac Gold – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #D99701, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/32 | 96 | **93** |
| **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/20/46 | 71 | **67** |
| **Sovereign Agencies – 1.1%** | **Sovereign Agencies – 1.1%** | **Sovereign Agencies – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolution Funding Corp. Interest Strip, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 10/15/28<sup>(2)</sup> <br>| 357 | **323** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $828)** |  | **819** |
| **U.S. GOVERNMENT OBLIGATIONS – 81.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 81.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 81.6%**  |
| **U.S. Treasury Bonds – 0.0%** | **U.S. Treasury Bonds – 0.0%** | **U.S. Treasury Bonds – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/26 | 10 | **10** |
| **U.S. Treasury Inflation Indexed Notes – 1.3%** | **U.S. Treasury Inflation Indexed Notes – 1.3%** | **U.S. Treasury Inflation Indexed Notes – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 4/15/26 | 153 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 4/15/27 | 166 | 188 |
|  |  | **376** |
| **U.S. Treasury Notes – 80.3%** | **U.S. Treasury Notes – 80.3%** | **U.S. Treasury Notes – 80.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/31/27 | 325 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/15/27 | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/28/27 | 300 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/15/27 | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/31/27 | 1375 | 1381 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 81.6%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 81.6%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 81.6%continued**  |
| **U.S. Treasury Notes – 80.3%continued** | **U.S. Treasury Notes – 80.3%continued** | **U.S. Treasury Notes – 80.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/27 | $300 | $304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/30/27 | 375 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/31/27 | 450 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/15/27 | 250 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/30/27 | 250 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/31/27 | 875 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/31/27 | 225 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/30/27 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/31/27 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/30/27 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/27 | 904 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/29/28 | 1125 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/15/28 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/31/28 | 850 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/15/28 | 335 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/15/28 | 125 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/31/28 | 975 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/15/28 | 725 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/15/28 | 650 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/15/28 | 440 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/31/28 | 400 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 9/15/28 | 590 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/28 | 435 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/28 | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/30/28 | 350 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/28 | 450 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/28 | 250 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/31/29 | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/28/29 | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/31/29 | 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 4/30/29 | 250 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/30/29 | 300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/31/29 | 150 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/30/29 | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/31/29 | 450 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/31/29 | 475 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/30/29 | 275 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/29 | 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/30/29 | 650 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/31/29 | 250 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/31/30 | 225 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/28/30 | 650 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/31/30 | 200 | 203 |

---

FIXED INCOME FUNDS **173** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 81.6%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 81.6%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 81.6%continued**  |
| **U.S. Treasury Notes – 80.3%continued** | **U.S. Treasury Notes – 80.3%continued** | **U.S. Treasury Notes – 80.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/30/30 | $275 | $277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/31/30 | 450 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/30/30 | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/31/30 | 435 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/31/30 | 575 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 9/30/30 | 370 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/31/30 | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/30/30 | 580 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/31/30 | 405 | 403 |
|  |  | **24266** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $24,475)** |  | **24652** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.7%**  | **INVESTMENT COMPANIES – 0.7%**  | **INVESTMENT COMPANIES – 0.7%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(3) (4)</sup> <br>| 217722 | $218 |
| **Total Investment Companies** |  |  |
| **(Cost $218)** |  | **218** |
| **Total Investments – 85.0%** | **Total Investments – 85.0%** |  |
| **(Cost $25,521)** | **(Cost $25,521)** | **25689** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 15.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 15.0% | 4543 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$30232** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(2)</sup> *Discount rate at the time of purchase.*

<sup>(3)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(4)</sup> *7-day current yield as of December 31, 2025 is disclosed.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| Fannie Mae - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |

---

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| U.S. Government Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $819 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $819 |
| U.S. Government Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 24652 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24652 |
| Investment Companies | &nbsp;&nbsp; 218 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 218 |
| Total Investments | &nbsp;&nbsp; $218 | &nbsp;&nbsp; $25471 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25689 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $307 | $307 | $— <br><sup>(1),\*</sup><br>| $— |  |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 899 | 4544 | 5225 | 3 | 218 | 217722 |
| Total | $899 | $4851 | $5532 | $3 | $218 | 217722 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

*\** *Amount rounds to less than one thousand.*

NORTHERN FUNDS QUARTERLY REPORT **174** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CONVERTIBLE BONDS – 0.2%**  | **CONVERTIBLE BONDS – 0.2%**  | **CONVERTIBLE BONDS – 0.2%**  |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/15/26<sup>(1)</sup> <br>| $119 | **$117** |
| **Home Construction – 0.1%** | **Home Construction – 0.1%** | **Home Construction – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 5/15/28 | 79 | **78** |
| **Real Estate Investment Trusts – 0.0%** | **Real Estate Investment Trusts – 0.0%** | **Real Estate Investment Trusts – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/15/29<sup>(1) †</sup> <br>| 16 | **16** |
| **Semiconductors – 0.0%** | **Semiconductors – 0.0%** | **Semiconductors – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 3/1/29 | 48 | **45** |
| **Total Convertible Bonds** |  |  |
| **(Cost $260)** |  | **256** |
| **CORPORATE BONDS – 78.3%**  | **CORPORATE BONDS – 78.3%**  | **CORPORATE BONDS – 78.3%**  |
| **Advertising & Marketing – 0.4%** | **Advertising & Marketing – 0.4%** | **Advertising & Marketing – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMG Media Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 6/18/29 <sup>(1)</sup> <br>| 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neptune Bidco U.S., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.29%, 4/15/29 <sup>(1)</sup> <br>| 183 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 5/15/31 <sup>(1)</sup> <br>| 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront <br> Media Capital Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/27 <sup>(1)</sup> <br>| 144 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/29 <sup>(1)</sup> <br>| 77 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/30 <sup>(1) †</sup> <br>| 104 | 102 |
|  |  | **523** |
| **Aerospace & Defense – 2.0%** | **Aerospace & Defense – 2.0%** | **Aerospace & Defense – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAR Escrow Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/29 <sup>(1)</sup> <br>| 27 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/1/27  | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/1/29  | 37 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/15/30  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/1/31  | 101 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/30 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/33 <sup>(1)</sup> <br>| 87 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boeing (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53%, 5/1/34  | 25 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.86%, 5/1/54  | 50 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goat Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/32 <sup>(1)</sup> <br>| 410 | 420 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Aerospace & Defense – 2.0%continued** | **Aerospace & Defense – 2.0%continued** | **Aerospace & Defense – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 2/1/37  | $25 | $27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 6/15/28  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/15/28 <sup>(1)</sup> <br>| 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/29 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/1/29  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/15/30 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 12/1/31 <sup>(1)</sup> <br>| 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/1/32 <sup>(1)</sup> <br>| 188 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/33 <sup>(1)</sup> <br>| 275 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/31/33 <sup>(1)</sup> <br>| 580 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/31/34 <sup>(1)</sup> <br>| 57 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/31/34 <sup>(1)</sup> <br>| 580 | 604 |
|  |  | **2850** |
| **Apparel & Textile Products – 0.6%** | **Apparel & Textile Products – 0.6%** | **Apparel & Textile Products – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 7/15/33 <sup>(1) (2)</sup> <br>| 670 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/31 <sup>(1) †</sup> <br>| 72 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Levi Strauss & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/31 <sup>(1) †</sup> <br>| 47 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&S Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 10/1/31 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VF Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/33  | 25 | 25 |
|  |  | **923** |
| **Asset Management – 1.0%** | **Asset Management – 1.0%** | **Asset Management – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apollo Debt Solutions BDC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 8/30/30  | 26 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 7/29/31  | 11 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 3/15/32  | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.17%), 6.00%, <br> 12/15/54 <sup>(3)</sup> <br>| 69 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Specialty Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 3/15/30  | 15 | 15 |

---

FIXED INCOME FUNDS **175** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Asset Management – 1.0%continued** | **Asset Management – 1.0%continued** | **Asset Management – 1.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 7/15/30  | $36 | $36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital Corp. II, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.45%, 11/15/26  | 21 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Group Diversified <br> Holdings LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/15/29 <sup>(1)</sup> <br>| 73 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/32 <sup>(1)</sup> <br>| 26 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focus Financial Partners LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/31 <sup>(1)</sup> <br>| 393 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hightower Holding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 1/31/30 <sup>(1)</sup> <br>| 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/26  | 39 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/27  | 263 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 1/15/29  | 63 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/29  | 50 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 11/15/29 <sup>(1)</sup> <br>| 124 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 6/15/30  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaic Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/1/32 <sup>(1)</sup> <br>| 47 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 8/1/33 <sup>(1)</sup> <br>| 60 | 62 |
|  |  | **1423** |
| **Automotive – 1.7%** | **Automotive – 1.7%** | **Automotive – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/15/33 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/29 <sup>†</sup> <br>| 75 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/15/32 <sup>(1)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/33 <sup>(1)</sup> <br>| 51 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarios Global L.P./Clarios <br> U.S. Finance Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/28 <sup>(1)</sup> <br>| 73 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/30 <sup>(1)</sup> <br>| 101 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/32 <sup>(1)</sup> <br>| 198 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/1/30  | 42 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/32 <sup>†</sup> <br>| 51 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dornoch Debt Merger Sub, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/29 <sup>(1) (4) †</sup> <br>| 900 | 779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/29 <sup>(1)</sup> <br>| 75 | 65 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Automotive – 1.7%continued** | **Automotive – 1.7%continued** | **Automotive – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garrett Motion Holdings, Inc./Garrett <br> LX I S.a.r.l.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 5/31/32 <sup>(1)</sup> <br>| $50 | $53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/29  | 75 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/30  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/30/31 <sup>†</sup> <br>| 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/31 <sup>(1) †</sup> <br>| 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/30/33 <sup>†</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/29/28 <sup>(1) †</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/30/30 <sup>(1)</sup> <br>| 114 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/32 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Hero Merger Sub 2, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/29 <sup>(1)</sup> <br>| 800 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rivian Holdings LLC/Rivian LLC/Rivian <br> Automotive LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 1/15/31 <sup>(1) †</sup> <br>| 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/17/28 <sup>(1)</sup> <br>| 179 | 180 |
|  |  | **2454** |
| **Banking – 0.1%** | **Banking – 0.1%** | **Banking – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 7Y + 2.81%), 6.25%, <br> 3/15/30 <sup>(3) (5) †</sup> <br>| 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.77%), 6.85%, <br> 9/15/29 <sup>(3) (5)</sup> <br>| 39 | 41 |
|  |  | **82** |
| **Basic Industry – 0.0%** | **Basic Industry – 0.0%** | **Basic Industry – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avient Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/1/31<sup>(1)</sup> <br>| 27 | **28** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc./Triton <br> Water Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/29 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/30/29 <sup>(1)</sup> <br>| 75 | 73 |
|  |  | **123** |

---

NORTHERN FUNDS QUARTERLY REPORT **176** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Biotechnology & Pharmaceuticals – 1.0%** | **Biotechnology & Pharmaceuticals – 1.0%** | **Biotechnology & Pharmaceuticals – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1261229 B.C. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 4/15/32 <sup>(1)</sup> <br>| $686 | $714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 3/15/55  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 8/1/32 <sup>(1)</sup> <br>| 55 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Americas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/31/27 <sup>(1)</sup> <br>| 75 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 4/15/31 <sup>(1) †</sup> <br>| 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt <br> Co-Issuer B.V.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/30/31 <sup>(1)</sup> <br>| 580 | 480 |
|  |  | **1378** |
| **Cable & Satellite – 3.3%** | **Cable & Satellite – 3.3%** | **Cable & Satellite – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings <br> Capital Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 5/1/27 <sup>(1)</sup> <br>| 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/1/29 <sup>(1)</sup> <br>| 33 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/1/29 <sup>(1)</sup> <br>| 150 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/30 <sup>(1)</sup> <br>| 65 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/30 <sup>(1)</sup> <br>| 42 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/31 <sup>(1)</sup> <br>| 184 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/32 <sup>(1)</sup> <br>| 266 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/32  | 247 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/33 <sup>(1)</sup> <br>| 465 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/34 <sup>(1)</sup> <br>| 875 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 2/1/28 <sup>(1) †</sup> <br>| 200 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 5/15/28 <sup>(1) †</sup> <br>| 200 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/30 <sup>(1)</sup> <br>| 275 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/31 <sup>(1)</sup> <br>| 400 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directv Financing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 2/1/30 <sup>(1)</sup> <br>| 128 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 8/15/27 <sup>(1)</sup> <br>| 97 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 2/15/31 <sup>(1)</sup> <br>| 285 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISH DBS Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/1/26  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/26 <sup>(1)</sup> <br>| 264 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 7/1/28 <sup>†</sup> <br>| 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/28 <sup>(1)</sup> <br>| 263 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/1/29 <sup>†</sup> <br>| 75 | 66 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Cable & Satellite – 3.3%continued** | **Cable & Satellite – 3.3%continued** | **Cable & Satellite – 3.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISH Network Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 11/15/27 <sup>(1)</sup> <br>| $359 | $374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midcontinent Communications, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 8/15/32 <sup>(1)</sup> <br>| 82 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Radio LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 9/1/26 <sup>(1)</sup> <br>| 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 <sup>(1)</sup> <br>| 92 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/28 <sup>(1)</sup> <br>| 75 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 9/1/31 <sup>(1) †</sup> <br>| 100 | 92 |
|  |  | **4825** |
| **Capital Goods – 0.1%** | **Capital Goods – 0.1%** | **Capital Goods – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/15/30 <sup>(1)</sup> <br>| 39 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vortex Opco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/30/30 <sup>(1) (6)</sup> <br>| 47 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilsonart LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 8/15/32 <sup>(1) †</sup> <br>| 134 | 120 |
|  |  | **160** |
| **Chemicals – 3.2%** | **Chemicals – 3.2%** | **Chemicals – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avient Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 8/1/30 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celanese U.S. Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.83%, 7/15/29  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 11/15/30  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/15/32  | 125 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/33 <sup>†</sup> <br>| 226 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 11/15/33  | 125 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/31  | 29 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/34  | 59 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemours (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/15/27  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/28 <sup>(1)</sup> <br>| 256 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 1/15/33 <sup>(1)</sup> <br>| 54 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 9/1/28 <sup>(1)</sup> <br>| 128 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FMC Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 5/18/33  | 75 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/18/53  | 25 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herens Holdco S.a.r.l., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/15/28 <sup>(1)</sup> <br>| 200 | 174 |

---

FIXED INCOME FUNDS **177** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Chemicals – 3.2%continued** | **Chemicals – 3.2%continued** | **Chemicals – 3.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innophos Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 6/15/29 <sup>(1)</sup> <br>| $76 | $71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inversion Escrow Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/1/32 <sup>(1)</sup> <br>| 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/1/29 <sup>(1)</sup> <br>| 55 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methanex U.S. Operations, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/32 <sup>(1)</sup> <br>| 53 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerals Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 <sup>(1)</sup> <br>| 47 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olin Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/1/29 <sup>†</sup> <br>| 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/1/33 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympus Water U.S. Holding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/31 <sup>(1)</sup> <br>| 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/33 <sup>(1)</sup> <br>| 570 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perimeter Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/34 <sup>(1) (7)</sup> <br>| 82 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qnity Electronics, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/15/32 <sup>(1)</sup> <br>| 71 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 8/15/33 <sup>(1)</sup> <br>| 78 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCIH Salt Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/1/29 <sup>(1) †</sup> <br>| 935 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Invictus Intermediate II S.a.r.l., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/30/29 <sup>(1)</sup> <br>| 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/30/33 <sup>(1)</sup> <br>| 109 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinseo Luxco Finance SPV <br> S.a.r.l./Trinseo N.A. Finance <br> SPV LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 5/3/29 <sup>(1) (2)</sup> <br>| 86 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tronox, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/29 <sup>(1) †</sup> <br>| 50 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WR Grace Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/15/27 <sup>(1)</sup> <br>| 47 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/29 <sup>(1)</sup> <br>| 311 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/1/31 <sup>(1)</sup> <br>| 45 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 8/15/32 <sup>(1)</sup> <br>| 101 | 102 |
|  |  | **4683** |
| **Commercial Support Services – 2.7%** | **Commercial Support Services – 2.7%** | **Commercial Support Services – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADT Security (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/1/29 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/15/32 <sup>(1)</sup> <br>| 25 | 24 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Commercial Support Services – 2.7%continued** | **Commercial Support Services – 2.7%continued** | **Commercial Support Services – 2.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/33 <sup>(1)</sup> <br>| $122 | $123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 2/15/31 <sup>(1)</sup> <br>| 550 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied <br> Universal Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/29 <sup>(1) †</sup> <br>| 525 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 6/15/30 <sup>(1)</sup> <br>| 209 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied <br> Universal Finance Corp./Atlas Luxco <br> 4 S.a.r.l.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/28 <sup>(1)</sup> <br>| 185 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/29 <sup>(1)</sup> <br>| 75 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/15/31 <sup>(1)</sup> <br>| 215 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brink's (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/32 <sup>(1)</sup> <br>| 63 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/1/28 <sup>(1)</sup> <br>| 188 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/1/29 <sup>(1)</sup> <br>| 110 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 2/1/31 <sup>(1)</sup> <br>| 34 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/33 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 9/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEO Group (The), Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 4/15/29  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 4/15/31  | 75 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/29 <sup>(1)</sup> <br>| 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/15/29 <sup>(1)</sup> <br>| 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/31 <sup>(1)</sup> <br>| 35 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/31 <sup>(1)</sup> <br>| 199 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reworld Holding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/30  | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 8/1/29 <sup>(1)</sup> <br>| 172 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 8/1/29 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RRD Intermediate Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 12/1/30 <sup>(1) (2)</sup> <br>| 56 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabre Financial Borrower LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.13%, 6/15/29 <sup>(1)</sup> <br>| 76 | 77 |

---

NORTHERN FUNDS QUARTERLY REPORT **178** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Commercial Support Services – 2.7%continued** | **Commercial Support Services – 2.7%continued** | **Commercial Support Services – 2.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sotheby's, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/15/27 <sup>(1)</sup> <br>| $200 | $199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TKC Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 5/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veritiv Operating Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 11/30/30 <sup>(1)</sup> <br>| 30 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Pro U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/1/33 <sup>(1)</sup> <br>| 237 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams Scotsman, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/15/28 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/15/29 <sup>(1)</sup> <br>| 33 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/15/30 <sup>(1)</sup> <br>| 69 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/1/31 <sup>(1)</sup> <br>| 17 | 18 |
|  |  | **3847** |
| **Construction Materials – 1.4%** | **Construction Materials – 1.4%** | **Construction Materials – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriTex HoldCo Intermediate LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 8/15/33 <sup>(1)</sup> <br>| 268 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JH North America Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/31/31 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 7/31/32 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knife River Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 5/1/31 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Enterprise Stone & Lime Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/28 <sup>(1)</sup> <br>| 69 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 7/15/28 <sup>(1)</sup> <br>| 138 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oscar AcquisitionCo LLC/Oscar <br> Finance, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 4/15/30 <sup>(1) †</sup> <br>| 1240 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/32 <sup>(1)</sup> <br>| 178 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/33 <sup>(1)</sup> <br>| 85 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/28 <sup>(1)</sup> <br>| 127 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 11/15/31 <sup>(1)</sup> <br>| 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Building Solutions, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/15/32 <sup>(1)</sup> <br>| 57 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 8/1/33 <sup>(1)</sup> <br>| 262 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/34 <sup>(1)</sup> <br>| 94 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 7/15/30 <sup>(1)</sup> <br>| 99 | 95 |
|  |  | **2051** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Consumer Cyclical – 0.0%** | **Consumer Cyclical – 0.0%** | **Consumer Cyclical – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 1/15/30 <sup>(1)</sup> <br>| $26 | $27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rite Aid Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.32%, 8/30/31 <sup>(1) (8) (9)</sup> <br>| 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.00%, 8/30/31 <sup>(8) (9)</sup> <br>| 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.00%, 8/30/31 <sup>(1) (8) (9)</sup> <br>| 9 |  |
|  |  | **27** |
| **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Healthcare Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 9/1/29 <sup>(1)</sup> <br>| 44 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SES S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/14/33 <sup>(9)</sup> <br>| 1 | 19 |
|  |  | **65** |
| **Consumer Services – 0.2%** | **Consumer Services – 0.2%** | **Consumer Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/28 <sup>(1)</sup> <br>| 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carriage Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matthews International Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 10/1/27 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Corp. International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/31  | 111 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/32  | 99 | 101 |
|  |  | **323** |
| **Containers & Packaging – 1.4%** | **Containers & Packaging – 1.4%** | **Containers & Packaging – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardagh Group S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 12/1/30 <sup>(1)</sup> <br>| 164 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 12/1/30 <sup>(1) (2)</sup> <br>| 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 12/1/30 [EUR]<sup>(2) (10)</sup> <br>| 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance <br> U.S.A. LLC/Ardagh Metal Packaging <br> Finance PLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/29 <sup>(1) †</sup> <br>| 280 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ball Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 9/15/31  | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/15/33  | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/15/29 <sup>(1)</sup> <br>| 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 4/15/30 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/32 <sup>(1)</sup> <br>| 231 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Americas LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/1/33 <sup>(1)</sup> <br>| 61 | 62 |

---

FIXED INCOME FUNDS **179** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Containers & Packaging – 1.4%continued** | **Containers & Packaging – 1.4%continued** | **Containers & Packaging – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LABL, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/1/28 <sup>(1)</sup> <br>| $19 | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/1/28 <sup>(1)</sup> <br>| 130 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 10/1/31 <sup>(1)</sup> <br>| 32 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding <br> Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/30 <sup>(1)</sup> <br>| 403 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/15/30 <sup>(1)</sup> <br>| 54 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OI European Group B.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/30 <sup>(1) †</sup> <br>| 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/13/27 <sup>(1)</sup> <br>| 94 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 5/15/31 <sup>(1) †</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/1/32 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/27 <sup>(1)</sup> <br>| 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/29 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/32 <sup>(1) †</sup> <br>| 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. <br> U.S.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/31 <sup>(1)</sup> <br>| 29 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriMas Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/29 <sup>(1)</sup> <br>| 50 | 49 |
|  |  | **2080** |
| **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayfair LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/15/32<sup>(1)</sup> <br>| 110 | **113** |
| **Electric Utilities – 2.6%** | **Electric Utilities – 2.6%** | **Electric Utilities – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AES (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.20%), 7.60%, <br> 1/15/55 <sup>(3)</sup> <br>| 107 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Generation LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/32 <sup>(1)</sup> <br>| 93 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/34 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.68%), 6.95%, <br> 12/15/54 <sup>(3)</sup> <br>| 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.75%), 7.05%, <br> 12/15/54 <sup>(3)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calpine Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/28 <sup>(1)</sup> <br>| 52 | 52 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Electric Utilities – 2.6%continued** | **Electric Utilities – 2.6%continued** | **Electric Utilities – 2.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/1/29 <sup>(1)</sup> <br>| $25 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/31 <sup>(1)</sup> <br>| 150 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.95%), 6.85%, <br> 2/15/55 <sup>(3)</sup> <br>| 19 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/32 <sup>(1)</sup> <br>| 36 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.21%), 6.63%, <br> 5/15/55 <sup>(3)</sup> <br>| 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.59%), 6.45%, <br> 9/1/54 <sup>(3)</sup> <br>| 32 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edison International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.66%), 7.88%, <br> 6/15/54 <sup>(3)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/33 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lightning Power LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/15/32 <sup>(1)</sup> <br>| 93 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Ridge Energy LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 2/15/32 <sup>(1)</sup> <br>| 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.46%), 6.75%, <br> 6/15/54 <sup>(3)</sup> <br>| 34 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.05%), 6.38%, <br> 8/15/55 <sup>(3)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/28  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.92%), 10.25%, <br> 3/15/28 <sup>(1) (3) (5)</sup> <br>| 179 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/29 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/29 <sup>(1)</sup> <br>| 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/32 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/33 <sup>(1)</sup> <br>| 215 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/15/33 <sup>(1)</sup> <br>| 25 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/34 <sup>(1)</sup> <br>| 195 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/1/34 <sup>(1)</sup> <br>| 128 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/36 <sup>(1)</sup> <br>| 379 | 384 |

---

NORTHERN FUNDS QUARTERLY REPORT **180** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Electric Utilities – 2.6%continued** | **Electric Utilities – 2.6%continued** | **Electric Utilities – 2.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pattern Energy Operations L.P./Pattern <br> Energy Operations, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/28 <sup>(1)</sup> <br>| $8 | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.88%), 7.38%, <br> 3/15/55 <sup>(3)</sup> <br>| 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 6/1/30 <sup>(1)</sup> <br>| 75 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/34 <sup>(1)</sup> <br>| 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/36 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TerraForm Power Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/30 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 6.93%), 8.00%, <br> 10/15/26 <sup>(1) (3) (5)</sup> <br>| 136 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.74%), 7.00%, <br> 12/15/26 <sup>(1) (3) (5)</sup> <br>| 245 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/15/27 <sup>(1)</sup> <br>| 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/31/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/31 <sup>(1)</sup> <br>| 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/32 <sup>(1)</sup> <br>| 98 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VoltaGrid LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 11/1/30 <sup>(1)</sup> <br>| 253 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners <br> L.P.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 1/15/31 <sup>(1)</sup> <br>| 90 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 3/15/33 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 4/15/34 <sup>(1)</sup> <br>| 91 | 93 |
|  |  | **3840** |
| **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/31 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/30/28 <sup>(1)</sup> <br>| 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMRLD Borrower L.P./Emerald <br> Co-Issuer, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/15/30 <sup>(1)</sup> <br>| 194 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/15/31 <sup>(1)</sup> <br>| 64 | 67 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Electrical Equipment – 0.5%continued** | **Electrical Equipment – 0.5%continued** | **Electrical Equipment – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gates Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/1/29 <sup>(1)</sup> <br>| $42 | $44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies B.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/29 <sup>(1)</sup> <br>| 260 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/31 <sup>(1)</sup> <br>| 33 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertiv Group Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/28 <sup>(1)</sup> <br>| 23 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WESCO Distribution, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/15/32 <sup>(1)</sup> <br>| 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/33 <sup>(1)</sup> <br>| 13 | 14 |
|  |  | **682** |
| **Energy – 0.1%** | **Energy – 0.1%** | **Energy – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aethon United BR L.P./Aethon United <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/1/29 <sup>(1)</sup> <br>| 92 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance <br> Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/35 <sup>(1) †</sup> <br>| 16 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/33 <sup>(1)</sup> <br>| 75 | 75 |
|  |  | **187** |
| **Engineering & Construction – 0.5%** | **Engineering & Construction – 0.5%** | **Engineering & Construction – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AECOM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/33 <sup>(1)</sup> <br>| 108 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 8/1/30 <sup>(1)</sup> <br>| 261 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brundage-Bone Concrete Pumping <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/1/32 <sup>(1)</sup> <br>| 290 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/29 <sup>(1)</sup> <br>| 42 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Installed Building Products, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 2/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/15/32 <sup>(1)</sup> <br>| 25 | 24 |
|  |  | **753** |
| **Entertainment Content – 1.1%** | **Entertainment Content – 1.1%** | **Entertainment Content – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/29  | 27 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 7/15/32 <sup>(1) †</sup> <br>| 25 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/15/29  | 125 | 121 |

---

FIXED INCOME FUNDS **181** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Entertainment Content – 1.1%continued** | **Entertainment Content – 1.1%continued** | **Entertainment Content – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/15/30  | $75 | $69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 2/15/51  | 24 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playtika Holding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/15/29 <sup>(1)</sup> <br>| 96 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starz Capital Holdings 1, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/30 <sup>(1)</sup> <br>| 66 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/29  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univision Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 8/15/28 <sup>(1)</sup> <br>| 176 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/29 <sup>(1)</sup> <br>| 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/30/30 <sup>(1)</sup> <br>| 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 7/31/31 <sup>(1)</sup> <br>| 110 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 8/1/32 <sup>(1)</sup> <br>| 129 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Versant Media Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 1/30/31 <sup>(1)</sup> <br>| 56 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 3/15/29  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 3/15/32  | 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/15/42  | 612 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 3/15/52  | 21 | 14 |
|  |  | **1606** |
| **Food – 2.1%** | **Food – 2.1%** | **Food – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 9/15/28 <sup>(1)</sup> <br>| 68 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BellRing Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/15/30 <sup>(1)</sup> <br>| 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chobani Holdco II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 10/1/29 <sup>(1) (2)</sup> <br>| 329 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chobani LLC/Chobani Finance Corp., <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/28 <sup>(1)</sup> <br>| 63 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 7/1/29 <sup>(1)</sup> <br>| 76 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/15/27 <sup>(1) †</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/15/30 <sup>(1)</sup> <br>| 51 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiesta Purchaser, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 3/1/31 <sup>(1)</sup> <br>| 385 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 9/15/32 <sup>(1) †</sup> <br>| 442 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HLF Financing S.a.r.l. LLC/Herbalife <br> International, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/29 <sup>(1)</sup> <br>| 25 | 23 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Food – 2.1%continued** | **Food – 2.1%continued** | **Food – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/31/30 <sup>(1)</sup> <br>| $25 | $24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/31/32 <sup>(1)</sup> <br>| 81 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/30 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/31 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/33 <sup>(1)</sup> <br>| 57 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/34 <sup>(1)</sup> <br>| 459 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/15/36 <sup>(1)</sup> <br>| 84 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simmons Foods, Inc./Simmons <br> Prepared Foods, Inc./Simmons Pet <br> Food, Inc./Simmons Feed,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/1/29 <sup>(1)</sup> <br>| 613 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viking Baked Goods Acquisition Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/1/31 <sup>(1)</sup> <br>| 50 | 50 |
|  |  | **3022** |
| **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domtar Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/1/28 <sup>(1)</sup> <br>| 42 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnera Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/31 <sup>(1)</sup> <br>| 27 | 27 |
|  |  | **62** |
| **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriGas Partners L.P./AmeriGas <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/20/27  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 6/1/28 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 6/1/30 <sup>(1)</sup> <br>| 22 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas L.P./Ferrellgas Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/1/29 <sup>(1)</sup> <br>| 75 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 1/15/31 <sup>(1)</sup> <br>| 102 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suburban Propane Partners <br> L.P./Suburban Energy Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/31 <sup>(1)</sup> <br>| 25 | 24 |
|  |  | **301** |
| **Health Care Facilities & Services – 4.4%** | **Health Care Facilities & Services – 4.4%** | **Health Care Facilities & Services – 4.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/28 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/15/33 <sup>(1) †</sup> <br>| 669 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accendra Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/31/29 <sup>(1)</sup> <br>| 25 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AHP Health Partners, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/29 <sup>(1)</sup> <br>| 155 | 154 |

---

NORTHERN FUNDS QUARTERLY REPORT **182** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Health Care Facilities & Services – 4.4%continued** | **Health Care Facilities & Services – 4.4%continued** | **Health Care Facilities & Services – 4.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories <br> International, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 3/15/29 <sup>(1)</sup> <br>| $25 | $24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/15/31 <sup>(1)</sup> <br>| 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/29 <sup>(1)</sup> <br>| 124 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/29 <sup>(1)</sup> <br>| 50 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/1/30 <sup>(1)</sup> <br>| 25 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/30 <sup>(1)</sup> <br>| 272 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/31 <sup>(1)</sup> <br>| 153 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 1/15/32 <sup>(1)</sup> <br>| 97 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 1/15/34 <sup>(1)</sup> <br>| 204 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentra Health Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/15/32 <sup>(1)</sup> <br>| 180 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.52%), 6.75%, <br> 12/10/54 <sup>(3)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.89%), 7.00%, <br> 3/10/55 <sup>(3)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/30 <sup>(1)</sup> <br>| 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 9/1/32 <sup>(1)</sup> <br>| 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/15/33 <sup>(1)</sup> <br>| 36 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30 <sup>†</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 7/1/30 <sup>(1) †</sup> <br>| 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical Response, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/1/32 <sup>(1)</sup> <br>| 380 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HAH Group Holding Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/1/31 <sup>(1)</sup> <br>| 32 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/29 <sup>(1)</sup> <br>| 58 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQVIA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 6/1/32 <sup>(1)</sup> <br>| 138 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 8/15/30 <sup>(1)</sup> <br>| 49 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 10/15/30 <sup>(1)</sup> <br>| 101 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/15/32 <sup>(1)</sup> <br>| 103 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 6/1/32 <sup>(1)</sup> <br>| 113 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ModivCare, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/29 <sup>(1) (6) (8) (9)</sup> <br>| 25 |  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Health Care Facilities & Services – 4.4%continued** | **Health Care Facilities & Services – 4.4%continued** | **Health Care Facilities & Services – 4.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/15/28 <sup>(1)</sup> <br>| $50 | $49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/31 <sup>(1)</sup> <br>| 127 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/15/32 <sup>(1)</sup> <br>| 90 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/33 <sup>(1)</sup> <br>| 90 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/31/30 <sup>(1) †</sup> <br>| 34 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 12/31/30 <sup>(1) (2)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/31/31 <sup>(1) (2)</sup> <br>| 27 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Mentor Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 12/15/30 <sup>(1)</sup> <br>| 310 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiology Partners, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 7/15/32 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Medical Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 12/1/32 <sup>(1) †</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/1/31 <sup>(1)</sup> <br>| 159 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Parent, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 10/1/30 <sup>(1)</sup> <br>| 85 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 4/15/32 <sup>(1) †</sup> <br>| 1242 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/1/27  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/1/28  | 87 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/29  | 75 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/15/30  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/30  | 125 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/31  | 99 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/32 <sup>(1)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/33 <sup>(1)</sup> <br>| 84 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Acute Care Solutions LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 5/15/29 <sup>(1)</sup> <br>| 105 | 106 |
|  |  | **6443** |
| **Home & Office Products – 0.4%** | **Home & Office Products – 0.4%** | **Home & Office Products – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/30  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/31 <sup>(1) †</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FXI Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.00%, 11/15/29 <sup>(1) (2)</sup> <br>| 47 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 11/15/30 <sup>(1)</sup> <br>| 78 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/15/27  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/1/28 <sup>(1)</sup> <br>| 32 | 34 |

---

FIXED INCOME FUNDS **183** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Home & Office Products – 0.4%continued** | **Home & Office Products – 0.4%continued** | **Home & Office Products – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/15/29  | $50 | $50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/30 <sup>†</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/32 <sup>†</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 4/1/36  | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/1/46  | 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/31  | 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/32  | 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Somnigroup International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/29 <sup>(1) †</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/31 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/30  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/33  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/1/43  | 50 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/46  | 25 | 19 |
|  |  | **597** |
| **Home Construction – 1.2%** | **Home Construction – 1.2%** | **Home Construction – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams Homes, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 10/15/28 <sup>(1)</sup> <br>| 150 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashton Woods U.S.A. LLC/Ashton <br> Woods Finance Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/1/29 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/1/30 <sup>(1)</sup> <br>| 75 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 8/1/33 <sup>(1)</sup> <br>| 92 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/27  | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/15/29  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 3/15/31 <sup>(1)</sup> <br>| 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camelot Return Merger Sub, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 8/1/28 <sup>(1) †</sup> <br>| 25 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Century Communities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/29 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/15/33 <sup>(1)</sup> <br>| 53 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 8/15/29 <sup>(1)</sup> <br>| 25 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 7/15/30 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 8/15/28 <sup>(1)</sup> <br>| 71 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 9/15/30 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestar Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28 <sup>(1)</sup> <br>| 50 | 50 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Home Construction – 1.2%continued** | **Home Construction – 1.2%continued** | **Home Construction – 1.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/28  | $100 | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JELD-WEN, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/15/27 <sup>(1) †</sup> <br>| 45 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 9/1/32 <sup>(1)</sup> <br>| 36 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; K Hovnanian Enterprises, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/1/31 <sup>(1)</sup> <br>| 73 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 10/1/33 <sup>(1)</sup> <br>| 79 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Home, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/15/30  | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/31  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 12/15/28 <sup>(1)</sup> <br>| 31 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/29 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/32 <sup>(1)</sup> <br>| 97 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco, <br> Inc./MIWD Borrower LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/1/32 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIWD Holdco II LLC/MIWD Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/30 <sup>(1) †</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Home (The) Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 10/1/29 <sup>(1)</sup> <br>| 73 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/1/30 <sup>(1)</sup> <br>| 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shea Homes L.P./Shea Homes Funding <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/28  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/29  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STL Holding Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 2/15/29 <sup>(1)</sup> <br>| 52 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/32 <sup>(1)</sup> <br>| 33 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/27  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weekley Homes LLC/Weekley Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/28 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/34 <sup>(1)</sup> <br>| 26 | 26 |
|  |  | **1735** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P&L Development LLC/PLD Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 5/15/29 <sup>(1) (2)</sup> <br>| 40 | 41 |

---

NORTHERN FUNDS QUARTERLY REPORT **184** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Household Products – 0.1%continued** | **Household Products – 0.1%continued** | **Household Products – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/30/32  | $72 | $70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prestige Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 1/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/1/31 <sup>(1)</sup> <br>| 25 | 24 |
|  |  | **160** |
| **Industrial Intermediate Products – 0.1%** | **Industrial Intermediate Products – 0.1%** | **Industrial Intermediate Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/1/30 <sup>(1)</sup> <br>| 24 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enpro, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/1/33 <sup>(1)</sup> <br>| 28 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roller Bearing Co. of America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/29 <sup>(1)</sup> <br>| 50 | 49 |
|  |  | **103** |
| **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alta Equipment Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 6/1/29 <sup>(1)</sup> <br>| 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APi Group DE, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/15/29 <sup>(1)</sup> <br>| 84 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/29 <sup>(1)</sup> <br>| 52 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 5/15/32 <sup>(1)</sup> <br>| 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/15/33 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/15/30 <sup>(1)</sup> <br>| 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/15/31 <sup>(1)</sup> <br>| 48 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/33 <sup>(1) †</sup> <br>| 60 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/15/34 <sup>(1)</sup> <br>| 49 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/29 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resideo Funding, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/32 <sup>(1)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synergy Infrastructure Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/1/30 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Rentals North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/30  | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/31  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/32  | 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/33 <sup>(1)</sup> <br>| 86 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/34 <sup>(1)</sup> <br>| 25 | 26 |
|  |  | **844** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Institutional Financial Services – 0.6%** | **Institutional Financial Services – 0.6%** | **Institutional Financial Services – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/1/28 <sup>(1)</sup> <br>| $200 | $191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/1/31 <sup>(1)</sup> <br>| 175 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group (The), Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.22%), 7.56%, <br> 2/10/26 <sup>(3) (5)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.46%), 6.85%, <br> 2/10/30 <sup>(3) (5)</sup> <br>| 75 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 10Y + 2.40%), 6.13%, <br> 11/10/34 <sup>(3) (5) †</sup> <br>| 168 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/29 <sup>(1)</sup> <br>| 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/1/32 <sup>(1)</sup> <br>| 65 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/1/33 <sup>(1)</sup> <br>| 82 | 86 |
|  |  | **870** |
| **Insurance – 2.5%** | **Insurance – 2.5%** | **Insurance – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 2/1/29 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/15/29 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/29 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/6/30 <sup>(1)</sup> <br>| 75 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliant Holdings <br> Intermediate LLC/Alliant Holdings <br> Co-Issuer,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/27 <sup>(1)</sup> <br>| 123 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27 <sup>(1)</sup> <br>| 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/28 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/1/29 <sup>(1)</sup> <br>| 197 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/31 <sup>(1)</sup> <br>| 55 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/31 <sup>(1)</sup> <br>| 175 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/1/32 <sup>(1)</sup> <br>| 97 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmWINS Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 2/15/29 <sup>(1)</sup> <br>| 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/30/29 <sup>(1)</sup> <br>| 54 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amynta Agency Borrower, Inc. and <br> Amynta Warranty Borrower, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 7/15/33 <sup>(1)</sup> <br>| 82 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 <br> Somerset Investor 2 LLC/APH3 <br> Somerset Inves,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 11/1/29 <sup>(1)</sup> <br>| 97 | 98 |

---

FIXED INCOME FUNDS **185** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Insurance – 2.5%continued** | **Insurance – 2.5%continued** | **Insurance – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC and Asurion Co-Issuer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/31/32 <sup>(1)</sup> <br>| $195 | $202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group <br> Holdings LLC/Baldwin Insurance <br> Group Holdings Finance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 5/15/31 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.65%), 6.38%, <br> 9/15/54 <sup>(3)</sup> <br>| 48 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HUB International Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/30 <sup>(1)</sup> <br>| 342 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/31/32 <sup>(1)</sup> <br>| 1088 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nassau Cos. of New York (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 7/15/30 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panther Escrow Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 6/1/31 <sup>(1)</sup> <br>| 442 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/30 <sup>(1)</sup> <br>| 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 8/1/32 <sup>(1)</sup> <br>| 73 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USI, Inc./NY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/15/32 <sup>(1)</sup> <br>| 120 | 126 |
|  |  | **3686** |
| **Internet Media & Services – 1.1%** | **Internet Media & Services – 1.1%** | **Internet Media & Services – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANGI Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/28 <sup>(1)</sup> <br>| 19 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arches Buyer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/28 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beignet Investor LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.58%, 5/30/49 <sup>(1)</sup> <br>| 1016 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getty Images, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 2/21/30 <sup>(1)</sup> <br>| 36 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 11/15/30 <sup>(1)</sup> <br>| 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Go Daddy Operating Co. LLC/GD <br> Finance Co., Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/27 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Match Group Holdings II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/1/31 <sup>(1)</sup> <br>| 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/33 <sup>(1)</sup> <br>| 47 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millennium Escrow Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 8/1/26 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 4/30/29 <sup>(1)</sup> <br>| 16 | 11 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Internet Media & Services – 1.1%continued** | **Internet Media & Services – 1.1%continued** | **Internet Media & Services – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/1/33 <sup>(1)</sup> <br>| $249 | $258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/15/34 <sup>(1)</sup> <br>| 56 | 58 |
|  |  | **1653** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/1/32 <sup>(1)</sup> <br>| 42 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASGN, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/28 <sup>(1)</sup> <br>| 75 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/15/33 <sup>(1)</sup> <br>| 38 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Intermediate 3, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/31 <sup>(1)</sup> <br>| 71 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insight Enterprises, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/32 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/30/28 <sup>(1)</sup> <br>| 54 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Science Applications International <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 4/1/28 <sup>(1)</sup> <br>| 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/1/33 <sup>(1)</sup> <br>| 38 | 38 |
|  |  | **383** |
| **Leisure Facilities & Services – 4.8%** | **Leisure Facilities & Services – 4.8%** | **Leisure Facilities & Services – 4.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affinity Interactive, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/15/27 <sup>(1)</sup> <br>| 50 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/15/29 <sup>(1) †</sup> <br>| 75 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCPE Flavor Debt Merger Sub LLC and <br> BCPE Flavor Issuer, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 7/1/32 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/31 <sup>(1)</sup> <br>| 125 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boyne U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/15/29 <sup>(1)</sup> <br>| 57 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/29 <sup>(1) †</sup> <br>| 75 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/32 <sup>(1)</sup> <br>| 116 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/32 <sup>(1) †</sup> <br>| 515 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 1/15/28  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 5/1/29 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/15/31 <sup>(1)</sup> <br>| 65 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/1/32 <sup>(1)</sup> <br>| 101 | 104 |

---

NORTHERN FUNDS QUARTERLY REPORT **186** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Leisure Facilities & Services – 4.8%continued** | **Leisure Facilities & Services – 4.8%continued** | **Leisure Facilities & Services – 4.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 2/15/33 <sup>(1)</sup> <br>| $208 | $215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnival PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/15/31 [EUR]<sup>(1)</sup> <br>| 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/1/30 <sup>(1)</sup> <br>| 169 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/1/31 <sup>(1)</sup> <br>| 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cinemark U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/32 <sup>(1)</sup> <br>| 41 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co., Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/29 <sup>(1)</sup> <br>| 59 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/30 <sup>(1) †</sup> <br>| 519 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Full House Resorts, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 2/15/28 <sup>(1) †</sup> <br>| 50 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPS Hospitality Holding Co. LLC/GPS <br> Finco, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/15/28 <sup>(1)</sup> <br>| 75 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/31 <sup>(1)</sup> <br>| 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 2/15/32 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/33 <sup>(1)</sup> <br>| 94 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/15/33 <sup>(1)</sup> <br>| 64 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/31/34 <sup>(1)</sup> <br>| 63 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations <br> Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/29 <sup>(1)</sup> <br>| 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/1/31 <sup>(1)</sup> <br>| 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacobs Entertainment, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/29 <sup>(1)</sup> <br>| 175 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Time, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/31 <sup>(1)</sup> <br>| 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/1/31 <sup>(1)</sup> <br>| 45 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/1/33 <sup>(1)</sup> <br>| 154 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 9/15/30 <sup>(1)</sup> <br>| 95 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 <sup>(1)</sup> <br>| 75 | 75 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Leisure Facilities & Services – 4.8%continued** | **Leisure Facilities & Services – 4.8%continued** | **Leisure Facilities & Services – 4.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/15/29 <sup>(1)</sup> <br>| $25 | $24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/33 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/29  | 31 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/32 <sup>†</sup> <br>| 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midwest Gaming <br> Borrower LLC/Midwest Gaming <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/1/29 <sup>(1)</sup> <br>| 38 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS <br> Digital Entertainment Holdings LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 4/15/30 <sup>(1)</sup> <br>| 49 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muvico LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.00%, 2/19/29 <sup>(1) (2)</sup> <br>| 77 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCL Corp. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/15/29 <sup>(1)</sup> <br>| 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/1/30 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/15/31 <sup>(1)</sup> <br>| 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/32 <sup>(1)</sup> <br>| 117 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 9/15/33 <sup>(1)</sup> <br>| 152 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCL Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/28 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/1/29 <sup>(1) †</sup> <br>| 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/1/29 <sup>(1) †</sup> <br>| 50 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 9/1/31 <sup>(1)</sup> <br>| 140 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rivers Enterprise Borrower LLC/Rivers <br> Enterprise Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 2/1/33 <sup>(1)</sup> <br>| 34 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC/Rivers <br> Enterprise Lender Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/30 <sup>(1)</sup> <br>| 23 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/30/31 <sup>(1)</sup> <br>| 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/32 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/33 <sup>(1)</sup> <br>| 125 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/15/29 <sup>(1)</sup> <br>| 26 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 3/15/30 <sup>(1)</sup> <br>| 65 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.13%, 7/15/30 <sup>(1)</sup> <br>| 25 | 21 |

---

FIXED INCOME FUNDS **187** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Leisure Facilities & Services – 4.8%continued** | **Leisure Facilities & Services – 4.8%continued** | **Leisure Facilities & Services – 4.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scientific Games Holdings L.P.,Scientific <br> Games U.S. FinCo, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/1/30 <sup>(1)</sup> <br>| $756 | $672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SeaWorld Parks & Entertainment, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/15/29 <sup>(1) †</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 5/15/31 <sup>(1) †</sup> <br>| 110 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment <br> Corp./Canada's Wonderland <br> Co./Magnum Management Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/28  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/29 <sup>†</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Six Flags <br> Theme Parks, Inc./Canada's <br> Wonderland Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/1/32 <sup>(1)</sup> <br>| 90 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Station Casinos LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/31 <sup>(1)</sup> <br>| 39 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/15/32 <sup>(1)</sup> <br>| 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/31/26 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/1/30 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/1/33 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/30 <sup>(1)</sup> <br>| 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/32 <sup>(1)</sup> <br>| 45 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viking Cruises Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 7/15/31 <sup>(1)</sup> <br>| 127 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/33 <sup>(1)</sup> <br>| 101 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/15/29 <sup>(1)</sup> <br>| 59 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOC Escrow Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/28 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyager Parent LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 7/1/32 <sup>(1)</sup> <br>| 71 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas <br> Capital Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/27 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn <br> Resorts Capital Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/1/29 <sup>(1)</sup> <br>| 85 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/33 <sup>(1) †</sup> <br>| 138 | 141 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Leisure Facilities & Services – 4.8%continued** | **Leisure Facilities & Services – 4.8%continued** | **Leisure Facilities & Services – 4.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/1/32  | $100 | $101 |
|  |  | **6935** |
| **Leisure Products – 0.2%** | **Leisure Products – 0.2%** | **Leisure Products – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acushnet Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/1/33 <sup>(1)</sup> <br>| 42 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MajorDrive Holdings IV LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/1/29 <sup>(1) †</sup> <br>| 113 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/1/41  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/1/29 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/1/32 <sup>(1)</sup> <br>| 70 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winnebago Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/15/28 <sup>(1)</sup> <br>| 20 | 20 |
|  |  | **289** |
| **Machinery – 0.7%** | **Machinery – 0.7%** | **Machinery – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amsted Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/33 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esab Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/29 <sup>(1)</sup> <br>| 26 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GrafTech Global Enterprises, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 12/23/29 <sup>(1) †</sup> <br>| 81 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/30/28 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/30/29 <sup>(1)</sup> <br>| 659 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manitowoc (The) Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 10/1/31 <sup>(1)</sup> <br>| 52 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terex Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/29 <sup>(1)</sup> <br>| 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/32 <sup>(1)</sup> <br>| 29 | 30 |
|  |  | **963** |
| **Medical Equipment & Devices – 0.7%** | **Medical Equipment & Devices – 0.7%** | **Medical Equipment & Devices – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avantor Funding, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 7/15/28 <sup>(1)</sup> <br>| 79 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/1/29 <sup>(1)</sup> <br>| 108 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 10/1/28 <sup>(1)</sup> <br>| 234 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/15/29 <sup>(1)</sup> <br>| 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/33 <sup>(1)</sup> <br>| 42 | 44 |

---

NORTHERN FUNDS QUARTERLY REPORT **188** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Medical Equipment & Devices – 0.7%continued** | **Medical Equipment & Devices – 0.7%continued** | **Medical Equipment & Devices – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medline Borrower L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/1/29 <sup>(1)</sup> <br>| $46 | $45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/29 <sup>(1)</sup> <br>| 316 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medline Borrower L.P./Medline <br> Co-Issuer, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/29 <sup>(1)</sup> <br>| 46 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neogen Food Safety Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 7/20/30 <sup>(1)</sup> <br>| 71 | 76 |
|  |  | **958** |
| **Metals & Mining – 1.2%** | **Metals & Mining – 1.2%** | **Metals & Mining – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arsenal AIC Parent LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/1/30 <sup>(1)</sup> <br>| 79 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 10/1/31 <sup>(1)</sup> <br>| 255 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Century Aluminum Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 8/1/32 <sup>(1)</sup> <br>| 425 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Minerals International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 7/1/30 <sup>(1)</sup> <br>| 315 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/31 <sup>(1)</sup> <br>| 155 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/1/34 <sup>(1)</sup> <br>| 159 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murray Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 4/15/24 <sup>(1) (8) (9)</sup> <br>| 486 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Acquisitions ULC/Dominion <br> Finco, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/1/22 <sup>(1) (8) (9)</sup> <br>| 1905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novelis Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/30/30 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/30/30 <sup>(1)</sup> <br>| 78 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/31 <sup>(1)</sup> <br>| 80 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/15/33 <sup>(1)</sup> <br>| 158 | 160 |
|  |  | **1780** |
| **Oil & Gas Services & Equipment – 1.4%** | **Oil & Gas Services & Equipment – 1.4%** | **Oil & Gas Services & Equipment – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archrock Partners L.P./Archrock <br> Partners Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/28 <sup>(1)</sup> <br>| 115 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/1/32 <sup>(1)</sup> <br>| 171 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristow Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHC Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 9/1/30 <sup>(1)</sup> <br>| 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co./Diamond <br> Finance LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/1/30 <sup>(1)</sup> <br>| 38 | 40 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Oil & Gas Services & Equipment – 1.4%continued** | **Oil & Gas Services & Equipment – 1.4%continued** | **Oil & Gas Services & Equipment – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Marine, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/1/28  | $66 | $64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 3/1/29 <sup>(1)</sup> <br>| 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/29 <sup>(1)</sup> <br>| 122 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/33 <sup>(1)</sup> <br>| 77 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/1/35 <sup>(1)</sup> <br>| 39 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/15/28 <sup>(1)</sup> <br>| 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 8/15/31 <sup>(1) †</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 11/15/32 <sup>(1)</sup> <br>| 45 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nine Energy Service, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.00%, 2/1/28  | 50 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Finance II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/15/30 <sup>(1)</sup> <br>| 94 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/28  | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SESI LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 9/30/30 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Holding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 8/1/31 <sup>(1)</sup> <br>| 76 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 7/15/30 <sup>(1)</sup> <br>| 35 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transocean Aquila Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 9/30/28 <sup>(1)</sup> <br>| 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transocean International Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/15/29 <sup>(1)</sup> <br>| 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 2/15/30 <sup>(1)</sup> <br>| 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/31  | 75 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/15/31 <sup>(1)</sup> <br>| 76 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 10/15/32 <sup>(1)</sup> <br>| 54 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 3/15/38 <sup>†</sup> <br>| 146 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/1/28 <sup>(1)</sup> <br>| 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S.A. Compression Partners <br> L.P./U.S.A. Compression Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/29 <sup>(1)</sup> <br>| 96 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/1/33 <sup>(1)</sup> <br>| 139 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valaris Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 4/30/30 <sup>(1)</sup> <br>| 93 | 97 |

---

FIXED INCOME FUNDS **189** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Oil & Gas Services & Equipment – 1.4%continued** | **Oil & Gas Services & Equipment – 1.4%continued** | **Oil & Gas Services & Equipment – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WBI Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/30 <sup>(1)</sup> <br>| $25 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weatherford International Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/33 <sup>(1)</sup> <br>| 113 | 116 |
|  |  | **2058** |
| **Oil & Gas Supply Chain – 6.6%** | **Oil & Gas Supply Chain – 6.6%** | **Oil & Gas Supply Chain – 6.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 2/1/32 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/33 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/1/34 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascent Resources Utica <br> Holdings LLC/ARU Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/1/27 <sup>(1)</sup> <br>| 86 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/30/29 <sup>(1)</sup> <br>| 42 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/32 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/33 <sup>(1)</sup> <br>| 55 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 7/15/29 <sup>(1)</sup> <br>| 70 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/15/32 <sup>(1)</sup> <br>| 42 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckeye Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/1/29 <sup>(1)</sup> <br>| 53 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/30 <sup>(1)</sup> <br>| 39 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/43  | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/44  | 32 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 6/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caturus Energy LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 2/15/30 <sup>(1)</sup> <br>| 124 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/30 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/33 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITGO Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 1/15/29 <sup>(1)</sup> <br>| 154 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/26 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 7/1/28 <sup>(1)</sup> <br>| 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/1/30 <sup>(1)</sup> <br>| 125 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 7/1/31 <sup>(1)</sup> <br>| 77 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 6/15/33 <sup>(1)</sup> <br>| 50 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNX Midstream Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/15/30 <sup>(1)</sup> <br>| 15 | 15 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Oil & Gas Supply Chain – 6.6%continued** | **Oil & Gas Supply Chain – 6.6%continued** | **Oil & Gas Supply Chain – 6.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/29 <sup>(1)</sup> <br>| $25 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/31 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 3/1/32 <sup>(1)</sup> <br>| 41 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/29 <sup>(1)</sup> <br>| 76 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/29 <sup>(1)</sup> <br>| 54 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/15/30 <sup>(1)</sup> <br>| 187 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CQP Holdco L.P./BIP-V Chinook <br> Holdco LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/31 <sup>(1)</sup> <br>| 265 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/31/29 <sup>(1)</sup> <br>| 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/15/30  | 65 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 4/1/32 <sup>(1)</sup> <br>| 75 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/32 <sup>(1)</sup> <br>| 112 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/33 <sup>(1)</sup> <br>| 135 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 1/15/34 <sup>(1)</sup> <br>| 31 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DBR Land Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 12/1/30 <sup>(1)</sup> <br>| 28 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delek Logistics Partners L.P./Delek <br> Logistics Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 6/1/28 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 3/15/29 <sup>(1)</sup> <br>| 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/30/33 <sup>(1)</sup> <br>| 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.02%), 8.00%, <br> 5/15/54 <sup>(3)</sup> <br>| 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.83%), 7.13%, <br> 10/1/54 <sup>(3)</sup> <br>| 110 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.68%), 6.50%, <br> 2/15/56 <sup>(3)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.48%), 6.75%, <br> 2/15/56 <sup>(3)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excelerate Energy L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/30 <sup>(1)</sup> <br>| 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesis Energy L.P./Genesis Energy <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/1/28  | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 4/15/30  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/15/32  | 75 | 78 |

---

NORTHERN FUNDS QUARTERLY REPORT **190** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Oil & Gas Supply Chain – 6.6%continued** | **Oil & Gas Supply Chain – 6.6%continued** | **Oil & Gas Supply Chain – 6.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/33  | $52 | $54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Partners L.P./GLP Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 7/1/33 <sup>(1)</sup> <br>| 72 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/1/29 <sup>(1)</sup> <br>| 55 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvest Midstream I L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/1/28 <sup>(1)</sup> <br>| 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/15/32 <sup>(1)</sup> <br>| 43 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hess Midstream Operations L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/15/28 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/29 <sup>(1)</sup> <br>| 68 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/30 <sup>(1)</sup> <br>| 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/30 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance <br> Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 2/1/29 <sup>(1)</sup> <br>| 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/30 <sup>(1)</sup> <br>| 27 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/31 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/32 <sup>(1)</sup> <br>| 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/1/33 <sup>(1)</sup> <br>| 141 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/15/34 <sup>(1)</sup> <br>| 46 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howard Midstream Energy <br> Partners LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 7/15/32 <sup>(1)</sup> <br>| 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/34 <sup>(1)</sup> <br>| 76 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITT Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/29 <sup>(1)</sup> <br>| 138 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/15/28 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/15/30 <sup>(1)</sup> <br>| 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraken Oil & Gas Partners LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 8/15/29 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas <br> Operating LLC/Magnolia Oil & Gas <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/1/32 <sup>(1)</sup> <br>| 78 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin Midstream Partners L.P./Martin <br> Midstream Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 2/15/28 <sup>(1)</sup> <br>| 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/28 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/32 <sup>(1)</sup> <br>| 124 | 126 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Oil & Gas Supply Chain – 6.6%continued** | **Oil & Gas Supply Chain – 6.6%continued** | **Oil & Gas Supply Chain – 6.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moss Creek Resources Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 9/1/31 <sup>(1)</sup> <br>| $50 | $48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/32 <sup>†</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/15/29  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Fortress Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/30/26 <sup>(1)</sup> <br>| 25 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFE Financing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 11/15/29 <sup>(1)</sup> <br>| 100 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL <br> Energy Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 2/15/29 <sup>(1)</sup> <br>| 152 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/15/32 <sup>(1)</sup> <br>| 180 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 6/15/31 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 10/15/33 <sup>(1)</sup> <br>| 134 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NuStar Logistics L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/1/30  | 75 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 4/1/45  | 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/28  | 125 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 3/15/30 <sup>(1) †</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 9/15/30 <sup>(1)</sup> <br>| 42 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/15/27 <sup>(1)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 7/1/29 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/32 <sup>(1)</sup> <br>| 26 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/33 <sup>(1)</sup> <br>| 92 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 4.37%), 8.22%, 2/7/26 <sup>(5) (11)</sup> <br>| 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prairie Acquiror L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 8/1/29 <sup>(1)</sup> <br>| 76 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/29  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/15/29 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 5/15/30 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/40 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/1/29 <sup>(1)</sup> <br>| 25 | 25 |

---

FIXED INCOME FUNDS **191** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Oil & Gas Supply Chain – 6.6%continued** | **Oil & Gas Supply Chain – 6.6%continued** | **Oil & Gas Supply Chain – 6.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/32 <sup>(1)</sup> <br>| $25 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunoco L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/29 <sup>(1)</sup> <br>| 125 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/1/30 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.23%), 7.88%, <br> 9/18/30 <sup>(1) (3) (5)</sup> <br>| 333 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 3/15/31 <sup>(1)</sup> <br>| 45 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 8/15/32 <sup>(1)</sup> <br>| 36 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/1/33 <sup>(1)</sup> <br>| 99 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/34 <sup>(1)</sup> <br>| 45 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunoco L.P./Sunoco Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/27  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 9/15/28 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/30/30  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/28 <sup>(1)</sup> <br>| 24 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/29 <sup>(1)</sup> <br>| 137 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/30 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/31 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talos Production, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/1/29 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 2/1/31 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 5/15/55  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TGNR Intermediate Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/29 <sup>(1)</sup> <br>| 118 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransMontaigne Partners LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/15/30 <sup>(1)</sup> <br>| 37 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/30 <sup>(1)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/31 <sup>(1)</sup> <br>| 50 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 6/1/28 <sup>(1)</sup> <br>| 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 2/1/29 <sup>(1)</sup> <br>| 173 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.44%), 9.00%, <br> 9/30/29 <sup>(1) (3) (5) †</sup> <br>| 308 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/30 <sup>(1) †</sup> <br>| 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 6/1/31 <sup>(1)</sup> <br>| 117 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 2/1/32 <sup>(1)</sup> <br>| 234 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/15/30 <sup>(1)</sup> <br>| 159 | 162 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Oil & Gas Supply Chain – 6.6%continued** | **Oil & Gas Supply Chain – 6.6%continued** | **Oil & Gas Supply Chain – 6.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/1/33 <sup>(1)</sup> <br>| $90 | $97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/15/34 <sup>(1)</sup> <br>| 322 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/34 <sup>(1)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 5/1/35 <sup>(1)</sup> <br>| 82 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/36 <sup>(1)</sup> <br>| 258 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Midstream Operating L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 4/1/30 <sup>(1)</sup> <br>| 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wildfire Intermediate Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/15/29 <sup>(1)</sup> <br>| 58 | 59 |
|  |  | **9533** |
| **Publishing & Broadcasting – 1.9%** | **Publishing & Broadcasting – 1.9%** | **Publishing & Broadcasting – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 4/15/28 <sup>(1)</sup> <br>| 225 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/29 <sup>(1)</sup> <br>| 125 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/1/30 <sup>(1)</sup> <br>| 228 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/15/31 <sup>(1)</sup> <br>| 183 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 3/15/33 <sup>(1)</sup> <br>| 378 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Media, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 7/15/29 <sup>(1)</sup> <br>| 36 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/30 <sup>(1) †</sup> <br>| 75 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/31 <sup>(1)</sup> <br>| 50 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 7/15/32 <sup>(1)</sup> <br>| 120 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/15/33 <sup>(1)</sup> <br>| 115 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/28 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 5/1/29 <sup>(1) †</sup> <br>| 71 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 5/1/30 <sup>(1)</sup> <br>| 65 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 8/15/30 <sup>(1)</sup> <br>| 64 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamar Media Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/1/33 <sup>(1)</sup> <br>| 59 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 8/1/29 <sup>(1)</sup> <br>| 605 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 9/1/31 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; News Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/15/32 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scripps Escrow II, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 1/15/31 <sup>(1)</sup> <br>| 25 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/30 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/31/32 <sup>(1)</sup> <br>| 25 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 2/15/33 <sup>(1)</sup> <br>| 148 | 155 |
|  |  | **2722** |

---

NORTHERN FUNDS QUARTERLY REPORT **192** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Real Estate Investment Trusts – 1.8%** | **Real Estate Investment Trusts – 1.8%** | **Real Estate Investment Trusts – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brandywine Operating Partnership L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 1/15/31  | $25 | $24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Property REIT, Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LL,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/27 <sup>(1)</sup> <br>| 64 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/15/30 <sup>(1)</sup> <br>| 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain Information <br> Management Services, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/32 <sup>(1)</sup> <br>| 175 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/15/28 <sup>(1)</sup> <br>| 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/30 <sup>(1)</sup> <br>| 130 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/31 <sup>(1)</sup> <br>| 75 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/33 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/34 [EUR]<sup>(1)</sup> <br>| 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millrose Properties, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/1/30 <sup>(1)</sup> <br>| 159 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 9/15/32 <sup>(1)</sup> <br>| 95 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPT Operating Partnership L.P./MPT <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27  | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/1/29  | 50 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/31  | 50 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 2/15/32 <sup>(1)</sup> <br>| 214 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK <br> Domestic Property LLC/PK Finance <br> Co-Issuer,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/15/29 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/1/30 <sup>(1)</sup> <br>| 70 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel L.P./PEB Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/15/29 <sup>(1)</sup> <br>| 49 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/15/54  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RHP Hotel Properties L.P./RHP Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/29 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/32 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/33 <sup>(1)</sup> <br>| 98 | 102 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Real Estate Investment Trusts – 1.8%continued** | **Real Estate Investment Trusts – 1.8%continued** | **Real Estate Investment Trusts – 1.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 7/1/26 <sup>(1)</sup> <br>| $25 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/15/29 <sup>(1)</sup> <br>| 114 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 2/1/29  | 47 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 9/30/27 <sup>(1) (12)</sup> <br>| 42 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/1/29  | 50 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/15/30  | 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/15/31 <sup>(1)</sup> <br>| 261 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 6/15/32  | 91 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniti Group L.P./Uniti Fiber Holdings, <br> Inc./CSL Capital LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/30 <sup>(1) †</sup> <br>| 75 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XHR L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/29 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/30 <sup>(1)</sup> <br>| 48 | 50 |
|  |  | **2639** |
| **Real Estate Owners & Developers – 0.2%** | **Real Estate Owners & Developers – 0.2%** | **Real Estate Owners & Developers – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Five Point Operating Co. L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/1/30 <sup>(1)</sup> <br>| 39 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 8/1/28 <sup>(1)</sup> <br>| 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/1/29 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/31 <sup>(1)</sup> <br>| 36 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/29  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30  | 50 | 47 |
|  |  | **270** |
| **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate <br> Group LLC/Anywhere Co-Issuer <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/15/30 <sup>(1)</sup> <br>| 108 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/15/30  | 86 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate <br> Group LLC/Realogy Co-Issuer Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/29 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/15/30 <sup>(1)</sup> <br>| 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 4/15/30 <sup>(1)</sup> <br>| 25 | 27 |

---

FIXED INCOME FUNDS **193** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Real Estate Services – 0.3%continued** | **Real Estate Services – 0.3%continued** | **Real Estate Services – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower <br> LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/28 <sup>(1)</sup> <br>| $25 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 9/1/31 <sup>(1)</sup> <br>| 86 | 92 |
|  |  | **432** |
| **Retail - Consumer Staples – 0.4%** | **Retail - Consumer Staples – 0.4%** | **Retail - Consumer Staples – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, <br> Inc./New Albertsons <br> L.P./Albertsons LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/27 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/28 <sup>(1)</sup> <br>| 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/15/30 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/31/31 <sup>(1)</sup> <br>| 51 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/33 <sup>(1)</sup> <br>| 27 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/31/34 <sup>(1)</sup> <br>| 112 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingles Markets, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/31 <sup>(1)</sup> <br>| 75 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kroger (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/34  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/15/54  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 9/15/64  | 50 | 48 |
|  |  | **560** |
| **Retail - Discretionary – 2.4%** | **Retail - Discretionary – 2.4%** | **Retail - Discretionary – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/30 <sup>(1)</sup> <br>| 53 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 8/1/33 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/32 <sup>(1)</sup> <br>| 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis <br> Budget Finance, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/27 <sup>(1) †</sup> <br>| 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/28 <sup>(1) †</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/30 <sup>(1)</sup> <br>| 75 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 6/15/32 <sup>(1)</sup> <br>| 80 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/1/30 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/1/36  | 75 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/30 <sup>(1)</sup> <br>| 125 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/32 <sup>(1)</sup> <br>| 125 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/15/32 <sup>(1)</sup> <br>| 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/34 <sup>(1)</sup> <br>| 154 | 159 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Retail - Discretionary – 2.4%continued** | **Retail - Discretionary – 2.4%continued** | **Retail - Discretionary – 2.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/35 <sup>(1)</sup> <br>| $98 | $102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, (100% Cash), 6/1/30 <sup>(1) (2)</sup> <br>| 140 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 6/1/31 <sup>(1) (2)</sup> <br>| 383 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cougar JV Subsidiary LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/32 <sup>(1)</sup> <br>| 41 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gap (The), Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/1/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/1/31 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hertz (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/26 <sup>(1) †</sup> <br>| 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.63%, 7/15/29 <sup>(1)</sup> <br>| 54 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/29 <sup>(1)</sup> <br>| 25 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LBM Acquisition LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/29 <sup>(1) †</sup> <br>| 75 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCM Investments Holdings II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/1/29 <sup>(1)</sup> <br>| 71 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 8/1/31 <sup>(1)</sup> <br>| 51 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Interactive LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 2/1/30  | 25 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/27 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/1/29 <sup>(1) †</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/30 <sup>(1)</sup> <br>| 53 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/34  | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 1/15/42  | 75 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/29 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michaels (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/1/28 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park River Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 12/31/30  | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/15/31 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QVC, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/29 <sup>(1)</sup> <br>| 8 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QXO Building Products, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/30/32 <sup>(1)</sup> <br>| 206 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 12/15/29 <sup>(1)</sup> <br>| 67 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGUS LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 12/15/29 <sup>(1) †</sup> <br>| 29 | 11 |

---

NORTHERN FUNDS QUARTERLY REPORT **194** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Retail - Discretionary – 2.4%continued** | **Retail - Discretionary – 2.4%continued** | **Retail - Discretionary – 2.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 <sup>(1)</sup> <br>| $50 | $49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Staples, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 9/1/29 <sup>(1)</sup> <br>| 87 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.75%, 1/15/30 <sup>(1)</sup> <br>| 63 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 1/30/32 <sup>(1)</sup> <br>| 370 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Cap Supply Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 11/15/30 <sup>(1)</sup> <br>| 259 | 268 |
|  |  | **3425** |
| **Semiconductors – 0.2%** | **Semiconductors – 0.2%** | **Semiconductors – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amkor Technology, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/1/33 <sup>(1)</sup> <br>| 38 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/29 <sup>(1)</sup> <br>| 157 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 9/1/28 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/29 <sup>(1) †</sup> <br>| 50 | 49 |
|  |  | **293** |
| **Software – 3.5%** | **Software – 3.5%** | **Software – 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/30 <sup>(1)</sup> <br>| 1961 | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camelot Finance S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/26 <sup>(1)</sup> <br>| 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capstone Borrower, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 6/15/30 <sup>(1)</sup> <br>| 161 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle U.S. Holding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 6/30/31 <sup>(1)</sup> <br>| 46 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Parent LLC/CDK Global <br> II LLC/CDK Financing Co., Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 6/15/29 <sup>(1)</sup> <br>| 61 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Parent, Inc./CDK Global, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/29 <sup>(1)</sup> <br>| 98 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/31/29 <sup>(1)</sup> <br>| 257 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 9/30/29 <sup>(1)</sup> <br>| 601 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 6/30/32 <sup>(1)</sup> <br>| 189 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 8/15/33 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreLogic, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/28 <sup>(1)</sup> <br>| 207 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreWeave, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 6/1/30 <sup>(1)</sup> <br>| 133 | 124 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Software – 3.5%continued** | **Software – 3.5%continued** | **Software – 3.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/1/31 <sup>(1) †</sup> <br>| $480 | $440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elastic N.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/15/29 <sup>(1)</sup> <br>| 49 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/1/29 <sup>(1)</sup> <br>| 73 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/30/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 9/30/30 <sup>(1) †</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/33 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McAfee Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/30 <sup>(1)</sup> <br>| 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Software, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/28/28 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/30/27 <sup>(1)</sup> <br>| 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/32 <sup>(1)</sup> <br>| 213 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 4/1/55  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/15/29  | 22 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/15/31  | 18 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UKG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 2/1/31 <sup>(1)</sup> <br>| 210 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies LLC/ZoomInfo <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/1/29 <sup>(1)</sup> <br>| 44 | 41 |
|  |  | **5137** |
| **Specialty Finance – 5.3%** | **Specialty Finance – 5.3%** | **Specialty Finance – 5.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.87%), 4.70%, <br> 5/15/26 <sup>(3) (5)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 2/14/33 <sup>†</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arbor Realty SR, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 12/15/28 <sup>(1)</sup> <br>| 38 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 7/15/30 <sup>(1)</sup> <br>| 75 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azorra Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 4/15/30 <sup>(1)</sup> <br>| 75 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 1/15/31 <sup>(1)</sup> <br>| 45 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/27 <sup>(1)</sup> <br>| 101 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/1/29 <sup>(1)</sup> <br>| 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/30 <sup>(1)</sup> <br>| 107 | 109 |

---

FIXED INCOME FUNDS **195** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Specialty Finance – 5.3%continued** | **Specialty Finance – 5.3%continued** | **Specialty Finance – 5.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/32  | $77 | $80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/15/33 <sup>(1)</sup> <br>| 150 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/15/31 <sup>(1)</sup> <br>| 200 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.30%), 8.38%, <br> 6/15/35 <sup>(1) (3)</sup> <br>| 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CrossCountry Intermediate HoldCo LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/30 <sup>(1)</sup> <br>| 61 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/1/32 <sup>(1)</sup> <br>| 69 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 4/1/32 <sup>(1)</sup> <br>| 120 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/15/33 <sup>(1)</sup> <br>| 166 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstCash, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 1/1/30 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/1/32 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freedom Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/27 <sup>(1)</sup> <br>| 125 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 2/1/29 <sup>(1)</sup> <br>| 81 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/1/31 <sup>(1)</sup> <br>| 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 5/15/31 <sup>(1)</sup> <br>| 66 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 4/1/32 <sup>(1)</sup> <br>| 53 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/1/33 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Investors LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/28 <sup>(1)</sup> <br>| 108 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/1/30 <sup>(1)</sup> <br>| 85 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/1/31 <sup>(1)</sup> <br>| 143 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/15/32 <sup>(1)</sup> <br>| 250 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/15/33 <sup>(1)</sup> <br>| 152 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ION Platform Finance U.S., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 9/30/32 <sup>(1)</sup> <br>| 203 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ION Platform Finance U.S., Inc./ION <br> Platform Finance S.A.R.L.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/28 <sup>(1)</sup> <br>| 200 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 5/1/29 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/15/26 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 2/15/29 <sup>(1)</sup> <br>| 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/15/30 <sup>(1)</sup> <br>| 75 | 79 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Specialty Finance – 5.3%continued** | **Specialty Finance – 5.3%continued** | **Specialty Finance – 5.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/27 <sup>(1)</sup> <br>| $25 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 7/15/31 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LD Holdings Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/1/27 <sup>(1)</sup> <br>| 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/1/28 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LFS Topco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 7/15/30 <sup>(1) †</sup> <br>| 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navient Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/26  | 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/29 <sup>†</sup> <br>| 75 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 7/25/30  | 16 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 3/15/31  | 50 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 6/15/32  | 24 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneMain Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/26  | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/28  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/29  | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/29  | 62 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 3/15/30  | 97 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 5/15/30  | 104 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/15/30 <sup>†</sup> <br>| 45 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/15/31  | 75 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/31  | 95 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/32  | 198 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 9/15/32  | 61 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/15/33  | 119 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/33  | 115 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paysafe Finance PLC/Paysafe Holdings <br> U.S. Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/29 <sup>(1)</sup> <br>| 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/29 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/15/29 <sup>(1)</sup> <br>| 49 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/30 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/15/31 <sup>(1)</sup> <br>| 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/15/32 <sup>(1)</sup> <br>| 82 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 2/15/33 <sup>(1)</sup> <br>| 75 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/34 <sup>(1)</sup> <br>| 119 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PHH Escrow Issuer LLC/PHH Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 11/1/29 <sup>(1)</sup> <br>| 50 | 52 |

---

NORTHERN FUNDS QUARTERLY REPORT **196** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Specialty Finance – 5.3%continued** | **Specialty Finance – 5.3%continued** | **Specialty Finance – 5.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRA Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/1/28 <sup>(1)</sup> <br>| $25 | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 1/31/30 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/1/29 <sup>(1)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 7/15/30 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/29 <sup>(1)</sup> <br>| 86 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 8/1/30 <sup>(1)</sup> <br>| 210 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/1/32 <sup>(1)</sup> <br>| 186 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/1/33 <sup>(1)</sup> <br>| 308 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/26 <sup>(1)</sup> <br>| 26 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/1/31 <sup>(1)</sup> <br>| 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/33 <sup>(1)</sup> <br>| 186 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments <br> Finance Sub, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/15/32 <sup>(1)</sup> <br>| 173 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLM Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/2/26  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/31/30  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 4/1/29 <sup>(1)</sup> <br>| 43 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/30 <sup>(1)</sup> <br>| 67 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/1/30 <sup>(1)</sup> <br>| 44 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/30 <sup>(1)</sup> <br>| 54 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stonebriar ABF Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 12/15/30 <sup>(1)</sup> <br>| 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/2/33  | 50 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/29 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UWM Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 2/1/30 <sup>(1)</sup> <br>| 96 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/31 <sup>(1)</sup> <br>| 94 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/1/33 <sup>(1)</sup> <br>| 54 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/15/33 <sup>(1)</sup> <br>| 217 | 222 |
|  |  | **7710** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Steel – 2.6%** | **Steel – 2.6%** | **Steel – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Big River Steel LLC/BRS Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/31/29 <sup>(1)</sup> <br>| $86 | $87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 3/1/34 <sup>(1)</sup> <br>| 68 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/1/29 <sup>(1)</sup> <br>| 109 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/30 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 3/1/31 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/15/31 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/15/32 <sup>(1)</sup> <br>| 310 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 5/1/33 <sup>(1)</sup> <br>| 310 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/15/30  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/15/32  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/33 <sup>(1)</sup> <br>| 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/15/35 <sup>(1)</sup> <br>| 77 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Steel Holdco, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 11/15/33 <sup>(4) (9)</sup> <br>| 2490 | 2490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TMS International Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/29 <sup>(1)</sup> <br>| 25 | 24 |
|  |  | **3703** |
| **Technology Hardware – 0.8%** | **Technology Hardware – 0.8%** | **Technology Hardware – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommScope LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 3/1/27 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 7/1/28 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/1/29 <sup>(1)</sup> <br>| 205 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommScope Technologies LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 3/31/30 <sup>(1)</sup> <br>| 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imola Merger Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/15/29 <sup>(1)</sup> <br>| 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 4/1/29 <sup>(1)</sup> <br>| 75 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/15/29 <sup>(1)</sup> <br>| 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte. <br> Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 12/15/29 <sup>(1)</sup> <br>| 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 7/15/30 <sup>(1)</sup> <br>| 39 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/15/31 <sup>(1)</sup> <br>| 55 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 7/15/31 <sup>(1)</sup> <br>| 40 | 43 |

---

FIXED INCOME FUNDS **197** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Technology Hardware – 0.8%continued** | **Technology Hardware – 0.8%continued** | **Technology Hardware – 0.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 12/1/32 <sup>(1)</sup> <br>| $70 | $80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/29 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/1/29 <sup>(1)</sup> <br>| 37 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/32 <sup>(1)</sup> <br>| 73 | 76 |
|  |  | **1132** |
| **Telecommunications – 4.3%** | **Telecommunications – 4.3%** | **Telecommunications – 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APLD ComputeCo LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 12/15/30 <sup>(1)</sup> <br>| 298 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/15/55  | 25 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cipher Compute LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/30 <sup>(1) †</sup> <br>| 527 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications <br> Group LLC/Cogent Finance, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/15/27 <sup>(1) †</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/30/29  | 347 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/30/30 <sup>(2)</sup> <br>| 505 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embarq LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 6/1/36  | 50 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flash Compute LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 12/31/30 <sup>(1)</sup> <br>| 113 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/27 <sup>(1)</sup> <br>| 46 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/28 <sup>(1)</sup> <br>| 163 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/1/29 <sup>(1)</sup> <br>| 97 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/1/29 <sup>†</sup> <br>| 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/30 <sup>(1) †</sup> <br>| 107 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 5/15/30 <sup>(1)</sup> <br>| 331 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 3/15/31 <sup>(1)</sup> <br>| 81 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontier North, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.73%, 2/15/28  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 8/1/26  | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 7/1/28 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 1/15/29 <sup>(1)</sup> <br>| 36 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/15/29 <sup>(1)</sup> <br>| 263 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 7/15/29 <sup>(1)</sup> <br>| 25 | 23 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Telecommunications – 4.3%continued** | **Telecommunications – 4.3%continued** | **Telecommunications – 4.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 6/30/33 <sup>(1)</sup> <br>| $371 | $379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/31/34 <sup>(1)</sup> <br>| 354 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/15/36 <sup>(1)</sup> <br>| 206 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/15/29 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/29 <sup>(1)</sup> <br>| 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/30 <sup>(1)</sup> <br>| 60 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 10/15/32 <sup>(1) †</sup> <br>| 68 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sable International Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/15/32 <sup>(1)</sup> <br>| 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniti Group L.P./Uniti Group Finance <br> 2019, Inc./CSL Capital LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/29 <sup>(1)</sup> <br>| 75 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 6/15/32 <sup>(1)</sup> <br>| 150 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/28 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/30/31 <sup>(1) †</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windstream Services LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/15/33 <sup>(1)</sup> <br>| 56 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windstream Services LLC/Windstream <br> Escrow Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 10/1/31 <sup>(1)</sup> <br>| 387 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WULF Compute LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/30 <sup>(1)</sup> <br>| 635 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 3/9/30 <sup>(1) (2)</sup> <br>| 203 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.75%, 9/9/30 <sup>(1) (2)</sup> <br>| 89 | 82 |
|  |  | **6291** |
| **Transportation & Logistics – 0.8%** | **Transportation & Logistics – 0.8%** | **Transportation & Logistics – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/15/27 <sup>(1)</sup> <br>| 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/28 <sup>(1) †</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/15/29 <sup>(1)</sup> <br>| 91 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/20/26 <sup>(1)</sup> <br>| 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/20/29 <sup>(1)</sup> <br>| 156 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Mobility Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/1/30 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/32 <sup>(1)</sup> <br>| 99 | 102 |

---

NORTHERN FUNDS QUARTERLY REPORT **198** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Transportation & Logistics – 0.8%continued** | **Transportation & Logistics – 0.8%continued** | **Transportation & Logistics – 0.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty <br> L.P.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 9/20/31 <sup>(1)</sup> <br>| $244 | $246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneSky Flight LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 12/15/29 <sup>(1)</sup> <br>| 72 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rand Parent LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 2/15/30 <sup>(1)</sup> <br>| 72 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Leasing Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 2/15/30 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stonepeak Nile Parent LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 3/15/32 <sup>(1)</sup> <br>| 14 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/29 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watco Cos. LLC/Watco Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 8/1/32 <sup>(1)</sup> <br>| 88 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPO, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 6/1/28 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 6/1/31 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/1/32 <sup>(1) †</sup> <br>| 25 | 26 |
|  |  | **1087** |
| **Transportation Equipment – 0.2%** | **Transportation Equipment – 0.2%** | **Transportation Equipment – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/1/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/30/31 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/1/33 <sup>(1)</sup> <br>| 76 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JB Poindexter & Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 12/15/31 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/15/28 <sup>(1)</sup> <br>| 50 | 52 |
|  |  | **230** |
| **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C&S Group Enterprises LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/28 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeHE Distributors LLC/KeHE Finance <br> Corp./NextWave Distribution, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/15/29 <sup>(1)</sup> <br>| 131 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/1/29 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/32 <sup>(1)</sup> <br>| 64 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Foods, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 9/15/28 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 1/15/32 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/15/33 <sup>(1)</sup> <br>| 25 | 25 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  | **CORPORATE BONDS - 78.3% continued**  |
| **Wholesale - Consumer Staples – 0.3%continued** | **Wholesale - Consumer Staples – 0.3%continued** | **Wholesale - Consumer Staples – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/28 <sup>(1) †</sup> <br>| $66 | $66 |
|  |  | **419** |
| **Wholesale - Discretionary – 0.0%** | **Wholesale - Discretionary – 0.0%** | **Wholesale - Discretionary – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dealer Tire LLC/DT Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 2/1/28<sup>(1)</sup> <br>| 25 | **25** |
| **Total Corporate Bonds** |  |  |
| **(Cost $114,608)** |  | **113476** |
| **FOREIGN ISSUER BONDS – 9.1%**  | **FOREIGN ISSUER BONDS – 9.1%**  | **FOREIGN ISSUER BONDS – 9.1%**  |
| **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bombardier, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/28 <sup>(1)</sup> <br>| 111 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/15/30 <sup>(1)</sup> <br>| 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/1/31 <sup>(1)</sup> <br>| 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/1/32 <sup>(1)</sup> <br>| 26 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/33 <sup>(1)</sup> <br>| 83 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Efesto Bidco S.p.A. Efesto U.S. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/15/32 <sup>(1)</sup> <br>| 200 | 202 |
|  |  | **509** |
| **Asset Management – 0.1%** | **Asset Management – 0.1%** | **Asset Management – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.08%), 6.30%, <br> 1/15/55<sup>(3)</sup> <br>| 115 | **114** |
| **Automotive – 0.3%** | **Automotive – 0.3%** | **Automotive – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 7/17/35<sup>(1)</sup> <br>| 400 | **426** |
| **Banking – 0.3%** | **Banking – 0.3%** | **Banking – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.41%), 4.38%, <br> 3/15/28 <sup>(3) (5) †</sup> <br>| 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, USD SOFR ICE Swap Rate <br> 5Y + 5.78%), 9.63%, <br> 12/15/29 <sup>(3) (5)</sup> <br>| 200 | 227 |
|  |  | **420** |
| **Biotechnology & Pharmaceuticals – 0.4%** | **Biotechnology & Pharmaceuticals – 0.4%** | **Biotechnology & Pharmaceuticals – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/28 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/30/28 <sup>(1)</sup> <br>| 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/28 <sup>(1)</sup> <br>| 46 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 9/30/28 <sup>(1)</sup> <br>| 325 | 337 |

---

FIXED INCOME FUNDS **199** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 9.1% continued**  | **FOREIGN ISSUER BONDS - 9.1% continued**  | **FOREIGN ISSUER BONDS - 9.1% continued**  |
| **Biotechnology & Pharmaceuticals – 0.4%continued** | **Biotechnology & Pharmaceuticals – 0.4%continued** | **Biotechnology & Pharmaceuticals – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 5/30/29 <sup>(1)</sup> <br>| $50 | $40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/30/30 <sup>(1)</sup> <br>| 25 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/15/31 <sup>(1)</sup> <br>| 25 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance <br> Netherlands III B.V.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/1/26  | 81 | 80 |
|  |  | **598** |
| **Chemicals – 0.2%** | **Chemicals – 0.2%** | **Chemicals – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 10/3/31 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methanex Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/15/27  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOVA Chemicals Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/15/28 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/15/30 <sup>(1)</sup> <br>| 50 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/1/31 <sup>(1)</sup> <br>| 25 | 27 |
|  |  | **233** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garda World Security Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/15/28 <sup>(1)</sup> <br>| 77 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/29 <sup>(1)</sup> <br>| 90 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/15/31 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 8/1/32 <sup>(1)</sup> <br>| 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/15/32 <sup>(1)</sup> <br>| 152 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wrangler Holdco Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/1/32 <sup>(1)</sup> <br>| 25 | 26 |
|  |  | **577** |
| **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toucan FinCo Ltd./Toucan FinCo Can, <br> Inc./Toucan FinCo U.S. LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 5/15/30 <sup>(1)</sup> <br>| 380 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trivium Packaging Finance B.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 7/15/30 <sup>(1)</sup> <br>| 180 | 193 |
|  |  | **572** |
| **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransAlta Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/1/34 | 58 | **59** |
| **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 7/15/27 [EUR]<sup>(10)</sup> <br>| 100 | 118 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 9.1% continued**  | **FOREIGN ISSUER BONDS - 9.1% continued**  | **FOREIGN ISSUER BONDS - 9.1% continued**  |
| **Electrical Equipment – 0.2%continued** | **Electrical Equipment – 0.2%continued** | **Electrical Equipment – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TK Elevator U.S. Newco, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/27 <sup>(1)</sup> <br>| $200 | $200 |
|  |  | **318** |
| **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercer International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.88%, 10/1/28<sup>(1)</sup> <br>| 25 | **19** |
| **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AltaGas Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.57%), 7.20%, <br> 10/15/54 <sup>(1) (3)</sup> <br>| 42 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superior Plus L.P./Superior General <br> Partner, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/15/29 <sup>(1)</sup> <br>| 25 | 24 |
|  |  | **68** |
| **Home Construction – 0.2%** | **Home Construction – 0.2%** | **Home Construction – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Residential Properties, <br> Inc./Brookfield Residential U.S. LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/29 <sup>(1)</sup> <br>| 126 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/15/30 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empire Communities Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 5/1/29 <sup>(1)</sup> <br>| 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mattamy Group Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/1/30 <sup>(1)</sup> <br>| 65 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/15/33 <sup>(1)</sup> <br>| 11 | 11 |
|  |  | **281** |
| **Insurance – 1.1%** | **Insurance – 1.1%** | **Insurance – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardonagh Finco Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/15/31 <sup>(1)</sup> <br>| 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardonagh Group Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 2/15/32 <sup>(1)</sup> <br>| 400 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howden UK Refinance PLC/Howden <br> UK Refinance 2 PLC/Howden <br> U.S. Refinance LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/31 <sup>(1)</sup> <br>| 230 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 2/15/32 <sup>(1)</sup> <br>| 213 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance <br> Management, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 3/15/30 <sup>(1)</sup> <br>| 196 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/1/33 <sup>(1)</sup> <br>| 386 | 373 |
|  |  | **1660** |

---

NORTHERN FUNDS QUARTERLY REPORT **200** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 9.1% continued**  | **FOREIGN ISSUER BONDS - 9.1% continued**  | **FOREIGN ISSUER BONDS - 9.1% continued**  |
| **Leisure Facilities & Services – 0.7%** | **Leisure Facilities & Services – 0.7%** | **Leisure Facilities & Services – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011778 B.C. ULC/New Red Finance, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/15/28 <sup>(1)</sup> <br>| $8 | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/30 <sup>(1)</sup> <br>| 257 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Canadian Gaming <br> Corp./Raptor LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/15/29 <sup>(1)</sup> <br>| 124 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/4/29 <sup>(1) †</sup> <br>| 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wynn Macau Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/26/28 <sup>(1)</sup> <br>| 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/34 <sup>(1)</sup> <br>| 200 | 202 |
|  |  | **1004** |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Husky Injection Molding Systems <br> Ltd./Titan Co-Borrower LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/15/29<sup>(1)</sup> <br>| 178 | **187** |
| **Metals & Mining – 1.6%** | **Metals & Mining – 1.6%** | **Metals & Mining – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baffinland Iron Mines Corp./Baffinland <br> Iron Mines L.P.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 7/15/26 <sup>(1)</sup> <br>| 2035 | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capstone Copper Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/31/33 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Champion Iron Canada, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 7/15/32 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ERO Copper Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/30 <sup>(1)</sup> <br>| 83 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortescue Treasury Pty. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/15/30 <sup>(1)</sup> <br>| 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/1/31 <sup>(1)</sup> <br>| 56 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/15/32 <sup>(1)</sup> <br>| 75 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/26 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IAMGOLD Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineral Resources Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/1/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/1/30 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/1/31 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Gold, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/1/32 <sup>(1)</sup> <br>| 60 | 64 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 9.1% continued**  | **FOREIGN ISSUER BONDS - 9.1% continued**  | **FOREIGN ISSUER BONDS - 9.1% continued**  |
| **Metals & Mining – 1.6%continued** | **Metals & Mining – 1.6%continued** | **Metals & Mining – 1.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taseko Mines Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/1/30 <sup>(1)</sup> <br>| $25 | $27 |
|  |  | **2315** |
| **Oil & Gas Services & Equipment – 0.1%** | **Oil & Gas Services & Equipment – 0.1%** | **Oil & Gas Services & Equipment – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enerflex, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/15/31 <sup>(1)</sup> <br>| 41 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Precision Drilling Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/15/29 <sup>(1)</sup> <br>| 25 | 25 |
|  |  | **67** |
| **Oil & Gas Supply Chain – 0.7%** | **Oil & Gas Supply Chain – 0.7%** | **Oil & Gas Supply Chain – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.97%), 7.20%, <br> 6/27/54 <sup>(3)</sup> <br>| 35 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.12%), 7.38%, <br> 3/15/55 <sup>(3)</sup> <br>| 43 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northriver Midstream Finance L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/15/32 <sup>(1)</sup> <br>| 70 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OGX Austria GmbH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/1/18 <sup>(1) (6) (8)</sup> <br>| 2420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 4/1/22 <sup>(1) (8) (9)</sup> <br>| 1800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Bow Canadian Infrastructure <br> Holdings Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.67%), 7.50%, <br> 3/1/55 <sup>(3)</sup> <br>| 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.95%), 7.63%, <br> 3/1/55 <sup>(3)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teine Energy Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/29 <sup>(1)</sup> <br>| 810 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vermilion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/1/30 <sup>(1)</sup> <br>| 50 | 49 |
|  |  | **1066** |
| **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boots Group Finco L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 8/31/32<sup>(1)</sup> <br>| 100 | **122** |
| **Software – 0.1%** | **Software – 0.1%** | **Software – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open Text Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/28 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/1/29 <sup>(1)</sup> <br>| 25 | 24 |

---

FIXED INCOME FUNDS **201** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 9.1% continued**  | **FOREIGN ISSUER BONDS - 9.1% continued**  | **FOREIGN ISSUER BONDS - 9.1% continued**  |
| **Software – 0.1%continued** | **Software – 0.1%continued** | **Software – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open Text Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/15/30 <sup>(1)</sup> <br>| $50 | $48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/1/31 <sup>(1)</sup> <br>| 50 | 46 |
|  |  | **167** |
| **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GGAM Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 6/15/28 <sup>(1)</sup> <br>| 28 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/29 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/30 <sup>(1) †</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Aircraft Leasing Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 9/1/27 <sup>(1)</sup> <br>| 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; goeasy Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 12/1/28 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 7/1/29 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/15/30 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Aviation Capital Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 7/15/30 <sup>(1)</sup> <br>| 108 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrueNoord Capital DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 3/1/30 <sup>(1)</sup> <br>| 25 | 26 |
|  |  | **426** |
| **Steel – 0.0%** | **Steel – 0.0%** | **Steel – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Algoma Steel, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 4/15/29 <sup>(1) †</sup> <br>| 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infrabuild Australia Pty. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.50%, 11/15/28 <sup>(1)</sup> <br>| 25 | 26 |
|  |  | **47** |
| **Telecommunications – 1.1%** | **Telecommunications – 1.1%** | **Telecommunications – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altice France Lux 3/Altice Holdings 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 1/15/33 <sup>(1)</sup> <br>| 55 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altice France S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 5/15/27 [EUR]<sup>(1) (5) (12) (13)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/29 [EUR]<sup>(9)</sup> <br>| 7 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/1/29 <sup>(1)</sup> <br>| 129 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/15/30 <sup>(1)</sup> <br>| 320 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/31 <sup>(1)</sup> <br>| 39 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/32 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/15/32 <sup>(1)</sup> <br>| 75 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digicel Group Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/31/30 <sup>(1) (9) (12)</sup> <br>| 25 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/31/30 <sup>(1) (6) (9) (12)</sup> <br>| 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd./Difl <br> U.S. LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 8/1/32 <sup>(1)</sup> <br>| 200 | 207 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 9.1% continued**  | **FOREIGN ISSUER BONDS - 9.1% continued**  | **FOREIGN ISSUER BONDS - 9.1% continued**  |
| **Telecommunications – 1.1%continued** | **Telecommunications – 1.1%continued** | **Telecommunications – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.62%), 7.13%, <br> 4/15/55 <sup>(3)</sup> <br>| $25 | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia Capital S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.72%, 6/4/38  | 68 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telesat Canada/Telesat LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/6/26 <sup>(1)</sup> <br>| 50 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/27 <sup>(1)</sup> <br>| 50 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/27 <sup>(1)</sup> <br>| 25 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/31/31 <sup>(1)</sup> <br>| 200 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/15/31 <sup>(1)</sup> <br>| 200 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, USD Swap 5Y + 4.87%), <br> 7.00%, 4/4/79 <sup>(3)</sup> <br>| 50 | 53 |
|  |  | **1592** |
| **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latam Airlines Group S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/30 <sup>(1)</sup> <br>| 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seaspan Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/1/27 <sup>(1)</sup> <br>| 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 6/1/28 <sup>(1) †</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 2/1/30 <sup>(1)</sup> <br>| 50 | 47 |
|  |  | **251** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $16,797)** |  | **13098** |
| **TERM LOANS – 4.4%** <sup>(11)</sup> | **TERM LOANS – 4.4%** <sup>(11)</sup> | **TERM LOANS – 4.4%** <sup>(11)</sup> |
| **Advertising & Marketing – 0.1%** | **Advertising & Marketing – 0.1%** | **Advertising & Marketing – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMG Media Corp., Term B-2 Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/29 <sup>(14)</sup> <br>| 6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.50%), 7.27%, 6/18/29 <br>| 19 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neptune BidCo U.S., Inc., Dollar Term <br> B Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.00%, 0.50% Floor), 9.01%, <br> 4/11/29 <br>| 70 | 69 |

---

NORTHERN FUNDS QUARTERLY REPORT **202** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** |
| **Advertising & Marketing – 0.1%continued** | **Advertising & Marketing – 0.1%continued** | **Advertising & Marketing – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summer Bidco B LLC, Extended Facility <br> B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.00%), 8.93%, 2/15/29 <br>| $17 | $16 |
|  |  | **108** |
| **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaman Corp., Delayed Draw Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/26/32 <sup>(14)</sup> <br>| 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaman Corp., Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.50%, 0.50% Floor), 6.32%, <br> 2/26/32 <br>| 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 6M <br> + 2.50%, 0.50% Floor), 6.54%, <br> 2/26/32 <br>| 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Propulsion Newco LLC, Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.50%, 0.50% Floor), 6.17%, <br> 12/1/32 <br>| 26 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signia Aerospace LLC, 2025 Delayed <br> Draw Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/11/31 <sup>(14) (15)</sup> <br>| 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signia Aerospace LLC, 2025 Initial <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.75%, 0.50% Floor), 6.44%, <br> 12/11/31 <sup>(13)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.75%, 0.50% Floor), 6.57%, <br> 12/11/31 <br>| 11 | 11 |
|  |  | **60** |
| **Apparel & Textile Products – 0.0%** | **Apparel & Textile Products – 0.0%** | **Apparel & Textile Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC, Tranche <br> B-1 Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 6.92%, 9/12/32<br>| 25 | **25** |
| **Asset Management – 0.0%** | **Asset Management – 0.0%** | **Asset Management – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acuren Delaware Holdco, Inc., <br> Amendment No. 1 Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.75%), 6.47%, 7/30/31<br>| 8 | **8** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** |
| **Automotive – 0.1%** | **Automotive – 0.1%** | **Automotive – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarios Global L.P., Amendment No. 6 <br> Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.75%), 6.47%, 1/28/32 <br>| $45 | $46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Inc., Term A Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%, 0.50% Floor), 8.74%, <br> 11/17/28 <br>| 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Inc., Term B Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.00%, 0.50% Floor), 8.77%, <br> 11/17/28 <sup>(13)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.00%, 0.50% Floor), 8.99%, <br> 11/17/28 <br>| 37 | 36 |
|  |  | **88** |
| **Basic Industry – 0.0%** | **Basic Industry – 0.0%** | **Basic Industry – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BradyPLUS Holdings LLC, Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/29/32<sup>(14)</sup> <br>| 60 | **59** |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1261229 B.C. Ltd., Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.25%), 9.97%, 10/8/30 <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, <br> Amendment No.1 Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.50% Floor), 7.22%, <br> 8/1/32 <br>| 62 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc., 2024 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.75%, 0.50% Floor), 7.47%, <br> 4/23/31 <br>| 35 | 35 |
|  |  | **121** |
| **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings LLC, September 2019 <br> Initial Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, PRIME USD 3M + 1.50%, <br> 1.00% Floor), 8.25%, 4/15/27 <br>| 41 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DIRECTV Financing LLC, 2025 <br> Incremental Term B Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.50%, 0.75% Floor), 9.34%, <br> 2/17/31 <br>| 133 | 133 |

---

FIXED INCOME FUNDS **203** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** |
| **Cable & Satellite – 0.2%continued** | **Cable & Satellite – 0.2%continued** | **Cable & Satellite – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiate Holdco LLC, First Out Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.75% Floor), 7.33%, <br> 9/25/29 <br>| $73 | $56 |
|  |  | **225** |
| **Capital Goods – 0.0%** | **Capital Goods – 0.0%** | **Capital Goods – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vortex Opco LLC, First-Out New Money <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 6.25%, 0.50% Floor), 9.92%, <br> 4/30/30 <br>| 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vortex Opco LLC, Second-Out New <br> Money Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.25%, 0.50% Floor), 8.04%, <br> 12/17/28 <br>| 32 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilsonart LLC, Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.25%), 7.92%, 8/5/31 <br>| 29 | 28 |
|  |  | **43** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Purchaser Corp., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%, 0.50% Floor), 7.61%, <br> 10/4/29 <br>| 57 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herens Holdco S.a.r.l., Facility B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.93%, 0.75% Floor), 7.70%, <br> 7/3/28 <br>| 80 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympus Water U.S. Holding Corp., <br> Term Loan B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 6.92%, 11/3/32 <br>| 34 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCUR-Alpha 2505 GmbH & Co. KG, <br> Tranche B-2 Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4/8/31 <sup>(14)</sup> <br>| 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.25%), 8.29%, 4/8/31 <br>| 1 | 1 |
|  |  | **163** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** |
| **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, <br> Amendment No. 7 Replacement <br> U.S. Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.25%), 6.97%, 8/20/32 <br>| $39 | $39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camelot U.S. Acquisition LLC, <br> Amendment No. 7 Incremental Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.25%), 6.97%, 1/31/31 <br>| 30 | 30 |
|  |  | **69** |
| **Communications – 0.1%** | **Communications – 0.1%** | **Communications – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coral-U.S. Co-Borrower LLC, Term B-7 <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 7.15%, 1/31/32 <br>| 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Entertainment Enterprises LLC, <br> Initial Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 4/10/26 <sup>(4) (9)</sup> <br>| 1185 | 120 |
|  |  | **136** |
| **Construction Materials – 0.0%** | **Construction Materials – 0.0%** | **Construction Materials – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSOF Beacon LLC, Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/23/32 <sup>(14)</sup> <br>| 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., Tranche B-3 <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.25%), 5.97%, 2/10/32 <br>| 50 | 50 |
|  |  | **64** |
| **Consumer Cyclical – 0.0%** | **Consumer Cyclical – 0.0%** | **Consumer Cyclical – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pye-Barker Fire & Safety LLC, Closing <br> Date Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.50%), 6.21%, 12/16/32 <br>| 23 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pye-Barker Fire & Safety LLC, Initial <br> Delayed Draw Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/16/32 <sup>(14) (15)</sup> <br>| 4 | 3 |
|  |  | **27** |
| **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACP Tara Holdings, Inc., Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 6.97%, 12/15/32 <br>| 14 | 14 |

---

NORTHERN FUNDS QUARTERLY REPORT **204** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** |
| **Consumer Non-Cyclical – 0.0%continued** | **Consumer Non-Cyclical – 0.0%continued** | **Consumer Non-Cyclical – 0.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parexel International, Inc., Seventh <br> Amendment Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/12/31 <sup>(14)</sup> <br>| $24 | $24 |
|  |  | **38** |
| **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LABL, Inc., Initial Dollar Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.00%, 0.50% Floor), 8.94%, <br> 10/30/28 <br>| 41 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding <br> Co., 2025 Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%), 7.23%, 4/15/30 <br>| 35 | 34 |
|  |  | **60** |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Generation LLC, Initial Term B <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.00%), 5.72%, 9/30/31 <br>| 49 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lightning Power LLC, Initial Term B Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.25%), 5.97%, 8/18/31 <br>| 25 | 25 |
|  |  | **74** |
| **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSF12 Crown U.S. Commercial <br> Bidco LLC, 2025 Refinancing Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%), 7.37%, 12/2/31 <br>| 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Buyer LLC, Delayed Draw <br> Term B Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/1/32 <sup>(14) (15)</sup> <br>| 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Buyer LLC, Initial Term B Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.50%), 6.49%, 10/1/32 <br>| 19 | 19 |
|  |  | **62** |
| **Energy – 0.0%** | **Energy – 0.0%** | **Energy – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stakeholder Midstream LLC, Initial Term <br> Loan Retired 01/06/2026,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 6M <br> + 4.00%), 8.04%, 1/2/31<br>| 39 | **39** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., Tranche <br> C Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.50%, 0.50% Floor), 8.35%, <br> 8/1/30<br>| $116 | **$106** |
| **Entertainment Content – 0.0%** | **Entertainment Content – 0.0%** | **Entertainment Content – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allen Media LLC, Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.50%), 9.32%, 2/10/27 <br>| 46 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Versant Media Group, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/30/31 <sup>(14)</sup> <br>| 17 | 17 |
|  |  | **49** |
| **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glatfelter Corp., Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.25%), 8.07%, 11/4/31<br>| 45 | **45** |
| **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., 2024-1 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%), 7.65%, 5/17/31 <br>| 39 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., 2024-2 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%), 7.33%, 5/19/31 <br>| 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, <br> Exchange First Out Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%, 0.50% Floor), 7.59%, <br> 12/31/30 <br>| 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paradigm Parent LLC, Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.50%), 8.17%, 4/16/32 <br>| 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Parent, Inc., Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.00%), 7.67%, 9/27/30 <br>| 72 | 72 |
|  |  | **194** |
| **Home & Office Products – 0.0%** | **Home & Office Products – 0.0%** | **Home & Office Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hunter Douglas Holding B.V., <br> Amendment No. 3 Tranche B-1 Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.00%), 6.67%, 1/17/32 <br>| 10 | 10 |

---

FIXED INCOME FUNDS **205** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** |
| **Home & Office Products – 0.0%continued** | **Home & Office Products – 0.0%continued** | **Home & Office Products – 0.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SWF Holdings I Corp., Delayed Draw <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/29 <sup>(14) (15)</sup> <br>| $17 | $17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SWF Holdings I Corp., Tranche A-1 <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.50%, 1.00% Floor), 8.33%, <br> 12/19/29 <br>| 12 | 12 |
|  |  | **39** |
| **Home Construction – 0.0%** | **Home Construction – 0.0%** | **Home Construction – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc., 2025 Term B <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 5.25%), 8.97%, 7/8/30<br>| 42 | **41** |
| **Institutional Financial Services – 0.0%** | **Institutional Financial Services – 0.0%** | **Institutional Financial Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Acquisition, Inc., Amendment <br> No. 1 Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%), 7.22%, 10/16/31<br>| 28 | **28** |
| **Insurance – 0.7%** | **Insurance – 0.7%** | **Insurance – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardonagh Midco 3 Ltd., Syndicated <br> Facility B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.75%), 6.42%, 2/15/31 <br>| 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 6M <br> + 2.75%), 6.95%, 2/15/31 <br>| 32 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC, New B-4 Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 5.25%), 9.08%, 1/20/29 <br>| 760 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC, New Term B-13 Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.25%), 7.97%, 9/19/30 <br>| 29 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRC Insurance Group LLC, Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%), 8.42%, 5/6/32 <br>| 110 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HIG Finance 2 Ltd., 2025-3 Dollar <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.75%, 0.50% Floor), 6.49%, <br> 4/18/30 <br>| 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jones DesLauriers Insurance <br> Management, Inc., Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/10/32 <sup>(14)</sup> <br>| 30 | 30 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** |
| **Insurance – 0.7%continued** | **Insurance – 0.7%continued** | **Insurance – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneDigital Borrower LLC, 2025 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%, 0.50% Floor), 6.72%, <br> 7/2/31 <br>| $6 | $6 |
|  |  | **961** |
| **Internet Media & Services – 0.0%** | **Internet Media & Services – 0.0%** | **Internet Media & Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MH Sub I LLC, 2023 May Incremental <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.25%, 0.50% Floor), 7.97%, <br> 5/3/28 <br>| 22 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc., <br> Initial Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/29/28 <sup>(14)</sup> <br>| 6 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc., <br> Initial Tranche A Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.60%, 0.75% Floor), 7.38%, <br> 4/30/29 <br>| 4 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc., <br> Initial Tranche B Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.60%, 0.75% Floor), 7.38%, <br> 4/30/29 <br>| 14 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stubhub Holdco Sub LLC, Extended <br> USD Term B Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.75%), 8.47%, 3/15/30 <br>| 29 | 29 |
|  |  | **61** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.00%), 5.72%, 9/29/31 <br>| 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Intermediate 3, Inc., Tranche B <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 6.78%, 6/27/31 <br>| 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X Corp., Tranche B-3 Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 10/26/29  | 384 | 382 |
|  |  | **449** |

---

NORTHERN FUNDS QUARTERLY REPORT **206** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** |
| **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Football Group Ltd., Term B-1 Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.00%, 0.50% Floor), 6.93%, <br> 7/18/30 <br>| $36 | $36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp., 2024 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%), 8.44%, 11/1/29 <br>| 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OVG Business Services LLC, Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 6.72%, 6/25/31 <br>| 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., 2024 Term B-1 Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.00%, 0.50% Floor), 9.82%, <br> 11/15/29 <br>| 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., 2024 Term B-2 Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.00%, 0.50% Floor), 9.82%, <br> 11/15/29 <br>| 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., 2025 Other Term B-1 <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.25%, 0.50% Floor), 10.07%, <br> 7/30/29 <br>| 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., 2025 Other Term B-2 <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.25%, 0.50% Floor), 10.07%, <br> 7/30/29 <br>| 1 | 1 |
|  |  | **71** |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcline FM Holdings LLC, 2025-1 New <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/23/30 <sup>(14)</sup> <br>| 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GrafTech Global Enterprises, Inc., <br> Delayed Draw Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/21/29 <sup>(14) (15)</sup> <br>| 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GrafTech Global Enterprises, Inc., Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 6.00%, 2.00% Floor), 9.86%, <br> 12/21/29 <br>| 22 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd., <br> 2026 Delayed Draw Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/15/29 <sup>(14)</sup> <br>| 18 | 18 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** |
| **Machinery – 0.1%continued** | **Machinery – 0.1%continued** | **Machinery – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd., <br> Amendment No. 5 Refinancing Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.75%), 7.47%, 2/15/29 <br>| $50 | $50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%), 7.59%, 2/15/29 <br>| 50 | 50 |
|  |  | **159** |
| **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., First Incremental <br> Term Loan Retired 01/02/2025,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.00%), 7.72%, 9/29/28 <br>| 52 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., Third <br> Amendment Term Loan Retired <br> 01/02/2025,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.25%), 7.97%, 1/15/31 <br>| 86 | 87 |
|  |  | **139** |
| **Oil & Gas Services & Equipment – 0.0%** | **Oil & Gas Services & Equipment – 0.0%** | **Oil & Gas Services & Equipment – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Holding LLC, Term B Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.50%), 8.22%, 7/31/31<br>| 16 | **15** |
| **Other Industrial – 0.0%** | **Other Industrial – 0.0%** | **Other Industrial – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Buyer, Inc., Initial Delayed Draw <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 <sup>(14) (15)</sup> <br>| 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Buyer, Inc., Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.25%), 7.92%, 11/1/31 <br>| 14 | 14 |
|  |  | **16** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., <br> 2024 Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.00%), 7.83%, 8/21/28 <br>| 89 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Television, Inc., Term D Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 6.99%, 12/1/28 <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Television, Inc., Term F Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 5.25%), 9.12%, 6/4/29 <sup>(13)</sup> <br>|  |  |

---

FIXED INCOME FUNDS **207** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** |
| **Publishing & Broadcasting – 0.1%continued** | **Publishing & Broadcasting – 0.1%continued** | **Publishing & Broadcasting – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 5.78%), 9.61%, 5/1/29 <br>| $100 | $91 |
|  |  | **206** |
| **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boots Group Finco L.P., Closing Date <br> Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.50%), 7.21%, 8/30/32<br>| 118 | **119** |
| **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Champions Holdco, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%), 8.57%, 2/23/29 <br>| 75 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wand Newco 3, Inc., Tranche B-2 Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.50%), 6.22%, 1/30/31 <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Cap Supply Holdings LLC, <br> Tranche C Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.25%), 6.97%, 10/19/29 <br>| 65 | 65 |
|  |  | **161** |
| **Semiconductors – 0.0%** | **Semiconductors – 0.0%** | **Semiconductors – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gryphon Acquire NewCo LLC, Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 6M <br> + 3.00%), 6.88%, 9/10/32<br>| 29 | **29** |
| **Software – 0.7%** | **Software – 0.7%** | **Software – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Learning LLC, Amendment No. <br> 5 Incremental Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%, 0.50% Floor), 6.72%, <br> 12/11/28 <br>| 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; athenahealth Group, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.75%, 0.50% Floor), 6.47%, <br> 2/15/29 <br>| 107 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Co., Inc., 2031 <br> Replacement Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.00%), 6.82%, 7/30/31 <br>| 28 | 28 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** |
| **Software – 0.7%continued** | **Software – 0.7%continued** | **Software – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Co., Inc., Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 5.75%), 9.47%, 7/30/32 <br>| $41 | $39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Parent LLC, 2024 Refinancing <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 6.92%, 7/6/29 <br>| 14 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clover Holdings 2 LLC, Initial Fixed Rate <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/9/31  | 331 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreLogic, Inc., Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.50% Floor), 7.33%, <br> 6/2/28 <br>| 29 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cotiviti, Inc., Initial Fixed Rate Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 5/1/31  | 342 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.75%, 0.50% Floor), 8.47%, <br> 11/22/32 <br>| 49 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proofpoint, Inc., 2025-B Incremental <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.00%, 0.50% Floor), 6.67%, <br> 8/31/28 <br>| 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RealPage, Inc., 2024-1 Incremental <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%, 0.50% Floor), 7.42%, <br> 4/24/28 <br>| 29 | 29 |
|  |  | **964** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ION Platform Finance U.S., Inc., Initial <br> Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%), 7.42%, 10/7/32 <br>| 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Midco Ltd., Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.50%), 7.43%, 10/8/32 <br>| 15 | 15 |

---

NORTHERN FUNDS QUARTERLY REPORT **208** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** |
| **Specialty Finance – 0.1%continued** | **Specialty Finance – 0.1%continued** | **Specialty Finance – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vericast Corp., 2024 Extended Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 6M <br> + 7.75%, 3.75% Floor), 11.62%, <br> 6/15/30 <br>| $52 | $50 |
|  |  | **79** |
| **Technology – 0.1%** | **Technology – 0.1%** | **Technology – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Darktrace Finco U.S. LLC, Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 7.19%, 10/9/31 <br>| 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra U.S.A., Inc., Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 7.00%), 10.72%, 9/15/33 <br>| 26 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra U.S.A., Inc., Initial USD Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.00%), 7.72%, 9/15/32 <br>| 69 | 68 |
|  |  | **105** |
| **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp., Second <br> Out Term B Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.25%, 0.75% Floor), 8.37%, <br> 5/25/29 <br>| 27 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp., Second <br> Out Term C Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, PIK Interest USD 3M + <br> 3.25%, 0.75% Floor), 3.25%, <br> 5/25/29 <br>| 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 1.00%, 0.75% Floor), 5.12%, <br> 5/25/29 <br>| 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commscope LLC, Initial Term Loan <br> Retired 01/09/2026,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.75%, 2.00% Floor), 8.47%, <br> 12/17/29 <br>| 44 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Topco, Inc., Second Amendment <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.25%), 8.94%, 11/29/30 <br>| 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 5.25%), 9.09%, 11/29/30 <br>| 8 | 8 |
|  |  | **72** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** |
| **Telecommunications – 0.5%** | **Telecommunications – 0.5%** | **Telecommunications – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altice France S.A., USD TLB Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5/31/31 <sup>(4) (14)</sup> <br>| $9 | $9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 6.88%), 10.86%, 5/31/31 <sup>(4)</sup> <br>| 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd., Initial <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.25%), 9.02%, 8/6/32 <br>| 48 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC, <br> Initial Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.50%), 6.24%, 7/1/31 <br>| 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., Term B-4 <br> Refinancing Loans,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.25%), 6.97%, 3/29/32 <br>| 182 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., Term A Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.00%, 2.00% Floor), 9.72%, <br> 6/1/28 <br>| 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polar U.S. Borrower LLC, Term B-1-B <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.50%), 9.46%, 10/16/28 <br>| 49 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windstream Services LLC, 2024 Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.75%), 8.57%, 10/1/31 <br>| 66 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windstream Services LLC, 2025 Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.00%), 7.72%, 10/6/32 <br>| 33 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., Initial <br> Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 6.83%, 3/11/30 <br>| 217 | 205 |
|  |  | **650** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WestJet Loyalty L.P., Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 6.92%, 2/14/31<br>| 74 | **74** |

---

FIXED INCOME FUNDS **209** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** | **TERM LOANS - 4.4%** <sup>(11)</sup>**continued** |
| **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Grocery, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 7.50%, 1.00% Floor), 11.38%, <br> 12/13/28<br>| $88 | **$89** |
| **Total Term Loans** |  |  |
| **(Cost $7,578)** |  | **6390** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 2.8%**  | **COMMON STOCKS – 2.8%**  | **COMMON STOCKS – 2.8%**  |
| **Biotechnology & Pharmaceuticals – 0.0%** | **Biotechnology & Pharmaceuticals – 0.0%** | **Biotechnology & Pharmaceuticals – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endo Guc Trust, Class A<sup>(9) \*</sup> <br>| 10702 | **$—** |
| **Chemicals – 0.0%** | **Chemicals – 0.0%** | **Chemicals – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Capital Corp.<sup>(4) (9) \*</sup> <br>| 602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utex Industries, Inc.<sup>(4) \*</sup> <br>| 2200 | 60 |
|  |  | **60** |
| **Construction Materials – 0.0%** | **Construction Materials – 0.0%** | **Construction Materials – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hardwood Holdings LLC<sup>(9) \*</sup> <br>| 187 | **2** |
| **Consumer Cyclical – 0.0%** | **Consumer Cyclical – 0.0%** | **Consumer Cyclical – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rite Aid Corp.<sup>(9) \*</sup> <br>| 57 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rite Aid Corp.<sup>(4) (6) (9) \*</sup> <br>| 3929 |  |
|  |  | **—** |
| **Consumer Finance – 0.0%** | **Consumer Finance – 0.0%** | **Consumer Finance – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curo Group Holdings LLC<sup>(9) \*</sup> <br>| 549 | **4** |
| **Financial Services – 0.0%** | **Financial Services – 0.0%** | **Financial Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yeoman Capital S.A.<sup>(1) (9) \*</sup> <br>| 830 | **5** |
| **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas Partners L.P., Class B\* | 180 | **31** |
| **Health Care Facilities & Services – 0.0%** | **Health Care Facilities & Services – 0.0%** | **Health Care Facilities & Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHPPR Holdings, Inc.<sup>(4) (9) \*</sup> <br>| 20 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par Health Inc.<sup>(4) (9)</sup> <br>| 897 | 8 |
|  |  | **9** |
| **Metals & Mining – 2.5%** | **Metals & Mining – 2.5%** | **Metals & Mining – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellium S.E.\* | 8208 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Alloy Parent, Inc.<sup>(4) (9) \*</sup> <br>| 48 | 3496 |
|  |  | **3651** |
| **Oil, Gas & Consumable Fuels – 0.0%** | **Oil, Gas & Consumable Fuels – 0.0%** | **Oil, Gas & Consumable Fuels – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Peak Energy, Inc.<sup>(9) \*</sup> <br>| 20 | **—** |
| **Passenger Airlines – 0.0%** | **Passenger Airlines – 0.0%** | **Passenger Airlines – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spirit Aviation Holdings, Inc.<sup>(6) \*</sup> <br>| 358 | **—** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 2.8%continued**  | **COMMON STOCKS - 2.8%continued**  | **COMMON STOCKS - 2.8%continued**  |
| **Pharmaceuticals – 0.1%** | **Pharmaceuticals – 0.1%** | **Pharmaceuticals – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keenova Therapeutics PLC<sup>(9) \*</sup> <br>| 416 | $37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mallinckrodt PLC<sup>(4) (9) \*</sup> <br>| 481 | 42 |
|  |  | **79** |
| **Specialized Finance – 0.1%** | **Specialized Finance – 0.1%** | **Specialized Finance – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnelian Point Holdings L.P.<sup>(9) \*</sup> <br>| 50 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnelian Point Holdings L.P.<sup>(4) (9) \*</sup> <br>| 8610 | 91 |
|  |  | **92** |
| **Specialized Real Estate Investment Trusts – 0.1%** | **Specialized Real Estate Investment Trusts – 0.1%** | **Specialized Real Estate Investment Trusts – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 4579 | **129** |
| **Total Common Stocks** |  |  |
| **(Cost $2,673)** |  | **4062** |
| **CONVERTIBLE PREFERRED STOCKS – 0.0%**  | **CONVERTIBLE PREFERRED STOCKS – 0.0%**  | **CONVERTIBLE PREFERRED STOCKS – 0.0%**  |
| **Financial Services – 0.0%** | **Financial Services – 0.0%** | **Financial Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc.,6.00% | 241 | **19** |
| **Total Convertible Preferred Stocks** |  |  |
| **(Cost $24)** |  | **19** |
| **MASTER LIMITED PARTNERSHIPS – 0.1%**  | **MASTER LIMITED PARTNERSHIPS – 0.1%**  | **MASTER LIMITED PARTNERSHIPS – 0.1%**  |
| **Oil, Gas & Consumable Fuels – 0.1%** | **Oil, Gas & Consumable Fuels – 0.1%** | **Oil, Gas & Consumable Fuels – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer L.P. | 7215 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Partners L.P. | 1291 | 41 |
|  |  | **160** |
| **Total Master Limited Partnerships** |  |  |
| **(Cost $161)** |  | **160** |
| **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  |
| **Software – 0.0%** | **Software – 0.0%** | **Software – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strategy, Inc., 10.00%<sup>†</sup> <br>| 198 | **15** |
| **Total Preferred Stocks** |  |  |
| **(Cost $17)** |  | **15** |
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Appvion, Inc. <sup>(4) (9) \*</sup> <br>| 225000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Cloud Peak Energy,<br> Inc. <sup>(4) (9) \*</sup> <br>| 250000 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow GenOn Energy, Inc. <sup>(4) (9) \*</sup> <br>| 25000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Hertz (The) Corp. <sup>(1) (4) \*</sup> <br>| 125000 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow High Ridge Brands Co.<br> <sup>(1) (4) (9) \*</sup> <br>| 1100000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Rite Aid Corp. <sup>(4) (9) \*</sup> <br>| 63000 |  |

---

NORTHERN FUNDS QUARTERLY REPORT **210** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **OTHER - 0.0% continued**  | **OTHER - 0.0% continued**  | **OTHER - 0.0% continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Rite Aid Corp. <sup>(1) (4) (9) \*</sup> <br>| 11539 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Washington Mutual<br> Bank <sup>(4) (6) (9) \*</sup> <br>| 250000 |  |
| **Total Other** |  |  |
| **(Cost $110)** |  | **11** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF WARRANTS<br>| VALUE<br> (000S)<br>|
| **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audacy, Inc., Exp. 12/31/49, Strike <br> $0.00<sup>(6) (9) \*</sup> <br>| 38 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audacy, Inc., Exp. 12/31/49, Strike <br> $0.00<sup>(9) \*</sup> <br>| 46 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audacy, Inc., Exp. 12/31/49, Strike <br> $0.00<sup>(9) \*</sup> <br>| 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHPPR Holdings, Inc., Exp. 12/31/49, <br> Strike $0.00<sup>(9) \*</sup> <br>| 111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHPPR Holdings, Inc., Exp. 12/31/49, <br> Strike $0.00<sup>(9) \*</sup> <br>| 53 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curo Group Holdings LLC, Exp. <br> 7/19/31, Strike $0.00<sup>(9) \*</sup> <br>| 960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utex Industries, Inc., Exp. 12/31/49, <br> Strike $0.00<sup>(4) (9) \*</sup> <br>| 5500 |  |
| **Total Warrants** |  |  |
| **(Cost $1)** |  | **—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 9.5%**  | **INVESTMENT COMPANIES – 9.5%**  | **INVESTMENT COMPANIES – 9.5%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(16) (17) (18)</sup> <br>| 8710501 | $8711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(16) (17)</sup> <br>| 5056407 | 5056 |
| **Total Investment Companies** |  |  |
| **(Cost $13,767)** |  | **13767** |
| **Total Investments – 104.4%** | **Total Investments – 104.4%** |  |
| **(Cost $155,996)** | **(Cost $155,996)** | **151254** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (4.4%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (4.4%) | (6344)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$144910** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At December 31,* *2025, the value of these securities amounted to approximately* *$111,015,000 or 76.6% of net assets.* 

<sup>(2)</sup> *Security is a payment in-kind bond (PIK), distributions received in-kind unless* *otherwise noted in the description.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of December 31, 2025.* 

<sup>(4)</sup> *Restricted security. At December 31, 2025, the value of these restricted* *securities amounted to approximately $7,182,000 or 5.0% of net assets.* *Additional information on these restricted securities are as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| Altice France S.A., USD TLB Loan | 10/1/25-12/17/25 | &nbsp;&nbsp; $9 |
| &nbsp;&nbsp;&nbsp; Altice France S.A., USD TLB Loan,<br> 10.86%, 5/31/31<br>| 10/1/25-12/17/25 | &nbsp;&nbsp; 74 |
| Carnelian Point Holdings L.P. | 7/5/22-8/6/24 | &nbsp;&nbsp; 53 |
| CHPPR Holdings, Inc. | 3/1/24 | &nbsp;&nbsp; — |
| Cornerstone Capital Corp. | 1/26/24 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Dornoch Debt Merger Sub, Inc.,<br> 6.63%, 10/15/29<br>| 9/23/21-5/8/24 | &nbsp;&nbsp; 799 |
| Escrow Appvion, Inc. | 8/24/18 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Escrow Cloud Peak Energy,<br> Inc.<br>| 7/29/16-12/11/18 | &nbsp;&nbsp; 110 |
| Escrow GenOn Energy, Inc. | 12/19/18 | &nbsp;&nbsp; — |
| Escrow Hertz (The) Corp. | 7/1/21 | &nbsp;&nbsp; — |
| Escrow High Ridge Brands Co. | 12/18/20 | &nbsp;&nbsp; — |
| Escrow Rite Aid Corp. | 9/4/24 | &nbsp;&nbsp; — |
| Escrow Rite Aid Corp. | 9/4/24 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Escrow Washington Mutual<br> Bank<br>| 10/11/17 | &nbsp;&nbsp; — |
| Mallinckrodt PLC | 8/1/25 | &nbsp;&nbsp; 44 |
| Par Health Inc. | 11/10/25 | &nbsp;&nbsp; 9 |
| Real Alloy Parent, Inc. | 5/31/18 | &nbsp;&nbsp; 1738 |
| Rite Aid Corp. | 9/4/24 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Specialty Steel Holdco, Inc.,<br> 12.00%, 11/15/33<br>| 8/11/25 | &nbsp;&nbsp; 2490 |
| &nbsp;&nbsp;&nbsp; Sterling Entertainment Enterprises LLC, <br> Initial Loan,<br> 10.25%, 4/10/26<br>| 2/6/25-7/15/25 | &nbsp;&nbsp; 1185 |
| Utex Industries, Inc. | 12/3/20 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; Utex Industries, Inc., Exp. 12/31/49, <br> Strike $0.00<br>| 12/3/20 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(5)</sup> *Perpetual bond. Maturity date represents next call date.*

<sup>(6)</sup> *Value rounds to less than one thousand.*

<sup>(7)</sup> *When-Issued Security. Coupon rate is not in effect at December 31, 2025.*

<sup>(8)</sup> *Issuer has defaulted on terms of debt obligation. Income is not being* *accrued.* 

<sup>(9)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(10)</sup> *Security exempt from registration pursuant to Regulation S under the* *Securities Act of 1933. Regulation S applies to securities offerings that are* *made outside of the United States and do not involve direct selling efforts in* *the United States and as such may have restrictions on resale.* 

FIXED INCOME FUNDS **211** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(11)</sup> <br>| *Variable or floating rate security. Rate as of December 31, 2025 is* <br> *disclosed.*<br>|
| <sup>(12)</sup> <br>| *Zero coupon bond.* |
| <sup>(13)</sup> <br>| *Principal Amount and Value rounds to less than one thousand.* |
| <sup>(14)</sup> <br>| *Position is unsettled. Contract rate was not determined at December 31,* <br> *2025 and does not take effect until settlement date.*<br>|
| <sup>(15)</sup> <br>| *Unfunded loan commitment. An unfunded loan commitment is a contractual* <br> *obligation for future funding at the option of the Borrower. The Fund receives* <br> *a stated coupon rate until the borrower draws on the loan commitment, at* <br> *which time the rate will become the stated rate in the loan agreement.* <br>|
| <sup>(16)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(17)</sup> <br>| *7-day current yield as of December 31, 2025 is disclosed.* |
| <sup>(18)</sup> <br>| *Investment of cash collateral received from securities lending activities.* |
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 10Y - 10 Year |
| 1M - 1 Month |
| 3M - 3 Month |
| 5Y - 5 Year |
| 6M - 6 Month |
| 7Y - 7 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| CP - Commercial Paper |
| ICE - Intercontinental Exchange |
| PIK - Payment In-Kind |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS**<br> **TO**<br> **DELIVER**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **IN**<br> **EXCHANGE**<br> **FOR**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **SETTLEMENT**<br> **DATE**<br>| **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| Barclays | Euro | 26 | United States <br> Dollar<br>| 31 | 3/18/26 | $—\* |
| Morgan Stanley | Euro | 502 | United States <br> Dollar<br>| 593 | 3/18/26 | 1 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 1 |
| Total |  |  |  |  |  | $1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*\** *Amounts round to less than a thousand.*

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; U.S. Treasury <br> Long Bond <br> (United States <br> Dollar)<br>| (4)<br>| $(462)<br>| Short | 3/26 | $4 |
| &nbsp;&nbsp; Ultra 10-Year <br> U.S. Treasury <br> Note <br> (United States <br> Dollar)<br>| (7)<br>| (805)<br>| Short | 3/26 | 1 |
| Total |  |  |  |  | $5 |

---

As of December 31, 2025, the Fund had the following centrally cleared credit default swap agreement outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **BUY/SELL**<br> **PROTECTION**<br>| **Implied Credit**<br> **Spread**<br>| **Currency** | **Notional**<br> **Amount**<br>| **Maturity**<br> **Date**<br>| **Market**<br> **Value**<br> **(000s)**<br>| **Upfront**<br> **Premiums**<br> **Paid/**<br> **(Received)**<br> **(000s)**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br> **(000s)**<br>|
| Sell | 0.0316<br> %<br>5.00 %<sup>(1)</sup><br>Markit <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDX N.A. High Yield Index Series 45<sup>(1)</sup><br>| USD | 654852 | 12/20/30 | $51 | $46 | $5 |
| Total |  |  |  |  | $51 | $46 | $5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Payment frequency is quarterly.*

NORTHERN FUNDS QUARTERLY REPORT **212** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

As of December 31, 2025, the Fund had the following bilateral total return swap agreements outstanding:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | &nbsp;&nbsp; **NOTIONAL**<br> **AMOUNT**<br>| **CURRENCY** | &nbsp;&nbsp; **MATURITY**<br> **DATE**<br>| **MARKET**<br> **VALUE**<br> **(000S)**<br>| &nbsp;&nbsp; **UPFRONT**<br> **PREMIUMS**<br> **PAID/**<br> **(RECEIVED)**<br> **(000S)**<br>| &nbsp;&nbsp; **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.01%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 440000 | USD | 6/22/26 | &nbsp;&nbsp; $12 | $(4) | $16 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.01%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 170000 | USD | 6/22/26 | &nbsp;&nbsp; 4 | (1) | 5 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.01%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 85000 | USD | 6/22/26 | &nbsp;&nbsp; 1 | (1) | 2 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.01%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 1284000 | USD | 6/22/26 | &nbsp;&nbsp; 28 | (12) | 40 |
| Total |  |  |  | &nbsp;&nbsp; $45 | $(18) | $63 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Payment frequency is quarterly.* <br> <sup>(2)</sup> *Payment Frequency is at maturity.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Assets |  |  |  |  |
| Convertible Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $256 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $256 |
| Corporate Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-Cyclical | &nbsp;&nbsp; — | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steel | &nbsp;&nbsp; — | &nbsp;&nbsp; 1213 | &nbsp;&nbsp; 2490 | &nbsp;&nbsp; 3703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 109708 | &nbsp;&nbsp; — | &nbsp;&nbsp; 109708 |
| Total Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 110967 | &nbsp;&nbsp; 2509 | &nbsp;&nbsp; 113476 |
| Foreign Issuer Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 1470 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 11506 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11506 |
| Total Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 12976 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 13098 |
| Term Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | &nbsp;&nbsp; — | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 6254 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6254 |
| Total Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 6270 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 6390 |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 60 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | &nbsp;&nbsp; 31 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp; 155 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3496 | &nbsp;&nbsp; 3651 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized Real Estate <br> Investment Trusts<br>| &nbsp;&nbsp; $129 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 191 |
| Total Common Stocks | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 3687 | &nbsp;&nbsp; 4062 |
| Convertible Preferred Stocks | &nbsp;&nbsp; 19 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19 |
| Master Limited Partnerships | &nbsp;&nbsp; 160 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 160 |
| Preferred Stocks | &nbsp;&nbsp; 15 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15 |
| Other | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 11 |
| Investment Companies | &nbsp;&nbsp; 13767 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13767 |
| Total Investments | &nbsp;&nbsp; 14276 | &nbsp;&nbsp; 130537 | &nbsp;&nbsp; 6441 | &nbsp;&nbsp; 151254 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency <br> Exchange Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit <br> Default Swap <br> Agreements<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bilateral Total Return <br> Swaps<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 63 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63 |
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $5 | &nbsp;&nbsp; $70 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $75 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

FIXED INCOME FUNDS **213** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BALANCE**<br> **AS OF**<br> **3/31/25**<br> **(000S)**<br>| **ACCRUED**<br> **DISCOUNTS**<br> **(PREMIUMS)**<br> **(000s)**<br>| **REALIZED**<br> **GAIN**<br> **(LOSS)**<br> **(000s)**<br>| **CHANGE IN**<br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>| **PURCHASES**<br> **(000s)**<br>| **SALES**<br> **(000s)**<br>| **TRANSFERS**<br> **INTO**<br> **LEVEL 3**<br> **(000s)**<br>| **TRANSFERS**<br> **OUT OF**<br> **LEVEL 3**<br> **(000s)**<br>| **BALANCE**<br> **AS OF**<br> **12/31/25**<br> **(000S)**<br>| **CHANGE IN**<br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **FROM**<br> **INVESTMENTS**<br> **STILL HELD**<br> **AT 12/31/25**<br> **(000S)**<br>|
| Corporate Bonds |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical | $9 | $— | $— | $(9)<br>| $— | $(9)<br>| $9 | $— | $— | $(9)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer <br> Non-Cyclical<br>|  | (7)<br>|  | (38)<br>| 64 |  |  |  | 19 | (38)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities <br> & Services<br>|  |  |  | (7)<br>|  |  | 7 |  | —\* | (7)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steel | 2490 |  |  |  | 2490 | (2490)<br>|  |  | 2490 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation <br> & Logistics<br>| 48 | —\* | (11)<br>| 4 |  | (41)<br>|  |  |  |  |
| Foreign Issuer Bonds |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telecommunications | 1 | 1 | 4 | 12 | 108 | (4)<br>|  |  | 122 | 12 |
| Term Loans |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 1143 |  |  | (1064)<br>| 41 |  |  |  | 120 | (1064)<br>|
| Common Stocks |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 4 |  |  | (2)<br>|  |  |  |  | 2 | (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical | 3 |  | —\* | (9)<br>| 6 | —\* |  |  | —\* | (9)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 3 |  |  | 1 |  |  |  |  | 4 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributors | —\* |  | (470)<br>| 470 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services |  |  |  | (213)<br>| 218 |  |  |  | 5 | (213)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities <br> & Services<br>| 1 |  |  | (1)<br>| 9 |  |  |  | 9 | (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 3890 |  |  | (394)<br>|  |  |  |  | 3496 | (394)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & <br> Consumable Fuels<br>| 55 |  | (5)<br>| (2)<br>|  | (48)<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 42 |  | —\* | (7)<br>| 44 | —\* |  |  | 79 | (7)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized Finance | 116 |  |  | (24)<br>|  |  |  |  | 92 | (24)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless <br> Telecommunication <br> Services<br>| 44 |  | 1 | 62 |  | (107)<br>|  |  |  |  |
| Other | 5 |  | —\* | (2)<br>|  | (—)\*<br>|  |  | 3 | (2)<br>|
| Warrants | 1 |  |  | (1)<br>|  |  |  |  | —\* | —\* |
| Total | $7855 | ($6)<br>| ($481)<br>| ($1224)<br>| $2980 | ($2699)<br>| $16 | $— | $6441 | ($1757)<br>|

---

\* Amount rounds to less than one thousand.

Securities valued at $240 included in the Balance as of 12/31/25 above were valued using evaluated prices provided by a third party provider. Securities valued at $6,201 included in the Balance as of 12/31/25 above were valued using prices provided by the Fund's investment adviser's pricing and valuation committee.

NORTHERN FUNDS QUARTERLY REPORT **214** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **FAIR VALUE AT** <br>**12/31/25** <br>**(000S)**<br>| &nbsp;&nbsp; **VALUATION**<br> **TECHNIQUES**<br>| &nbsp;&nbsp; **RANGE (WEIGHTED**<br> **AVERAGE)**<br>|
| Corporate Bonds | $2490 | Market Comparables<br> Yield<sup>(2)</sup> <br>| 5.6% |
| Common Stocks | $3496 | Discounted Cash Flow/Market Comparables<br> Discount Rate/EBITDA multiple<sup>(1)</sup> <br>| 12.8%/6.4x |
|  | 92 | Market Comparables<br> Adjusted LTM EBITDA<sup>(1)</sup> <br>| 13.7x |
| Term Loan | $120 | Discounted Cash Flow/Market Comparables<br> Discount Rate/EBITDA forward multiple<sup>(1)</sup> <br>| 14.6%/7.0x |
| Other | $3 | Liquidation<br> Future Liquidation Payments<sup>(1)</sup> <br>| $1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *The significant unobservable inputs that can be used in the fair value measurement are; Discount Rate, estimated recovery value, EBITDA Multiple and future* *liquidation payments. Significant increases (decreases) in the discount rate in isolation would have resulted in a significantly lower (higher) fair value measurement* *while an increase (decrease) in EBITDA multiple in isolation would have resulted in a significantly higher (lower) fair value measurement.Significant decreases in the* *trading value of previous notes would result in lower fair values and signficiant increases in the trading value would result in higher fair values. Future liquidation* *payments are at the sole discretion of the company in which we have an ownership interest in, there are no increases/decreases based upon an increase or decrease* *in multiple or discount rate. Estimated recovery value is based upon the current state of operations for the firm in question, looking specifically at balance sheet* *liquidity. There are no value increases or decreases in multiple or discount rate.* 

<sup>(2)</sup> *The significant unobservable inputs that can be used in the fair value measurement are; Yield. Significant decreases (increase) in yield would have resulted in a* *significantly higher (lower) fair value measurement.* 

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $42083 | $33372 | $53 <br><sup>(1)</sup><br>| $8711 | 8710501 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 8581 | 82491 | 86016 | 164 | 5056 | 5056407 |
| Total | $8581 | $124574 | $119388 | $217 | $13767 | 13766908 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

FIXED INCOME FUNDS **215** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SHORT BOND FUND**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 20.4%**  | **ASSET-BACKED SECURITIES – 20.4%**  | **ASSET-BACKED SECURITIES – 20.4%**  |
| **Auto Loan – 16.1%** | **Auto Loan – 16.1%** | **Auto Loan – 16.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Auto Receivables Trust, Series <br> 2023-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 5/15/28 | $1523 | $1534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americredit Automobile Receivables <br> Trust, Series 2022-1, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 2/18/28 | 1900 | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2024-1, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/25/27 | 700 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carmax Auto Owner Trust, Series <br> 2025-1, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26%, 10/15/30 | 1900 | 1934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 11/10/31 | 1300 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Auto Owner Trust, Series <br> 2025-2A, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 2/25/31<sup>(1)</sup> <br>| 1300 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31%, 1/16/29 | 766 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 7/16/29 | 896 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 5/17/32 | 3675 | 3699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-2A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 4/17/28 | 188 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-4A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 8/15/30 | 2563 | 2592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49%, 5/15/31 | 490 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-2A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.89%, 7/15/31 | 456 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust, Series <br> 2023-1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 1/18/28<sup>(1)</sup> <br>| 1195 | 1195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2021-1, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.91%, 10/17/33<sup>(1)</sup> <br>| 3455 | 3428 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 20.4%continued**  | **ASSET-BACKED SECURITIES - 20.4%continued**  | **ASSET-BACKED SECURITIES - 20.4%continued**  |
| **Auto Loan – 16.1%continued** | **Auto Loan – 16.1%continued** | **Auto Loan – 16.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust, <br> Series 2024-3A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53%, 2/18/31<sup>(1)</sup> <br>| $1985 | $2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2025-1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 2/20/29 | 1600 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2023-3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 2/18/28 | 568 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 8/15/28 | 276 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2023-2, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/15/28 | 347 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research-Driven Pagaya Motor Trust, <br> Series 2025-6A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 8/25/34<sup>(1)</sup> <br>| 1800 | 1801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Bank Auto Credit-Linked <br> Notes, Series 2025-A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 1/16/34<sup>(1)</sup> <br>| 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 5/15/31 | 1535 | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SFS Auto Receivables Securitization <br> Trust, Series 2025-2A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 12/20/30<sup>(1)</sup> <br>| 480 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 2/15/28<sup>(1)</sup> <br>| 900 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 5/15/30<sup>(1)</sup> <br>| 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/30<sup>(1)</sup> <br>| 600 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 3/15/29 | 271 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 9/17/29 | 239 | 241 |
|  |  | **33920** |

---

NORTHERN FUNDS QUARTERLY REPORT **216** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SHORT BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 20.4%continued**  | **ASSET-BACKED SECURITIES - 20.4%continued**  | **ASSET-BACKED SECURITIES - 20.4%continued**  |
| **Credit Card – 0.4%** | **Credit Card – 0.4%** | **Credit Card – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2023-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54%, 7/15/29 | $180 | $181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 3/15/30 | 236 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 2/15/29 | 420 | 426 |
|  |  | **846** |
| **Other – 1.9%** | **Other – 1.9%** | **Other – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2024-B, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.19%, 9/17/29 | 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2024-C, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 1/15/30 | 800 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96%, 11/15/28 | 310 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 6/15/29 | 1750 | 1755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagaya AI Debt Trust, Series 2025-4, <br> Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 1/17/33<sup>(1)</sup> <br>| 760 | 768 |
|  |  | **3944** |
| **Whole Loan – 2.0%** | **Whole Loan – 2.0%** | **Whole Loan – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bravo Residential Funding Trust, Series <br> 2025-NQM1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.91% on 2/25/29), <br> 5.91%, 12/25/64<sup>(1) (2)</sup> <br>| 1810 | 1823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Series <br> 2025-NQM5, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.23% on 1/25/30), <br> 5.23%, 5/25/65<sup>(1) (2) (3)</sup> <br>| 560 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2024-NQM16, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.53% on 11/25/28), <br> 5.53%, 10/25/64<sup>(1) (2)</sup> <br>| 449 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust, <br> Series 2025-2, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/25/55<sup>(1) (4)</sup> <br>| 674 | 678 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 20.4%continued**  | **ASSET-BACKED SECURITIES - 20.4%continued**  | **ASSET-BACKED SECURITIES - 20.4%continued**  |
| **Whole Loan – 2.0%continued** | **Whole Loan – 2.0%continued** | **Whole Loan – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM3, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.85% on 7/25/29), <br> 5.85%, 5/25/65<sup>(1) (2)</sup> <br>| $640 | $645 |
|  |  | **4158** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $42,680)** |  | **42868** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 8.4%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 8.4%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 8.4%**  |
| **Non Agency – 8.4%** | **Non Agency – 8.4%** | **Non Agency – 8.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2021-BN37, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 11/15/64 | 1525 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series <br> 2019-IMC, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 1.05%, 1.00% Floor), 4.80%, <br> 4/15/34<sup>(1) (5)</sup> <br>| 235 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Trust, Series 2024-PAT, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 2.09%, 2.09% Floor), 5.84%, <br> 3/15/41<sup>(1) (5)</sup> <br>| 1026 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMM Mortgage Trust, Series <br> 2024-277P, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/10/44<sup>(1) (4)</sup> <br>| 2200 | 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fashion Show Mall LLC, Series <br> 2024-SHOW, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 10/10/41<sup>(1) (4)</sup> <br>| 2650 | 2708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FS Commercial Mortgage Trust, Series <br> 2023-4SZN, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.54%, 11/10/39<sup>(1) (4)</sup> <br>| 1220 | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FS Commercial Mortgage Trust, Series <br> 2023-4SZN, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.12%, 11/10/39<sup>(1) (4)</sup> <br>| 800 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2021-GSA3, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.37%, 12/15/54<sup>(1)</sup> <br>| 349 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Yards Mortgage Trust, Series <br> 2016-10HY, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 8/10/38<sup>(1)</sup> <br>| 660 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2019-COR5, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 6/13/52 | 3780 | 3590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSRW Pass Through Trust, Series <br> 2025-CC, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.89%, 8/15/30<sup>(1)</sup> <br>| 1587 | 1593 |

---

FIXED INCOME FUNDS **217** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 8.4%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 8.4%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 8.4%continued**  |
| **Non Agency – 8.4%continued** | **Non Agency – 8.4%continued** | **Non Agency – 8.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSRW Pass Through Trust, Series <br> 2025-CC, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 8/15/30<sup>(1)</sup> <br>| $800 | $803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCMS Mortgage Trust, Series <br> 2025-BNC1, Class AS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31%, 4/15/28<sup>(1) (4)</sup> <br>| 900 | 910 |
|  |  | **17627** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $17,490)** |  | **17627** |
| **CORPORATE BONDS – 37.3%**  | **CORPORATE BONDS – 37.3%**  | **CORPORATE BONDS – 37.3%**  |
| **Aerospace & Defense – 0.7%** | **Aerospace & Defense – 0.7%** | **Aerospace & Defense – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/15/28  | 400 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 1/15/30  | 170 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 5/15/28  | 825 | 835 |
|  |  | **1412** |
| **Asset Management – 0.4%** | **Asset Management – 0.4%** | **Asset Management – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.21%), <br> 5.64%, 5/19/29 <sup>(6)</sup> <br>| 400 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/23/30 <sup>(1)</sup> <br>| 425 | 445 |
|  |  | **860** |
| **Automotive – 1.3%** | **Automotive – 1.3%** | **Automotive – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.28%, 6/24/27 <sup>(1)</sup> <br>| 1340 | 1362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/9/26 <sup>(1)</sup> <br>| 1300 | 1292 |
|  |  | **2654** |
| **Banking – 4.4%** | **Banking – 4.4%** | **Banking – 4.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.96%), <br> 1.73%, 7/22/27 <sup>(6)</sup> <br>| 1000 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.63%), <br> 5.20%, 4/25/29 <sup>(6)</sup> <br>| 1610 | 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.50%), 4.30%, <br> 2/11/31 <sup>(6)</sup> <br>| 30 | 30 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 37.3% continued**  | **CORPORATE BONDS - 37.3% continued**  | **CORPORATE BONDS - 37.3% continued**  |
| **Banking – 4.4%continued** | **Banking – 4.4%continued** | **Banking – 4.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington National Bank (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.72%), <br> 4.87%, 4/12/28 <sup>(6)</sup> <br>| $500 | $504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.77%), <br> 1.47%, 9/22/27 <sup>(6)</sup> <br>| 1000 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.56%), <br> 4.32%, 4/26/28 <sup>(6)</sup> <br>| 1710 | 1717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturers & Traders Trust Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 1/27/28  | 400 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.95%), <br> 4.76%, 7/6/28 <sup>(6)</sup> <br>| 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.73%), 6.62%, <br> 10/20/27 <sup>(6)</sup> <br>| 635 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.86%), <br> 1.89%, 6/7/29 <sup>(6)</sup> <br>| 400 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.07%), <br> 5.71%, 4/22/28 <sup>(6)</sup> <br>| 840 | 858 |
|  |  | **9171** |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 3/15/28 | 400 | **378** |
| **Biotechnology & Pharmaceuticals – 1.7%** | **Biotechnology & Pharmaceuticals – 1.7%** | **Biotechnology & Pharmaceuticals – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 3/15/27  | 1180 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 3/15/28  | 1950 | 1983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 8/14/27  | 480 | 484 |
|  |  | **3659** |
| **Chemicals – 0.4%** | **Chemicals – 0.4%** | **Chemicals – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 6/15/28 | 710 | **718** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/29  | 485 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/15/28  | 400 | 406 |
|  |  | **908** |

---

NORTHERN FUNDS QUARTERLY REPORT **218** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SHORT BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 37.3% continued**  | **CORPORATE BONDS - 37.3% continued**  | **CORPORATE BONDS - 37.3% continued**  |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/1/29 | $260 | **$267** |
| **Containers & Packaging – 0.6%** | **Containers & Packaging – 0.6%** | **Containers & Packaging – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/15/27<sup>(1)</sup> <br>| 1180 | **1177** |
| **Diversified Industrials – 0.9%** | **Diversified Industrials – 0.9%** | **Diversified Industrials – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 2/15/28  | 400 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/15/27  | 1540 | 1549 |
|  |  | **1958** |
| **Electric Utilities – 1.6%** | **Electric Utilities – 1.6%** | **Electric Utilities – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 5/15/28  | 640 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 4/1/30  | 800 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/15/30  | 585 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73%, 10/15/30 <sup>(1)</sup> <br>| 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSEG Power LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 5/15/30 <sup>(1)</sup> <br>| 875 | 896 |
|  |  | **3374** |
| **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 4/5/27 | 410 | **416** |
| **Entertainment Content – 1.4%** | **Entertainment Content – 1.4%** | **Entertainment Content – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/29  | 825 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/28/26  | 1400 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/29  | 650 | 644 |
|  |  | **2931** |
| **Finance Companies – 0.3%** | **Finance Companies – 0.3%** | **Finance Companies – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.44%), 6.00%, <br> 9/24/29<sup>(6) (7)</sup> <br>| 650 | **620** |
| **Food – 1.3%** | **Food – 1.3%** | **Food – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cargill, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/11/28 <sup>(1)</sup> <br>| 1000 | 1015 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 37.3% continued**  | **CORPORATE BONDS - 37.3% continued**  | **CORPORATE BONDS - 37.3% continued**  |
| **Food – 1.3%continued** | **Food – 1.3%continued** | **Food – 1.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 1/30/27  | $380 | $383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/7/28  | 1400 | 1402 |
|  |  | **2800** |
| **Health Care Facilities & Services – 2.5%** | **Health Care Facilities & Services – 2.5%** | **Health Care Facilities & Services – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/27  | 410 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/30 <sup>(1)</sup> <br>| 675 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 3/15/26  | 242 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28  | 560 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQVIA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/29  | 2125 | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 8/15/30 <sup>(1)</sup> <br>| 1000 | 1076 |
|  |  | **5178** |
| **Household Products – 0.2%** | **Household Products – 0.2%** | **Household Products – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 3/1/28 | 400 | **406** |
| **Institutional Financial Services – 0.6%** | **Institutional Financial Services – 0.6%** | **Institutional Financial Services – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 4/3/28 | 1250 | **1269** |
| **Insurance – 2.2%** | **Insurance – 2.2%** | **Insurance – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/15/27  | 1230 | 1243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Life Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 4/25/28 <sup>(1)</sup> <br>| 1350 | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/15/26  | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 3/15/31  | 1090 | 1093 |
|  |  | **4692** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genpact UK Finco PLC/Genpact <br> U.S.A., Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 11/18/30  | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 2/10/28  | 400 | 406 |
|  |  | **706** |

---

FIXED INCOME FUNDS **219** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 37.3% continued**  | **CORPORATE BONDS - 37.3% continued**  | **CORPORATE BONDS - 37.3% continued**  |
| **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/30/27 | $400 | **$406** |
| **Machinery – 1.5%** | **Machinery – 1.5%** | **Machinery – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 9/14/27  | 400 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/15/27  | 1275 | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/8/27  | 480 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 7/15/27  | 570 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 3/1/26  | 500 | 499 |
|  |  | **3230** |
| **Medical Equipment & Devices – 0.7%** | **Medical Equipment & Devices – 0.7%** | **Medical Equipment & Devices – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 6/15/28  | 1140 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medtronic Global Holdings S.C.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/30/28  | 400 | 403 |
|  |  | **1550** |
| **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novelis Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/31<sup>(1) †</sup> <br>| 1000 | **911** |
| **Oil & Gas Supply Chain – 3.4%** | **Oil & Gas Supply Chain – 3.4%** | **Oil & Gas Supply Chain – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/1/34 <sup>(1)</sup> <br>| 340 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 4/1/32 <sup>(1)</sup> <br>| 1000 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/31  | 650 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/1/30  | 545 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/1/26  | 2210 | 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 4.37%), 8.22%, 2/7/26 <sup>(5) (7)</sup> <br>| 525 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/29 <sup>(1)</sup> <br>| 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 3/2/26  | 730 | 732 |
|  |  | **7072** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 37.3% continued**  | **CORPORATE BONDS - 37.3% continued**  | **CORPORATE BONDS - 37.3% continued**  |
| **Real Estate Investment Trusts – 2.1%** | **Real Estate Investment Trusts – 2.1%** | **Real Estate Investment Trusts – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 4/1/28  | $1410 | $1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage Operating Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 1/15/29  | 825 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/26  | 1000 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 2/1/28  | 400 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Store Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 4/30/30 <sup>(1)</sup> <br>| 705 | 719 |
|  |  | **4407** |
| **Retail - Consumer Staples – 0.3%** | **Retail - Consumer Staples – 0.3%** | **Retail - Consumer Staples – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7-Eleven, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 2/10/31<sup>(1)</sup> <br>| 770 | **675** |
| **Semiconductors – 0.7%** | **Semiconductors – 0.7%** | **Semiconductors – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 3/24/28  | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 2/15/28  | 1140 | 1144 |
|  |  | **1548** |
| **Software – 1.4%** | **Software – 1.4%** | **Software – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/17/28  | 825 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 7/15/26  | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 9/26/30  | 1110 | 1087 |
|  |  | **2920** |
| **Specialty Finance – 2.2%** | **Specialty Finance – 2.2%** | **Specialty Finance – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.73%), 5.54%, <br> 1/17/31 <sup>(6) †</sup> <br>| 355 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.93%), <br> 5.04%, 7/26/28 <sup>(6)</sup> <br>| 1185 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/30 <sup>(1)</sup> <br>| 335 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/15/33 <sup>(1)</sup> <br>| 675 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 3/15/28  | 400 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneMain Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/29  | 675 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 3/1/27  | 825 | 812 |

---

NORTHERN FUNDS QUARTERLY REPORT **220** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SHORT BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 37.3% continued**  | **CORPORATE BONDS - 37.3% continued**  | **CORPORATE BONDS - 37.3% continued**  |
| **Specialty Finance – 2.2%continued** | **Specialty Finance – 2.2%continued** | **Specialty Finance – 2.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 2.13%), 5.94%, <br> 8/2/30 <sup>(6)</sup> <br>| $175 | $183 |
|  |  | **4680** |
| **Technology Hardware – 1.3%** | **Technology Hardware – 1.3%** | **Technology Hardware – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 2/24/28  | 630 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/28  | 990 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/32 <sup>(1)</sup> <br>| 1000 | 1034 |
|  |  | **2679** |
| **Telecommunications – 0.5%** | **Telecommunications – 0.5%** | **Telecommunications – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cipher Compute LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/30<sup>(1) †</sup> <br>| 1000 | **1018** |
| **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/28/28 | 400 | **402** |
| **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSX Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 3/1/28 | 400 | **399** |
| **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/9/28  | 175 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PACCAR Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/26/29  | 460 | 461 |
|  |  | **637** |
| **Wholesale - Consumer Staples – 0.2%** | **Wholesale - Consumer Staples – 0.2%** | **Wholesale - Consumer Staples – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 9/23/30 | 475 | **491** |
| **Total Corporate Bonds** |  |  |
| **(Cost $77,671)** |  | **78579** |
| **FOREIGN ISSUER BONDS – 12.6%**  | **FOREIGN ISSUER BONDS – 12.6%**  | **FOREIGN ISSUER BONDS – 12.6%**  |
| **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bombardier, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/1/29 <sup>(1)</sup> <br>| 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/27 <sup>(1)</sup> <br>| 810 | 831 |
|  |  | **1352** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 12.6% continued**  | **FOREIGN ISSUER BONDS - 12.6% continued**  | **FOREIGN ISSUER BONDS - 12.6% continued**  |
| **Automotive – 0.3%** | **Automotive – 0.3%** | **Automotive – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Group of America <br> Finance LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 9/11/30<sup>(1)</sup> <br>| $700 | **$707** |
| **Banking – 7.0%** | **Banking – 7.0%** | **Banking – 7.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.49%), <br> 5.67%, 3/12/28 <sup>(6)</sup> <br>| 1280 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPCE S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.96%), <br> 5.72%, 1/18/30 <sup>(1) (6)</sup> <br>| 1750 | 1813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.21%), <br> 4.63%, 9/11/28 <sup>(1) (6)</sup> <br>| 1430 | 1441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.30%), <br> 4.95%, 8/4/31 <sup>(6)</sup> <br>| 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.89%, 8/14/27 <sup>(6)</sup> <br>| 500 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.06%), <br> 5.60%, 5/17/28 <sup>(6)</sup> <br>| 840 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.46%), <br> 5.55%, 3/4/30 <sup>(6)</sup> <br>| 1900 | 1971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.58%), 5.46%, <br> 1/5/28 <sup>(5)</sup> <br>| 1690 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.70%), 5.87%, <br> 3/6/29 <sup>(6)</sup> <br>| 1650 | 1711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 0.82%), 4.43%, <br> 11/4/31 <sup>(6)</sup> <br>| 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.10%), 5.58%, <br> 3/1/28 <sup>(6)</sup> <br>| 840 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, ICE LIBOR USD 3M + <br> 1.75%), 4.89%, 5/18/29 <sup>(6)</sup> <br>| 400 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.07%), 4.32%, <br> 9/22/29 <sup>(6)</sup> <br>| 600 | 601 |

---

FIXED INCOME FUNDS **221** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 12.6% continued**  | **FOREIGN ISSUER BONDS - 12.6% continued**  | **FOREIGN ISSUER BONDS - 12.6% continued**  |
| **Banking – 7.0%continued** | **Banking – 7.0%continued** | **Banking – 7.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.50%), 5.52%, <br> 1/19/28 <sup>(1) (6)</sup> <br>| $1000 | $1013 |
|  |  | **14686** |
| **Biotechnology & Pharmaceuticals – 0.7%** | **Biotechnology & Pharmaceuticals – 0.7%** | **Biotechnology & Pharmaceuticals – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astrazeneca Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 3/3/28  | 400 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance <br> Netherlands IV B.V.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/30  | 1030 | 1068 |
|  |  | **1477** |
| **Chemicals – 0.3%** | **Chemicals – 0.3%** | **Chemicals – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/12/32 | 610 | **629** |
| **Household Products – 0.4%** | **Household Products – 0.4%** | **Household Products – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unilever Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/12/27  | 420 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/22/28  | 400 | 397 |
|  |  | **821** |
| **Industrial Support Services – 0.7%** | **Industrial Support Services – 0.7%** | **Industrial Support Services – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashtead Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/15/27 <sup>(1)</sup> <br>| 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Element Fleet Management Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 6/26/26 <sup>(1)</sup> <br>| 1050 | 1059 |
|  |  | **1559** |
| **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Finance U.S.A. PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/14/28  | 850 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taseko Mines Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/1/30 <sup>(1)</sup> <br>| 680 | 722 |
|  |  | **1582** |
| **Semiconductors – 0.9%** | **Semiconductors – 0.9%** | **Semiconductors – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK hynix, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 9/11/30<sup>(1)</sup> <br>| 1900 | **1897** |
| **Telecommunications – 0.3%** | **Telecommunications – 0.3%** | **Telecommunications – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTT Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/16/30<sup>(1)</sup> <br>| 600 | **612** |
| **Transportation & Logistics – 0.6%** | **Transportation & Logistics – 0.6%** | **Transportation & Logistics – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/26 <sup>(1)</sup> <br>| 320 | 319 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 12.6% continued**  | **FOREIGN ISSUER BONDS - 12.6% continued**  | **FOREIGN ISSUER BONDS - 12.6% continued**  |
| **Transportation & Logistics – 0.6%continued** | **Transportation & Logistics – 0.6%continued** | **Transportation & Logistics – 0.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/1/27 <sup>(1)</sup> <br>| $1000 | $1007 |
|  |  | **1326** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $26,277)** |  | **26648** |
| **U.S. GOVERNMENT AGENCIES – 8.7%** <sup>(8)</sup> | **U.S. GOVERNMENT AGENCIES – 8.7%** <sup>(8)</sup> | **U.S. GOVERNMENT AGENCIES – 8.7%** <sup>(8)</sup> |
| **Fannie Mae – 2.5%** | **Fannie Mae – 2.5%** | **Fannie Mae – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #555649, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/1/32 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0915, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/38 | 12 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AI3471, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/41 | 42 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BA6574, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/31 | 266 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BC0266, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/31 | 242 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BC1465, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/31 | 165 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BE0514, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/31 | 511 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM1239, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/32 | 251 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM4485, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/30 | 265 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM5017, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/30 | 216 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM5525, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/31 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM5708, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/29 | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1534, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/49 | 552 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1773, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/31 | 165 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1849, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/33 | 263 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1852, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/33 | 298 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1897, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/32 | 197 | 194 |

---

NORTHERN FUNDS QUARTERLY REPORT **222** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SHORT BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 8.7%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 8.7%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 8.7%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 2.5%continued** | **Fannie Mae – 2.5%continued** | **Fannie Mae – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3308, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/32 | $495 | $487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4618, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/51 | 613 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4653, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/53 | 537 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3090, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/32 | 131 | 128 |
|  |  | **5191** |
| **Freddie Mac – 5.9%** | **Freddie Mac – 5.9%** | **Freddie Mac – 5.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS, Series 4835, <br> Class CA,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/15/47 | 215 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #1B3617, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.92%, 1.92% Floor, <br> 11.07% Cap), 6.60%, 10/1/37<sup>(5)</sup> <br>| 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA8880, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/53 | 673 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0084, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/32 | 599 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0093, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/1/31 | 1540 | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0215, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/32 | 188 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0216, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/32 | 489 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0329, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/32 | 507 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1360, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/52 | 709 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1959, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/1/52 | 550 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2342, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/44 | 726 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2665, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/53 | 636 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2922, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | 840 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2999, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 815 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3133, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/53 | 667 | 672 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 8.7%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 8.7%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 8.7%** <sup>(8)</sup>**continued** |
| **Freddie Mac – 5.9%continued** | **Freddie Mac – 5.9%continued** | **Freddie Mac – 5.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3136, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | $651 | $665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3174, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 633 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA2807, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/28 | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZK9070, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/32 | 263 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS6689, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/1/28 | 72 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS8598, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/31 | 328 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS8675, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/32 | 559 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seasoned Loans Structured Transaction <br> Trust, Series 2019-2, Class A1C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 9/25/29 | 599 | 578 |
|  |  | **12345** |
| **Freddie Mac Gold – 0.2%** | **Freddie Mac Gold – 0.2%** | **Freddie Mac Gold – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A92650, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/40 | 22 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #E04360, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/1/28 | 91 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G18641, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/32 | 98 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G18647, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/32 | 242 | 236 |
|  |  | **445** |
| **Government National Mortgage Association – 0.1%** | **Government National Mortgage Association – 0.1%** | **Government National Mortgage Association – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/20/46 | 280 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage <br> Association, Series 2025-33, <br> Class LH,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/20/54 | 27 | 27 |
|  |  | **291** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $18,551)** |  | **18272** |

---

FIXED INCOME FUNDS **223** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS – 9.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 9.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 9.6%**  |
| **U.S. Treasury Notes – 9.6%** | **U.S. Treasury Notes – 9.6%** | **U.S. Treasury Notes – 9.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/30/27 | $4171 | $4187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/15/28<sup>(9)</sup> <br>| 15939 | 16078 |
|  |  | **20265** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $20,109)** |  | **20265** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 2.5%**  | **INVESTMENT COMPANIES – 2.5%**  | **INVESTMENT COMPANIES – 2.5%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(10) (11) (12)</sup> <br>| 128245 | $128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(10) (11)</sup> <br>| 5125939 | 5126 |
| **Total Investment Companies** |  |  |
| **(Cost $5,254)** |  | **5254** |
| **Total Investments – 99.5%** | **Total Investments – 99.5%** |  |
| **(Cost $208,032)** | **(Cost $208,032)** | **209513** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.5% | 1048 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$210561** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Security exempt from registration pursuant to Rule 144A under the Securities* <br> *Act of 1933, as amended. These securities may be resold in transactions* <br> *exempt from registration to qualified institutional investors. At December 31,* <br> *2025, the value of these securities amounted to approximately* <br> *$59,974,000 or 28.5% of net assets.*<br>|
| <sup>(2)</sup> <br>| *Step coupon bond. Rate as of December 31, 2025 is disclosed.* |
| <sup>(3)</sup> <br>| *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <sup>(4)</sup> <br>| *Variable or floating rate security, the interest rate of which adjusts* <br> *periodically based on changes in current interest rates and prepayments on* <br> *the underlying pool of assets.*<br>|
| <sup>(5)</sup> <br>| *Variable or floating rate security. Rate as of December 31, 2025 is* <br> *disclosed.*<br>|
| <sup>(6)</sup> <br>| *Variable or floating rate security. Security issued at a fixed coupon rate,* <br> *which converts to a variable rate at a future date. Rate shown is the rate in* <br> *effect as of December 31, 2025.*<br>|
| <sup>(7)</sup> <br>| *Perpetual bond. Maturity date represents next call date.* |
| <sup>(8)</sup> <br>| *The obligations of certain U.S. government-sponsored entities are neither* <br> *issued nor guaranteed by the United States Treasury.*<br>|
| <sup>(9)</sup> <br>| *A portion of this security has been pledged as collateral to cover margin* <br> *requirements for open futures contracts.*<br>|
| <sup>(10)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(11)</sup> <br>| *7-day current yield as of December 31, 2025 is disclosed.* |
| <sup>(12)</sup> <br>| *Investment of cash collateral received from securities lending activities.* |
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 1M - 1 Month |
| 1Y - 1 Year |
| 3M - 3 Month |
| 5Y - 5 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| Fannie Mae - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |
| IBOR - Interbank Offered Rates  |
| ICE - Intercontinental Exchange |
| LIBOR - London Interbank Offered Rate |
| REMICS - Real Estate Mortgage Investment Conduits |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

At December 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; 2-Year <br> U.S. Treasury <br> Note<br>| 379 | $79131 | Long | 3/26 | $(33)<br>|
| &nbsp;&nbsp; 5-Year <br> U.S. Treasury <br> Note<br>| (375)<br>| (40989)<br>| Short | 3/26 | 129 |
| &nbsp;&nbsp; Ultra 10-Year <br> U.S. Treasury <br> Note<br>| (13)<br>| (1495)<br>| Short | 3/26 | 9 |
| &nbsp;&nbsp; Ultra Long <br> U.S. Treasury <br> Bond<br>| (5)<br>| (590)<br>| Short | 3/26 | 10 |
| Total |  |  |  |  | $115 |

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest

NORTHERN FUNDS QUARTERLY REPORT **224** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SHORT BOND FUND continued**  | **December 31, 2025 (UNAUDITED)**  |

---

rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Asset-Backed Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whole Loan | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3598 | &nbsp;&nbsp; $560 | &nbsp;&nbsp; $4158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 38710 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38710 |
| Total Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 42308 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 42868 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 17627 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17627 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 78579 | &nbsp;&nbsp; — | &nbsp;&nbsp; 78579 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 26648 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26648 |
| U.S. Government Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 18272 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18272 |
| U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 20265 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20265 |
| Investment Companies | &nbsp;&nbsp; 5254 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5254 |
| Total Investments | &nbsp;&nbsp; $5254 | &nbsp;&nbsp; $203699 | &nbsp;&nbsp; $560 | &nbsp;&nbsp; $209513 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $148 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $148 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; (33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (33)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $115 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $115 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $9197 | $9069 | $3 <br><sup>(1)</sup><br>| $128 | 128245 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 3687 | 101497 | 100058 | 73 | 5126 | 5125939 |
| Total | $3687 | $110694 | $109127 | $76 | $5254 | 5254184 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

FIXED INCOME FUNDS **225** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 1.9%**  | **ASSET-BACKED SECURITIES – 1.9%**  | **ASSET-BACKED SECURITIES – 1.9%**  |
| **Auto Loan – 0.8%** | **Auto Loan – 0.8%** | **Auto Loan – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2024-1, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/25/27 | $6100 | $6135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2024-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 10/16/28 | 895 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-2A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.89%, 7/15/31 | 2300 | 2356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust, Series <br> 2024-A, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 6/15/27 | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2024-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 4/16/29 | 5009 | 5044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-5, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 2/17/32 | 6545 | 6590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 3/15/29 | 2333 | 2346 |
|  |  | **24377** |
| **Credit Card – 0.2%** | **Credit Card – 0.2%** | **Credit Card – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 3/15/30 | 2250 | 2282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 2/15/29 | 5000 | 5066 |
|  |  | **7348** |
| **Other – 0.7%** | **Other – 0.7%** | **Other – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2024-A, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77%, 6/15/29 | 931 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kubota Credit Owner Trust, Series <br> 2025-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 12/15/27<sup>(1)</sup> <br>| 2549 | 2559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series <br> 2025-6, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/33<sup>(1)</sup> <br>| 2400 | 2402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series <br> 2025-6, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 4/15/33<sup>(1)</sup> <br>| 6700 | 6679 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 1.9%continued**  | **ASSET-BACKED SECURITIES - 1.9%continued**  | **ASSET-BACKED SECURITIES - 1.9%continued**  |
| **Other – 0.7%continued** | **Other – 0.7%continued** | **Other – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series <br> 2025-6, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 4/15/33<sup>(1)</sup> <br>| $2400 | $2394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PK Alift Loan Funding 7 LP, Series <br> 2025-2, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/15/43<sup>(1)</sup> <br>| 4298 | 4308 |
|  |  | **19281** |
| **Whole Loan – 0.2%** | **Whole Loan – 0.2%** | **Whole Loan – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.55% on 4/25/29), <br> 5.55%, 1/25/65<sup>(1) (2)</sup> <br>| 5198 | **5235** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $56,058)** |  | **56241** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.3%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.3%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.3%**  |
| **Non Agency – 0.3%** | **Non Agency – 0.3%** | **Non Agency – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCMS Mortgage Trust, Series <br> 2025-BNC1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 1/15/28<sup>(1)</sup> <br>| 10300 | **10311** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $10,300)** |  | **10311** |
| **COMMERCIAL PAPER – 1.0%**  | **COMMERCIAL PAPER – 1.0%**  | **COMMERCIAL PAPER – 1.0%**  |
| **Regional – 1.0%** | **Regional – 1.0%** | **Regional – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 2/12/26  | 7000 | 7000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 2/24/26  | 2213 | 2213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 4/1/26  | 12000 | 12001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 4/7/26  | 6920 | 6920 |
|  |  | **28134** |
| **Total Commercial Paper** |  |  |
| **(Cost $28,133)** |  | **28134** |
| **CORPORATE BONDS – 3.0%**  | **CORPORATE BONDS – 3.0%**  | **CORPORATE BONDS – 3.0%**  |
| **Automotive – 0.7%** | **Automotive – 0.7%** | **Automotive – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Honda Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/1/28  | 10000 | 10064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 5/8/27  | 5000 | 5082 |

---

NORTHERN FUNDS QUARTERLY REPORT **226** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 3.0% continued**  | **CORPORATE BONDS - 3.0% continued**  | **CORPORATE BONDS - 3.0% continued**  |
| **Automotive – 0.7%continued** | **Automotive – 0.7%continued** | **Automotive – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/8/27 <sup>(1)</sup> <br>| $5000 | $5058 |
|  |  | **20204** |
| **Banking – 1.8%** | **Banking – 1.8%** | **Banking – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 4.72%, 3/4/29 <sup>(3)</sup> <br>| 12900 | 12913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington National Bank (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.72%), <br> 4.87%, 4/12/28 <sup>(4)</sup> <br>| 7400 | 7462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.77%), <br> 4.63%, 9/22/27 <sup>(3)</sup> <br>| 11400 | 11427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Holdings U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.61%), <br> 5.47%, 3/20/29 <sup>(3)</sup> <br>| 20000 | 20194 |
|  |  | **51996** |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/28 | 4200 | **4274** |
| **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28 | 3470 | **3536** |
| **Home Construction – 0.2%** | **Home Construction – 0.2%** | **Home Construction – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson Exchange at Riverside LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/1/62<sup>(5)</sup> <br>| 4400 | **4400** |
| **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.70%), 4.59%, <br> 11/8/27<sup>(3)</sup> <br>| 3530 | **3550** |
| **Total Corporate Bonds** |  |  |
| **(Cost $87,364)** |  | **87960** |
| **FOREIGN ISSUER BONDS – 6.1%**  | **FOREIGN ISSUER BONDS – 6.1%**  | **FOREIGN ISSUER BONDS – 6.1%**  |
| **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMW U.S. Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.71%), <br> 4.60%, 8/11/27 <sup>(1) (3)</sup> <br>| 1700 | 1705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Group of America <br> Finance LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 9/11/27 <sup>(1)</sup> <br>| 12300 | 12338 |
|  |  | **14043** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  |
| **Banking – 5.1%** | **Banking – 5.1%** | **Banking – 5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank N.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.75%), 4.75%, <br> 7/7/28 <sup>(1) (3)</sup> <br>| $20000 | $20058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.62%), 4.47%, <br> 9/15/26 <sup>(3)</sup> <br>| 9600 | 9622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 0.75%), 4.06%, <br> 9/22/28 <sup>(4)</sup> <br>| 16600 | 16615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.76%), <br> 4.04%, 9/15/28 <sup>(4)</sup> <br>| 24500 | 24505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.22%), <br> 5.10%, 11/16/27 <sup>(3)</sup> <br>| 7500 | 7532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.51%), <br> 6.82%, 11/20/29 <sup>(4)</sup> <br>| 20809 | 22193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.03%), <br> 4.90%, 3/3/29 <sup>(3)</sup> <br>| 6000 | 6030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ING Groep N.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.01%), 4.89%, <br> 4/1/27 <sup>(3)</sup> <br>| 23800 | 23834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nationwide Building Society, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.29%), <br> 5.17%, 2/16/28 <sup>(1) (3)</sup> <br>| 4300 | 4328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Markets PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.76%), <br> 4.64%, 9/29/26 <sup>(1) (3)</sup> <br>| 2800 | 2808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.07%), 4.32%, <br> 9/22/29 <sup>(4)</sup> <br>| 4800 | 4807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.88%), <br> 4.87%, 1/14/27 <sup>(3)</sup> <br>| 9880 | 9933 |
|  |  | **152265** |
| **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 1/9/26 | 10000 | **10003** |

---

FIXED INCOME FUNDS **227** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  |
| **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 4/15/27 | $5000 | **$5137** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $181,072)** |  | **181448** |
| **U.S. GOVERNMENT AGENCIES – 0.2%** <sup>(6)</sup> | **U.S. GOVERNMENT AGENCIES – 0.2%** <sup>(6)</sup> | **U.S. GOVERNMENT AGENCIES – 0.2%** <sup>(6)</sup> |
| **Freddie Mac – 0.2%** | **Freddie Mac – 0.2%** | **Freddie Mac – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seasoned Loans Structured Transaction <br> Trust, Series 2018-2, Class A1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/25/28 | 5972 | **5883** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $5,852)** |  | **5883** |
| **MUNICIPAL BONDS – 80.0%**  | **MUNICIPAL BONDS – 80.0%**  | **MUNICIPAL BONDS – 80.0%**  |
| **Alabama – 2.7%** | **Alabama – 2.7%** | **Alabama – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alabama State HFA MFH Variable <br> Revenue Bonds, Fred Marshall Court <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 6/1/28<sup>(7) (8)</sup> <br>| 1900 | 1902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alabama State HFA MFH Variable <br> Revenue Bonds, Providence Park <br> Apartments Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 7/1/28<sup>(7) (8)</sup> <br>| 1200 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alabama State Highway Authority <br> Special Obligation Revenue Bonds <br> (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/28 | 6170 | 6559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Bonds, Subseries <br> D2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.40%), <br> 3.89%, 6/1/27<sup>(3) (7)</sup> <br>| 20000 | 20117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Series E, Gas Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/28 | 510 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Variable <br> Revenue Bonds, Gas Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.35%), 2.71%, <br> 12/1/26<sup>(3) (7)</sup> <br>| 29000 | 28748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority Commodity <br> Supply Revenue Bonds, Series A, <br> Project No.1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/28<sup>(7) (8)</sup> <br>| 8650 | 8752 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Alabama – 2.7%continued** | **Alabama – 2.7%continued** | **Alabama – 2.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority Commodity <br> Supply Revenue Bonds, Series B-1, <br> Project No. 4,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/28<sup>(7) (8)</sup> <br>| $7100 | $7349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority <br> Cooperative Revenue Bonds, Series <br> E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 | 5000 | 5261 |
|  |  | **80418** |
| **Alaska – 0.6%** | **Alaska – 0.6%** | **Alaska – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alaska State G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 | 2000 | 2078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alaska State Housing Finance Corp. <br> Revenue Refunding Bonds, State <br> Capital Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/27 | 2605 | 2689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civic Ventures Revenue Refunding <br> Bonds, Anchorage Convention <br> Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 930 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/28 | 975 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Slope Borough G.O. Unlimited <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/30/27 | 4100 | 4243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/30/28 | 6000 | 6359 |
|  |  | **17359** |
| **Arizona – 1.6%** | **Arizona – 1.6%** | **Arizona – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State Health Facilities Authority <br> Variable Revenue Bonds, Banner <br> Health Services, Unrefunded <br> Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.00%), 2.61%, <br> 11/4/26<sup>(3) (7)</sup> <br>| 7335 | 7295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glendale Water & Sewer Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 3000 | 3036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County High School District <br> No. 210 G.O. Unlimited Bonds, <br> Series B, Project of 2023,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 2265 | 2351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County IDA Variable <br> Revenue Bonds, Series A-2, Banner <br> Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/28<sup>(7) (8)</sup> <br>| 10000 | 10444 |

---

NORTHERN FUNDS QUARTERLY REPORT **228** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Arizona – 1.6%continued** | **Arizona – 1.6%continued** | **Arizona – 1.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Litchfield Elementary <br> School District No. 79 G.O. <br> Unlimited Bonds, Series A, Project of <br> 2023,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | $1830 | $1852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Unified School <br> District No. 4 G.O. Unlimited Bonds, <br> Series E, Mesa Project of 2018,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1050 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Water System Junior Lien Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1750 | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pima County IDA MFH Variable <br> Revenue Bonds, Flats At Ballpark <br> Village ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 4/1/28<sup>(7) (8)</sup> <br>| 7595 | 7515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pima County Refunding COPS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/27 | 2860 | 2987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinal County Revenue Refunding <br> Obligation Bonds (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/28 | 1000 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tucson G.O. Unlimited Bonds, Series <br> 2018-B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 6460 | 6687 |
|  |  | **46048** |
| **Arkansas – 0.1%** | **Arkansas – 0.1%** | **Arkansas – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Smith Water & Sewer Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/26 | 2385 | **2425** |
| **California – 3.2%** | **California – 3.2%** | **California – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Variable Revenue Bonds, San <br> Francisco Bay Area Toll,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.30%), 2.66%, <br> 4/1/27<sup>(3) (7)</sup> <br>| 8500 | 8428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Variable Revenue Refunding Bonds, <br> San Francisco Bay Area,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.45%), 2.81%, <br> 4/1/26<sup>(3) (7)</sup> <br>| 8750 | 8738 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **California – 3.2%continued** | **California – 3.2%continued** | **California – 3.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 | $1750 | $1831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Series A-1, Clean Energy <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/28<sup>(7) (8)</sup> <br>| 8725 | 8866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority MFH Variable Revenue <br> Bonds, Palmdale Family Apartments,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 1/1/28<sup>(7) (8)</sup> <br>| 2280 | 2280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/28 | 5000 | 5247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Sustainable <br> Revenue Refunding Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/28 | 6500 | 6821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Subordinate Revenue Refunding <br> Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/28 | 4530 | 4753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 2600 | 2626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 2225 | 2307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 4035 | 4084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1990 | 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 6270 | 6332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1930 | 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 3040 | 3152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 3180 | 3255 |

---

FIXED INCOME FUNDS **229** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **California – 3.2%continued** | **California – 3.2%continued** | **California – 3.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | $2675 | $2764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 6630 | 7001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Refunding Bonds, Second <br> Series (AMT), Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/27 | 10880 | 11174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Refunding Bonds, Second <br> Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/28 | 2300 | 2412 |
|  |  | **96038** |
| **Colorado – 1.7%** | **Colorado – 1.7%** | **Colorado – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities <br> Authority Revenue Refunding Bonds, <br> Series A, CommonSpirit Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 | 5000 | 5157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities <br> Authority Variable Revenue Bonds, <br> Intermountain Healthcare,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.55%), 2.91%, <br> 8/17/26<sup>(3) (7)</sup> <br>| 22100 | 22089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Airport <br> Subordinate Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/26 | 15560 | 15878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Airport System <br> Subordinate Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/27 | 3865 | 4013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Creek Metropolitan District Limited <br> Property Tax Supported Senior Tax <br> Allocation Revenue Refunding Bonds <br> (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | 700 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/27 | 1000 | 1043 |
|  |  | **48894** |
| **Connecticut – 1.0%** | **Connecticut – 1.0%** | **Connecticut – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/26 | 4100 | 4104 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Connecticut – 1.0%continued** | **Connecticut – 1.0%continued** | **Connecticut – 1.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Refunding Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/26 | $12175 | $12260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Refunding Bonds, Series D ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/28 | 8075 | 8593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Yale New Haven,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 5500 | 5687 |
|  |  | **30644** |
| **District of Columbia – 0.5%** | **District of Columbia – 0.5%** | **District of Columbia – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia G.O. Unlimited <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/28 | 2175 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Housing Finance <br> Agency MFH Revenue Bonds, <br> Wagner Senior Residences Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 9/1/28 | 4500 | 4486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Housing Finance <br> Agency MFH Variable Revenue <br> Bonds, Paxton Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 6/1/26<sup>(7) (8)</sup> <br>| 5000 | 5001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Water & Sewer <br> Authority Public Utility Subordinate <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 | 2200 | 2347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Water & Sewer <br> Authority Public Utility Subordinate <br> Sustainable Revenue Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 | 765 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 550 | 570 |
|  |  | **15471** |
| **Florida – 4.8%** | **Florida – 4.8%** | **Florida – 4.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County Port Facilities Revenue <br> Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 1000 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/28 | 2125 | 2220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County School Board <br> Refunding COPS, Series A (AG <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 6710 | 7084 |

---

NORTHERN FUNDS QUARTERLY REPORT **230** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Florida – 4.8%continued** | **Florida – 4.8%continued** | **Florida – 4.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County School Board <br> Refunding COPS, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | $5000 | $5055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duval County School Board Refunding <br> COPS, Series A (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 2850 | 2953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Insurance Assistance Interlocal <br> Agency Revenue Bonds, Series A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/26 | 9250 | 9281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Housing Finance Corp. <br> MFH Mortgage Variable Revenue <br> Bonds, Hermosa North Fort Myers II,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/27<sup>(7) (8)</sup> <br>| 3000 | 3024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Housing Finance Corp. <br> Multi Family Mortgage Variable <br> Revenue Bonds, Ninth Street <br> Apartments,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/1/28<sup>(7) (8)</sup> <br>| 2505 | 2510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Housing Finance Corp. <br> Multi Family Mortgage Variable <br> Revenue Bonds, Series E, Citrus Glen <br> Apartments,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 1/1/28<sup>(7) (8)</sup> <br>| 1675 | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Housing Finance Corp. <br> Multi Family Mortgage Variable <br> Revenue Bonds, Series E, Mariposa <br> Grove,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 1/1/29<sup>(7) (8)</sup> <br>| 7750 | 7761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Housing Finance Corp. <br> Multi Family Mortgage Variable <br> Revenue Bonds, Series E, Southward <br> Village Phase 2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/1/28<sup>(7) (8)</sup> <br>| 9325 | 9345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Housing Finance Corp. <br> Variable Revenue Bonds, Series D, <br> Osprey Sound,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/28<sup>(7) (8)</sup> <br>| 6000 | 6002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Mid-Bay Bridge Authority <br> First Senior Lien Revenue Refunding <br> Bonds (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/26 | 3250 | 3300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 1700 | 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 | 3145 | 3324 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Florida – 4.8%continued** | **Florida – 4.8%continued** | **Florida – 4.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Municipal Power Agency <br> Revenue Refunding Bonds, <br> All-Requirements Power Supply <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | $795 | $826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 | 1300 | 1382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 5045 | 5228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County HFA Multi Family <br> Variable Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/1/27<sup>(7) (8)</sup> <br>| 2605 | 2608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacksonville Special Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 8650 | 8805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake County School Board Refunding <br> COPS, Series A (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/27 | 1945 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/28 | 1135 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lee County Airport Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 | 2500 | 2630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lee County School Board Refunding <br> COPS, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/28 | 5350 | 5670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami Beach Redevelopment Agency <br> Tax Allocation Bonds, City <br> Center/Historic Convention (AG <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/28 | 1700 | 1776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Aviation Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 3700 | 3827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 | 4100 | 4322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County School Board <br> Refunding COPS, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/27 | 8840 | 9114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Transit Sales <br> Surtax Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 8955 | 9066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County School Board <br> Refunding COPS, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 | 4675 | 4844 |

---

FIXED INCOME FUNDS **231** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Florida – 4.8%continued** | **Florida – 4.8%continued** | **Florida – 4.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pensacola Airport Revenue Bonds <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | $890 | $919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 | 1180 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polk County HFA MFH Variable <br> Revenue Bonds, Cypress Oaks <br> Apartments,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/1/27<sup>(7) (8)</sup> <br>| 2250 | 2252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polk County Public Facilities Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | 795 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reedy Creek Improvement District G.O. <br> Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/27 | 1315 | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sarasota County School Board COPS, <br> Master Lease Program,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1375 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seminole County Water & Sewer <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 700 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USF Financing Corp. Capital <br> Improvement Revenue Refunding <br> Bonds, Student Housing Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 1135 | 1200 |
|  |  | **140535** |
| **Georgia – 1.8%** | **Georgia – 1.8%** | **Georgia – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta Airport Revenue Refunding <br> Bonds, Series G (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 2500 | 2630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta Airport Sustainable Revenue <br> Bonds, Series B-1 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 4000 | 4210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decatur Housing Authority MFH <br> Variable Revenue Bonds, Philips <br> Tower Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 9/1/27<sup>(7) (8)</sup> <br>| 4500 | 4513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas County School District G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/28 | 1850 | 1954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macon-Bibb County Housing Authority <br> MFH Variable Revenue Bonds, <br> Cahec Portfolio II Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 2/1/28<sup>(7) (8)</sup> <br>| 3500 | 3502 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Georgia – 1.8%continued** | **Georgia – 1.8%continued** | **Georgia – 1.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/28<sup>(7) (8)</sup> <br>| $7360 | $7496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Electricity Authority of <br> Georgia Revenue Refunding Bonds, <br> Subseries A, Project 1 (BAM-TCRS <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/28 | 9040 | 9146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paulding County School District G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/27 | 3000 | 3079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richmond County Board of Education <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 | 11705 | 12492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Savannah Housing Authority Variable <br> Revenue Bonds, Montgomery <br> Landing Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 7/1/28<sup>(7) (8)</sup> <br>| 3115 | 3120 |
|  |  | **52142** |
| **Hawaii – 0.6%** | **Hawaii – 0.6%** | **Hawaii – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawaii State G.O. Unlimited Bonds, <br> Series FB,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/27 | 6895 | 6935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honolulu City & County G.O. Unlimited <br> Refunding Bonds, Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 11390 | 12101 |
|  |  | **19036** |
| **Idaho – 0.6%** | **Idaho – 0.6%** | **Idaho – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idaho State Building Authority Sales <br> TRB, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/26 | 15000 | 15154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kootenai County Coeur d'Alene School <br> District No. 271 G.O. Unlimited <br> Bonds (Idaho Sales Tax Guaranty <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/15/27 | 3000 | 3051 |
|  |  | **18205** |
| **Illinois – 4.3%** | **Illinois – 4.3%** | **Illinois – 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway Airport Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/26 | 3500 | 3500 |

---

NORTHERN FUNDS QUARTERLY REPORT **232** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Illinois – 4.3%continued** | **Illinois – 4.3%continued** | **Illinois – 4.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway Airport Senior Lien <br> Revenue Refunding Bonds, Series A <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/27 | $3615 | $3682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/28 | 1565 | 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/29 | 3500 | 3683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport <br> General Senior Lien Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/28 | 2290 | 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/29 | 3000 | 3158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport <br> Senior Lien Revenue Refunding <br> Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/29 | 5465 | 5826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Park District G.O. Limited <br> Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/26 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax <br> Receipts Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/27 | 2250 | 2346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Wastewater Transmission <br> Second Lien Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/27 | 2300 | 2351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cook County Sales Tax Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/28 | 1000 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DuPage County Forest Preserve District <br> G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 1600 | 1669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Refunding Bonds, Field <br> Museum of Natural History,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.20%), <br> 3.75%, 9/1/28<sup>(3) (7)</sup> <br>| 7250 | 7260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Financing Authority <br> Revenue Refunding Bonds, <br> NorthShore University Health <br> System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/28 | 3000 | 3178 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Illinois – 4.3%continued** | **Illinois – 4.3%continued** | **Illinois – 4.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/26 | $7000 | $7114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 3430 | 3555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/1/28 | 23415 | 24853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/1/26 | 6855 | 6883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/26 | 12435 | 12660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 1100 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State HDA MFH Variable <br> Revenue Bonds, Corcoran Place,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 7/1/28<sup>(7) (8)</sup> <br>| 2200 | 2202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State HDA MFH Variable <br> Revenue Bonds, Series B, Lakeside <br> Tower,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 8/1/28<sup>(7) (8)</sup> <br>| 1500 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State HDA Sustainable Revenue <br> Bonds, Series N (GNMA, FNMA, <br> FHLMC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/1/26 | 600 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Municipal Electric Agency <br> Power Supply Revenue Refunding <br> Bonds, Series A ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/28 | 9450 | 9896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kane County School District No. 131 <br> Aurora East Side G.O. Unlimited <br> Refunding Bonds (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/27 | 3920 | 4085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/28 | 365 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp. Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/28 | 5170 | 5385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Springfield Electric Senior Lien Revenue <br> Refunding Bonds (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/27 | 3220 | 3302 |
|  |  | **127240** |
| **Indiana – 2.4%** | **Indiana – 2.4%** | **Indiana – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carmel Clay Schools G.O. Limited <br> Bonds (State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/27 | 2405 | 2463 |

---

FIXED INCOME FUNDS **233** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Indiana – 2.4%continued** | **Indiana – 2.4%continued** | **Indiana – 2.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decatur Township Multi-School Building <br> Corp. Revenue Refunding Bonds <br> (State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/27 | $1320 | $1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/27 | 1385 | 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/28 | 1650 | 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/28 | 2530 | 2672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton County G.O. Limited Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/26 | 1260 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority <br> Environmental Variable Revenue <br> Refunding Bonds (AMT), Duke <br> Energy Indiana,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/1/27<sup>(7) (8)</sup> <br>| 5750 | 5783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority <br> Revenue Refunding Bonds, Ascension <br> Senior Credit Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/28 | 6290 | 6694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority <br> Revenue Refunding Bonds, Series A, <br> Stadium Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/26 | 1765 | 1768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/28 | 2710 | 2833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority <br> Variable Revenue Refunding Bonds, <br> Deaconess Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.30%), 2.66%, <br> 3/1/27<sup>(3) (7)</sup> <br>| 6315 | 6287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bank Revenue Refunding Bonds, <br> Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/27 | 780 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bond Bank Revenue Refunding <br> Bonds (AMT), Indianapolis Airport <br> Authority Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/28 | 1090 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bond Bank Revenue Refunding <br> Bonds, Unlimited Ad Valorem Project <br> (State Aid Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/27 | 2500 | 2560 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Indiana – 2.4%continued** | **Indiana – 2.4%continued** | **Indiana – 2.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPS Multi-School Building Corp. First <br> Mortgage Revenue Refunding Bonds <br> (State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/27 | $7200 | $7365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Albany-Floyd County School <br> Building Corp. Revenue Bonds (State <br> Aid Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/27 | 4905 | 5014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/27 | 1725 | 1782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noblesville Schools G.O. Limited Bonds <br> (State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/27 | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/15/27 | 1325 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/28 | 1345 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/15/28 | 1635 | 1769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North West Hendricks Multi-Building <br> Corp. First Mortgage Revenue <br> Refunding Bonds (State Aid Intercept <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/27 | 785 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/28 | 680 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/28 | 700 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tippecanoe School Corp. G.O. Limited <br> Bonds (State Aid Intercept),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/27 | 1635 | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valparaiso 21st Century School <br> Building Corp. First Mortgage <br> Revenue Refunding Bonds (State Aid <br> Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/27 | 1020 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/27 | 400 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/28 | 4025 | 4243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zionsville Community Schools Building <br> Corp. Revenue Bonds (State Intercept <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/27 | 1400 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/27 | 510 | 528 |
|  |  | **69642** |
| **Kansas – 1.4%** | **Kansas – 1.4%** | **Kansas – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas State Department of <br> Transportation Highway Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 8645 | 9002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manhattan G.O. Unlimited Temporary <br> Notes,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/28 | 19150 | 19246 |

---

NORTHERN FUNDS QUARTERLY REPORT **234** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Kansas – 1.4%continued** | **Kansas – 1.4%continued** | **Kansas – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spring Hill G.O. Unlimited Notes, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/27 | $9990 | $10067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wyandotte County Kansas City Unified <br> Government G.O. Unlimited Bonds, <br> Series A (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/27 | 2065 | 2112 |
|  |  | **40427** |
| **Kentucky – 3.1%** | **Kentucky – 3.1%** | **Kentucky – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Asset/Liability <br> Commission Agency Fund Revenue <br> Refunding Bonds, Federal Highway <br> Trust Fund Project Notes,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/26 | 6290 | 6385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Property & Buildings <br> Commission Revenue Bonds, Series <br> A, Project No. 132,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/28 | 1500 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Property & Buildings <br> Commission Revenue Bonds, Series <br> A, Project No. 133,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 2630 | 2736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/28 | 3000 | 3189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Property & Buildings <br> Commission Revenue Refunding <br> Bonds, Series B, Project No. 133,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 3500 | 3642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/28 | 11600 | 12332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Variable Revenue Bonds, <br> Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/28<sup>(7) (8)</sup> <br>| 15435 | 15636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owensboro-Daviess County Kentucky <br> Regional Water Resource Agency <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/27 | 2205 | 2296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rural Water Financing Agency Revenue <br> Bonds, Public Projects Construction <br> Notes,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 5/1/27 | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 5/1/28 | 32025 | 31677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Kentucky General Receipts <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/26 | 2105 | 2106 |
|  |  | **91579** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Louisiana – 0.8%** | **Louisiana – 0.8%** | **Louisiana – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Livingston Parish Sales TRB (AG <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 | $5835 | $6187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana State Gasoline & Fuels TRB, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/27 | 2635 | 2719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/28 | 5000 | 5288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities & Community <br> Development Authority Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/27 | 1000 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Orleans Aviation Board Revenue <br> Refunding Bonds, Series B (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/27 | 5225 | 5326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shreveport Water & Sewer Revenue <br> Refunding Bonds (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/27 | 775 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/28 | 1350 | 1424 |
|  |  | **22779** |
| **Maine – 0.2%** | **Maine – 0.2%** | **Maine – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maine State Housing Authority <br> Mortgage Purchase Sustainable <br> Revenue Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/27 | 4400 | 4382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maine State Municipal Bond Bank <br> Revenue Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 2150 | 2244 |
|  |  | **6626** |
| **Maryland – 0.2%** | **Maryland – 0.2%** | **Maryland – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anne Arundel County G.O. Limited <br> Refunding Bonds, Consolidated <br> General Improvements,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/27 | 3245 | 3344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland Stadium Authority Built to <br> Learn Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/26 | 2180 | 2201 |
|  |  | **5545** |
| **Massachusetts – 1.2%** | **Massachusetts – 1.2%** | **Massachusetts – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Refunding <br> Bonds, Beth Israel Lahey Health Issue <br> (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 1400 | 1444 |

---

FIXED INCOME FUNDS **235** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Massachusetts – 1.2%continued** | **Massachusetts – 1.2%continued** | **Massachusetts – 1.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quincy G.O. Limited BANS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/24/26 | $11890 | $12047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Somerville G.O. Limited BANS, Series <br> B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 23230 | 23507 |
|  |  | **36998** |
| **Michigan – 2.5%** | **Michigan – 2.5%** | **Michigan – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chippewa Valley Schools G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/27 | 1280 | 1319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fraser Public Schools District G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/27 | 2850 | 2934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Notes, Series A-2 <br> (JPMorgan Chase Bank N.A. LOC),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/20/26 | 7060 | 7164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Refunding Bonds, Public <br> Lighting Authority (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 2645 | 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Finance Authority <br> Variable Revenue Refunding Bonds, <br> Beaumont-Spectrum Consolidation,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.75%), 3.11%, <br> 4/15/27<sup>(3) (7)</sup> <br>| 15000 | 14961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State HDA Rental Housing <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 4/1/26 | 655 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Revenue Refunding <br> GARVEE Bonds GANS,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/27 | 4435 | 4560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Strategic Fund Ltd. <br> Obligation Revenue Refunding <br> Bonds, Facility for Rare Isotope <br> Beam,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | 3090 | 3160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Traverse City Area Public Schools G.O. <br> Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/27 | 8100 | 8352 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Michigan – 2.5%continued** | **Michigan – 2.5%continued** | **Michigan – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washtenaw County Intermediate <br> School District G.O. Unlimited Bonds <br> ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/27 | $4360 | $4497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayne County Airport Authority <br> Revenue Refunding Bonds (AMT), <br> Detroit Metropolitan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/28 | 7750 | 8146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayne Michigan State University <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/27 | 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Ottawa Public School District <br> G.O. Unlimited Bonds, Series I,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/26 | 9125 | 9299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Michigan University Revenue <br> Refunding Bonds, Series A (AG <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/27 | 4595 | 4783 |
|  |  | **73143** |
| **Minnesota – 3.5%** | **Minnesota – 3.5%** | **Minnesota – 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edina Independent School District No. <br> 273 G.O. Unlimited Refunding <br> Bonds, Series A (School District <br> Credit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/27 | 3425 | 3514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hennepin County Housing & <br> Redevelopment Authority Multi <br> Family Variable Revenue Bonds, <br> South Haven & Summit Point <br> Apartments (Housing & Urban <br> Development Sector 8 Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 8/1/28<sup>(7) (8)</sup> <br>| 4500 | 4505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minneapolis-St. Paul Metropolitan <br> Airports Commission Senior Airport <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/28 | 11705 | 11974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota Municipal Gas Agency <br> Commodity Supply Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/27<sup>(7) (8)</sup> <br>| 5875 | 5968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota Municipal Gas Agency <br> Commodity Supply Variable Revenue <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.00%), <br> 3.49%, 12/1/27<sup>(3) (7)</sup> <br>| 40000 | 40062 |

---

NORTHERN FUNDS QUARTERLY REPORT **236** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Minnesota – 3.5%continued** | **Minnesota – 3.5%continued** | **Minnesota – 3.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota State Housing Finance <br> Agency Revenue Bonds, Series G <br> (Housing & Urban Development <br> Sector 8 Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 8/1/27 | $5875 | $5886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota State Rural Water Finance <br> Authority Revenue BANS,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 8/1/26 | 10000 | 10002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moorhead Temporary Tax Increment <br> Financing G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/27 | 18845 | 19150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Minnesota State Municipal <br> Power Agency Supply System <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/27 | 1240 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/28 | 1200 | 1258 |
|  |  | **103589** |
| **Missouri – 2.2%** | **Missouri – 2.2%** | **Missouri – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clay County Public School District No. <br> 53 Liberty G.O Unlimited Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/28 | 2150 | 2218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Zumwalt School District G.O. <br> Unlimited Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28 | 8415 | 8843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jackson County Consolidated School <br> District No. 4 G.O. Unlimited <br> Refunding Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/1/27 | 2830 | 2939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri Joint Municipal Electric Utility <br> Commission Power Project Revenue <br> Refunding Bonds, Prairie State <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | 3885 | 3963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Health & Educational <br> Facilities Authority Health Facilities <br> Revenue Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/28<sup>(7) (8)</sup> <br>| 5500 | 5773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Health & Educational <br> Facilities Revenue Refunding Bonds, <br> CoxHealth Obligated Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/28 | 750 | 795 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Missouri – 2.2%continued** | **Missouri – 2.2%continued** | **Missouri – 2.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Highways & <br> Transportation Commission State <br> Road Revenue Bonds, Mega Project <br> (State Appropriation Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/26 | $20000 | $20161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Public Utilities <br> Commission Revenue Refunding <br> Bonds, Interim Construction Notes,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/26 | 11980 | 11987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platte County Reorganized School <br> District No. R-3 G.O. Unlimited <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/1/27 | 2960 | 3082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ritenour School District G.O. Unlimited <br> Refunding Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/26 | 575 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Springfield School District No. R-12 <br> G.O. Unlimited Bonds (State Aid <br> Direct Deposit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/28 | 4000 | 4248 |
|  |  | **64586** |
| **Nevada – 0.9%** | **Nevada – 0.9%** | **Nevada – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clark County School District G.O. <br> Limited Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/26 | 1040 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Valley Water District G.O. <br> Limited Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/26 | 1075 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nevada State G.O. Limited Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/27 | 24175 | 24916 |
|  |  | **27042** |
| **New Hampshire – 0.1%** | **New Hampshire – 0.1%** | **New Hampshire – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hampshire State HFA Multi Family <br> Revenue Bonds, Series 4 (FHA <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 4/1/26 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hampshire State HFA Multi-Family <br> Revenue Bonds, Series 3 (FHA <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 7/1/26 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hampshire State Municipal Bond <br> Bank Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/27 | 2000 | 2080 |
|  |  | **4081** |

---

FIXED INCOME FUNDS **237** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **New Jersey – 4.5%** | **New Jersey – 4.5%** | **New Jersey – 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex County G.O. Unlimited BANS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/8/26 | $12305 | $12393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jersey City Municipal Utilities Authority <br> Water Project Revenue Notes <br> (Municipal Government Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/26 | 15510 | 15631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercer County G.O. Unlimited Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/15/26 | 2830 | 2830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monmouth County Improvement <br> Authority Revenue Notes, <br> Governmental Pooled Loan Project <br> (County Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/13/26 | 35000 | 35095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue <br> Refunding Bonds, Series XX,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/15/26 | 13565 | 13573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue School <br> Facilities Construction Revenue <br> Refunding Bonds, Series GGG,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/1/26 | 5000 | 5087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Health Care Facilities <br> Financing Authority Department <br> Human Services Revenue Refunding <br> Bonds, Marlboro Psychiatric <br> Hospital,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/27 | 2305 | 2399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Housing & Mortgage <br> Finance Agency Multi Family <br> Sustainable Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/1/27 | 6875 | 6869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/1/28 | 16795 | 16771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Housing & Mortgage <br> Finance Agency Multi Family <br> Sustainable Revenue Bonds, <br> Subseries D (GNMA, FNMA, <br> FHLMC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/1/27 | 3750 | 3732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 5/1/28 | 2770 | 2760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/27 | 2775 | 2842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority <br> Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/28 | 3485 | 3652 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **New Jersey – 4.5%continued** | **New Jersey – 4.5%continued** | **New Jersey – 4.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority <br> Revenue Exchange Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/27 | $4490 | $4599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority <br> Revenue Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/27 | 3835 | 3928 |
|  |  | **132161** |
| **New Mexico – 0.4%** | **New Mexico – 0.4%** | **New Mexico – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albuquerque G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1715 | 1736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albuquerque Municipal School District <br> No. 12 G.O. Unlimited Bonds, Series <br> A (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 2150 | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico State Severance TRB, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 2505 | 2535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 4000 | 4239 |
|  |  | **10690** |
| **New York – 7.4%** | **New York – 7.4%** | **New York – 7.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Climate Bond Certified,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/27 | 1120 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/28 | 9370 | 9985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/27 | 2675 | 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br> Variable Revenue Refunding Bonds, <br> Subseries G-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.43%), <br> 2.92%, 11/1/26<sup>(3)</sup> <br>| 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br> Variable Revenue Tender Notes,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.65%), <br> 3.14%, 4/1/26<sup>(3) (7)</sup> <br>| 40000 | 39991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Building Aid Revenue <br> Refunding Bonds, Series S-2 (State <br> Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/27 | 7000 | 7252 |

---

NORTHERN FUNDS QUARTERLY REPORT **238** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **New York – 7.4%continued** | **New York – 7.4%continued** | **New York – 7.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> G, Subseries G-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/28 | $16995 | $17852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Refunding <br> Bonds, Series B-1, Fiscal 2026,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/28 | 10000 | 10624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Refunding <br> Bonds, Series C-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 1890 | 1917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Multi-modal G.O. Unlimited <br> Refunding Bonds, Fiscal 2025,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 | 18780 | 19527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Revenue <br> Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/28 | 1000 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 226 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/28 | 3520 | 3709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 246 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 15005 | 15497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 249 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 | 3750 | 3879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/28 | 6975 | 7350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority <br> Payroll Mobility Tax Revenue BANS, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28 | 14420 | 15182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority <br> Payroll Mobility Tax Variable <br> Revenue Refunding Bonds, Series E, <br> Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.05%), <br> 3.54%, 4/1/26<sup>(3)</sup> <br>| 15560 | 15566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority <br> Subordinate Revenue BANS, Series <br> A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/28 | 25420 | 26745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Seneca G.O. Limited BANS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/6/26 | 16999 | 17020 |
|  |  | **217312** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **North Carolina – 1.6%** | **North Carolina – 1.6%** | **North Carolina – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East Carolina University Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | $1225 | $1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State G.O. Unlimited <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/1/27<sup>(9)</sup> <br>| 11075 | 11403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Grant <br> Anticipation Revenue Refunding <br> GARVEE Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28 | 12640 | 13306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Housing Finance <br> Agency MFH Revenue Bonds, <br> Harmony Housing Development,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 2/1/29<sup>(7) (8)</sup> <br>| 7000 | 7002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Limited <br> Obligation Revenue Bonds, Series B, <br> Build NC Programs,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/26 | 3520 | 3549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Limited <br> Obligation Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/27 | 2000 | 2067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Medical Care <br> Commission Health Care Facilities <br> Revenue Refunding Bonds, Series A, <br> Duke University Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/27 | 1750 | 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/28 | 2115 | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raleigh Housing Authority Multi Family <br> Housing Revenue Bonds, Maple <br> Ridge Apartments,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 2/1/29<sup>(7) (8)</sup> <br>| 3450 | 3454 |
|  |  | **46053** |
| **Ohio – 1.5%** | **Ohio – 1.5%** | **Ohio – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akron Bath & Copley Joint Township <br> Hospital District Revenue Refunding <br> Bonds, Children's Medical Hospital,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/27 | 1825 | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Municipal Power-Ohio, Inc., <br> Revenue Refunding Bonds, Prairie <br> State Energy Campus Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/26 | 3000 | 3008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 6765 | 6941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/28 | 10000 | 10490 |

---

FIXED INCOME FUNDS **239** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Ohio – 1.5%continued** | **Ohio – 1.5%continued** | **Ohio – 1.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State G.O. Limited Bonds, Series <br> A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/27 | $8135 | $8407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State G.O. Unlimited Bonds, <br> Series Y,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/26 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Hospital Facilities Revenue <br> Refunding Bonds, Cleveland Clinic <br> Health System ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/27 | 3220 | 3293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Hospital Revenue Refunding <br> Bonds, University Hospitals Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/27 | 2160 | 2203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/28 | 6240 | 6491 |
|  |  | **43744** |
| **Oklahoma – 1.6%** | **Oklahoma – 1.6%** | **Oklahoma – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleveland County Independent School <br> District No. 2 G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/27 | 5520 | 5603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/28 | 7440 | 7652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma County Independent School <br> District No. 1 G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 5/1/27 | 17375 | 17452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma County Independent School <br> District No. 12 G.O. Unlimited <br> Bonds, Edmond School District,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/27 | 3425 | 3480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority State Highways Capital <br> Improvement Revenue Bonds, <br> Department of Transportation,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 510 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tulsa County Industrial Authority <br> Educational Facilities Lease Revenue <br> Bonds, Broken Arrow Public Schools <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 8480 | 8793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tulsa County Industrial Authority <br> Educational Facilities Lease Revenue <br> Bonds, Owasso Public Schools <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 550 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/28 | 1300 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tulsa G.O. Unlimited Bonds, Series D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/26 | 3000 | 3003 |
|  |  | **48467** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Oregon – 1.1%** | **Oregon – 1.1%** | **Oregon – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemeketa Community College District <br> G.O. Unlimited Bonds, Series B <br> (School Board Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/28 | $4000 | $4242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clackamas & Washington Counties <br> Joint School District No. 3 West <br> Linn-Wilsonville G.O. Unlimited <br> Refunding Bonds (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/27 | 8310 | 8599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morrow County School District No. 1 <br> G.O. Limited Bonds (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/27 | 1375 | 1422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multnomah County School District No. <br> 7 Reynolds G.O. Unlimited <br> Refunding Bonds (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/27 | 4680 | 4834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/28 | 695 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oregon State Department of <br> Administrative Services Lottery <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/27 | 5000 | 5155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redmond G.O. Limited Bonds (AMT), <br> Airport Expansion Projects ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/28 | 1000 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington & Clackamas Counties <br> Tigard-Tualatin School District No. <br> 23J G.O. Unlimited Bonds (School <br> Board Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/27 | 1500 | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/28 | 2000 | 2121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington County School District No. <br> 48J Beaverton G.O. Unlimited <br> Bonds, Series B (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/28 | 1355 | 1437 |
|  |  | **31145** |
| **Pennsylvania – 4.2%** | **Pennsylvania – 4.2%** | **Pennsylvania – 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Higher Education <br> Building Authority College Variable <br> Revenue Refunding Bonds, Carnegie <br> Mellon University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.29%), <br> 2.89%, 8/1/27<sup>(3) (7)</sup> <br>| 5000 | 4981 |

---

NORTHERN FUNDS QUARTERLY REPORT **240** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Pennsylvania – 4.2%continued** | **Pennsylvania – 4.2%continued** | **Pennsylvania – 4.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Hospital <br> Development Authority UPMC <br> Variable Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.70%), 3.06%, <br> 5/15/27<sup>(3) (7)</sup> <br>| $40000 | $39641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Financing Authority <br> Tobacco Master Settlement Payment <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/28 | 2280 | 2404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumberland County Municipal <br> Authority Revenue Refunding Bonds, <br> Series A, Messiah Village Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/1/27<sup>(9)</sup> <br>| 395 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/1/28<sup>(9)</sup> <br>| 415 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Valley Regional Financial <br> Authority Variable Revenue Bonds, <br> Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.49%), <br> 2.98%, 3/1/27<sup>(3) (7)</sup> <br>| 11000 | 10978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luzerne County G.O. Unlimited <br> Refunding Bonds (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/27 | 2380 | 2461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/28 | 3490 | 3683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Economic <br> Development Financing Authority <br> UPMC Revenue Refunding Bonds, <br> Series B, UPMC Obligated Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/27 | 2680 | 2749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/28 | 3500 | 3664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State G.O Unlimited <br> Bonds, Second Series of 2016,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/27 | 7170 | 7287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State G.O. Unlimited <br> Bonds, First Series of 2024, Bid <br> Group C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/27 | 9415 | 9797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Higher Educational <br> Facilities Authority Revenue <br> Refunding Bonds, University of <br> Pennsylvania,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/26 | 2240 | 2273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Subordinate Revenue <br> Refunding Bonds, First Series of <br> 2025,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/27 | 8000 | 8262 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Pennsylvania – 4.2%continued** | **Pennsylvania – 4.2%continued** | **Pennsylvania – 4.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Airport Revenue Refunding <br> Bonds, Series B (AMT), Private <br> Activity,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | $1000 | $1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 860 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia G.O. Unlimited Refunding <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/28 | 2725 | 2887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seneca Valley School District G.O. <br> Limited Refunding Bonds, Series B <br> (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/27 | 925 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28 | 1775 | 1864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Pittsburgh - of The <br> Commonwealth System of Higher <br> Education Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/26 | 14110 | 14132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westmoreland County Municipal <br> Authority Revenue Refunding Bonds, <br> Series A (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/27 | 1830 | 1895 |
|  |  | **122672** |
| **Rhode Island – 0.9%** | **Rhode Island – 0.9%** | **Rhode Island – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol Warren Regional School District <br> G.O. Unlimited BANS, Series 1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/4/26 | 25000 | 25235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhode Island State G.O. Unlimited <br> Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 1040 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 | 1210 | 1256 |
|  |  | **27546** |
| **South Carolina – 0.2%** | **South Carolina – 0.2%** | **South Carolina – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lancaster County School Public <br> Facilities Corp. Installment Purchase <br> Revenue Bonds, Lancaster County <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/26 | 375 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medical University Hospital Authority <br> Mortgage Revenue Bonds, Indian <br> Land Project (FHA Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/28 | 1000 | 1064 |

---

FIXED INCOME FUNDS **241** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **South Carolina – 0.2%continued** | **South Carolina – 0.2%continued** | **South Carolina – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Public Service <br> Authority Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | $4395 | $4485 |
|  |  | **5927** |
| **South Dakota – 0.1%** | **South Dakota – 0.1%** | **South Dakota – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Dakota State Health & <br> Educational Facilities Authority <br> Revenue Refunding Bonds, Series B, <br> Sanford,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/26 | 360 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 915 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/28 | 1165 | 1235 |
|  |  | **2554** |
| **Tennessee – 1.3%** | **Tennessee – 1.3%** | **Tennessee – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville <br> & Davidson County Health & <br> Educational Facilities Board Variable <br> Revenue Bonds, HV land Co. <br> Apartments,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 12/1/26<sup>(7) (8)</sup> <br>| 6900 | 6902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville <br> & Davidson County Health & <br> Facilities Board Variable Revenue <br> Bonds, Parkwood Villa Apartments,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/1/27<sup>(7) (8)</sup> <br>| 2240 | 2245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oak Ridge Housing Authority MFH <br> Variable Revenue Bonds, Oak Ridge <br> Redevelopment,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/1/28<sup>(7) (8)</sup> <br>| 4485 | 4493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennergy Corp. Gas Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/28<sup>(7) (8)</sup> <br>| 8465 | 8609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Housing Development <br> Agency Residential Finance Program <br> Revenue Bonds, Series 2B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 1/1/28 | 1750 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee State Energy Acquisition <br> Corp. Variable Revenue Refunding <br> Bonds, Series A-1, Gas Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/28<sup>(7) (8)</sup> <br>| 14100 | 14496 |
|  |  | **38495** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Texas – 8.7%** | **Texas – 8.7%** | **Texas – 8.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arlington Independent School District <br> G.O. Unlimited Refunding Bonds <br> (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | $13965 | $14357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austin Airport System Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/26 | 900 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/27 | 1425 | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/28 | 1525 | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austin G.O. Limited Refunding Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 4000 | 4166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/28 | 3500 | 3726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brownsville Utility System Revenue <br> Refunding Bonds (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 660 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/28 | 625 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burleson Independent School District <br> G.O. Unlimited Refunding Bonds <br> (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 | 2230 | 2315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp. <br> Education Revenue Refunding Bonds, <br> International Leadership of Texas, <br> Inc. (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 3000 | 3076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collin County Community College <br> District G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/27 | 5580 | 5793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas G.O. Limited Bonds, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/27 | 1160 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas G.O. Limited Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/28 | 5565 | 5844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas Improvement G.O. Limited <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/26 | 4000 | 4011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas Independent School District <br> G.O. Unlimited Bonds, Series C (PSF, <br> Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/28 | 12000 | 12626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series B (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 975 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/28 | 2285 | 2404 |

---

NORTHERN FUNDS QUARTERLY REPORT **242** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Texas – 8.7%continued** | **Texas – 8.7%continued** | **Texas – 8.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denton Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series C (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/28 | $5000 | $5315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ector County Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 3105 | 3187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Paso County Certificates of <br> Obligation G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/26 | 1275 | 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Paso County G.O. Limited Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/26 | 4000 | 4057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Paso G.O. Limited Refunding Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/27 | 2000 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/28 | 1000 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Bend County Certificates of <br> Obligation G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/27 | 2765 | 2840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28 | 3550 | 3733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Bend County G.O. Limited <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/27 | 1535 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Bend County G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28 | 865 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Bend Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series A (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/26 | 1360 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Worth Taxable G.O. Limited <br> Notes,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/27 | 15000 | 15418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frisco Independent School District G.O. <br> Unlimited Refunding Bonds (PSF, <br> Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/28 | 4850 | 5098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garland Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 1000 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Flood Control District <br> G.O. Limited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/28 | 1500 | 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Flood Control District <br> G.O. Limited Refunding Bonds, <br> Series A ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/28 | 13500 | 14382 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Texas – 8.7%continued** | **Texas – 8.7%continued** | **Texas – 8.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Housing Finance Corp. <br> Revenue Bonds, Baypointe <br> Apartments,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 9/1/28<sup>(7) (8)</sup> <br>| $4150 | $4141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hidalgo County Drain District No. 1 <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 1560 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houston Airport System Subordinate <br> Lien Revenue Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 1500 | 1571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houston G.O. Limited Bonds, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28 | 1000 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humble Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/15/28<sup>(9)</sup> <br>| 1350 | 1416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/15/29<sup>(9)</sup> <br>| 2040 | 2186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Irving Waterworks & Sewer Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/26 | 1585 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keller Independent School District G.O. <br> Unlimited Refunding Bonds (PSF, <br> Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 13550 | 13900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lancaster Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series B (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 980 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leander Certificates of Obligation G.O. <br> Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/28 | 1250 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/27 | 2100 | 2169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/28 | 1565 | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority <br> Transmission Contract Revenue <br> Refunding Bonds, LCRA Transmission <br> Services,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/27 | 4000 | 4131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/27 | 750 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/28 | 2500 | 2636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lubbock Electric Light & Power System <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/26 | 675 | 679 |

---

FIXED INCOME FUNDS **243** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Texas – 8.7%continued** | **Texas – 8.7%continued** | **Texas – 8.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mesquite Independent School District <br> G.O. Unlimited Refunding Bonds <br> (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/27 | $1500 | $1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/28 | 1500 | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Texas State Municipal Water <br> District Water System Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 3450 | 3593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority Revenue <br> Refunding Bonds, Series A, First Tier,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/26 | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pasadena Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/26 | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pearland Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28 | 2605 | 2731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pearland Independent School District <br> G.O. Unlimited Refunding Bonds <br> (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/28 | 1500 | 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plano G.O. Limited Refunding Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 3250 | 3383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plano Independent School District G.O. <br> Unlimited Refunding Bonds, Series B <br> (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/28 | 10500 | 11024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prosper Independent School District <br> G.O. Unlimited Refunding Bonds <br> (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 2110 | 2166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richardson City G.O. Limited Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 2000 | 2054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/28 | 2325 | 2442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/27 | 4745 | 4872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/28 | 8200 | 8615 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Texas – 8.7%continued** | **Texas – 8.7%continued** | **Texas – 8.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio G.O. Limited Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/28 | $5240 | $5503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Independent School <br> District G.O. Unlimited Refunding <br> Bonds, Series B (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/26 | 1590 | 1614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Taxable G.O. Limited <br> Notes,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/28 | 6350 | 6669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spring Branch Independent School <br> District G.O. Unlimited Refunding <br> Bonds (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/28 | 4315 | 4531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Affordable Housing Corp. <br> MFH Variable Revenue Bonds, <br> Norman Commons,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 1/1/27<sup>(7) (8)</sup> <br>| 3400 | 3422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 | 7000 | 7474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Municipal Gas Acquisition <br> & Supply Corp. VI Gas Supply <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/29 | 625 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Water Development Board <br> Revolving Fund Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 3865 | 3919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williamson County G.O. Unlimited <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 900 | 925 |
|  |  | **258013** |
| **Utah – 0.1%** | **Utah – 0.1%** | **Utah – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City Airport Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 2250 | 2363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 1500 | 1576 |
|  |  | **3939** |
| **Virginia – 0.7%** | **Virginia – 0.7%** | **Virginia – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexandria Redevelopment & Housing <br> Authority MFH Variable Revenue <br> Bonds, 431 S Columbus Street Block <br> 4 (Housing & Urban Development <br> Sector 8 Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 6/1/27<sup>(7) (8)</sup> <br>| 3635 | 3639 |

---

NORTHERN FUNDS QUARTERLY REPORT **244** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Virginia – 0.7%continued** | **Virginia – 0.7%continued** | **Virginia – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hampton Roads Sanitation District <br> Wastewater Subordinate Revenue <br> Notes, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/26 | $3355 | $3399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roanoke EDA Hospital Revenue Bonds, <br> Carilion Clinic Obligated Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 800 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotsylvania County Water & Sewer <br> System Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/26 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia HDA Variable Revenue Bonds, <br> Series G,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 4/1/27<sup>(7) (8)</sup> <br>| 9470 | 9471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State Resources Authority <br> Infrastructure Revenue Refunding <br> Bonds, Virginia Pooled Financing <br> Program,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 2095 | 2191 |
|  |  | **20528** |
| **Washington – 2.3%** | **Washington – 2.3%** | **Washington – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Northwest Electric Revenue <br> Refunding Bonds, Series A, Project 1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 3260 | 3461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant County Public Utility District No. <br> 2 Priest Rapids Hydroelectric <br> Revenue Refunding Bonds, Series A, <br> Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/26<sup>(10)</sup> <br>| 2335 | 2335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King County School District No. 400 <br> Mercer Island G.O. Unlimited <br> Refunding Bonds (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | 1750 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle Intermediate Lien <br> Revenue Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/28 | 2055 | 2149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle Intermediate Lien <br> Revenue Bonds, Series B (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 | 3100 | 3272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Municipal Light & Power <br> Variable Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.25%), 2.61%, <br> 11/1/26<sup>(3) (7)</sup> <br>| 7520 | 7481 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Washington – 2.3%continued** | **Washington – 2.3%continued** | **Washington – 2.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snohomish County School District No. <br> 201 G.O. Unlimited Refunding <br> Bonds (School Board Guaranty <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | $2525 | $2580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State COPS, State & Local <br> Agency Real & Personal Property,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/28 | 6800 | 7130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2022C, <br> Bid Group 2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/27 | 6000 | 6140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2025B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 22525 | 23380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Refunding Bonds, <br> Series A, CommonSpirit Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 790 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/28 | 650 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Refunding Bonds, <br> Series A, MultiCare Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/27 | 2675 | 2759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/28 | 2790 | 2934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yakima County East Valley School <br> District No. 90 G.O. Unlimited <br> Refunding Bonds (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/27 | 1605 | 1677 |
|  |  | **68587** |
| **West Virginia – 0.0%** | **West Virginia – 0.0%** | **West Virginia – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia State Housing <br> Development Fund Sustainable <br> Revenue Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/1/26 | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/1/26 | 475 | 476 |
|  |  | **976** |
| **Wisconsin – 1.3%** | **Wisconsin – 1.3%** | **Wisconsin – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dane County G.O. Unlimited <br> Promissory Notes, Series C (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/27 | 3965 | 4022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dane County G.O. Unlimited <br> Promissory Notes, Series D (AMT), <br> Airport Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/27 | 4560 | 4688 |

---

FIXED INCOME FUNDS **245** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  | **MUNICIPAL BONDS - 80.0%continued**  |
| **Wisconsin – 1.3%continued** | **Wisconsin – 1.3%continued** | **Wisconsin – 1.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/28 | $3400 | $3574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Metropolitan School District <br> G.O. Unlimited Promissory Notes, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28 | 2560 | 2695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Milwaukee G.O. Unlimited Promissory <br> Notes, Series N-2 (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/28 | 9480 | 10062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Milwaukee G.O. Unlimited Promissory <br> Notes, Series N3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/28 | 8440 | 8839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Milwaukee G.O. Unlimited Refunding <br> Promissory Notes, Series N4 ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/28 | 2500 | 2618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Mercy Health <br> Corp. Obligated Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/27 | 1220 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/28 | 1000 | 1049 |
|  |  | **38802** |
| **Wyoming – 0.1%** | **Wyoming – 0.1%** | **Wyoming – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweetwater County 2023 Specific <br> Purpose Tax Joint Powers Board <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/15/26 | 2655 | **2694** |
| **Total Municipal Bonds** |  |  |
| **(Cost $2,358,839)** |  | **2360797** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.3%**  | **INVESTMENT COMPANIES – 0.3%**  | **INVESTMENT COMPANIES – 0.3%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(11) (12)</sup> <br>| 9697305 | $9697 |
| **Total Investment Companies** |  |  |
| **(Cost $9,697)** |  | **9697** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 6.6%**  | **SHORT-TERM INVESTMENTS – 6.6%**  | **SHORT-TERM INVESTMENTS – 6.6%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Gas Project No.7-S,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/26<sup>(7) (8)</sup> <br>| $9800 | $9841 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 6.6%continued**  | **SHORT-TERM INVESTMENTS - 6.6%continued**  | **SHORT-TERM INVESTMENTS - 6.6%continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonneville & Bingham Counties Joint <br> School District No. 93 G.O. <br> Unlimited Refunding Bonds (Idaho <br> Sales Tax Guaranty Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/26 | $525 | $534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County Port Facilities Revenue <br> Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/26 | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brownsville Utility System Revenue <br> Refunding Bonds (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/26 | 720 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Variable Revenue Bonds (AMT), <br> Brightline West Passenger,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/2/26<sup>(1) (7) (8)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chippewa Valley Schools G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/26 | 1300 | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp. <br> Education Revenue Refunding Bonds, <br> International Leadership of Texas, <br> Inc. (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/26 | 2225 | 2231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational <br> Facilities Authority Variable Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 2/10/26<sup>(7) (8)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational <br> Facilities Authority Variable Revenue <br> Bonds, Series C-2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 2/3/26<sup>(7) (8)</sup> <br>| 9635 | 9635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crowley Independent School District <br> G.O. Unlimited Refunding Bonds <br> (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/26 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumberland County Industrial Facilities <br> & Pollution Control Financing <br> Authority Solid Waste Disposal <br> Variable Revenue Bonds (AMT), <br> Project Aero,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/1/26<sup>(7) (8)</sup> <br>| 20500 | 20486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumberland County Municipal <br> Authority Revenue Refunding Bonds, <br> Series A, Messiah Village Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/1/26<sup>(9)</sup> <br>| 295 | 297 |

---

NORTHERN FUNDS QUARTERLY REPORT **246** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 6.6%continued**  | **SHORT-TERM INVESTMENTS - 6.6%continued**  | **SHORT-TERM INVESTMENTS - 6.6%continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Del Valle Independent School District <br> G.O. Unlimited Bonds, Series A (PSF, <br> Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/26 | $795 | $804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Del Valle Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series B (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/26 | 6255 | 6323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Housing Finance <br> Agency MFH Variable Revenue <br> Bonds, Parcel 42 Apartments Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 9/1/26<sup>(7) (8)</sup> <br>| 2500 | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex County Improvement Authority <br> Revenue Notes, Essex County Family <br> Court Building Project (County Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/17/26 | 2485 | 2497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fraser Public Schools District G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/26 | 1415 | 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garland Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/26 | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton County G.O. Limited Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/30/26 | 2885 | 2918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Refunding Bonds, OSF <br> Healthcare System (PNC Bank N.A. <br> LOC),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 1/5/26<sup>(5)</sup> <br>| 18660 | 18660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority <br> Revenue Refunding Bonds, Series A, <br> Stadium Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/26 | 5000 | 5009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bond Bank Revenue Refunding <br> Bonds, Unlimited Ad Valorem Project <br> (State Aid Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/26 | 3605 | 3608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson City Health & Educational <br> Facilities Board Multi Family Variable <br> Revenue Bonds, Tapestry at Roan Hill <br> (Housing & Urban Development <br> Sector 8 Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/1/26<sup>(7) (8)</sup> <br>| 3000 | 3017 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 6.6%continued**  | **SHORT-TERM INVESTMENTS - 6.6%continued**  | **SHORT-TERM INVESTMENTS - 6.6%continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government Health System Variable <br> Revenue Bonds, Series B, Norton <br> Healthcare (PNC Bank N.A. LOC),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 1/5/26<sup>(5)</sup> <br>| $8290 | $8290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/26 | 2800 | 2824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luzerne County G.O. Unlimited <br> Refunding Bonds (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/26 | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Refunding <br> Bonds, Beth Israel Lahey Health Issue <br> (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 2500 | 2527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & <br> Davidson County Health & <br> Educational Facilities Board Variable <br> Revenue Bonds, Stone Bridge Lofts <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 4/1/26<sup>(8)</sup> <br>| 1700 | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Notes, Series A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/20/26 | 7220 | 7316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monroe County Development Authority <br> Pollution Control Variable Revenue <br> Refunding Bonds, Georgia Power <br> Company Plant Scherer,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/6/26<sup>(7) (8)</sup> <br>| 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Albany-Floyd County School <br> Building Corp. Revenue Bonds (State <br> Aid Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/26 | 1490 | 1507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico State Mortgage Finance <br> Authority Variable Revenue Bonds, <br> Series G-3, Class I (GNMA, FNMA, <br> FHLMC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/26<sup>(7) (8)</sup> <br>| 9110 | 9115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Grant <br> Anticipation Revenue Refunding <br> GARVEE Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/26 | 4020 | 4036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Medical Care <br> Commission Health Care Facilities <br> Revenue Refunding Bonds, Series A, <br> Duke University Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/26 | 3055 | 3084 |

---

FIXED INCOME FUNDS **247** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 6.6%continued**  | **SHORT-TERM INVESTMENTS - 6.6%continued**  | **SHORT-TERM INVESTMENTS - 6.6%continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perry Township Schools Marion County <br> G.O. Limited Bonds (State Aid <br> Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/26 | $1350 | $1366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platte County Reorganized School <br> District No. R-3 G.O. Unlimited <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/1/26 | 2690 | 2706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Racine G.O. Unlimited Promissory <br> Notes, Series B (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/26 | 2885 | 2912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richmond Redevelopment & Housing <br> Authority Multi Family Variable <br> Revenue Bonds, Joyfield at German <br> School,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/1/26<sup>(7) (8)</sup> <br>| 2000 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roanoke EDA Hospital Revenue Bonds, <br> Carilion Clinic Obligated Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1010 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockford Public School District G.O. <br> Unlimited Bonds, Series III (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/26 | 6185 | 6230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Ports Authority <br> Revenue Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 2920 | 2950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tulsa County Industrial Authority <br> Educational Facilities Lease Revenue <br> Bonds, Owasso Public Schools <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/26 | 1500 | 1521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Oklahoma Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 375 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayne Township School Building Corp. <br> Marion County Revenue Bonds, <br> Series B (State Aid Intercept <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/26 | 1155 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Mercy Health <br> Corp. Obligated Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/26 | 575 | 580 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 6.6%continued**  | **SHORT-TERM INVESTMENTS - 6.6%continued**  | **SHORT-TERM INVESTMENTS - 6.6%continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yuma Pledged Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | $865 | $875 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $195,094)** | **(Cost $195,094)** | **195148** |
| **Total Investments – 99.4%** | **Total Investments – 99.4%** |  |
| **(Cost $2,932,409)** | **(Cost $2,932,409)** | **2935619** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.6% | 17238 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2952857** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At December 31,* *2025, the value of these securities amounted to approximately* *$110,183,000 or 3.7% of net assets.* 

<sup>(2)</sup> *Step coupon bond. Rate as of December 31, 2025 is disclosed.*

<sup>(3)</sup> *Variable or floating rate security. Rate as of December 31, 2025 is* *disclosed.* 

<sup>(4)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of December 31, 2025.* 

<sup>(5)</sup> *Variable or floating rate security. Rate is determined by a remarketing agent* *and, in the agent's judgment, on the basis of prevailing financial markets,* *will be the lowest interest rate necessary to enable the remarketing agent to* *sell the bonds at a price equal to 100% of the principal amount.* 

<sup>(6)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(7)</sup> *Maturity date represents the puttable date.*

<sup>(8)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of December* *31, 2025 is disclosed.* 

<sup>(9)</sup> *When-Issued Security. Coupon rate is not in effect at December 31, 2025.*

<sup>(10)</sup> *Maturity date represents the prerefunded date.*

<sup>(11)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(12)</sup> *7-day current yield as of December 31, 2025 is disclosed.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| BANS - Bond Anticipation Notes |
| COPS - Certificates of Participation |
| EDA - Economic Development Authority |
| FHA - Federal Housing Administration |

---

NORTHERN FUNDS QUARTERLY REPORT **248** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued**  | **December 31, 2025 (UNAUDITED)**  |

---

---

| |
|:---|
| FHLMC - Federal Home Loan Mortgage Corporation |
| FNMA - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |
| G.O. - General Obligation |
| GANS - Grant Anticipation Notes |
| GARVEE - Grant Anticipation Revenue Vehicle |
| GNMA - Government National Mortgage Association |
| Gtd. - Guaranteed |
| HDA - Housing Development Authority |
| HFA - Housing Finance Authority |
| IDA - Industrial Development Authority |
| LCRA - Lower Colorado River Authority |
| LOC - Letter of Credit |
| MFH - Multi-Family Housing |
| PSF - Permanent School Fund |
| Q-SBLF - Qualified School Bond Loan Fund |
| SIFMA - Securities Industry and Financial Markets Association |
| SOFR - Secured Overnight Financing Rate |
| TCRS - Transferable Custodial Receipts |

---

TRB - Tax Revenue Bonds<br>

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Asset-Backed Securities<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $56241 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $56241 |
| &nbsp;&nbsp;&nbsp; Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 10311 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10311 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 28134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28134 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 87960 | &nbsp;&nbsp; — | &nbsp;&nbsp; 87960 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 181448 | &nbsp;&nbsp; — | &nbsp;&nbsp; 181448 |
| U.S. Government Agencies | &nbsp;&nbsp; — | &nbsp;&nbsp; 5883 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5883 |
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2360797 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2360797 |
| Investment Companies | &nbsp;&nbsp; 9697 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9697 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 195148 | &nbsp;&nbsp; — | &nbsp;&nbsp; 195148 |
| Total Investments | &nbsp;&nbsp; $9697 | &nbsp;&nbsp; $2925922 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2935619 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $5755 | $5755 | $— <br><sup>(1),\*</sup><br>| $— |  |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 28926 | 1603972 | 1623201 | 1180 | 9697 | 9697305 |
| Total | $28926 | $1609727 | $1628956 | $1180 | $9697 | 9697305 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

*\** *Amount rounds to less than one thousand.*

FIXED INCOME FUNDS **249** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TAX-EXEMPT FUND**  | **December 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 98.3%**  | **MUNICIPAL BONDS – 98.3%**  | **MUNICIPAL BONDS – 98.3%**  |
| **Alabama – 2.9%** | **Alabama – 2.9%** | **Alabama – 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy District Gas Project <br> Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| $1500 | $1613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy District Gas Project <br> Revenue Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32 | 4000 | 4340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/31<sup>(1) (2)</sup> <br>| 3000 | 3069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Refunding Bonds, <br> Series D1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/27<sup>(1) (2)</sup> <br>| 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntsville Health Care Authority <br> Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/35 | 4000 | 4585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson County Sewer Revenue <br> Refunding Warrants,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/53 | 2425 | 2536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limestone County Water & Sewer <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/44 | 500 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority Commodity <br> Supply Variable Revenue Bonds, <br> Series A-1, Project No. 3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/29<sup>(1) (2)</sup> <br>| 1000 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority <br> Cooperative District Energy Supply <br> Revenue Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/31<sup>(1) (2)</sup> <br>| 3000 | 3211 |
|  |  | **21964** |
| **Alaska – 0.5%** | **Alaska – 0.5%** | **Alaska – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alaska State Railroad Corp. Cruise Port <br> Revenue Bonds (AMT) (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/42 | 385 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/50 | 500 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchorage Port Revenue Bonds, Series <br> A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/33 | 2120 | 2418 |
|  |  | **3383** |
| **Arizona – 2.7%** | **Arizona – 2.7%** | **Arizona – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Board of Regents State <br> University System Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/43 | 2000 | 2026 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Arizona – 2.7%continued** | **Arizona – 2.7%continued** | **Arizona – 2.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Board of Regents University of <br> Arizona System Revenue Refunding <br> Bonds, Stimulus Plan For Economic <br> (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/41 | $1350 | $1487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State IDA National Charter <br> School Revolving Loan Fund Revenue <br> Bonds, Equitable School Revenue, <br> Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/46 | 1000 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County IDA Variable <br> Revenue Bonds, Series A-2, Banner <br> Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/28<sup>(1) (2)</sup> <br>| 4000 | 4178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Roosevelt Elementary <br> School District No. 66 G.O. <br> Unlimited Bonds (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/40 | 730 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Airport Senior Lien Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31 | 2500 | 2765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinal County Revenue Obligations <br> Bonds (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/50 | 1500 | 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinal County Unified School District No. <br> 20 G.O. Unlimited Bonds, Series A, <br> Maricopa Project of 2024 (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/43 | 1000 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Queen Creek Excise Tax & State <br> Shared Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/54 | 4720 | 4914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yuma IDA Hospital Revenue Refunding <br> Bonds, Yuma Regional Medical <br> Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/40 | 700 | 762 |
|  |  | **20470** |
| **Arkansas – 0.4%** | **Arkansas – 0.4%** | **Arkansas – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Little Rock School District G.O. Limited <br> Refunding Bonds, Series A (AGM <br> Insured State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/34 | 2610 | 2287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/1/41 | 1000 | 740 |
|  |  | **3027** |

---

NORTHERN FUNDS QUARTERLY REPORT **250** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **California – 8.6%** | **California – 8.6%** | **California – 8.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alameda Corridor Transportation <br> Authority Senior Lien Convertible <br> Revenue Refunding CABS, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 5.40% on 10/1/37), <br> 0.00%, 10/1/50<sup>(3)</sup> <br>| $1500 | $845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Clean Energy Project <br> Revenue Bonds, Green Bond, Series <br> B-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/31<sup>(1) (2)</sup> <br>| 1095 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Revenue Bonds, Clean <br> Energy Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/32<sup>(1) (2)</sup> <br>| 9000 | 9646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33<sup>(1) (2)</sup> <br>| 3000 | 3283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/33<sup>(1) (2)</sup> <br>| 3875 | 4113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| 6895 | 7484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-1, Class A <br> Certificates,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/35 | 3240 | 3210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California School Finance Authority <br> Educational Facilities Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/55 | 1075 | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, The <br> Master's University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/40 | 1975 | 2072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Series 2007, Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/1/30 | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/45 | 1000 | 1088 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **California – 8.6%continued** | **California – 8.6%continued** | **California – 8.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/32<sup>(1) (2)</sup> <br>| $2500 | $2751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Revenue Bonds, California Science <br> Center Phase III Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/31 | 1000 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Refunding Bonds, <br> The Master's University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/34 | 1385 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Student Housing Revenue <br> Bonds, CHF-Davis I, LLC - West <br> Village,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/43 | 2000 | 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Student Housing Revenue <br> Bonds, Orchard Park Student <br> Housing Project, Green Bonds (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/15/54 | 1000 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/39 | 5000 | 5025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Revenue Refunding Bonds, Series B <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/34 | 3000 | 3122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Bonds, Series <br> C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/37 | 2380 | 2519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/50 | 1245 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/38 | 1300 | 1300 |

---

FIXED INCOME FUNDS **251** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **California – 8.6%continued** | **California – 8.6%continued** | **California – 8.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/36 | $1370 | $1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Municipal Improvement <br> Corp. Lease Revenue Bonds, Los <br> Angeles Convention Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/55 | 750 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oakland G.O. Unlimited Bonds, Series <br> B-1, Measure U,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/55 | 1250 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poway Unified School District PFA <br> Special Tax Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/35 | 1150 | 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/42 | 1500 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County <br> Commission International Airport <br> Revenue Bonds, Second Series A <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/33 | 2500 | 2810 |
|  |  | **64316** |
| **Colorado – 6.5%** | **Colorado – 6.5%** | **Colorado – 6.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams County School District No. 1 <br> Taxable G.O. Unlimited Refunding <br> Bonds, Series B (State Aid <br> Withholding), Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/26<sup>(4)</sup> <br>| 225 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams County School District No. 1 <br> Taxable G.O. Unlimited Refunding <br> Bonds, Series B, Unrefunded Balance <br> (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/40 | 4775 | 4842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams County School District No. 14 <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/44 | 2620 | 2915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arapahoe County School District No. 6 <br> Littleton G.O. Unlimited Bonds, <br> Series A (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/43 | 5000 | 5262 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Colorado – 6.5%continued** | **Colorado – 6.5%continued** | **Colorado – 6.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centennial Water & Sanitation District <br> Water & Wastewater Revenue <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/53 | $3900 | $4042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Weld County Water District <br> Revenue Bonds (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/45 | 1100 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/50 | 1000 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State COPS, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/37 | 10000 | 10131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Educational & Cultural <br> Facilities Authority Revenue Bonds, <br> Series A, University of Denver <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/40 | 2500 | 2545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities <br> Authority Hospital Revenue <br> Refunding Bonds, Adventist Health <br> System/Sunbelt,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/41 | 1000 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Airport Revenue <br> Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/37 | 2000 | 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/41 | 1000 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Airport System <br> Subordinate Revenue Refunding <br> Bonds (AMT), Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/43 | 2000 | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Dedicated Tax <br> Revenue CABS, Series A-2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 8/1/37<sup>(5)</sup> <br>| 2750 | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 8/1/39<sup>(5)</sup> <br>| 2805 | 1561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Dedicated Tax <br> Revenue Refunding & Improvement <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/42 | 1500 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver Health & Hospital Authority <br> Healthcare Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/1/50 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fremont County School District RE-1 <br> Canon City G.O. Unlimited Bonds <br> (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/48 | 1000 | 1045 |

---

NORTHERN FUNDS QUARTERLY REPORT **252** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Colorado – 6.5%continued** | **Colorado – 6.5%continued** | **Colorado – 6.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weld County School District No. Re-7 <br> Platte Valley G.O Unlimited Bonds <br> (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32 | $1200 | $1382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windy Gap Firming Project Water <br> Activity Enterprise Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/46 | 2000 | 2071 |
|  |  | **48676** |
| **Connecticut – 1.0%** | **Connecticut – 1.0%** | **Connecticut – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/34 | 1700 | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Special Tax <br> Obligation Revenue Bonds, <br> Transportation Infrastructure,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/39 | 565 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Special Tax <br> Obligation Revenue Refunding <br> Bonds, Transportation Infrastructure,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/41 | 1500 | 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Connecticut Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/47 | 3000 | 3081 |
|  |  | **7388** |
| **Delaware – 0.3%** | **Delaware – 0.3%** | **Delaware – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware State EDA Variable Revenue <br> Refunding Bonds, Series A, NRG <br> Energy Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/35<sup>(1) (2)</sup> <br>| 2250 | **2254** |
| **District of Columbia – 1.5%** | **District of Columbia – 1.5%** | **District of Columbia – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/41 | 1930 | 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Income Tax <br> Secured Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/50 | 2750 | 2874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/33 | 3000 | 3381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/34 | 2750 | 3112 |
|  |  | **11491** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Florida – 8.7%** | **Florida – 8.7%** | **Florida – 8.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County Airport System <br> Revenue Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/42 | $2500 | $2523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Florida State Tourism Oversight <br> District Utilities Revenue Bonds, <br> Series 1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/42 | 2000 | 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Davie Educational Facilities Revenue <br> Refunding Bonds, Nova Southeastern <br> University Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/48 | 2000 | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duval County School Board Refunding <br> COPS, Series A (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/33 | 1250 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Development Finance <br> Corp. Educational Facility Revenue <br> Bonds, Mater Academy Project, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/50 | 2000 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Myers Utility Revenue Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/53 | 3145 | 3317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Priority <br> Subordinated Revenue Bonds, Series <br> A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/42 | 1965 | 1985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Revenue Bonds <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/32 | 1300 | 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeland Hospital System Revenue <br> Refunding Bonds, Lakeland Regional <br> Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/45 | 1000 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lee County Airport Revenue Bonds <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/44 | 2250 | 2373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lee County Local Optional Gas TRB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/49 | 3500 | 3621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lee County School Board COPS, Series <br> A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/40 | 3410 | 3797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Aviation Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/38 | 5000 | 5007 |

---

FIXED INCOME FUNDS **253** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Florida – 8.7%continued** | **Florida – 8.7%continued** | **Florida – 8.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Educational <br> Facilities Authority Revenue <br> Refunding Bonds, University of <br> Miami, Series B (AMBAC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/26 | $2000 | $2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Seaport Revenue <br> Refunding Bonds, Subseries A-2 <br> (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/50 | 7500 | 5559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Transit Sales <br> Surtax Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/47 | 2750 | 2844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Water & Sewer <br> System Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/37 | 2500 | 2526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Miami Community <br> Redevelopment Agency Revenue <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/42 | 1000 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/43 | 1100 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Water Reclamation System <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/54 | 3500 | 3678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Educational <br> Facilities Authority Revenue Bonds, <br> Palm Beach Atlantic University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/43 | 375 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County School Board <br> Refunding COPS, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 1000 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pasco County School Board COPS, <br> Series A (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/43 | 3000 | 3079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seminole County Special Obligation <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/52 | 1325 | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Broward Hospital District <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/44 | 3500 | 3198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tampa Bay Water Regional Water <br> Supply Authority Utility System <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/36 | 1750 | 1778 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Florida – 8.7%continued** | **Florida – 8.7%continued** | **Florida – 8.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winter Garden Water & Wastewater <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/54 | $3000 | $3178 |
|  |  | **65566** |
| **Georgia – 2.3%** | **Georgia – 2.3%** | **Georgia – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta Airport Sustainable Revenue <br> Bonds, Series B-1 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/38 | 2000 | 2198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/27<sup>(1) (2)</sup> <br>| 5000 | 5048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/43 | 500 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32<sup>(1) (2)</sup> <br>| 1500 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Revenue Bonds, Plant Vogtle Units 3 <br> & 4 Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/52 | 1500 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/60 | 2500 | 2501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Revenue Bonds, Plant Vogtle Units 3 <br> & 4 Project (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/52 | 2500 | 2547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richmond County Board of Education <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/26 | 1150 | 1171 |
|  |  | **17097** |
| **Hawaii – 0.3%** | **Hawaii – 0.3%** | **Hawaii – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honolulu City & County G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/43 | 2000 | **2054** |
| **Idaho – 0.3%** | **Idaho – 0.3%** | **Idaho – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idaho State Housing & Finance <br> Association Sales TRB, Transportation <br> Expansion & Mitigation,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/47 | 2000 | **2085** |
| **Illinois – 8.8%** | **Illinois – 8.8%** | **Illinois – 8.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurora Waterworks & Sewerage <br> Revenue Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/36 | 800 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Board of Education G.O. <br> Unlimited Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/50 | 1500 | 1492 |

---

NORTHERN FUNDS QUARTERLY REPORT **254** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Illinois – 8.8%continued** | **Illinois – 8.8%continued** | **Illinois – 8.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago G.O. Unlimited Bonds, Series <br> A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/1/50 | $1000 | $1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway Airport Senior <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/33 | 2500 | 2743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/38 | 1000 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport <br> Senior Lien Revenue Bonds, Series A <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/39 | 2000 | 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport <br> Senior Lien Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/39 | 1600 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/48 | 3455 | 3455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport <br> Senior Lien Revenue Refunding <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/1/54 | 2000 | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Park District G.O. Limited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/47 | 1750 | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/48 | 1500 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Water Second Lien Revenue <br> Bonds, Series A (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/1/53 | 2000 | 2067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Educational Facilities <br> Authority Revenue Bonds, Field <br> Museum of Natural History,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/1/36 | 1740 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority <br> Academic Facilities Lease Revenue <br> Bonds, University of Illinois at <br> Urbana-Champaign,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/49 | 1250 | 1267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, The Chicago School,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/32 | 1110 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Moorings of <br> Arlington Heights,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/1/46<sup>(6)</sup> <br>| 1490 | 1493 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Illinois – 8.8%continued** | **Illinois – 8.8%continued** | **Illinois – 8.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Northshore <br> University Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 8/15/49 | $2500 | $1984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Series A, Lake <br> Forest College,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/52 | 500 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Bonds, Series A-3, <br> UChicago Medicine,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/35<sup>(1) (2)</sup> <br>| 1750 | 1926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Refunding Bonds, Silver <br> Cross Hospital,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/30<sup>(1) (2)</sup> <br>| 1000 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/37 | 1460 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/1/45 | 1000 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/1/49 | 2060 | 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Sales TRB, Junior <br> Obligation Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/36 | 2000 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/41 | 2300 | 2457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority <br> Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/40 | 6500 | 6506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State University Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/50 | 3600 | 3734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joliet Waterworks & Sewage Revenue <br> Bonds (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/1/50 | 3000 | 3126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sangamon County School District No. <br> 186 Springfield G.O. Unlimited <br> Bonds (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/26 | 1200 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schaumburg G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/41 | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Springfield Electric Senior Lien Revenue <br> Refunding Bonds (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/37 | 2325 | 2599 |

---

FIXED INCOME FUNDS **255** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Illinois – 8.8%continued** | **Illinois – 8.8%continued** | **Illinois – 8.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Illinois Auxiliary Facilities <br> System Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/33 | $1500 | $1711 |
|  |  | **66503** |
| **Indiana – 2.0%** | **Indiana – 2.0%** | **Indiana – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brownsburg 1999 School Building <br> Corp. First Mortgage Revenue <br> Bonds, Series A (State Intercept <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/33 | 800 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/33 | 750 | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishers Sewage Works Revenue Bonds <br> (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/51 | 1000 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater Clark Building Corp. First <br> Mortgage Revenue Bonds, Series B <br> (State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/15/38 | 1000 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton County Public Building Corp. <br> Lease Rental Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/10/42 | 1000 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Financing Authority <br> Student Housing Revenue Bonds, <br> Senior Student Housing Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/49 | 1075 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bank Revenue Refunding Bonds, <br> Indianapolis Airport Authority <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/1/50 | 2000 | 2118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bond Bank Revenue Bonds, <br> Indianapolis Airport Authority <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/44 | 2000 | 2059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bond Bank Revenue Refunding <br> Bonds, Series F, Stormwater Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/49 | 895 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPS Multi-School Building Corp. <br> Sustainable First Mortgage Revenue <br> Bonds (State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/43 | 1230 | 1300 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Indiana – 2.0%continued** | **Indiana – 2.0%continued** | **Indiana – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPS Multi-School Building Corp. <br> Sustainable Revenue Bonds (State <br> Aid Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/45 | $1000 | $1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noblesville Redevelopment Authority <br> Revenue Refunding Bonds, Event <br> Center Public Improvement Projects <br> (AGM State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/37 | 750 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Allen School Building Corp. <br> First Mortgage Revenue Bonds (State <br> Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/31 | 600 | 671 |
|  |  | **14779** |
| **Kentucky – 1.9%** | **Kentucky – 1.9%** | **Kentucky – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fayette County School District Finance <br> Corp. Revenue Bonds, Series A <br> (State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/38 | 5000 | 4974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Property & Buildings <br> Commission Revenue Bonds, Series <br> A, Project No. 133,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/45 | 1700 | 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/29<sup>(1) (2)</sup> <br>| 3000 | 3174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government Health System Revenue <br> Refunding Bonds, Norton <br> Healthcare, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/26 | 600 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government PCR Refunding Bonds, <br> Gas & Electric,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/33 | 4500 | 3925 |
|  |  | **14488** |
| **Louisiana – 3.0%** | **Louisiana – 3.0%** | **Louisiana – 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater New Orleans Expressway <br> Commission Toll Subordinate Lien <br> Revenue Refunding Bonds (AG <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32 | 435 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/34 | 575 | 660 |

---

NORTHERN FUNDS QUARTERLY REPORT **256** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Louisiana – 3.0%continued** | **Louisiana – 3.0%continued** | **Louisiana – 3.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Ochsner <br> Clinic Foundation Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/50 | $2500 | $2617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Ochsner <br> Clinic, Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/47 | 2000 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Stadium & Exposition District <br> Senior Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/53 | 2695 | 2793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities & Community <br> Development Authority Revenue <br> Refunding Bonds, Entergy <br> Louisiana LLC Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/1/36 | 7250 | 6219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Orleans G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/47 | 3000 | 3090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shreveport Water & Sewer Revenue <br> Bonds, Series B (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/41 | 5000 | 5025 |
|  |  | **22900** |
| **Maryland – 0.1%** | **Maryland – 0.1%** | **Maryland – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State Health & Higher <br> Educational Facilities Authority <br> Revenue Refunding Bonds, LifeBridge <br> Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/44 | 1100 | **1110** |
| **Massachusetts – 4.2%** | **Massachusetts – 4.2%** | **Massachusetts – 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Bay Transportation <br> Authority Sales Tax Revenue <br> Refunding CABS, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 7/1/29<sup>(5)</sup> <br>| 2500 | 2254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Bonds, <br> Lasell Village, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/50 | 1500 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State G.O. Limited <br> Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/50 | 4525 | 4696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/52 | 3500 | 3621 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Massachusetts – 4.2%continued** | **Massachusetts – 4.2%continued** | **Massachusetts – 4.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State G.O. Unlimited <br> Bonds, Series C, Consolidated Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/47 | $5000 | $5302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Port Authority <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/40 | 2725 | 2728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Port Authority <br> Revenue Bonds, Series C (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/49 | 3450 | 3483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State School Building <br> Authority Subordinated Sales TRB, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/44 | 4000 | 4117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Transportation <br> Fund Sustainability Revenue Bonds, <br> Rail Enhancement Program,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/50 | 2500 | 2563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Water Resources <br> Authority General Revenue Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/43 | 920 | 947 |
|  |  | **31222** |
| **Michigan – 1.9%** | **Michigan – 1.9%** | **Michigan – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority Supply <br> System Senior Lien Revenue Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/53 | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howell Public Schools G.O. Unlimited <br> Bonds, Series II (Q-SBLF Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/41 | 1000 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/42 | 1000 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/43 | 750 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/44 | 750 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L'Anse Creuse Public Schools G.O. <br> Unlimited Bonds, Series I (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/43 | 1250 | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/49 | 610 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State HDA SFM Revenue <br> Bonds, Series A, Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 6/1/43 | 1875 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southfield Public Schools G.O. <br> Unlimited Bonds (Q-SBLF Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/1/50 | 1200 | 1270 |

---

FIXED INCOME FUNDS **257** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Michigan – 1.9%continued** | **Michigan – 1.9%continued** | **Michigan – 1.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walled Lake Consolidated School <br> District G.O. Unlimited Bonds <br> (Q-SBLF Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/50 | $1000 | $1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayne County Airport Authority <br> Revenue Refunding Bonds (AMT), <br> Detroit Metropolitan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/34 | 1000 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Bloomfield School District G.O. <br> Unlimited Bonds, Series I (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/42 | 1750 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Ottawa Public School District <br> G.O. Unlimited Bonds, Series I,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/28 | 25 | 27 |
|  |  | **14071** |
| **Minnesota – 0.3%** | **Minnesota – 0.3%** | **Minnesota – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minneapolis & Saint Paul Housing & <br> Redevelopment Authority Health <br> Care Revenue Refunding Bonds, <br> Allina Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/29 | 1380 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truman Independent School District No. <br> 458 G.O. Unlimited Bonds, Series A <br> (School District Credit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/40 | 770 | 860 |
|  |  | **2279** |
| **Mississippi – 0.1%** | **Mississippi – 0.1%** | **Mississippi – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi State Business Finance <br> Corp. Revenue Bonds, System <br> Energy Resources, Inc., Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 6/1/44 | 1000 | **648** |
| **Missouri – 1.6%** | **Missouri – 1.6%** | **Missouri – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greene County Reorganized School <br> District No. R-3 Republic G.O. <br> Unlimited Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/38 | 1000 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City Sanitary Sewer System <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/49 | 1000 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lebanon Reorganized School District <br> No. R-3 Laclede County G.O. <br> Unlimited Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/45 | 915 | 1010 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Missouri – 1.6%continued** | **Missouri – 1.6%continued** | **Missouri – 1.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marion & Ralls County School District <br> No. 60 G.O. Unlimited Refunding <br> Bonds, Missouri Direct Deposit <br> Program (State Aid Direct Deposit <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/44 | $50 | $56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri Joint Municipal Electric Utility <br> Commission Power Project Revenue <br> Bonds, Marshall Energy Center <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/51 | 3500 | 3592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Development Finance <br> Board Infrastructure Facilities <br> Revenue Bonds, Series A, Public <br> Safety Projects (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/50 | 1080 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Health & Educational <br> Facilities Authority Educational <br> Facilities Revenue Bonds, Series A, <br> Saint Louis University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/38 | 2500 | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Health & Educational <br> Facilities Authority Health Facilities <br> Revenue Refunding Bonds, Series A, <br> St. Luke's Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/43 | 1280 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Springfield School District No. R-12 <br> G.O. Unlimited Bonds, School <br> Building (State Aid Direct Deposit <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/38 | 625 | 687 |
|  |  | **12338** |
| **Montana – 0.0%** | **Montana – 0.0%** | **Montana – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montana State Board of Housing <br> Single Family Program Revenue <br> Refunding Bonds, Series A (FHA INS <br> HUD VA Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/1/48 | 50 | **45** |
| **Nebraska – 0.9%** | **Nebraska – 0.9%** | **Nebraska – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas County Hospital Authority No. <br> 2 Health Facilities Revenue Bonds, <br> Children's Hospital Obligated <br> Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/36 | 1000 | 1019 |

---

NORTHERN FUNDS QUARTERLY REPORT **258** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Nebraska – 0.9%continued** | **Nebraska – 0.9%continued** | **Nebraska – 0.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omaha Airport Authority Airport <br> Facilities Revenue Bonds (AMT) <br> (AGC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/32 | $900 | $1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omaha Public Power District Electric <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/42 | 4250 | 4353 |
|  |  | **6379** |
| **New Jersey – 0.6%** | **New Jersey – 0.6%** | **New Jersey – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Casino Reinvestment Development <br> Authority Luxury Tax Revenue <br> Refunding Bonds, Series A (AGC <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/39 | 1145 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust <br> Fund Authority Program Revenue <br> Bonds, Series AA,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/36 | 1250 | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust <br> Fund Authority Revenue Bonds, <br> Series BB, Transformation Program,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/46 | 2000 | 2082 |
|  |  | **4789** |
| **New Mexico – 0.2%** | **New Mexico – 0.2%** | **New Mexico – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico State Mortgage Finance <br> Authority Revenue Bonds, Series C <br> (GNMA, FNMA, FHLMC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/52 | 990 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico State Mortgage Finance <br> Authority Revenue Bonds, Series D, <br> Class I (GNMA, FNMA, FHLMC <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 9/1/52 | 980 | 944 |
|  |  | **1849** |
| **New York – 11.3%** | **New York – 11.3%** | **New York – 11.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Climate Bond Certified,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/32 | 1000 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/42 | 1435 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/37 | 2500 | 2780 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **New York – 11.3%continued** | **New York – 11.3%continued** | **New York – 11.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development <br> Corp. MFH Revenue Bonds, <br> Sustainable Neighborhood Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/39 | $1370 | $1244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development <br> Corp. MFH Revenue Refunding <br> Bonds, Sustainable Neighborhood <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/44 | 1535 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Refunding Bonds, <br> Sub-Series EE,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/45 | 5000 | 5228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Building Aid Revenue <br> Bonds, Series S-3 (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/43 | 3000 | 3077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Subordinate Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/40 | 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Subordinate <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/48 | 4750 | 3581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Multi-modal <br> Revenue Bonds, Series F-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/1/53 | 1000 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series A-3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/45 | 5000 | 3969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series B, Fiscal 2026,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/40 | 1500 | 1668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series C-3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/41 | 3450 | 3541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/46 | 3000 | 3139 |

---

FIXED INCOME FUNDS **259** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **New York – 11.3%continued** | **New York – 11.3%continued** | **New York – 11.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Refunding Bonds, Series H, Fiscal <br> 2025,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/46 | $1150 | $1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> A, Fiscal 2024,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/51 | 1500 | 1536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> D, Fiscal 2026,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/36 | 1000 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> D, Subseries D1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/44 | 3000 | 3064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, School Districts Building <br> Financing Program (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/31 | 720 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, School Districts Financing <br> Program (AGM Insured), <br> Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28<sup>(4)</sup> <br>| 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/15/39 | 2500 | 2624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Revenue <br> Refunding Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/48 | 4500 | 4605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income TRB, Series A, <br> Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/43 | 2000 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities <br> Corp. State Clean Water & Drinking <br> Water Subordinated Revenue <br> Refunding SRF Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/46 | 5000 | 4764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Liberty Development <br> Corp. Liberty Revenue Refunding <br> Bonds, Series 1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/15/41 | 5000 | 3866 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **New York – 11.3%continued** | **New York – 11.3%continued** | **New York – 11.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Mortgage Agency <br> Homeowner Revenue Refunding <br> Bonds, Series 233, Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 4/1/33 | $1555 | $1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Revenue Refunding Bonds, Terminal <br> 4 John F. Kennedy International <br> Airport,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/31 | 550 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Sustainable Revenue Bonds (AMT), <br> John F. Kennedy International Airport <br> New Terminal One Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/30/41 | 1600 | 1676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 207 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/28 | 1000 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 227 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/32 | 2000 | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 246 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/33 | 5500 | 6174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority <br> Sales TRB, Series A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/54 | 2975 | 3072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough MTA Bridge & Tunnel <br> Authority Real Estate Transfer TRB, <br> TBTA Capital Lockbox Fund,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/50 | 6300 | 6509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/54 | 3295 | 3473 |
|  |  | **84706** |
| **North Carolina – 0.4%** | **North Carolina – 0.4%** | **North Carolina – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Housing Finance <br> Agency Home Ownership Revenue <br> Bonds, Series 44,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/46 | 915 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Medical Care <br> Commission Retirement Facilities <br> Revenue Bonds, United Methodist <br> Retirement Homes,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/40 | 910 | 967 |

---

NORTHERN FUNDS QUARTERLY REPORT **260** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **North Carolina – 0.4%continued** | **North Carolina – 0.4%continued** | **North Carolina – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/1/45 | $535 | $549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Turnpike Authority <br> Senior Lien Revenue Bonds, Triangle <br> Expressway (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/49 | 500 | 508 |
|  |  | **2743** |
| **North Dakota – 0.3%** | **North Dakota – 0.3%** | **North Dakota – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Forks Health Care System <br> Revenue Refunding Bonds, Altru <br> Health System (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/46 | 1500 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Dakota State PFA Revenue <br> Refunding Bonds, State Revolving <br> Fund Program,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/43 | 885 | 962 |
|  |  | **2103** |
| **Ohio – 1.4%** | **Ohio – 1.4%** | **Ohio – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority <br> Revenue Refunding Bonds, John <br> Glenn Columbus International <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/34 | 650 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Ohio Medical University <br> General Receipts Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/45 | 225 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Hospital Facility Revenue <br> Refunding Bonds, Cleveland Clinic <br> Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/36 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Troy City School District G.O. Unlimited <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/54 | 2650 | 2766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Local School District Lucas <br> County G.O. Unlimited Bonds, Series <br> A (School District Credit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/1/51 | 2000 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wyoming City School District G.O. <br> Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/43 | 1530 | 1645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/55 | 2500 | 2587 |
|  |  | **10422** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Oklahoma – 0.9%** | **Oklahoma – 0.9%** | **Oklahoma – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority State Facilities Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/29 | $280 | $303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority State Highways Capital <br> Improvement Revenue Bonds, <br> Department of Transportation,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/50 | 2000 | 2143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma State Water Resources <br> Board State Loan Program Revenue <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/50 | 4400 | 4382 |
|  |  | **6828** |
| **Oregon – 1.4%** | **Oregon – 1.4%** | **Oregon – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clackamas County School District No. <br> 12 North Clackamas G.O. Unlimited <br> CABS, Series A (School Board <br> Guaranty Program), Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 6/15/27<sup>(4) (5)</sup> <br>| 265 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clackamas County School District No. <br> 62C Oregon City G.O. Unlimited <br> CABS, Series A (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 6/15/37<sup>(5)</sup> <br>| 1000 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Clackamas School District <br> No.12, Clackamas County, Capital <br> Appreciation G.O. Unlimited Bonds, <br> Series A, Unrefunded Balance <br> (School Board Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 6/15/38<sup>(5)</sup> <br>| 2235 | 1292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Portland International Airport <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/49 | 2010 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salem Hospital Facility Authority <br> Revenue Refunding Bonds, Multi <br> Model Salem Health Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/44 | 3500 | 3575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union County Hospital Facility Authority <br> Revenue Bonds, Grand Ronde <br> Hospital Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/52 | 750 | 732 |

---

FIXED INCOME FUNDS **261** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Oregon – 1.4%continued** | **Oregon – 1.4%continued** | **Oregon – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington County School District No. <br> 48J Beaverton G.O. Unlimited <br> CABS, Series A (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 6/15/48<sup>(5)</sup> <br>| $5000 | $1698 |
|  |  | **10137** |
| **Pennsylvania – 3.4%** | **Pennsylvania – 3.4%** | **Pennsylvania – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumberland County Municipal <br> Authority Revenue Refunding Bonds, <br> Series A, Messiah Village Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/1/44<sup>(7)</sup> <br>| 1000 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware County Regional Water <br> Quality Control Authority Sewer <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/32 | 820 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/35 | 865 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Valley Regional Financial <br> Authority Revenue Bonds, Series A <br> (AMBAC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/28 | 1460 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Higher Educational <br> Facilities Authority Revenue Bonds, <br> University of Pennsylvania Health <br> System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/49 | 5000 | 5093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Oil Franchise Tax <br> Subordinate Revenue Bonds, Series <br> B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/43 | 2500 | 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/46 | 1700 | 1771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Variable Revenue <br> Refunding, Subseries-2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32<sup>(1) (2)</sup> <br>| 2575 | 2881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State University Revenue <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/43 | 5000 | 5124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State University Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/45 | 2000 | 2061 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Pennsylvania – 3.4%continued** | **Pennsylvania – 3.4%continued** | **Pennsylvania – 3.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial <br> Development Revenue Refunding <br> Bonds, Greater Philadelphia Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/45 | $2000 | $2082 |
|  |  | **25843** |
| **Rhode Island – 0.8%** | **Rhode Island – 0.8%** | **Rhode Island – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Providence Public Buildings Authority <br> Revenue Bonds, Capital Improvement <br> Program Project (AGC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/37 | 740 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhode Island State Turnpike & Bridge <br> Authority Motor Fuel TRB, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/44 | 5265 | 5072 |
|  |  | **5904** |
| **South Carolina – 0.9%** | **South Carolina – 0.9%** | **South Carolina – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aiken Water & Sewer Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/49 | 1000 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriots Energy Group Financing <br> Agency Gas Supply Variable <br> Revenue Refunding Bonds, Series <br> B-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/1/31<sup>(1) (2)</sup> <br>| 2000 | 2162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriots Energy Group Gas System <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/51 | 2500 | 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Jobs EDA Hospital <br> Facilities Variable Revenue Refunding <br> Bonds, Bon Secours Mercy Health, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32<sup>(1) (2)</sup> <br>| 1000 | 1111 |
|  |  | **6458** |
| **Tennessee – 0.7%** | **Tennessee – 0.7%** | **Tennessee – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennergy Corp. Gas Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/28<sup>(1) (2)</sup> <br>| 5000 | 5085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Housing Development <br> Agency Residential Financing <br> Program Revenue Bonds, Series 1B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 7/1/38 | 50 | 49 |
|  |  | **5134** |
| **Texas – 7.1%** | **Texas – 7.1%** | **Texas – 7.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austin Electric Utility System Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/28 | 500 | 500 |

---

NORTHERN FUNDS QUARTERLY REPORT **262** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Texas – 7.1%continued** | **Texas – 7.1%continued** | **Texas – 7.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/35 | $2500 | $2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bexar County Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/46 | 5000 | 4774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bexar County Hospital District <br> Certificates of Obligation G.O. <br> Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/26 | 625 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chambers County Justice Center Public <br> Facilities Corp. Lease Revenue <br> Bonds, Justice Center Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/32 | 1005 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/49 | 3120 | 3315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas & Fort Worth International <br> Airport Revenue Bonds, Series A-1 <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/1/42 | 1440 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas G.O. Limited Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/38 | 1315 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Paso G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/31 | 1020 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Paso Municipal Drainage Utility <br> System Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/38 | 1215 | 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houston Airport System Revenue <br> Refunding Bonds (AMT), United <br> Airlines Inc., Terminal,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/32 | 3500 | 3741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huffman Independent School District <br> G.O. Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/15/49 | 1750 | 1866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority <br> Transmission Contract Revenue <br> Refunding Bonds, LCRA Transmission <br> Services,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/46 | 2500 | 2553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Houston Authority Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/51 | 2500 | 2563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rankin Independent School District <br> G.O. Unlimited Bonds, Escrowed to <br> Maturity (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/26 | 500 | 501 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Texas – 7.1%continued** | **Texas – 7.1%continued** | **Texas – 7.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockwall Independent School District <br> G.O. Unlimited Bonds, Series A (PSF, <br> Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/52 | $2445 | $2508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roma Independent School District G.O. <br> Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/49 | 1500 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Round Rock Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series A (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/31 | 1500 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/37 | 670 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/1/39<sup>(7)</sup> <br>| 2500 | 2844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education <br> Facilities Finance Corp. Variable <br> Revenue Refunding Bonds, Ascension <br> Senior Credit,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/35<sup>(1) (2)</sup> <br>| 1330 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/36 | 1000 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Transportation Commission <br> Central Texas Turnpike System <br> Second Tier Revenue Refunding <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/39 | 1800 | 1998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board <br> Revenue Bonds, Master Trust ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/35 | 2000 | 2352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board <br> Revenue Bonds, Series A, Master <br> Trust ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/51 | 3000 | 2851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Texas Permanent University <br> Fund Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/41 | 5000 | 4957 |
|  |  | **53700** |
| **Utah – 1.3%** | **Utah – 1.3%** | **Utah – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ogden City Municipal Building <br> Authority Lease Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/53 | 1250 | 1272 |

---

FIXED INCOME FUNDS **263** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Utah – 1.3%continued** | **Utah – 1.3%continued** | **Utah – 1.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ogden City Redevelopment Agency <br> Sales & Tax Increment Revenue <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/53 | $1500 | $1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City Airport Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/32 | 1250 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | 5000 | 5394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tooele County School District G.O. <br> Unlimited Bonds (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/30 | 505 | 558 |
|  |  | **10132** |
| **Virginia – 0.3%** | **Virginia – 0.3%** | **Virginia – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockingham County EDA Facilities <br> Revenue Refunding Bonds, Sentara <br> RMH Medical Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/46 | 2000 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State Small Business Financing <br> Authority Senior Lien Revenue Bonds <br> (AMT), Elizabeth River,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/41 | 1000 | 823 |
|  |  | **2403** |
| **Washington – 3.7%** | **Washington – 3.7%** | **Washington – 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benton County Public Utility District No. <br> 1 Electric Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/48 | 1100 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clark County Public Utility District No. 1 <br> Electric Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/38 | 850 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant County G.O. Limited Bonds <br> (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/50 | 1350 | 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pasco Public Facilities District Sales TRB <br> (AGC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/38 | 1080 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/40 | 1050 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle Intermediate Lien <br> Revenue Refunding Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/36 | 3570 | 3898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snohomish County Public Utility District <br> No. 1 Electric System Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/47 | 5000 | 5204 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Washington – 3.7%continued** | **Washington – 3.7%continued** | **Washington – 3.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State COPS, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | $1000 | $1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Bonds, Providence <br> St. Joseph Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/35 | 3500 | 3966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Refunding Bonds, <br> Providence Health & Services,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/38 | 5000 | 5006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance <br> Commission Nonprofit Housing <br> Revenue Refunding Bonds, Horizon <br> House Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/1/33 | 1500 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whatcom County Public Utility District <br> No. 1 G.O. Limited Bonds, Series A <br> (AMT) (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/43 | 1500 | 1606 |
|  |  | **28083** |
| **West Virginia – 0.2%** | **West Virginia – 0.2%** | **West Virginia – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio County Commission Special <br> District Excise Tax Revenue Refunding <br> Bonds, Fort Henry Opportunity <br> Development (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/45 | 1500 | **1596** |
| **Wisconsin – 2.6%** | **Wisconsin – 2.6%** | **Wisconsin – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Brown County Water Authority <br> Water System Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/30 | 1320 | 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PFA Revenue Refunding Bonds, Kahala <br> Nui Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/50 | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospitals & Clinics Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/1/48 | 2775 | 2658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westfield School District G.O. <br> Unlimited Promissory Notes (AGC <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/39 | 685 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State G.O. Unlimited <br> Refunding Bonds, Series 2025-2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/38 | 2400 | 2763 |

---

NORTHERN FUNDS QUARTERLY REPORT **264** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Wisconsin – 2.6%continued** | **Wisconsin – 2.6%continued** | **Wisconsin – 2.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue Bonds, <br> Three Pillars Senior Living <br> Communities,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 8/15/29 | $1100 | $1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Milwaukee <br> Regional Medical Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/1/46 | 1500 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/26<sup>(4)</sup> <br>| 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Unrefunded <br> Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/46 | 4905 | 4503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Variable Revenue <br> Refunding Bonds, Mercy Health <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/1/33<sup>(1) (7)</sup> <br>| 3500 | 3850 |
|  |  | **19522** |
| **Total Municipal Bonds** |  |  |
| **(Cost $768,685)** |  | **738885** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(8) (9)</sup> <br>| 6960217 | $6960 |
| **Total Investment Companies** |  |  |
| **(Cost $6,960)** |  | **6960** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 1.0%**  | **SHORT-TERM INVESTMENTS – 1.0%**  | **SHORT-TERM INVESTMENTS – 1.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carroll County Environmental Facilities <br> Revenue Bonds (AMT), Kentucky <br> Utilities Co. Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 9/1/26<sup>(1) (2)</sup> <br>| $1500 | $1475 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 1.0%continued**  | **SHORT-TERM INVESTMENTS - 1.0%continued**  | **SHORT-TERM INVESTMENTS - 1.0%continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority <br> Environmental Facilities Variable <br> Revenue Refunding Bonds (AMT), <br> Indianapolis Power & Light Co. <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 4/1/26<sup>(1) (2)</sup> <br>| $1500 | $1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority <br> Environmental Facilities Variable <br> Revenue Refunding Bonds, <br> Indianapolis Power & Light Co. <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 4/1/26<sup>(1) (2)</sup> <br>| 1125 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PEFA, Inc., Iowa Gas Project Revenue <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/26<sup>(1) (2)</sup> <br>| 3500 | 3532 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $7,656)** | **(Cost $7,656)** | **7614** |
| **Total Investments – 100.2%** | **Total Investments – 100.2%** |  |
| **(Cost $783,301)** | **(Cost $783,301)** | **753459** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (0.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (0.2%) | (1369)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$752090** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Maturity date represents the puttable date.*

<sup>(2)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of December 31,* *2025 is disclosed.* 

<sup>(3)</sup> *Step coupon bond. Rate as of December 31, 2025 is disclosed.*

<sup>(4)</sup> *Maturity date represents the prerefunded date.*

<sup>(5)</sup> *Zero coupon bond.*

<sup>(6)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At December 31,* *2025, the value of this security amounted to approximately $1,493,000 or* *0.2% of net assets.* 

<sup>(7)</sup> *When-Issued Security. Coupon rate is not in effect at December 31, 2025.*

<sup>(8)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(9)</sup> *7-day current yield as of December 31, 2025 is disclosed.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGC - Assured Guaranty Corporation |
| AGM - Assured Guaranty Municipal Corporation |
| AMBAC - American Municipal Bond Assurance Corporation |
| AMT - Alternative Minimum Tax |

---

FIXED INCOME FUNDS **265** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| |
|:---|
| BAM - Build America Mutual |
| CABS - Capital Appreciation Bonds |
| CHF - Collegiate Housing Foundation |
| COPS - Certificates of Participation |
| EDA - Economic Development Authority |
| FHA - Federal Housing Administration |
| FHLMC - Federal Home Loan Mortgage Corporation |
| FNMA - Federal National Mortgage Association |
| G.O. - General Obligation |
| GNMA - Government National Mortgage Association |
| Gtd. - Guaranteed |
| HDA - Housing Development Authority |
| HUD - Housing and Urban Development |
| IDA - Industrial Development Authority |
| INS - Insured |
| LCRA - Lower Colorado River Authority |
| MFH - Multi-Family Housing |
| PCR - Pollution Control Revenue |
| PFA - Public Finance Authority |

---

---

| |
|:---|
| PSF - Permanent School Fund |
| Q-SBLF - Qualified School Bond Loan Fund |
| SFM - Single Family Mortgage |
| SRF - Special Revenue Fund |
| TRB - Tax Revenue Bonds |
| VA - Veterans Affairs |

---

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $738885 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $738885 |
| Investment Companies | &nbsp;&nbsp; 6960 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6960 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 7614 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7614 |
| Total Investments | &nbsp;&nbsp; $6960 | &nbsp;&nbsp; $746499 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $753459 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $14033 | $191415 | $198488 | $245 | $6960 | 6960217 |

---

NORTHERN FUNDS QUARTERLY REPORT **266** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ULTRA-SHORT FIXED INCOME FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 9.5%**  | **ASSET-BACKED SECURITIES – 9.5%**  | **ASSET-BACKED SECURITIES – 9.5%**  |
| **Auto Loan – 3.8%** | **Auto Loan – 3.8%** | **Auto Loan – 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Credit Acceptance <br> Receivables Trust, Series 2025-3, <br> Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/12/29<sup>(1)</sup> <br>| $8565 | $8622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americredit Automobile Receivables <br> Trust, Series 2022-1, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 2/18/28 | 4500 | 4463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Auto Trust, Series <br> 2023-1A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53%, 2/15/28<sup>(1)</sup> <br>| 982 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2024-1, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/25/27 | 2000 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2023-1, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 11/15/29 | 3400 | 3466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2023-4, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/17/28 | 312 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P2, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 8/10/28 | 4710 | 4717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 12/15/27 | 130 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-2A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.89%, 7/15/31 | 1400 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2024-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 3/22/27 | 777 | 779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2023-2, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.47%, 2/16/28 | 2006 | 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2024-1, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 12/18/28 | 2155 | 2169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37%, 3/15/29 | 1745 | 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 8/15/28 | 1422 | 1434 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 9.5%continued**  | **ASSET-BACKED SECURITIES - 9.5%continued**  | **ASSET-BACKED SECURITIES - 9.5%continued**  |
| **Auto Loan – 3.8%continued** | **Auto Loan – 3.8%continued** | **Auto Loan – 3.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization <br> Trust, Series 2024-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 5/17/27<sup>(1)</sup> <br>| $2553 | $2566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 2/15/29 | 938 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2023-2, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/15/28 | 6737 | 6827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 6/15/28 | 7623 | 7635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust, Series 2024-B, <br> Class A2A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 1/20/27<sup>(1)</sup> <br>| 326 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Lease Owner Trust, Series <br> 2024-B, Class A2A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 2/22/27<sup>(1)</sup> <br>| 616 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-1A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 9/16/30<sup>(1)</sup> <br>| 2750 | 2774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-1A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 10/15/30<sup>(1)</sup> <br>| 1250 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 2/15/28<sup>(1)</sup> <br>| 5000 | 5015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 3/15/29 | 955 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 9/17/29 | 1555 | 1569 |
|  |  | **64800** |
| **Credit Card – 2.9%** | **Credit Card – 2.9%** | **Credit Card – 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2023-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 5/15/28 | 8000 | 8015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 9/15/29 | 9575 | 9603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Issuance Trust, Series 2023-A1, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16%, 9/15/28 | 4000 | 4038 |

---

FIXED INCOME FUNDS **267** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 9.5%continued**  | **ASSET-BACKED SECURITIES - 9.5%continued**  | **ASSET-BACKED SECURITIES - 9.5%continued**  |
| **Credit Card – 2.9%continued** | **Credit Card – 2.9%continued** | **Credit Card – 2.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discover Card Execution Note Trust, <br> Series 2023-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 3/15/28 | $4290 | $4294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Credit Card Trust, Series <br> 2024-1A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.51%, 7/15/28<sup>(1)</sup> <br>| 4769 | 4799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Credit Card Trust, Series <br> 2024-CRT4, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/28<sup>(1)</sup> <br>| 6770 | 6823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2023-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54%, 7/15/29 | 1250 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 3/15/30 | 1458 | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A2, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 7/15/30 | 2835 | 2881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trillium Credit Card Trust II, Series <br> 2025-1A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 9/26/30<sup>(1)</sup> <br>| 2957 | 2963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 2/15/29 | 2530 | 2564 |
|  |  | **48719** |
| **Other – 1.0%** | **Other – 1.0%** | **Other – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2024-B, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.19%, 9/17/29 | 1100 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96%, 11/15/28 | 625 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A2A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.36%, 8/16/27 | 1757 | 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kubota Credit Owner Trust, Series <br> 2025-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 12/15/27<sup>(1)</sup> <br>| 1637 | 1643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MMAF Equipment Finance LLC, Series <br> 2024-A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 9/13/27<sup>(1)</sup> <br>| 351 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan <br> Trust, Series 2020-IA, Class A1A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.33%, 4/15/69<sup>(1)</sup> <br>| 884 | 828 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 9.5%continued**  | **ASSET-BACKED SECURITIES - 9.5%continued**  | **ASSET-BACKED SECURITIES - 9.5%continued**  |
| **Other – 1.0%continued** | **Other – 1.0%continued** | **Other – 1.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series <br> 2025-6, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/33<sup>(1)</sup> <br>| $1500 | $1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series <br> 2025-6, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 4/15/33<sup>(1)</sup> <br>| 4100 | 4087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series <br> 2025-6, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 4/15/33<sup>(1)</sup> <br>| 1500 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2024-4, <br> Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 6/20/29 | 4045 | 4070 |
|  |  | **17484** |
| **Whole Loan – 1.8%** | **Whole Loan – 1.8%** | **Whole Loan – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bravo Residential Funding Trust, Series <br> 2025-NQM1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.60% on 2/25/29), <br> 5.60%, 12/25/64<sup>(1) (2)</sup> <br>| 9683 | 9765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Home Lending Mortgage Trust, <br> Series 2024-2, Class A4A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/25/55<sup>(1)</sup> <br>| 2033 | 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Series <br> 2025-NQM1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.59% on 4/25/29), <br> 5.59%, 6/25/65<sup>(1) (2)</sup> <br>| 4982 | 5026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2024-NQM16, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.53% on 11/25/28), <br> 5.53%, 10/25/64<sup>(1) (2)</sup> <br>| 2244 | 2260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.55% on 4/25/29), <br> 5.55%, 1/25/65<sup>(1) (2)</sup> <br>| 3465 | 3490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM3, <br> Class A1B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.60% on 7/25/29), <br> 5.60%, 5/25/65<sup>(1) (2)</sup> <br>| 7650 | 7707 |
|  |  | **30305** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $160,706)** |  | **161308** |

---

NORTHERN FUNDS QUARTERLY REPORT **268** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.9%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.9%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.9%**  |
| **Non Agency – 0.9%** | **Non Agency – 0.9%** | **Non Agency – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPR Trust, Series 2023-BRK2, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 10/5/38<sup>(1) (3)</sup> <br>| $2490 | $2599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series <br> 2019-IMC, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 1.05%, 1.00% Floor), 4.80%, <br> 4/15/34<sup>(1) (4)</sup> <br>| 2308 | 2297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legends Outlets Kansas City KS <br> Mortgage Secured Pass Through <br> Trust, Series 2024-LGND, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/5/39<sup>(1)</sup> <br>| 5000 | 5030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCMS Mortgage Trust, Series <br> 2025-BNC1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 1/15/28<sup>(1)</sup> <br>| 6200 | 6206 |
|  |  | **16132** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $16,160)** |  | **16132** |
| **CORPORATE BONDS – 51.7%**  | **CORPORATE BONDS – 51.7%**  | **CORPORATE BONDS – 51.7%**  |
| **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RTX Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/8/26 | 10000 | **10137** |
| **Asset Management – 2.8%** | **Asset Management – 2.8%** | **Asset Management – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Funding, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 7/26/27  | 17340 | 17571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 9/26/27  | 2310 | 2323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.05%), 4.91%, <br> 3/3/27 <sup>(4)</sup> <br>| 20000 | 20135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 3/9/26 <sup>(1)</sup> <br>| 8000 | 7982 |
|  |  | **48011** |
| **Automotive – 3.8%** | **Automotive – 3.8%** | **Automotive – 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Honda Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.72%), <br> 4.67%, 10/22/27 <sup>(4)</sup> <br>| 9000 | 9012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.29%), <br> 5.29%, 1/7/30 <sup>(4)</sup> <br>| 11500 | 11548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 6/24/26 <sup>(1)</sup> <br>| 4000 | 4024 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 51.7% continued**  | **CORPORATE BONDS - 51.7% continued**  | **CORPORATE BONDS - 51.7% continued**  |
| **Automotive – 3.8%continued** | **Automotive – 3.8%continued** | **Automotive – 3.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 9/21/26 <sup>(1)</sup> <br>| $4000 | $4052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.50%), <br> 5.49%, 1/8/27 <sup>(1) (4)</sup> <br>| 10000 | 10078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.04%), <br> 4.91%, 6/24/27 <sup>(1) (4)</sup> <br>| 10000 | 10040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/18/28 <sup>(1)</sup> <br>| 1700 | 1701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.47%), <br> 4.46%, 1/8/27 <sup>(4)</sup> <br>| 15000 | 15032 |
|  |  | **65487** |
| **Banking – 10.6%** | **Banking – 10.6%** | **Banking – 10.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.11%), <br> 5.00%, 5/9/29 <sup>(4)</sup> <br>| 34000 | 34222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 8/6/26  | 2500 | 2513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.28%), <br> 5.16%, 2/24/28 <sup>(4)</sup> <br>| 21000 | 21161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 4.72%, 3/4/29 <sup>(4)</sup> <br>| 5514 | 5520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.81%), <br> 4.74%, 1/28/28 <sup>(4)</sup> <br>| 7300 | 7314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington National Bank (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.72%), <br> 4.87%, 4/12/28 <sup>(5)</sup> <br>| 3800 | 3832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.77%), <br> 4.63%, 9/22/27 <sup>(4)</sup> <br>| 10100 | 10124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.18%), <br> 5.06%, 2/24/28 <sup>(4)</sup> <br>| 13000 | 13116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.80%), <br> 4.74%, 1/24/29 <sup>(4)</sup> <br>| 4300 | 4309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 4.74%, 5/26/28 <sup>(4)</sup> <br>| 13110 | 13148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.50%), <br> 4.78%, 1/15/27 <sup>(5)</sup> <br>| 5000 | 5001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.63%), <br> 4.54%, 5/13/27 <sup>(5)</sup> <br>| 9050 | 9063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.73%), <br> 4.69%, 7/21/28 <sup>(4)</sup> <br>| 750 | 751 |

---

FIXED INCOME FUNDS **269** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 51.7% continued**  | **CORPORATE BONDS - 51.7% continued**  | **CORPORATE BONDS - 51.7% continued**  |
| **Banking – 10.6%continued** | **Banking – 10.6%continued** | **Banking – 10.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.73%), 6.62%, <br> 10/20/27 <sup>(5)</sup> <br>| $3105 | $3167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Holdings U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.23%), <br> 6.12%, 5/31/27 <sup>(5)</sup> <br>| 2850 | 2869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.61%), <br> 5.47%, 3/20/29 <sup>(4)</sup> <br>| 11000 | 11106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.91%), <br> 4.14%, 10/23/29 <sup>(5)</sup> <br>| 8700 | 8697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.05%), <br> 6.05%, 6/8/27 <sup>(5)</sup> <br>| 5000 | 5041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.78%), <br> 4.72%, 1/24/28 <sup>(4)</sup> <br>| 11500 | 11525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/11/26  | 7955 | 8052 |
|  |  | **180531** |
| **Beverages – 0.4%** | **Beverages – 0.4%** | **Beverages – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.58%), <br> 4.46%, 11/15/26<sup>(4)</sup> <br>| 6190 | **6192** |
| **Biotechnology & Pharmaceuticals – 2.2%** | **Biotechnology & Pharmaceuticals – 2.2%** | **Biotechnology & Pharmaceuticals – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.53%), <br> 4.64%, 10/15/28 <sup>(4)</sup> <br>| 8600 | 8685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.57%), <br> 4.43%, 3/15/29 <sup>(4)</sup> <br>| 13700 | 13729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novartis Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.52%), <br> 4.41%, 11/5/28 <sup>(4)</sup> <br>| 15000 | 15058 |
|  |  | **37472** |
| **Chemicals – 0.3%** | **Chemicals – 0.3%** | **Chemicals – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Phillips Chemical Co. <br> LLC/Chevron Phillips Chemical Co. <br> L.P.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 12/1/26<sup>(1)</sup> <br>| 5000 | **4973** |
| **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amcor Flexibles North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 3/17/28 | 7120 | **7221** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 51.7% continued**  | **CORPORATE BONDS - 51.7% continued**  | **CORPORATE BONDS - 51.7% continued**  |
| **E-Commerce Discretionary – 0.5%** | **E-Commerce Discretionary – 0.5%** | **E-Commerce Discretionary – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/20/28  | $4570 | $4586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 5/10/26  | 3454 | 3422 |
|  |  | **8008** |
| **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/28  | 3000 | 3053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/28 <sup>†</sup> <br>| 5800 | 5834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.80%), 4.71%, <br> 2/4/28 <sup>(4)</sup> <br>| 6600 | 6623 |
|  |  | **15510** |
| **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.53%), <br> 4.42%, 11/15/27<sup>(4)</sup> <br>| 8700 | **8716** |
| **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/28/26 | 4160 | **4169** |
| **Food – 2.2%** | **Food – 2.2%** | **Food – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Campbell's (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 3/20/26  | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cargill, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.61%), <br> 4.50%, 2/11/28 <sup>(1) (4)</sup> <br>| 7500 | 7515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 1/30/27  | 2291 | 2308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kellanova, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 4/1/26  | 15200 | 15175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/26  | 6000 | 5974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mars, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 3/1/28 <sup>(1)</sup> <br>| 5200 | 5273 |
|  |  | **37247** |
| **Health Care Facilities & Services – 2.0%** | **Health Care Facilities & Services – 2.0%** | **Health Care Facilities & Services – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/27  | 3280 | 3322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 3/15/26  | 5000 | 4974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/30/26  | 2320 | 2330 |

---

NORTHERN FUNDS QUARTERLY REPORT **270** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 51.7% continued**  | **CORPORATE BONDS - 51.7% continued**  | **CORPORATE BONDS - 51.7% continued**  |
| **Health Care Facilities & Services – 2.0%continued** | **Health Care Facilities & Services – 2.0%continued** | **Health Care Facilities & Services – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28  | $2220 | $2262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 5/15/26  | 9510 | 9417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.50%), <br> 4.48%, 7/15/26 <sup>(4)</sup> <br>| 7000 | 7011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 6/15/28  | 4000 | 4046 |
|  |  | **33362** |
| **Home Construction – 0.8%** | **Home Construction – 0.8%** | **Home Construction – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 10/15/26  | 5655 | 5540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/26  | 8500 | 8506 |
|  |  | **14046** |
| **Institutional Financial Services – 2.8%** | **Institutional Financial Services – 2.8%** | **Institutional Financial Services – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group (The), Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.81%), <br> 4.66%, 3/9/27 <sup>(4)</sup> <br>| 20000 | 20021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 4/3/28  | 4370 | 4436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.02%), <br> 4.99%, 4/13/28 <sup>(4)</sup> <br>| 11000 | 11045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.46%), <br> 4.34%, 11/25/26 <sup>(4)</sup> <br>| 5240 | 5252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 10/22/27  | 7040 | 7112 |
|  |  | **47866** |
| **Insurance – 1.2%** | **Insurance – 1.2%** | **Insurance – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/15/27  | 13050 | 13187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.70%), 4.59%, <br> 11/8/27 <sup>(4)</sup> <br>| 5280 | 5311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Life Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.67%), <br> 4.56%, 4/2/27 <sup>(1) (4)</sup> <br>| 2480 | 2488 |
|  |  | **20986** |
| **IT Services – 0.1%** | **IT Services – 0.1%** | **IT Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 5/15/26 | 1199 | **1196** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 51.7% continued**  | **CORPORATE BONDS - 51.7% continued**  | **CORPORATE BONDS - 51.7% continued**  |
| **Leisure Facilities & Services – 0.6%** | **Leisure Facilities & Services – 0.6%** | **Leisure Facilities & Services – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 7/1/26 <sup>(1)</sup> <br>| $5000 | $5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/28  | 4790 | 4839 |
|  |  | **9839** |
| **Machinery – 0.9%** | **Machinery – 0.9%** | **Machinery – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 3/21/27  | 1710 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 7/15/26  | 5450 | 5369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/8/27  | 2620 | 2636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.60%), <br> 4.58%, 4/19/27 <sup>(4)</sup> <br>| 5000 | 5022 |
|  |  | **14760** |
| **Medical Equipment & Devices – 1.9%** | **Medical Equipment & Devices – 1.9%** | **Medical Equipment & Devices – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 9/9/27  | 7800 | 7841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/15/28  | 2100 | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/26  | 7000 | 6993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 2/10/27  | 9500 | 9562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 2/19/27  | 5432 | 5477 |
|  |  | **31980** |
| **Oil & Gas Services & Equipment – 0.8%** | **Oil & Gas Services & Equipment – 0.8%** | **Oil & Gas Services & Equipment – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schlumberger Holdings Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/29/27<sup>(1)</sup> <br>| 12799 | **12969** |
| **Oil & Gas Supply Chain – 2.4%** | **Oil & Gas Supply Chain – 2.4%** | **Oil & Gas Supply Chain – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.57%), <br> 4.46%, 8/13/28 <sup>(4) †</sup> <br>| 23800 | 23997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 1/10/26 <sup>†</sup> <br>| 2230 | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/26  | 2800 | 2749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/1/26  | 5000 | 5054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips 66, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 2/15/26 <sup>†</sup> <br>| 1118 | 1114 |

---

FIXED INCOME FUNDS **271** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 51.7% continued**  | **CORPORATE BONDS - 51.7% continued**  | **CORPORATE BONDS - 51.7% continued**  |
| **Oil & Gas Supply Chain – 2.4%continued** | **Oil & Gas Supply Chain – 2.4%continued** | **Oil & Gas Supply Chain – 2.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 3/2/26  | $5110 | $5121 |
|  |  | **40265** |
| **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage Operating Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.70%), 4.67%, <br> 4/16/27<sup>(4)</sup> <br>| 4720 | **4736** |
| **Retail - Discretionary – 1.7%** | **Retail - Discretionary – 1.7%** | **Retail - Discretionary – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 7/15/26  | 2980 | 2997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 4/1/26  | 10300 | 10313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/28  | 4250 | 4259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/20/26  | 1890 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 4/15/26  | 10300 | 10209 |
|  |  | **29694** |
| **Semiconductors – 1.2%** | **Semiconductors – 1.2%** | **Semiconductors – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 9/24/26  | 4600 | 4616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 3/24/28  | 11000 | 11119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/10/26  | 4000 | 4003 |
|  |  | **19738** |
| **Software – 2.5%** | **Software – 2.5%** | **Software – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 3/15/26  | 8025 | 7972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 3/25/26  | 9311 | 9253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.76%), <br> 4.67%, 8/3/28 <sup>(4)</sup> <br>| 11600 | 11446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/15/28  | 2800 | 2811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 4/1/27  | 10800 | 10877 |
|  |  | **42359** |
| **Specialty Finance – 2.9%** | **Specialty Finance – 2.9%** | **Specialty Finance – 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/1/26  | 4000 | 3993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 8/15/26  | 3700 | 3645 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 51.7% continued**  | **CORPORATE BONDS - 51.7% continued**  | **CORPORATE BONDS - 51.7% continued**  |
| **Specialty Finance – 2.9%continued** | **Specialty Finance – 2.9%continued** | **Specialty Finance – 2.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.97%), 4.90%, <br> 7/28/27 <sup>(4)</sup> <br>| $8000 | $8027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.02%), <br> 4.94%, 1/30/31 <sup>(4)</sup> <br>| 3000 | 3007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 3/1/26  | 12831 | 12769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.44%), 4.29%, <br> 3/15/28 <sup>(4)</sup> <br>| 4700 | 4718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.67%), <br> 4.52%, 3/6/28 <sup>(4)</sup> <br>| 13800 | 13853 |
|  |  | **50012** |
| **Technology Hardware – 0.7%** | **Technology Hardware – 0.7%** | **Technology Hardware – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/1/26  | 3425 | 3441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/28  | 3660 | 3713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 9/25/26  | 5711 | 5728 |
|  |  | **12882** |
| **Telecommunications – 2.3%** | **Telecommunications – 2.3%** | **Telecommunications – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 3/25/26  | 12103 | 12042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T-Mobile U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 4/15/26  | 10200 | 10159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/15/27  | 5000 | 4985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 9/21/28  | 12800 | 12909 |
|  |  | **40095** |
| **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 9/1/26 | 4527 | **4459** |
| **Wholesale - Consumer Staples – 0.9%** | **Wholesale - Consumer Staples – 0.9%** | **Wholesale - Consumer Staples – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/21/26  | 7101 | 7057 |

---

NORTHERN FUNDS QUARTERLY REPORT **272** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 51.7% continued**  | **CORPORATE BONDS - 51.7% continued**  | **CORPORATE BONDS - 51.7% continued**  |
| **Wholesale - Consumer Staples – 0.9%continued** | **Wholesale - Consumer Staples – 0.9%continued** | **Wholesale - Consumer Staples – 0.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 7/15/27  | $7760 | $7684 |
|  |  | **14741** |
| **Total Corporate Bonds** |  |  |
| **(Cost $875,773)** |  | **879659** |
| **FOREIGN ISSUER BONDS – 33.0%**  | **FOREIGN ISSUER BONDS – 33.0%**  | **FOREIGN ISSUER BONDS – 33.0%**  |
| **Asset Management – 0.4%** | **Asset Management – 0.4%** | **Asset Management – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.08%), 1.36%, <br> 1/30/27<sup>(1) (5)</sup> <br>| 6406 | **6392** |
| **Automotive – 1.4%** | **Automotive – 1.4%** | **Automotive – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMW U.S. Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.78%), 4.64%, <br> 3/19/27 <sup>(1) (4)</sup> <br>| 12400 | 12449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 4/2/27 <sup>(1)</sup> <br>| 3000 | 3035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.71%), <br> 4.60%, 8/11/27 <sup>(1) (4)</sup> <br>| 1700 | 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North <br> America LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 8/1/27 <sup>(1)</sup> <br>| 7350 | 7440 |
|  |  | **24628** |
| **Banking – 23.5%** | **Banking – 23.5%** | **Banking – 23.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking <br> Group Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.65%), <br> 4.53%, 9/30/27 <sup>(1) (4)</sup> <br>| 2000 | 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.59%), <br> 4.44%, 12/8/28 <sup>(1) (4) †</sup> <br>| 5600 | 5611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.62%), 4.47%, <br> 9/15/26 <sup>(4)</sup> <br>| 25800 | 25860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 0.75%), 4.06%, <br> 9/22/28 <sup>(5)</sup> <br>| 9500 | 9509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.86%), <br> 4.80%, 1/27/29 <sup>(4)</sup> <br>| 3500 | 3507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New Zealand, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.81%), <br> 4.74%, 1/27/27 <sup>(1) (4)</sup> <br>| 21000 | 21082 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 33.0% continued**  | **FOREIGN ISSUER BONDS - 33.0% continued**  | **FOREIGN ISSUER BONDS - 33.0% continued**  |
| **Banking – 23.5%continued** | **Banking – 23.5%continued** | **Banking – 23.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel <br> S.A.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.23%), 5.18%, <br> 1/22/30 <sup>(1) (4) †</sup> <br>| $5100 | $5148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.49%), <br> 5.34%, 3/12/28 <sup>(4)</sup> <br>| 9000 | 9101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.08%), <br> 4.97%, 11/11/29 <sup>(4)</sup> <br>| 7400 | 7438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.72%), <br> 4.71%, 1/13/28 <sup>(4)</sup> <br>| 15000 | 15020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 4.72%, 3/11/27 <sup>(1) (4)</sup> <br>| 4660 | 4676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.21%), <br> 4.63%, 9/11/28 <sup>(1) (5)</sup> <br>| 8080 | 8143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.21%), <br> 5.06%, 9/11/28 <sup>(1) (4)</sup> <br>| 6000 | 6032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.22%), <br> 5.10%, 11/16/27 <sup>(4)</sup> <br>| 6500 | 6528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.21%), <br> 5.20%, 1/10/29 <sup>(4)</sup> <br>| 7000 | 7038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.51%), <br> 6.82%, 11/20/29 <sup>(5)</sup> <br>| 5000 | 5333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 5/25/26 <sup>†</sup> <br>| 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.04%), <br> 4.92%, 11/19/28 <sup>(4)</sup> <br>| 3200 | 3213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.03%), <br> 4.90%, 3/3/29 <sup>(4)</sup> <br>| 10000 | 10051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ING Groep N.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.01%), 4.89%, <br> 4/1/27 <sup>(4)</sup> <br>| 27000 | 27038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.06%), 4.94%, <br> 11/26/28 <sup>(4)</sup> <br>| 11000 | 11053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macquarie Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 7/2/27 <sup>(1)</sup> <br>| 9430 | 9630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.74%), <br> 4.59%, 6/12/28 <sup>(1) (4)</sup> <br>| 17000 | 17089 |

---

FIXED INCOME FUNDS **273** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 33.0% continued**  | **FOREIGN ISSUER BONDS - 33.0% continued**  | **FOREIGN ISSUER BONDS - 33.0% continued**  |
| **Banking – 23.5%continued** | **Banking – 23.5%continued** | **Banking – 23.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 3/1/26  | $4261 | $4260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.03%), 4.92%, <br> 7/2/27 <sup>(4)</sup> <br>| 6260 | 6275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nationwide Building Society, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.29%), <br> 5.17%, 2/16/28 <sup>(1) (4)</sup> <br>| 10700 | 10770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Markets PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.76%), <br> 4.64%, 9/29/26 <sup>(1) (4)</sup> <br>| 27900 | 27977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.74%), <br> 4.60%, 3/19/27 <sup>(1) (4)</sup> <br>| 8500 | 8536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.70%), <br> 4.56%, 3/17/28 <sup>(1) (4)</sup> <br>| 14300 | 14370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.59%), 4.50%, <br> 11/2/26 <sup>(4)</sup> <br>| 14237 | 14271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.83%), 4.77%, <br> 1/24/29 <sup>(4)</sup> <br>| 9000 | 9022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.07%), 4.32%, <br> 9/22/29 <sup>(5)</sup> <br>| 4800 | 4807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.41%), <br> 5.40%, 4/13/29 <sup>(1) (4)</sup> <br>| 3100 | 3109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.88%), <br> 4.87%, 1/14/27 <sup>(4)</sup> <br>| 5840 | 5871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.17%), <br> 5.18%, 7/9/29 <sup>(4)</sup> <br>| 3807 | 3849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 9/10/27 <sup>(1)</sup> <br>| 5000 | 5045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.66%), <br> 4.53%, 5/28/27 <sup>(1) (4)</sup> <br>| 15220 | 15278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 6/15/26 <sup>(1)</sup> <br>| 10577 | 10651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.14%, 9/12/26 <sup>(1)</sup> <br>| 7000 | 7101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.03%), <br> 4.91%, 11/20/29 <sup>(1) (4)</sup> <br>| 4700 | 4758 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 33.0% continued**  | **FOREIGN ISSUER BONDS - 33.0% continued**  | **FOREIGN ISSUER BONDS - 33.0% continued**  |
| **Banking – 23.5%continued** | **Banking – 23.5%continued** | **Banking – 23.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.59%), <br> 4.44%, 9/10/26 <sup>(4)</sup> <br>| $20000 | $20040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.82%), <br> 4.71%, 7/1/30 <sup>(4)</sup> <br>| 1380 | 1391 |
|  |  | **400491** |
| **Chemicals – 0.3%** | **Chemicals – 0.3%** | **Chemicals – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/12/27 | 5000 | **5029** |
| **Household Products – 0.3%** | **Household Products – 0.3%** | **Household Products – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Treasury Services PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/26/27<sup>(1)</sup> <br>| 5000 | **4931** |
| **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Element Fleet Management Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 6/26/26<sup>(1)</sup> <br>| 9720 | **9806** |
| **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Trust & Banking Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.32%), <br> 4.19%, 3/17/26 <sup>(4)</sup> <br>| 5000 | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Markets Cayman L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.53%), <br> 4.59%, 1/9/26 <sup>(1) (4)</sup> <br>| 14600 | 14601 |
|  |  | **19603** |
| **Metals & Mining – 2.9%** | **Metals & Mining – 2.9%** | **Metals & Mining – 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHP Billiton Finance U.S.A. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/8/26  | 12125 | 12236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glencore Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.75%), 4.64%, <br> 10/1/26 <sup>(1) (4)</sup> <br>| 21450 | 21474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Finance U.S.A. PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.84%), 4.69%, <br> 3/14/28 <sup>(4)</sup> <br>| 15100 | 15225 |
|  |  | **48935** |
| **Semiconductors – 0.4%** | **Semiconductors – 0.4%** | **Semiconductors – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NXP B.V./NXP Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 3/1/26 <sup>†</sup> <br>| 4235 | 4235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NXP B.V./NXP Funding LLC/NXP <br> U.S.A., Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 8/19/28  | 2200 | 2209 |
|  |  | **6444** |

---

NORTHERN FUNDS QUARTERLY REPORT **274** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 33.0% continued**  | **FOREIGN ISSUER BONDS - 33.0% continued**  | **FOREIGN ISSUER BONDS - 33.0% continued**  |
| **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 1/15/28<sup>(1)</sup> <br>| $4600 | **$4656** |
| **Telecommunications – 0.6%** | **Telecommunications – 0.6%** | **Telecommunications – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTT Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.08%), <br> 5.07%, 7/16/28<sup>(1) (4)</sup> <br>| 10700 | **10810** |
| **Transportation Equipment – 1.2%** | **Transportation Equipment – 1.2%** | **Transportation Equipment – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Finance North <br> America LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/27 <sup>(1)</sup> <br>| 4000 | 4039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.96%), <br> 4.82%, 9/25/27 <sup>(1) (4)</sup> <br>| 10720 | 10751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.84%), <br> 4.83%, 1/13/28 <sup>(1) (4)</sup> <br>| 5900 | 5890 |
|  |  | **20680** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $559,931)** |  | **562405** |
| **U.S. GOVERNMENT AGENCIES – 0.6%** <sup>(6)</sup> | **U.S. GOVERNMENT AGENCIES – 0.6%** <sup>(6)</sup> | **U.S. GOVERNMENT AGENCIES – 0.6%** <sup>(6)</sup> |
| **Fannie Mae – 0.2%** | **Fannie Mae – 0.2%** | **Fannie Mae – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3019, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/35 | 1476 | 1455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3932, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/35 | 1278 | 1251 |
|  |  | **2706** |
| **Freddie Mac – 0.4%** | **Freddie Mac – 0.4%** | **Freddie Mac – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FRESB Mortgage Trust, Series <br> 2022-SB94, Class A5F,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 11/25/26 | 5702 | 5577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS8641, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/32 | 1963 | 1898 |
|  |  | **7475** |
| **Government National Mortgage Association – 0.0%** | **Government National Mortgage Association – 0.0%** | **Government National Mortgage Association – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage <br> Association, Series 2013-149, <br> Class MA,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/20/40 | 468 | **463** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $10,923)** |  | **10644** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS – 2.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 2.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 2.6%**  |
| **U.S. Treasury Notes – 2.6%** | **U.S. Treasury Notes – 2.6%** | **U.S. Treasury Notes – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/15/27 | $10000 | $10066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/30/27 | 35000 | 35011 |
|  |  | **45077** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $44,924)** |  | **45077** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.5%**  | **INVESTMENT COMPANIES – 0.5%**  | **INVESTMENT COMPANIES – 0.5%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.81%<sup>(7) (8) (9)</sup> <br>| 1492100 | $1492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(7) (8)</sup> <br>| 6145734 | 6146 |
| **Total Investment Companies** |  |  |
| **(Cost $7,638)** |  | **7638** |
| **Total Investments – 98.8%** | **Total Investments – 98.8%** |  |
| **(Cost $1,676,055)** | **(Cost $1,676,055)** | **1682863** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 1.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 1.2% | 19734 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1702597** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Security exempt from registration pursuant to Rule 144A under the Securities* <br> *Act of 1933, as amended. These securities may be resold in transactions* <br> *exempt from registration to qualified institutional investors. At December 31,* <br> *2025, the value of these securities amounted to approximately* <br> *$474,191,000 or 27.9% of net assets.*<br>|
| <sup>(2)</sup> <br>| *Step coupon bond. Rate as of December 31, 2025 is disclosed.* |
| <sup>(3)</sup> <br>| *Variable or floating rate security, the interest rate of which adjusts* <br> *periodically based on changes in current interest rates and prepayments on* <br> *the underlying pool of assets.*<br>|
| <sup>(4)</sup> <br>| *Variable or floating rate security. Rate as of December 31, 2025 is disclosed.* |
| <sup>(5)</sup> <br>| *Variable or floating rate security. Security issued at a fixed coupon rate,* <br> *which converts to a variable rate at a future date. Rate shown is the rate in* <br> *effect as of December 31, 2025.*<br>|
| <sup>(6)</sup> <br>| *The obligations of certain U.S. government-sponsored entities are neither* <br> *issued nor guaranteed by the United States Treasury.*<br>|
| <sup>(7)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(8)</sup> <br>| *7-day current yield as of December 31, 2025 is disclosed.* |
| <sup>(9)</sup> <br>| *Investment of cash collateral received from securities lending activities.* |
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 1M - 1 Month |
| 1Y - 1 Year |

---

FIXED INCOME FUNDS **275** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| |
|:---|
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| Fannie Mae - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |
| SOFR - Secured Overnight Financing Rate |

---

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Asset-Backed Securities<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $161308 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $161308 |
| &nbsp;&nbsp;&nbsp; Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 16132 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16132 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 879659 | &nbsp;&nbsp; — | &nbsp;&nbsp; 879659 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 562405 | &nbsp;&nbsp; — | &nbsp;&nbsp; 562405 |
| &nbsp;&nbsp;&nbsp; U.S. Government <br> Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 10644 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10644 |
| &nbsp;&nbsp;&nbsp; U.S. Government <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 45077 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45077 |
| Investment Companies | &nbsp;&nbsp; 7638 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7638 |
| Total Investments | &nbsp;&nbsp; $7638 | &nbsp;&nbsp; $1675225 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1682863 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **NET CHANGE**<br> **IN UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000S)**<br>| **ACCRUED**<br> **PREMIUM**<br> **(DISCOUNT)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Nasdaq, Inc. | $8019 | $— | $8000 | $(16)<br>| $(3)<br>| $107 | $— |  |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) |  | 35141 | 33649 |  |  | 4 <br><sup>(1)</sup><br>| 1492 | 1492100 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 66804 | 836786 | 897444 |  |  | 1122 | 6146 | 6145734 |
| Total | $74823 | $871927 | $939093 | $(16)<br>| $(3)<br>| $1233 | $7638 | 7637834 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

NORTHERN FUNDS QUARTERLY REPORT **276** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**U.S. GOVERNMENT FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES – 4.9%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 4.9%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 4.9%** <sup>(1)</sup> |
| **Fannie Mae – 2.0%** | **Fannie Mae – 2.0%** | **Fannie Mae – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #555649, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/1/32 | $4 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BH9277, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/48 | 97 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB7509, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/53 | 64 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #DA0021, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/53 | 58 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3063, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/52 | 146 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4669, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/1/53 | 56 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5952, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/53 | 45 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6176, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/47 | 52 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6177, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/1/40 | 56 | 60 |
|  |  | **584** |
| **Freddie Mac – 1.4%** | **Freddie Mac – 1.4%** | **Freddie Mac – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA8880, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/53 | 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1360, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/52 | 85 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2347, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | 63 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2665, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/53 | 70 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3817, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/53 | 98 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS7735, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/32 | 1 | 1 |
|  |  | **403** |
| **Freddie Mac Gold – 0.0%** | **Freddie Mac Gold – 0.0%** | **Freddie Mac Gold – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G30926, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/36 | 15 | **14** |
| **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/20/46 | 54 | **51** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 4.9%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 4.9%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 4.9%** <sup>(1)</sup>**continued** |
| **Sovereign Agencies – 1.3%** | **Sovereign Agencies – 1.3%** | **Sovereign Agencies – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolution Funding Corp. Interest Strip, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 10/15/28<sup>(2)</sup> <br>| $425 | **$384** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $1,410)** |  | **1436** |
| **U.S. GOVERNMENT OBLIGATIONS – 94.3%**  | **U.S. GOVERNMENT OBLIGATIONS – 94.3%**  | **U.S. GOVERNMENT OBLIGATIONS – 94.3%**  |
| **U.S. Treasury Bonds – 20.9%** | **U.S. Treasury Bonds – 20.9%** | **U.S. Treasury Bonds – 20.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/39 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/39 | 350 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/40 | 80 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 5/15/40 | 250 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/15/40 | 45 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/40 | 55 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/40 | 165 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/43 | 460 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/15/43 | 385 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/15/43 | 375 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/43 | 135 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/44 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/44 | 205 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/45 | 205 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/45 | 145 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 8/15/45 | 60 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/45 | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/47 | 430 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/48 | 240 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/15/49 | 100 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/49 | 725 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 8/15/50 | 425 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/50 | 10 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 5/15/51 | 480 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/15/51 | 25 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/52 | 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/53 | 520 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/54 | 225 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/15/54 | 175 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/54 | 240 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/55 | 240 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/15/55 | 140 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 8/15/55 | 120 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/55 | 90 | 87 |
|  |  | **6211** |

---

FIXED INCOME FUNDS **277** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  |
| **U.S. Treasury Inflation Indexed Notes – 1.1%** | **U.S. Treasury Inflation Indexed Notes – 1.1%** | **U.S. Treasury Inflation Indexed Notes – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 4/15/26 | $126 | $155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 4/15/27 | 137 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 7/15/30 | 2 | 3 |
|  |  | **313** |
| **U.S. Treasury Notes – 72.3%** | **U.S. Treasury Notes – 72.3%** | **U.S. Treasury Notes – 72.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/15/27 | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 1/31/27 | 115 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/28/27 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 3/31/27 | 92 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/31/27 | 900 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/30/27 | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/27 | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 5/31/27 | 107 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/31/27 | 125 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/15/27 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/30/27 | 275 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 7/15/27 | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 9/30/27 | 161 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/30/27 | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/31/27 | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/27 | 126 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/27 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/30/27 | 36 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/30/27 | 175 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/27 | 263 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/27 | 360 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/28 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 1/31/28 | 104 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/28 | 250 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/15/28 | 255 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/15/28 | 450 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/30/28 | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/15/28 | 225 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 5/31/28 | 215 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/31/28 | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/15/28 | 400 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/15/28 | 400 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 8/15/28 | 245 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/15/28 | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 8/31/28 | 208 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/31/28 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 9/15/28 | 225 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/28 | 600 | 600 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  |
| **U.S. Treasury Notes – 72.3%continued** | **U.S. Treasury Notes – 72.3%continued** | **U.S. Treasury Notes – 72.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/31/28 | $175 | $181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/28 | 588 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/28 | 325 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/28 | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/31/29 | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/31/29 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/31/29 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/31/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/31/29 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/29 | 65 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/31/29 | 260 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/31/30 | 400 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/28/30 | 425 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/31/30 | 375 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/30/30 | 105 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/31/30 | 65 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/30/30 | 225 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/31/30 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/31/30 | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/31/30 | 1250 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 9/30/30 | 85 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/31/30 | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/30/30 | 160 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/30/30 | 350 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/30 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/31/30 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/31/31 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/28/31 | 150 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/30/31 | 75 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/31/31 | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/30/31 | 150 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/31/31 | 250 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/31/31 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 9/30/31 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/31 | 65 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/30/31 | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/31/31 | 210 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/31/32 | 375 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/29/32 | 260 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/31/32 | 240 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/30/32 | 275 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/31/32 | 125 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/30/32 | 275 | 277 |

---

NORTHERN FUNDS QUARTERLY REPORT **278** FIXED INCOME FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**U.S. GOVERNMENT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  |
| **U.S. Treasury Notes – 72.3%continued** | **U.S. Treasury Notes – 72.3%continued** | **U.S. Treasury Notes – 72.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/31/32 | $135 | $136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/31/32 | 175 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 9/30/32 | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/31/32 | 150 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/30/32 | 140 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/31/32 | 115 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/15/33 | 180 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 5/15/33 | 300 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/34 | 465 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/15/34 | 175 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/34 | 125 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/34 | 260 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/35 | 230 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/35 | 220 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/15/35 | 210 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/35 | 150 | 148 |
|  |  | **21480** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $28,105)** |  | **28004** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.1%**  | **INVESTMENT COMPANIES – 0.1%**  | **INVESTMENT COMPANIES – 0.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.59%<sup>(3) (4)</sup> <br>| 38394 | $38 |
| **Total Investment Companies** |  |  |
| **(Cost $38)** |  | **38** |
| **Total Investments – 99.3%** | **Total Investments – 99.3%** |  |
| **(Cost $29,553)** | **(Cost $29,553)** | **29478** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.7% | 214 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$29692** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(2)</sup> *Discount rate at the time of purchase.*

<sup>(3)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(4)</sup> *7-day current yield as of December 31, 2025 is disclosed.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| Fannie Mae - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |

---

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| U.S. Government Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1436 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1436 |
| U.S. Government Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 28004 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28004 |
| Investment Companies | &nbsp;&nbsp; 38 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38 |
| Total Investments | &nbsp;&nbsp; $38 | &nbsp;&nbsp; $29440 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29478 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

FIXED INCOME FUNDS **279** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**December 31, 2025 (UNAUDITED)** <br>

Transactions in affiliated investments for the nine months ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $156 | $156 | $— <br><sup>(1),\*</sup><br>| $— |  |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 710 | 2975 | 3647 | 3 | 38 | 38394 |
| Total | $710 | $3131 | $3803 | $3 | $38 | 38394 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the* *Fund, and other related expenses.* 

*\** *Amount rounds to less than one thousand.*

NORTHERN FUNDS QUARTERLY REPORT **280** FIXED INCOME FUNDS

------

## 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:** California Tax-Exempt Fund

- **b. EDGAR series identifier (if any):** S000001251

- **c. LEI of Series:** 5493005C5B0HM3U4QY92

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

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

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $130131975.61

**Total Liabilities:** $657565.69

**Net Assets:** $129474409.92

**Delayed Delivery Securities:** $471556.00

**Cash Not Reported:** $27570.56

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 975.412316419550 | **1-Year:** 8648.550155578634 | **5-Year:** 30623.715722469126 | **10-Year:** 45936.643147711067 | **30-Year:** 7541.493144237652

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

- **3-Month:** 0.000000000000 | **1-Year:** 175.247827170353 | **5-Year:** 349.418311141071 | **10-Year:** 90.194539485653 | **30-Year:** 484.613764429741

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003397 | 1.23%                | 0.27%                | 0.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $192852.35               | $1051842.31                                |
| Month 2  | $41120.99                | $-37788.12                                 |
| Month 3  | $16052.71                | $-256885.30                                |

**Designated Index Information**

- **Index Name:** BBG California Muni Bond (Risk Basis: MUNI)

- **Index Identifier:** BMUNICAMN

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TOBACCO SECURITIZAT 4.00% | TOBACCO SECURITIZAT 4.00% | CUSIP: 888794BT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $702555.84    | 0.54%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPARTM 5.00% | LOS ANGELES DEPARTM 5.00% | CUSIP: 544532BK9<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    525000 | PA      | $560292.97    | 0.43%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH F 5.00% | CALIFORNIA HEALTH F 5.00% | CUSIP: 13032U2N7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    800000 | PA      | $949505.28    | 0.73%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRANSBAY JOINT POWE 5.00% | TRANSBAY JOINT POWE 5.00% | CUSIP: 89356CAT3<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003919.70   | 0.78%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA CLARITA COMMU 5.25% | SANTA CLARITA COMMU 5.25% | CUSIP: 801686UM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071061.10   | 0.83%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ONTARIO PUBLIC FINC 5.00% | ONTARIO PUBLIC FINC 5.00% | CUSIP: 68304RDW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $544406.49    | 0.42%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LONG BEACH 5.00%  | CITY OF LONG BEACH 5.00%  | CUSIP: 542426DK4<br>LEI: 549300XH3OUOL3JO1O51 | Long             | DBT              | MUN               | US        |    700000 | PA      | $804410.32    | 0.62%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNT DIABLO UNIFIE 5.00% | MOUNT DIABLO UNIFIE 5.00% | CUSIP: 621196V84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $909728.70    | 0.70%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ENT. DEV 5.00% | CALIFORNIA ENT. DEV 5.00% | CUSIP: 13067VBC7<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    905000 | PA      | $1060116.64   | 0.82%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FAC VAR | CALIFORNIA HEALTH FAC VAR | CUSIP: 13032UP93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $253041.73    | 0.20%             | 2054-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA CRUZ COUNTY C 4.00% | SANTA CRUZ COUNTY C 4.00% | CUSIP: 80181PGP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $342763.38    | 0.26%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIF 4.00% | UNIVERSITY OF CALIF 4.00% | CUSIP: 91412HJF1<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1939863.80   | 1.50%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES COUNTY 5.25%  | LOS ANGELES COUNTY 5.25%  | CUSIP: 54473EYF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1148416.20   | 0.89%             | 2041-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MESA WATER DISTRICT 4.00% | MESA WATER DISTRICT 4.00% | CUSIP: 59059CAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1155812.45   | 0.89%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JAX4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    600000 | PA      | $605751.42    | 0.47%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    750000 | PA      | $781684.95    | 0.60%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1641473.70   | 1.27%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO COMMUNITY 5.00% | SAN DIEGO COMMUNITY 5.00% | CUSIP: 797272TE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1593899.70   | 1.23%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE ELSINORE FACIL 5.00% | LAKE ELSINORE FACIL 5.00% | CUSIP: 50962CCM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1177935.80   | 0.91%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES COUNTY 5.25%  | LOS ANGELES COUNTY 5.25%  | CUSIP: 54473EZP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1624523.55   | 1.25%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063ENW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2176867.00   | 1.68%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIF 5.00% | UNIVERSITY OF CALIF 5.00% | CUSIP: 91412HAT0<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |     85000 | PA      | $89737.66     | 0.07%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063DAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046725.80   | 0.81%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SAN JOSE CA 5.00% | CITY OF SAN JOSE CA 5.00% | CUSIP: 798135D63<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1375840.34   | 1.06%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES COMMUNI 4.00% | LOS ANGELES COMMUNI 4.00% | CUSIP: 54438CYC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2915000 | PA      | $2918661.24   | 2.25%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JHD1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061390.00   | 0.82%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH F 5.00% | CALIFORNIA HEALTH F 5.00% | CUSIP: 13032U4X3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1475351.67   | 1.14%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDUCATIO 5.25% | CALIFORNIA EDUCATIO 5.25% | CUSIP: 130179YN8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    750000 | PA      | $786855.30    | 0.61%             | 2040-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COUNTY T 5.00% | CALIFORNIA COUNTY T 5.00% | CUSIP: 13016NGL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $330570.30    | 0.26%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPARTM 5.00% | LOS ANGELES DEPARTM 5.00% | CUSIP: 544532BL7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059858.20   | 0.82%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANTIOCH UNIFIED SCH 5.00% | ANTIOCH UNIFIED SCH 5.00% | CUSIP: 037105NV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $976848.39    | 0.75%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDUCATIO 5.00% | CALIFORNIA EDUCATIO 5.00% | CUSIP: 130179XP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1572958.95   | 1.21%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SAN FRANCIS 5.00% | CITY OF SAN FRANCIS 5.00% | CUSIP: 79771FFZ5<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |    205000 | PA      | $242127.08    | 0.19%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SACRAMENT 5.00% | COUNTY OF SACRAMENT 5.00% | CUSIP: 786107WM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $334067.19    | 0.26%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REDDING JOINT POWER 5.00% | REDDING JOINT POWER 5.00% | CUSIP: 75728LCE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1289722.25   | 1.00%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWPORT MESA UNIFIE 0.00% | NEWPORT MESA UNIFIE 0.00% | CUSIP: 652113WK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $5676767.60   | 4.38%             | 2033-08-01      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| PORT OF LOS ANGELES 5.00% | PORT OF LOS ANGELES 5.00% | CUSIP: 544552E24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $412546.46    | 0.32%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES UNIFIED 5.00% | LOS ANGELES UNIFIED 5.00% | CUSIP: 544647JC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1171833.00   | 0.91%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1485977.30   | 1.15%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040481.70   | 0.80%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH COMMUNIT 5.00% | LONG BEACH COMMUNIT 5.00% | CUSIP: 542411QY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061882.10   | 0.82%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOOTHILL-EASTERN TR 4.00% | FOOTHILL-EASTERN TR 4.00% | CUSIP: 345105JL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $239614.23    | 0.19%             | 2046-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPARTM 5.00% | LOS ANGELES DEPARTM 5.00% | CUSIP: 544532FW9<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512033.80    | 0.40%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JOAQUIN VALLEY CL VAR | SAN JOAQUIN VALLEY CL VAR | CUSIP: 79811YAK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128986.90   | 0.87%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FAC VAR | CALIFORNIA HEALTH FAC VAR | CUSIP: 13032U4Q8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100347.50   | 0.85%             | 2050-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATE PU 5.00% | CALIFORNIA STATE PU 5.00% | CUSIP: 13068XRR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060744.70   | 0.82%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JDG8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531138.00    | 0.41%             | 2054-11-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| SANTA CRUZ COUNTY C 4.00% | SANTA CRUZ COUNTY C 4.00% | CUSIP: 80181PGM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $313489.44    | 0.24%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATE PU 5.00% | CALIFORNIA STATE PU 5.00% | CUSIP: 13068XLU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1826500.20   | 1.41%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN CARLOS SCHOOL D 5.00% | SAN CARLOS SCHOOL D 5.00% | CUSIP: 797138MS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $452124.68    | 0.35%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $542744.90    | 0.42%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CARLSBAD UNIFIED SC 3.00% | CARLSBAD UNIFIED SC 3.00% | CUSIP: 142665GB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $467812.29    | 0.36%             | 2042-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRA. & 5.00% | CALIFORNIA INFRA. & 5.00% | CUSIP: 13035ADS5<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    275000 | PA      | $287930.53    | 0.22%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS RIOS COMMUNITY 3.00%  | LOS RIOS COMMUNITY 3.00%  | CUSIP: 545624RB6<br>LEI: 549300POMNL5W7FEFO13 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $817722.10    | 0.63%             | 2044-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES 5.00% | CITY OF LOS ANGELES 5.00% | CUSIP: 544445NU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509477.10    | 0.39%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY & COUNTY OF SA 2.00% | CITY & COUNTY OF SA 2.00% | CUSIP: 79765D3X6<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1078684.68   | 0.83%             | 2033-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUC VAR | CALIFORNIA INFRASTRUC VAR | CUSIP: 13034AN30<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1862890.80   | 1.44%             | 2050-12-01      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| COACHELLA VALLEY WA 4.00% | COACHELLA VALLEY WA 4.00% | CUSIP: 18985DAR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1706231.28   | 1.32%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL IMPROVEME 5.00% | MUNICIPAL IMPROVEME 5.00% | CUSIP: 5445875W4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035889.80   | 0.80%             | 2055-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79766DKG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512554.25   | 1.17%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WATER DI VAR | METROPOLITAN WATER DI VAR | CUSIP: 59266TXR7<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107710.20   | 0.86%             | 2037-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BAY AREA TOLL AUTHORI VAR | BAY AREA TOLL AUTHORI VAR | CUSIP: 072024UJ9<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3397992.98   | 2.62%             | 2047-04-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 4.00% | CALIFORNIA MUNICIPA 4.00% | CUSIP: 13048VB64<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    175000 | PA      | $161161.46    | 0.12%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CITY UNI 5.00% | SACRAMENTO CITY UNI 5.00% | CUSIP: 785870Q82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1452635.18   | 1.12%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA UNIFIED SCH 5.00% | ALAMEDA UNIFIED SCH 5.00% | CUSIP: 010824LH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512023.95    | 0.40%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79766DMB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006197.20   | 0.78%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIFORNIA 5.00% | SOUTHERN CALIFORNIA 5.00% | CUSIP: 842472EQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $551523.95    | 0.43%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 5.25% | CALIFORNIA MUNICIPA 5.25% | CUSIP: 13048VF37<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514295.10    | 0.40%             | 2053-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79766DSA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507827.90   | 1.16%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES 5.00% | CITY OF LOS ANGELES 5.00% | CUSIP: 544445SX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511034.05    | 0.39%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUTTER BUTTE FLOOD 5.00%  | SUTTER BUTTE FLOOD 5.00%  | CUSIP: 869398CG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $867860.10    | 0.67%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EVERGREEN SCHOOL DI 5.00% | EVERGREEN SCHOOL DI 5.00% | CUSIP: 300191C35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1335313.59   | 1.03%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SILICON VALLEY CLEA 0.50% | SILICON VALLEY CLEA 0.50% | CUSIP: 82707BEV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1991972.40   | 1.54%             | 2026-03-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| SAN JOAQUIN HILLS T 4.00% | SAN JOAQUIN HILLS T 4.00% | CUSIP: 798111GT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522477.10    | 0.40%             | 2034-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MENIFEE CA 3.00%  | CITY OF MENIFEE CA 3.00%  | CUSIP: 58680WBC7<br>LEI: QBYVXZGTBGYIK7O14C08 | Long             | DBT              | MUN               | US        |    165000 | PA      | $132145.96    | 0.10%             | 2042-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WESTERN PLACER WAST 5.00% | WESTERN PLACER WAST 5.00% | CUSIP: 95921MAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $692455.00    | 0.53%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SAN FRANCIS 4.00% | CITY OF SAN FRANCIS 4.00% | CUSIP: 79771FEH6<br>LEI: 213800P9VO3CSYYNM193 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034364.50   | 0.80%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79766DUD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $991612.58    | 0.77%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO UNIFI 4.00% | SAN FRANCISCO UNIFI 4.00% | CUSIP: 79771TMM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501426.95    | 0.39%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH F 4.00% | CALIFORNIA HEALTH F 4.00% | CUSIP: 13032UMN5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1892758.00   | 1.46%             | 2044-11-01      | 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        |   2768845 | NS      | $2768844.86   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LOS ANGELES DEPARTM 5.00% | LOS ANGELES DEPARTM 5.00% | CUSIP: 544525S41<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    450000 | PA      | $500636.43    | 0.39%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING 3.50%  | CALIFORNIA HOUSING 3.50%  | CUSIP: 13033DAE5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1157151 | PA      | $1146361.96   | 0.89%             | 2035-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063DVG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2027438.80   | 1.57%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING 3.75%  | CALIFORNIA HOUSING 3.75%  | CUSIP: 13033DAG0<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    470051 | PA      | $475938.60    | 0.37%             | 2035-03-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMP 4.30% | CSCDA COMMUNITY IMP 4.30% | CUSIP: 126292CM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $397277.05    | 0.31%             | 2059-07-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MODESTO HIGH SCHOOL 5.00% | MODESTO HIGH SCHOOL 5.00% | CUSIP: 607743LC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053771.20   | 0.81%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 3.00% | CALIFORNIA MUNICIPA 3.00% | CUSIP: 13048VXL7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $737882.70    | 0.57%             | 2049-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 4.00% | CALIFORNIA MUNICIPA 4.00% | CUSIP: 13048VWU8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $215371.05    | 0.17%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO COMMU 3.00% | SAN FRANCISCO COMMU 3.00% | CUSIP: 797683HC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $799788.30    | 0.62%             | 2045-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 5.00% | CALIFORNIA MUNICIPA 5.00% | CUSIP: 13048VGH5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043106.20   | 0.81%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN MATEO UNION HIG 5.00% | SAN MATEO UNION HIG 5.00% | CUSIP: 799017A73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $473184.36    | 0.37%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIF 5.25% | UNIVERSITY OF CALIF 5.25% | CUSIP: 91412HWL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $733139.04    | 0.57%             | 2040-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUC VAR | CALIFORNIA INFRASTRUC VAR | CUSIP: 13034AD23<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3459492.05   | 2.67%             | 2055-08-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| PASADENA UNIFIED SC 5.25% | PASADENA UNIFIED SC 5.25% | CUSIP: 702282SA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102506.50   | 0.85%             | 2047-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITY OF OAKLAND CA 5.00%  | CITY OF OAKLAND CA 5.00%  | CUSIP: 672240D39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $779554.65    | 0.60%             | 2055-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES 5.00% | CITY OF LOS ANGELES 5.00% | CUSIP: 544445LS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054770.80   | 0.81%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TURLOCK IRRIGATION 5.00%  | TURLOCK IRRIGATION 5.00%  | CUSIP: 900190LB3<br>LEI: 5493001J7IGC81HEQJ12 | Long             | DBT              | MUN               | US        |    805000 | PA      | $873122.88    | 0.67%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LUCIA MAR UNIFIED S 5.00% | LUCIA MAR UNIFIED S 5.00% | CUSIP: 54947TFR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1507829.63   | 1.16%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES COUNTY 2.625% | LOS ANGELES COUNTY 2.625% | CUSIP: 54473EWQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1102485.92   | 0.85%             | 2051-12-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| IMPERIAL IRRIGATION 5.00% | IMPERIAL IRRIGATION 5.00% | CUSIP: 452650HH0<br>LEI: 549300WHWX5TZ5O15D48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511640.60   | 1.17%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDUCATIO 3.00% | CALIFORNIA EDUCATIO 3.00% | CUSIP: 130179UN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $410765.76    | 0.32%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SACRAMENT 5.00% | COUNTY OF SACRAMENT 5.00% | CUSIP: 786153RP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069910.80   | 0.83%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTR 5.00% | CALIFORNIA INFRASTR 5.00% | CUSIP: 13035AAS8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    625000 | PA      | $631061.63    | 0.49%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWID 5.00% | CALIFORNIA STATEWID 5.00% | CUSIP: 13078RHT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $548456.05    | 0.42%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW-WHISM 4.25% | MOUNTAIN VIEW-WHISM 4.25% | CUSIP: 62451FME7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504030.30    | 0.39%             | 2045-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UPPER SANTA CLARA V 4.00% | UPPER SANTA CLARA V 4.00% | CUSIP: 916544EM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1175167.20   | 0.91%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWID 3.00% | CALIFORNIA STATEWID 3.00% | CUSIP: 13078RJD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $377969.65    | 0.29%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| REDWOOD CITY PUBLIC 3.00% | REDWOOD CITY PUBLIC 3.00% | CUSIP: 757884AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1295930.83   | 1.00%             | 2051-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063ELN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055739.70   | 0.82%             | 2055-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIF 5.00% | UNIVERSITY OF CALIF 5.00% | CUSIP: 91412HDE0<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2539614.50   | 1.96%             | 2058-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES 5.50% | CITY OF LOS ANGELES 5.50% | CUSIP: 544445F46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054039.10   | 0.81%             | 2047-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SONOMA COUNTY JUNIO 3.00% | SONOMA COUNTY JUNIO 3.00% | CUSIP: 835569GF5<br>LEI: 549300C1BQ28FZTVYK25 | Long             | DBT              | MUN               | US        |    900000 | PA      | $883099.08    | 0.68%             | 2036-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE COUNTY TR 4.00% | RIVERSIDE COUNTY TR 4.00% | CUSIP: 76912DAZ1<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |    750000 | PA      | $679561.95    | 0.52%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN COMMUN 4.00% | SOUTHWESTERN COMMUN 4.00% | CUSIP: 845389PL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $696013.37    | 0.54%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79766DRZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012643.10   | 0.78%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JOSE FINANCING 5.00%  | SAN JOSE FINANCING 5.00%  | CUSIP: 79816NAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $553149.30    | 0.43%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SAN FRANCIS 3.00% | CITY OF SAN FRANCIS 3.00% | CUSIP: 79765R5Q8<br>LEI: 213800P9VO3CSYYNM193 | Long             | DBT              | MUN               | US        |    600000 | PA      | $449001.78    | 0.35%             | 2050-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MONTEREY COUNTY FIN 5.00% | MONTEREY COUNTY FIN 5.00% | CUSIP: 612454BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1234788.87   | 0.95%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COUNTY T 4.00% | CALIFORNIA COUNTY T 4.00% | CUSIP: 13016NHS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $891262.44    | 0.69%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063DU89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088291.20   | 0.84%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIF 5.00% | UNIVERSITY OF CALIF 5.00% | CUSIP: 91412HPK3<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1735079.40   | 1.34%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

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

**Title:** Treasurer and Principal Financial Officer