# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-26-001900
**Filing Date:** 2026-5
**Character Count:** 33830
**Document Hash:** cf79b04e6d8c6cd4323ef22e41d9fb13
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-001900.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002066578-26-001900

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**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:** 261034945

**BUSINESS ADDRESS:**
- **STREET 1:** NORTHERN FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** 800-595-9111

**MAIL ADDRESS:**
- **STREET 1:** NORTHERN FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Northern Funds

- **b. Investment Company Act file number:** 811-08236

- **c. CIK number of Registrant:** 0000916620

- **d. LEI of Registrant:** 5493004ZY1PEJR3C0A81

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 50 South LaSalle Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

  - **Telephone number:** 800-595-9111

**Item A.2. Information about the Series.**

- **a. Name of Series:** Arizona Tax-Exempt Fund

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

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

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

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

- **b. Date as of which information is reported:** 2026-03-31

**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:** $54344969.40

**Total Liabilities:** $66666.39

**Net Assets:** $54278303.01

**Cash Not Reported:** $0.01

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 589.734129260303 | **1-Year:** 3423.420483153804 | **5-Year:** 10896.505441228221 | **10-Year:** 17405.362675530414 | **30-Year:** 3926.539299696892

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

- **3-Month:** 0.000000000000 | **1-Year:** 26.375007963821 | **5-Year:** 22.402063726196 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003395 | 0.71%                | 1.19%                | -1.98%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-22428.76               | $217726.23                                 |
| Month 2  | $0.00                    | $533250.02                                 |
| Month 3  | $-205914.35              | $-1108812.61                               |

**Designated Index Information**

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

- **Index Identifier:** BBG13976S

### Schedule of Portfolio Investments

| Name                      | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ARIZONA INDL. DEV. 5.00%  | ARIZONA INDL. DEV. 5.00%  | CUSIP: 04052EBJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $551537.70    | 1.02%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YUMA INDL. DEV. AUT 5.00% | YUMA INDL. DEV. AUT 5.00% | CUSIP: 988514CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $747255.67    | 1.38%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE INDL. DEV. 5.00% | GLENDALE INDL. DEV. 5.00% | CUSIP: 378286LN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $555093.90    | 1.02%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF PIMA AZ 5.00%   | COUNTY OF PIMA AZ 5.00%   | CUSIP: 721664LF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $629798.24    | 1.16%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GILBERT WATER RESOU 5.00% | GILBERT WATER RESOU 5.00% | CUSIP: 37530ABJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503165.05    | 0.93%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MESA AZ UTI 5.00% | CITY OF MESA AZ UTI 5.00% | CUSIP: 5905452S7<br>LEI: 549300L1QYAKFHSIGE94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502996.15    | 0.93%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF YUMA AZ WAT 5.00% | CITY OF YUMA AZ WAT 5.00% | CUSIP: 988522BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $323913.00    | 0.60%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY ELE 5.00% | MARICOPA COUNTY ELE 5.00% | CUSIP: 56674MDA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $648781.13    | 1.20%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF BULLHEAD AZ 4.00% | CITY OF BULLHEAD AZ 4.00% | CUSIP: 12022MBW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $875533.10    | 1.61%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF GLENDALE AZ 5.00% | CITY OF GLENDALE AZ 5.00% | CUSIP: 378307BV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1115495.90   | 2.06%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BOARD OF RE 5.00% | ARIZONA BOARD OF RE 5.00% | CUSIP: 040484F36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $815755.35    | 1.50%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BOARD OF RE 5.00% | ARIZONA BOARD OF RE 5.00% | CUSIP: 040484P35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $421177.76    | 0.78%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN ARIZONA UN 5.00% | NORTHERN ARIZONA UN 5.00% | CUSIP: 664755AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $452562.32    | 0.83%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA STATE UNIVE 5.00% | ARIZONA STATE UNIVE 5.00% | CUSIP: 0406636H4<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |    795000 | PA      | $836081.55    | 1.54%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX CIV 5.00% | CITY OF PHOENIX CIV 5.00% | CUSIP: 71883MMS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $861902.50    | 1.59%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO HOUSING FIN. A 5.50% | OHIO HOUSING FIN. A 5.50% | CUSIP: 67756Q7F8<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    160000 | PA      | $173240.18    | 0.32%             | 2029-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITY OF SEDONA AZ E 5.00% | CITY OF SEDONA AZ E 5.00% | CUSIP: 81567LEH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105840.21    | 0.19%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GILBERT WATER RESOU 5.00% | GILBERT WATER RESOU 5.00% | CUSIP: 37530ABG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503177.70    | 0.93%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY IND 4.25% | MARICOPA COUNTY IND 4.25% | CUSIP: 56681NJA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $265044.69    | 0.49%             | 2044-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX CIV 5.00% | CITY OF PHOENIX CIV 5.00% | CUSIP: 71883MNX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031285.40   | 1.90%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE INDUSTRIAL 5.00% | GLENDALE INDUSTRIAL 5.00% | CUSIP: 378286KP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $536437.85    | 0.99%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX CIV 5.00% | CITY OF PHOENIX CIV 5.00% | CUSIP: 71883PLD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $732346.30    | 1.35%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BOARD OF RE 5.00% | ARIZONA BOARD OF RE 5.00% | CUSIP: 040484P27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $412477.28    | 0.76%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GILBERT WATER RESOU 5.00% | GILBERT WATER RESOU 5.00% | CUSIP: 37530ABK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $603737.28    | 1.11%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER INDL. DEV. A VAR | CHANDLER INDL. DEV. A VAR | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $556996.88    | 1.03%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNIT 5.00% | CALIFORNIA COMMUNIT 5.00% | CUSIP: 13013JHM1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    155000 | PA      | $160966.00    | 0.30%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOWN OF QUEEN CREEK 5.00% | TOWN OF QUEEN CREEK 5.00% | CUSIP: 74823YHD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021755.70   | 1.88%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY IND 5.00% | MARICOPA COUNTY IND 5.00% | CUSIP: 56681NJE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $1006645.83   | 1.85%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE FINL. CO 5.00% | SALT VERDE FINL. CO 5.00% | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055113.20   | 1.94%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY IND 5.00% | MARICOPA COUNTY IND 5.00% | CUSIP: 56678PCH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $533108.45    | 0.98%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINAL COUNTY SCHOOL 5.00% | PINAL COUNTY SCHOOL 5.00% | CUSIP: 72220EFM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $210851.48    | 0.39%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BOARD OF RE 5.00% | ARIZONA BOARD OF RE 5.00% | CUSIP: 04048RYE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531241.65    | 0.98%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT RIVER PROJECT 5.25%  | SALT RIVER PROJECT 5.25%  | CUSIP: 79574CFR9<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |    600000 | PA      | $627667.92    | 1.16%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY SCH 5.00% | MARICOPA COUNTY SCH 5.00% | CUSIP: 566880YC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $809420.02    | 1.49%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF TEMPE AZ EX 5.00% | CITY OF TEMPE AZ EX 5.00% | CUSIP: 87971HLY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $557013.30    | 1.03%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL. DEV. 5.00%  | ARIZONA INDL. DEV. 5.00%  | CUSIP: 04052FFG5<br>LEI: 549300UXW2QG1W1XXQ37 | Long             | DBT              | MUN               | US        |    625000 | PA      | $678042.25    | 1.25%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUTHRIE COUNTY HOSP 4.50% | GUTHRIE COUNTY HOSP 4.50% | CUSIP: 40341HAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199947.02    | 0.37%             | 2029-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITY OF LAKE HAVASU 5.00% | CITY OF LAKE HAVASU 5.00% | CUSIP: 50989RAV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $546163.30    | 1.01%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY ELE 5.00% | MARICOPA COUNTY ELE 5.00% | CUSIP: 566865LS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $581194.28    | 1.07%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINAL COUNTY SCHOOL 5.00% | PINAL COUNTY SCHOOL 5.00% | CUSIP: 72220EFA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $165970.53    | 0.31%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL. DEV. 5.00%  | ARIZONA INDL. DEV. 5.00%  | CUSIP: 04052FFU4<br>LEI: 549300UXW2QG1W1XXQ37 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526225.15    | 0.97%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL. DEV. 5.00%  | ARIZONA INDL. DEV. 5.00%  | CUSIP: 04052FFA8<br>LEI: 549300UXW2QG1W1XXQ37 | Long             | DBT              | MUN               | US        |    545000 | PA      | $575310.77    | 1.06%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOWN OF QUEEN CREEK 4.00% | TOWN OF QUEEN CREEK 4.00% | CUSIP: 74823YEK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965580.90    | 1.78%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY IND 5.00% | MARICOPA COUNTY IND 5.00% | CUSIP: 56678RAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005140.60   | 1.85%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPM 3.00% | INDUSTRIAL DEVELOPM 3.00% | CUSIP: 721901KX3<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $688562.50    | 1.27%             | 2051-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY SPE 4.00% | MARICOPA COUNTY SPE 4.00% | CUSIP: 56756TAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000585.00   | 1.84%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF ARIZ 3.125% | UNIVERSITY OF ARIZ 3.125% | CUSIP: 040484WX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $382042.10    | 0.70%             | 2039-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO     | NI US GOV T PORTFOLIO     | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    468596 | NS      | $468596.11    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ARIZONA INDL. DEV. 4.00%  | ARIZONA INDL. DEV. 4.00%  | CUSIP: 04052BQF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $449414.00    | 0.83%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BOARD OF RE 5.00% | ARIZONA BOARD OF RE 5.00% | CUSIP: 040484L88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $420295.00    | 0.77%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY IND 5.00% | MARICOPA COUNTY IND 5.00% | CUSIP: 56678RAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1324756.87   | 2.44%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX CIV 3.25% | CITY OF PHOENIX CIV 3.25% | CUSIP: 71883MQB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $975538.24    | 1.80%             | 2049-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CITY OF NEW YORK NY VAR   | CITY OF NEW YORK NY VAR   | CUSIP: 64966MSD2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.74%             | 2046-10-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY SCH 5.00% | MARICOPA COUNTY SCH 5.00% | CUSIP: 567337UM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $298396.59    | 0.55%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX CIV 5.00% | CITY OF PHOENIX CIV 5.00% | CUSIP: 71883RQC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $786881.10    | 1.45%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY UNI 5.00% | MARICOPA COUNTY UNI 5.00% | CUSIP: 567219YB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $540697.45    | 1.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF PINAL AZ 5.25%  | COUNTY OF PINAL AZ 5.25%  | CUSIP: 72205RJE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051350.70   | 1.94%             | 2050-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| YUMA INDL. DEV. AUT 5.00% | YUMA INDL. DEV. AUT 5.00% | CUSIP: 988514CW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $748265.21    | 1.38%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF GLENDALE AZ 5.00% | CITY OF GLENDALE AZ 5.00% | CUSIP: 378307CA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $560806.80    | 1.03%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX CIV 5.00% | CITY OF PHOENIX CIV 5.00% | CUSIP: 71883MLV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024954.10   | 1.89%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF RICHMOND VA 4.00% | CITY OF RICHMOND VA 4.00% | CUSIP: 76541VRX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $609660.72    | 1.12%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VISTANCIA COMMUNITY 4.00% | VISTANCIA COMMUNITY 4.00% | CUSIP: 92839NCR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $451703.52    | 0.83%             | 2026-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY UNI 5.00% | MARICOPA COUNTY UNI 5.00% | CUSIP: 567541SS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $360826.24    | 0.66%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCOTTSDALE MUNICIPA 5.00% | SCOTTSDALE MUNICIPA 5.00% | CUSIP: 810489JT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $530121.35    | 0.98%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY ELE 5.00% | MARICOPA COUNTY ELE 5.00% | CUSIP: 567167HP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019106.00   | 1.88%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY IND 5.00% | MARICOPA COUNTY IND 5.00% | CUSIP: 56678PAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019984.90   | 1.88%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX AZ 5.00%  | CITY OF PHOENIX AZ 5.00%  | CUSIP: 718814Z58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $816455.85    | 1.50%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX AZ 5.00%  | CITY OF PHOENIX AZ 5.00%  | CUSIP: 7188142B1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $785784.00    | 1.45%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY IND 5.00% | MARICOPA COUNTY IND 5.00% | CUSIP: 56682HCC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1260102.75   | 2.32%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF ARIZO 5.00% | UNIVERSITY OF ARIZO 5.00% | CUSIP: 040484F51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $756684.96    | 1.39%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE FINL. CO 5.00% | SALT VERDE FINL. CO 5.00% | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531944.10    | 0.98%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY UNI 5.00% | MARICOPA COUNTY UNI 5.00% | CUSIP: 567373F83<br>LEI: 549300BQUWR69ZZ87I66 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514778.30    | 0.95%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF BUCKEYE AZ 5.00%  | CITY OF BUCKEYE AZ 5.00%  | CUSIP: 118087FB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $725203.64    | 1.34%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY UNI 4.00% | MARICOPA COUNTY UNI 4.00% | CUSIP: 567373K46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275892.07    | 0.51%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALT RIVER PROJECT 5.00%  | SALT RIVER PROJECT 5.00%  | CUSIP: 79574CFM0<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |    725000 | PA      | $747721.28    | 1.38%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX CIV 4.00% | CITY OF PHOENIX CIV 4.00% | CUSIP: 71884AE54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $730424.48    | 1.35%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BOARD OF RE 5.00% | ARIZONA BOARD OF RE 5.00% | CUSIP: 040664HF4<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |    850000 | PA      | $898647.03    | 1.66%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MESA AZ UTI 5.00% | CITY OF MESA AZ UTI 5.00% | CUSIP: 5905452M0<br>LEI: 549300L1QYAKFHSIGE94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $527898.70    | 0.97%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KYRENE ELEMENTARY S 5.00% | KYRENE ELEMENTARY S 5.00% | CUSIP: 567137P40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262457.95    | 0.48%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY ELE 4.00% | MARICOPA COUNTY ELE 4.00% | CUSIP: 567167JN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $309774.74    | 0.57%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA STATE UNIVE 5.00% | ARIZONA STATE UNIVE 5.00% | CUSIP: 04048RTA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $504414.70    | 0.93%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MESA AZ UTI 3.00% | CITY OF MESA AZ UTI 3.00% | CUSIP: 590545R84<br>LEI: 549300L1QYAKFHSIGE94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $406389.55    | 0.75%             | 2044-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER INDUSTRIAL D VAR | CHANDLER INDUSTRIAL D VAR | CUSIP: 158862CA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $431685.29    | 0.80%             | 2042-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GOODYEAR MCDOWELL R 3.35% | GOODYEAR MCDOWELL R 3.35% | CUSIP: 38251UBJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $792419.04    | 1.46%             | 2028-01-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPM 4.00% | INDUSTRIAL DEVELOPM 4.00% | CUSIP: 71884SAF7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $849828.50    | 1.57%             | 2057-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

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

**Title:** Treasurer and Principal Financial Officer