# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002071691-25-007201
**Filing Date:** 2025-11
**Character Count:** 30763
**Document Hash:** 6a105a499d206ef9f7f640f3746d46bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007201.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0002071691-25-007201

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**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:** 251518721

**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

### Northern Trust 2030 Tax-Exempt Distributing Ladder ETF (Series ID: S000093510)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000261798 | Northern Trust 2030 Tax-Exempt Distributing Ladder ETF |  |

## 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 Trust

- **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:** Northern Trust 2030 Tax-Exempt Distributing Ladder ETF

- **b. EDGAR series identifier (if any):** S000093510

- **c. LEI of Series:** 254900VHKWMPJO341I91

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

- **a. Date of fiscal year-end:** 2025-12-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $5013717.05

**Total Liabilities:** $743.58

**Net Assets:** $5012973.47

**Cash Not Reported:** $53428.22

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 432.00000000 | **5-Year:** 811.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261798 |  | 0.18%                | 0.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $6295.58                                   |
| Month 3  | $0.00                    | $-2136.29                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Tomball Independent School District                                   | Tomball Independent School District, Series 2020A                   | CUSIP: 889855N99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54170.73     | 1.08%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                   | Crowley Independent School District, Series 2019                    | CUSIP: 228130GB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $101737.88    | 2.03%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                     | State of Delaware, Series 2023A                                     | CUSIP: 246381SG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54624.25     | 1.09%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC                                              | City of Winston-Salem, Series 2022A                                 | CUSIP: 975680FR5<br>LEI: 549300AUJB2WE4FMLE24 | Long             | DBT              | MUN               | US        |     40000 | PA      | $44668.00     | 0.89%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Milwaukee WI                                                | County of Milwaukee, Series 2019A                                   | CUSIP: 602245W81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $189584.60    | 3.78%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                               | State of North Carolina, Series 2019A                               | CUSIP: 65829QDJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156122.43    | 3.11%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Eagan MN                                                      | City of Eagan, Series 2024A                                         | CUSIP: 269408QX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44385.52     | 0.89%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lawrence KS                                                   | City of Lawrence, Series 2025A                                      | CUSIP: 520121WM2<br>LEI: 5493004LLF0HG6XS2E46 | Long             | DBT              | MUN               | US        |     40000 | PA      | $44856.28     | 0.89%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson County School District/GA                                     | Jackson County School District, Series 2025                         | CUSIP: 466784ED3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38870.31     | 0.78%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuPage County School District No. 41 Glen Ellyn                       | DuPage County School District No. 41 Glen Ellyn, Series 2017        | CUSIP: 263021EP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $154841.84    | 3.09%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fargo Park District                                                   | Fargo Park District, Series 2022A                                   | CUSIP: 307489XY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27231.12     | 0.54%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barbers Hill Independent School District                              | Barbers Hill Independent School District, Series 2020               | CUSIP: 067167ZA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $79499.90     | 1.59%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nashwauk Keewatin Independent School District No. 319                 | Nashwauk Keewatin Independent School District No. 319, Series 2022A | CUSIP: 631500CN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49894.49     | 1.00%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government                       | Wyandotte County-Kansas City Unified Government, Series 2021A       | CUSIP: 98267AEX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $187225.64    | 3.73%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                   | State of Washington, Series 2021F                                   | CUSIP: 93974EPJ9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     75000 | PA      | $80147.54     | 1.60%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Tourist Development Tax Revenue                  | County of Broward, Series 2021                                      | CUSIP: 115085AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44539.44     | 0.89%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Virginia                                              | Commonwealth of Virginia, Series 2018A                              | CUSIP: 928109X77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $80348.77     | 1.60%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mitchell School District No. 17-2                                     | Mitchell School District No. 17-2, Series 2024                      | CUSIP: 606687KB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44508.67     | 0.89%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canyons School District                                               | Canyons School District, Series 2021B                               | CUSIP: 139078GM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $82131.04     | 1.64%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                   | State of Washington, Series 2020C                                   | CUSIP: 93974EEC6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     45000 | PA      | $49792.12     | 0.99%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                  | District of Columbia, Series 2023A                                  | CUSIP: 25476FZM3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     75000 | PA      | $81075.70     | 1.62%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Valley Water Reclamation Facility                             | Central Valley Water Reclamation Facility, Series 2021C             | CUSIP: 155796BC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $59691.97     | 1.19%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Morristown TN                                                 | City of Morristown, Series 2019B                                    | CUSIP: 618635NV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156303.84    | 3.12%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Auburn ME                                                     | City of Auburn, Series 2021                                         | CUSIP: 050375UK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78586.43     | 1.57%             | 2028-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                     | State of Maryland, Series 2020B                                     | CUSIP: 574193TL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $96580.11     | 1.93%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson County School District No. R-IV Blue Springs                  | Jackson County School District No. R-IV Blue Springs, Series 2024   | CUSIP: 467486YA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54246.33     | 1.08%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue | State of Florida, Series 2020B                                      | CUSIP: 343137HK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $65678.99     | 1.31%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Hampshire                                                | State of New Hampshire, Series 2023A                                | CUSIP: 64468FAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38865.15     | 0.78%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                    | State of Wisconsin, Series 2020B                                    | CUSIP: 97705MTT2<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     60000 | PA      | $65546.60     | 1.31%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                         | Kentucky State Property & Building Commission, Series 2025A         | CUSIP: 49151F4Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $86818.96     | 1.73%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sheboygan Area School District                                        | Sheboygan Area School District                                      | CUSIP: 821023PE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44279.44     | 0.88%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                             | Maine Municipal Bond Bank, Series 2024A                             | CUSIP: 56045R7T0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44822.02     | 0.89%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Davis County Sewer District                                     | North Davis County Sewer District, Series 2024                      | CUSIP: 659079EM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $81604.06     | 1.63%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Maui HI                                                     | County of Maui, Series 2020                                         | CUSIP: 5772856Y0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38823.74     | 0.77%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canyons School District                                               | Canyons School District, Series 2022                                | CUSIP: 139078GT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44721.86     | 0.89%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA                                                    | City of Seattle, Series 2025                                        | CUSIP: 812627RU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $65692.68     | 1.31%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund    | Ohio Water Development Authority, Series 2023C                      | CUSIP: 67766WL83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44628.34     | 0.89%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of New Castle DE                                               | County of New Castle, Series 2025                                   | CUSIP: 64327TKP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $184821.23    | 3.69%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nevada System of Higher Education                                     | Nevada System of Higher Education, Series 2018A                     | CUSIP: 641494FL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $188442.35    | 3.76%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mansfield TX                                                  | City of Mansfield, Series 2025                                      | CUSIP: 564378QA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $65072.74     | 1.30%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goose Creek Consolidated Independent School District                  | Goose Creek Consolidated Independent School District, Series 2019A  | CUSIP: 382604T48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $145074.64    | 2.89%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Worth Independent School District                                | Fort Worth Independent School District, Series 2019B                | CUSIP: 3494608E8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105889.19    | 2.11%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Maury TN                                                    | County of Maury, Series 2025                                        | CUSIP: 577625T63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $79723.91     | 1.59%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                         | State of Ohio, Series 2021A                                         | CUSIP: 677587DS3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     45000 | PA      | $49828.99     | 0.99%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                     | State of Delaware, Series 2024A                                     | CUSIP: 246381TF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $39067.21     | 0.78%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                   | Idaho Housing & Finance Association, Series 2023A                   | CUSIP: 45130ABC8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |     75000 | PA      | $82405.01     | 1.64%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                 | Illinois State Toll Highway Authority, Series 2019B                 | CUSIP: 452252NW5<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     45000 | PA      | $49514.40     | 0.99%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 411 Issaquah                          | King County School District No. 411 Issaquah, Series 2024           | CUSIP: 4952246G7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $45020.46     | 0.90%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Hampshire                                                | State of New Hampshire, Series 2022A                                | CUSIP: 6446827M2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $76211.93     | 1.52%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tomball Independent School District                                   | Tomball Independent School District, Series 2020                    | CUSIP: 889855L59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49782.69     | 0.99%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                | County of Baltimore, Series 2021                                    | CUSIP: 05914F7W4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44427.29     | 0.89%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Virginia Beach VA                                             | City of Virginia Beach, Series 2024C                                | CUSIP: 927734Y56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $79647.20     | 1.59%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN                                                 | County of Hennepin, Series 2019B                                    | CUSIP: 425507HH6<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |     85000 | PA      | $92103.70     | 1.84%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manchester NH                                                 | City of Manchester, Series 2020C                                    | CUSIP: 562333NY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $39320.48     | 0.78%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                  | Chicago O'Hare International Airport, Series 2024D                  | CUSIP: 1675936J6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105534.53    | 2.11%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                | Wisconsin Department of Transportation, Series 2017-2               | CUSIP: 977123T99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $188553.65    | 3.76%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Slope AK                                             | Borough of North Slope, Series 2022A                                | CUSIP: 662523P86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104571.93    | 2.09%             | 2027-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                         | State of Ohio, Series 2019B                                         | CUSIP: 677524DL1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105134.63    | 2.10%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Otsego Public Schools                                                 | Otsego Public Schools, Series 2020I                                 | CUSIP: 689138JL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38840.08     | 0.77%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sales Tax Revenue                               | County of Hamilton, Series 2021A                                    | CUSIP: 407287MS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $137235.53    | 2.74%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Drainage & Wastewater Revenue                      | City of Seattle, Series 2022                                        | CUSIP: 812631QY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48297.51     | 0.96%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Northern Funds Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO