# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002071691-25-007207
**Filing Date:** 2025-11
**Character Count:** 42661
**Document Hash:** 6aed9e6ac9b4bf6c5096763fe1254b7c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007207.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0002071691-25-007207

**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:** 251518731

**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 2035 Tax-Exempt Distributing Ladder ETF (Series ID: S000093511)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000261799 | Northern Trust 2035 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 2035 Tax-Exempt Distributing Ladder ETF

- **b. EDGAR series identifier (if any):** S000093511

- **c. LEI of Series:** 254900S9H159CNOMPQ83

**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:** $5051206.69

**Total Liabilities:** $747.50

**Net Assets:** $5050459.19

**Cash Not Reported:** $63771.23

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 160.00000000 | **5-Year:** 1128.00000000 | **10-Year:** 1002.00000000 | **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 C000261799 |  | 0.17%                | 0.92%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $5374.88                                   |
| Month 3  | $0.00                    | $34849.08                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| City of Mansfield TX                                                  | City of Mansfield, Series 2024                                                  | CUSIP: 564378NZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $63200.75     | 1.25%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia State Road & Tollway Authority                                | Georgia State Road & Tollway Authority, Series 2017A                            | CUSIP: 37358MDU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $91538.83     | 1.81%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                         | State of Ohio, Series 2020A                                                     | CUSIP: 67760AFD3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $110395.68    | 2.19%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                          | Clark County School District, Series 2019A                                      | CUSIP: 181059F76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $120087.36    | 2.38%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                      | State of Florida, Series 2023A                                                  | CUSIP: 34153QXF8<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     40000 | PA      | $46729.49     | 0.93%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                   | State of Washington, Series 2026B                                               | CUSIP: 93974FCN1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     40000 | PA      | $46462.19     | 0.92%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 405 Bellevue                          | King County School District No. 405 Bellevue, Series 2021B                      | CUSIP: 495098D28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $151331.99    | 3.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegan Public School District                                        | Allegan Public School District, Series 2025III                                  | CUSIP: 017014NQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $23036.04     | 0.46%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Livonia Public Schools                                                | Livonia Public Schools, Series 2025III                                          | CUSIP: 539243XE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11473.45     | 0.23%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Racine WI                                                   | County of Racine, Series 2025A                                                  | CUSIP: 749845M67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $122267.13    | 2.42%             | 2030-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Peralta Community College District                                    | Peralta Community College District, Series 2025                                 | CUSIP: 713575ZM3<br>LEI: 254900VWMA3IHACOBO19 | Long             | DBT              | MUN               | US        |     10000 | PA      | $11922.85     | 0.24%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Whitnall School District                                              | Whitnall School District, Series 2024                                           | CUSIP: 966586HD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $56049.62     | 1.11%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Port St Lucie FL                                              | City of Port St. Lucie, Series 2023                                             | CUSIP: 73536AEK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $40643.49     | 0.80%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Tourism Oversight District                            | Central Florida Tourism Oversight District, Series 2024A                        | CUSIP: 153480AG3<br>LEI: 549300DLSKH6SZ96KV94 | Long             | DBT              | MUN               | US        |     50000 | PA      | $56370.48     | 1.12%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grapevine-Colleyville Independent School District                     | Grapevine-Colleyville Independent School District, Series 2025                  | CUSIP: 3886406J8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $85910.63     | 1.70%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                        | Indiana Municipal Power Agency, Series 2025A                                    | CUSIP: 454898YM3<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |     15000 | PA      | $17340.12     | 0.34%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso Independent School District                                   | El Paso Independent School District, Series 2020                                | CUSIP: 283770NM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $104104.08    | 2.06%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                  | District of Columbia, Series 2023B                                              | CUSIP: 25476FB31<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    125000 | PA      | $136353.15    | 2.70%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County Community Consolidated School District No. 34 Antioch     | Lake County Community Consolidated School District No. 34 Antioch, Series 2025C | CUSIP: 508516FZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22852.95     | 0.45%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                         | State of Ohio, Series 2022A                                                     | CUSIP: 677523ET5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60869.56     | 1.21%             | 2026-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Adams & Arapahoe Counties Joint School District 28J Aurora            | Adams & Arapahoe Counties Joint School District 28J Aurora, Series 2025         | CUSIP: 0054824K7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $18217.69     | 0.36%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                           | Omaha Public Power District, Series 2025A                                       | CUSIP: 682001NV0<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |     15000 | PA      | $17469.83     | 0.35%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL                                                | City of Tallahassee, Series 2025                                                | CUSIP: 874458MG4<br>LEI: 549300MPY4HDPK8B1G15 | Long             | DBT              | MUN               | US        |     10000 | PA      | $11567.52     | 0.23%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                | County of Baltimore, Series 2025                                                | CUSIP: 05914GLJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $46629.72     | 0.92%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                          | New Mexico Finance Authority, Series 2024A                                      | CUSIP: 64711RMW3<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |    115000 | PA      | $119973.24    | 2.38%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                      | State of Florida, Series 2024A                                                  | CUSIP: 34115PCF0<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     55000 | PA      | $63673.94     | 1.26%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                     | State of Delaware, Series 2025                                                  | CUSIP: 246381UQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $29253.55     | 0.58%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grosse Ile Township School District/MI                                | Grosse Ile Township School District, Series 2025II                              | CUSIP: 398892KT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11518.02     | 0.23%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                  | District of Columbia, Series 2024C                                              | CUSIP: 25476FJ58<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     20000 | PA      | $23230.97     | 0.46%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL                                                | City of Tallahassee, Series 2025                                                | CUSIP: 874458MB5<br>LEI: 549300MPY4HDPK8B1G15 | Long             | DBT              | MUN               | US        |    110000 | PA      | $123607.44    | 2.45%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale CA Electric Revenue                                  | City of Glendale, Series 2024-2                                                 | CUSIP: 378406RB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $64208.89     | 1.27%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                         | State of Ohio, Series 2025A                                                     | CUSIP: 67759HQX5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     15000 | PA      | $17463.52     | 0.35%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                    | County of Clark, Series 2025                                                    | CUSIP: 181000UW8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     20000 | PA      | $23167.41     | 0.46%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                    | Dallas Independent School District, Series 2025B                                | CUSIP: 235308R88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $63148.15     | 1.25%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                  | City of Baltimore, Series 2017B                                                 | CUSIP: 059231J43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $132300.62    | 2.62%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Brownsville TX                                                | City of Brownsville, Series 2023                                                | CUSIP: 116405YL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $67521.38     | 1.34%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                               | Dallas Fort Worth International Airport, Series 2023B                           | CUSIP: 23503CCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $134294.74    | 2.66%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ann Arbor School District                                             | Ann Arbor School District, Series 2025                                          | CUSIP: 035519ZC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11518.02     | 0.23%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Health & Educational Facilities Authority               | Massachusetts Health & Educational Facilities Authority, Series 2005J1          | CUSIP: 57586ES51<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |     20000 | PA      | $23690.76     | 0.47%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State University                                             | Michigan State University, Series 2025A                                         | CUSIP: 594712A43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $23174.25     | 0.46%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                          | New Mexico Finance Authority, Series 2022A                                      | CUSIP: 64711PJX9<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     70000 | PA      | $79194.77     | 1.57%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of St Johns FL                                                 | County of St. Johns, Series 2025                                                | CUSIP: 790415CD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11614.06     | 0.23%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sun Prairie WI                                                | City of Sun Prairie, Series 2025A                                               | CUSIP: 866849W40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $121773.83    | 2.41%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                    | City of Chicago, Series 2024B                                                   | CUSIP: 167727K88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $45520.95     | 0.90%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No. 112 North Shore                       | Lake County School District No. 112 North Shore, Series 2024                    | CUSIP: 509076DB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $68720.42     | 1.36%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water Reclamation District of Greater Chicago            | Metropolitan Water Reclamation District of Greater Chicago, Series 2007B        | CUSIP: 167560MS7<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |     20000 | PA      | $23718.87     | 0.47%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Michigan Trunk Line Revenue                                  | State of Michigan, Series 2023                                                  | CUSIP: 5946954B1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $64185.74     | 1.27%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Slope AK                                             | Borough of North Slope, Series 2024B                                            | CUSIP: 662523W39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106869.70    | 2.12%             | 2028-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                      | State of Florida, Series 2021B                                                  | CUSIP: 34153QVA1<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     35000 | PA      | $39736.00     | 0.79%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada                                                       | State of Nevada, Series 2023A                                                   | CUSIP: 641462SB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $63512.92     | 1.26%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Neenah Joint School District                                          | Neenah Joint School District                                                    | CUSIP: 639905EW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $145067.61    | 2.87%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Omaha NE                                                      | City of Omaha, Series 2022                                                      | CUSIP: 681713AJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $56357.33     | 1.12%             | 2031-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Brown County Water Authority                                  | Central Brown County Water Authority, Series 2024A                              | CUSIP: 152708DB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22800.29     | 0.45%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                         | Commonwealth of Massachusetts, Series 2025A                                     | CUSIP: 57582TCY6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     55000 | PA      | $63859.00     | 1.26%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inland Lakes Schools                                                  | Inland Lakes Schools, Series 2024                                               | CUSIP: 457380DS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $84461.53     | 1.67%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX                                                    | City of Lubbock, Series 2025                                                    | CUSIP: 5491887S3<br>LEI: 549300I1QTL3QZV4BX74 | Long             | DBT              | MUN               | US        |     15000 | PA      | $17258.54     | 0.34%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                     | State of Delaware, Series 2023A                                                 | CUSIP: 246381SD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81189.35     | 1.61%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dutchess NY                                                 | County of Dutchess, Series 2024A                                                | CUSIP: 267040KH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $118717.47    | 2.35%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                       | Las Vegas Valley Water District, Series 2021A                                   | CUSIP: 517845LF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $136767.48    | 2.71%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Union NC                                                    | County of Union, Series 2025B                                                   | CUSIP: 9063956F0<br>LEI: 5493007ESG9QHLUW6165 | Long             | DBT              | MUN               | US        |     20000 | PA      | $23450.06     | 0.46%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Linden Community School District                                      | Linden Community School District, Series 2025III                                | CUSIP: 535358NA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11607.78     | 0.23%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saline Area Schools                                                   | Saline Area Schools, Series II                                                  | CUSIP: 795200MC5<br>LEI: 549300COVKKGR0VUE860 | Long             | DBT              | MUN               | US        |     20000 | PA      | $23036.04     | 0.46%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Transportation Authority                                 | Jacksonville Transportation Authority, Series 2024                              | CUSIP: 469494BS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $62656.84     | 1.24%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comanche Independent School District                                  | Comanche Independent School District, Series 2024                               | CUSIP: 200057KG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $46107.61     | 0.91%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                          | New Mexico Finance Authority, Series 2023B                                      | CUSIP: 64711PNE6<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     75000 | PA      | $78078.31     | 1.55%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                     | Utah Telecommunication Open Infrastructure Agency, Series 2022                  | CUSIP: 91756SAK9<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |     55000 | PA      | $62452.91     | 1.24%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redford Union School District No. 1                                   | Redford Union School District No. 1, Series 2023II                              | CUSIP: 757402MK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $61938.45     | 1.23%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Three Rivers Community Schools                                        | Three Rivers Community Schools, Series 2023II                                   | CUSIP: 88567AHW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $79555.25     | 1.58%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wichita Falls Independent School District                             | Wichita Falls Independent School District, Series 2025                          | CUSIP: 967171SS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11555.53     | 0.23%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bothell WA                                                    | City of Bothell, Series 2024C                                                   | CUSIP: 101295JK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $46496.82     | 0.92%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 410 Snoqualmie Valley                 | King County School District No. 410 Snoqualmie Valley, Series 2025              | CUSIP: 495206RN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $63412.04     | 1.26%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue      | Washington Metropolitan Area Transit Authority, Series 2023A                    | CUSIP: 93878YDC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $56870.67     | 1.13%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tuscaloosa AL                                                 | City of Tuscaloosa, Series 2025B                                                | CUSIP: 9005772P1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $23077.55     | 0.46%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bishop Consolidated Independent School District                       | Bishop Consolidated Independent School District, Series 2025                    | CUSIP: 091482HK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $17233.90     | 0.34%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                        | New Jersey Transportation Trust Fund Authority, Series 2022BB                   | CUSIP: 64613CAZ1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     60000 | PA      | $67362.74     | 1.33%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Oakland MI                                                  | County of Oakland, Series 2025                                                  | CUSIP: 6724115X9<br>LEI: 549300ODIQ70W6TDGU58 | Long             | DBT              | MUN               | US        |     10000 | PA      | $11652.83     | 0.23%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN                                                    | City of Memphis, Series 2020A                                                   | CUSIP: 586145Y65<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |     85000 | PA      | $87535.40     | 1.73%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Waco TX                                                       | City of Waco, Series 2025                                                       | CUSIP: 929831B61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22906.89     | 0.45%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 410 Snoqualmie Valley                 | King County School District No. 410 Snoqualmie Valley, Series 2025              | CUSIP: 495206RQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $46741.70     | 0.93%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                              | University of Washington, Series 2024A                                          | CUSIP: 91523NYG5<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |     40000 | PA      | $46299.14     | 0.92%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State University                                           | Washington State University, Series 2025                                        | CUSIP: 940094FQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $17320.80     | 0.34%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MSD Warren Township Vision 2005 School Building Corp.                 | MSD Warren Township Vision 2005 School Building Corp., Series 2024              | CUSIP: 553543KR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $56692.31     | 1.12%             | 2032-01-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County School District No. 17/NE                              | Douglas County School District No. 17, Series 2024                              | CUSIP: 259327X33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $46101.32     | 0.91%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue | State of Florida, Series 2025A                                                  | CUSIP: 343137WF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $29010.11     | 0.57%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                   | State of Washington, Series 2025D                                               | CUSIP: 93974FAL7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     10000 | PA      | $11649.07     | 0.23%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sachse TX                                                     | City of Sachse, Series 2024                                                     | CUSIP: 785751SL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $56423.24     | 1.12%             | 2032-02-15      | Fixed         | 5.00%                 | 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