# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0001145549-25-053959
**Filing Date:** 2025-8
**Character Count:** 1950313
**Document Hash:** 07215830e45d334085d6de149ce6802b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-053959.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001145549-25-053959

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**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:** 251257857

**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

### CORE BOND FUND (Series ID: S000038895)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000119673 | CORE BOND FUND | NOCBX           |

## Nport-Ex

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

**Schedule of Investments** <br>

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

---

| | |
|:---|:---|
| **ARIZONA TAX-EXEMPT FUND**  | **June 30, 2025 (UNAUDITED)**  |

---

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 97.2%**  | **MUNICIPAL BONDS – 97.2%**  | **MUNICIPAL BONDS – 97.2%**  |
| **Arizona – 93.2%** | **Arizona – 93.2%** | **Arizona – 93.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Board of Regents Revenue <br> Bonds, Series A, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/43 | $850 | $875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Board of Regents State <br> University System Revenue Refunding <br> Bonds, Series A, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/41 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Board of Regents State <br> University System Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/36 | 495 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Board of Regents University of <br> Arizona System Revenue Refunding <br> Bonds, Stimulus Plan For Economic <br> (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/43 | 705 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Board of Regents University <br> System Revenue Refunding Bonds, <br> Stimulus Plan For Economic,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 8/1/39 | 430 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State IDA Education Revenue <br> Bonds, Series A-Social, Macombs <br> Facility Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/41 | 500 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State IDA National Charter <br> Equitable School Revolving Loan <br> Fund Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/41 | 545 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State University Sustainable <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/36 | 795 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bullhead City Excise TRB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/52 | 1000 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bullhead City Excise TRB, Second <br> Series,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 7/1/51 | 2500 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chandler IDA IDR Bonds, Series 1 <br> (AMT), Intel Corp. Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27<sup>(1) (2)</sup> <br>| 425 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilbert Water Resource Municipal <br> Property Corp. Utility System <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 500 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/30 | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31 | 600 | 610 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.2%continued**  | **MUNICIPAL BONDS - 97.2%continued**  | **MUNICIPAL BONDS - 97.2%continued**  |
| **Arizona – 93.2%continued** | **Arizona – 93.2%continued** | **Arizona – 93.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glendale IDA Revenue Refunding <br> Bonds, Midwestern University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/32 | $500 | $538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glendale Senior Excise Tax Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/37 | 1000 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodyear McDowell Road <br> Commercial Corridor Improvement <br> District Special Assessment Refunding <br> Bonds (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 1/1/28 | 785 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake Havasu City Wastewater System <br> Senior Lien Revenue G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/42 | 500 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Arizona Unified <br> School District No. 69 Paradise <br> Valley G.O. Unlimited Bonds, School <br> Improvement Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/39 | 275 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Buckeye Elementary <br> School District No. 33 G.O. <br> Unlimited Bonds, Series 2020, <br> School Improvement Bonds Projects <br> of 2015 & 2019 (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/36 | 305 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Elementary School <br> District No. 1 G.O. Unlimited Bonds, <br> Series B, Project of 2022 (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/42 | 540 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Elementary School <br> District No. 28 Kyrene Elementary <br> G.O. Unlimited Bonds, Series A, <br> School Improvement Project of 2017,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/32 | 250 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Elementary School <br> District No. 33 Buckeye G.O. <br> Unlimited Bonds, Series B, School <br> Improvement Project of 2015 (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/38 | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Elementary School <br> District No. 66 Roosevelt Elementary <br> G.O. Unlimited Bonds, Series C, <br> Project of 2020 (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/30 | 275 | 301 |

---

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

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.2%continued**  | **MUNICIPAL BONDS - 97.2%continued**  | **MUNICIPAL BONDS - 97.2%continued**  |
| **Arizona – 93.2%continued** | **Arizona – 93.2%continued** | **Arizona – 93.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Elementary School <br> District No. 8 G.O. Unlimited Bonds, <br> Series B, Osborn School <br> Improvement Project of 2017 (AGM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | $625 | $648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County IDA Education <br> Revenue Bonds, Legacy Traditional <br> Schools Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | 965 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County IDA Educational <br> Facilities Revenue Bonds, Creighton <br> University Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/39 | 1285 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/47 | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County IDA Educational <br> Revenue Refunding Bonds, Legacy <br> Traditional School,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 7/1/44 | 300 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County IDA Hospital <br> Revenue Refunding Bonds, Series A, <br> HonorHealth,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/42 | 2000 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County IDA Revenue <br> Refunding Bonds, Banner Health <br> Obligation Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/38 | 1250 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Special Health Care <br> District G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/38 | 2500 | 2410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Tempe Elementary <br> School District No. 3 G.O. Unlimited <br> Bonds, Series A, Project of 2022,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/36 | 725 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Unified School <br> District No. 41 Gilbert G.O. <br> Unlimited Bonds, Series B, School <br> Improvement Project of 2015,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 525 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Unified School <br> District No. 69 Paradise Valley G.O. <br> Unlimited Bonds, Series D, School <br> Improvement Project of 2015,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 1000 | 1047 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.2%continued**  | **MUNICIPAL BONDS - 97.2%continued**  | **MUNICIPAL BONDS - 97.2%continued**  |
| **Arizona – 93.2%continued** | **Arizona – 93.2%continued** | **Arizona – 93.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Unified School <br> District No. 95 Queen Creek G.O. <br> Limited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | $400 | $400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Unified School <br> District No. 95 Queen Creek G.O. <br> Unlimited Bonds, School <br> Improvement,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/37 | 650 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mesa Utility System Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/44 | 500 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Airport Improvement <br> Corp. Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/34 | 1000 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Excise Tax Subordinate Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/45 | 1000 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. Junior <br> Lien Airport Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/44 | 1545 | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. Junior <br> Lien Airport Revenue Bonds, Series B <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 7/1/49 | 1330 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. Junior <br> Lien Airport Revenue Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/33 | 840 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Wastewater System Junior Lien <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/34 | 700 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Water System Junior Lien Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/44 | 2000 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix G.O. Unlimited Bonds, Series <br> A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/41 | 750 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/47 | 750 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix IDA Healthcare Facilities <br> Revenue Bonds, Mayo Clinic,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/57 | 1000 | 838 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.2%continued**  | **MUNICIPAL BONDS - 97.2%continued**  | **MUNICIPAL BONDS - 97.2%continued**  |
| **Arizona – 93.2%continued** | **Arizona – 93.2%continued** | **Arizona – 93.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pima County IDA Revenue Refunding <br> Bonds, Tucson Medical Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/51 | $1000 | $663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinal County Unified School District No. <br> 20 G.O. Unlimited Bonds, Series A, <br> Maricopa Project of 2024 (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/32 | 150 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/43 | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Queen Creek Excise Tax & State <br> Shared Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/45 | 1250 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Verde Financial Corp. Senior Gas <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/37 | 1000 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scottsdale Municipal Property Corp. <br> Excise Tax Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/30 | 1675 | 1792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sedona Excise TRB (AGM Insured), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/41 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tempe Excise TRB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/38 | 500 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistancia Community Facilities District <br> G.O. Unlimited Refunding Bonds <br> (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/26 | 450 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yavapai County Jail District Revenue <br> Bonds (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/29 | 955 | 1028 |
|  |  | **47859** |
| **Florida – 1.0%** | **Florida – 1.0%** | **Florida – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brevard County School Board <br> Refunding COPS, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 500 | **522** |
| **Ohio – 0.3%** | **Ohio – 0.3%** | **Ohio – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Housing Finance Agency <br> Residential Mortgage Backed <br> Sustainable Revenue Bonds (GNMA, <br> FNMA, FHLMC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/29 | 160 | **175** |
| **Texas – 0.5%** | **Texas – 0.5%** | **Texas – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wink Loving Independent School <br> District G.O. Unlimited Bonds (PSF, <br> Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/33 | 260 | **260** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.2%continued**  | **MUNICIPAL BONDS - 97.2%continued**  | **MUNICIPAL BONDS - 97.2%continued**  |
| **Virginia – 2.2%** | **Virginia – 2.2%** | **Virginia – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richmond G.O. Unlimited Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/29 | $1095 | **$1119** |
| **Total Municipal Bonds** |  |  |
| **(Cost $55,270)** |  | **49935** |

---

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(3) (4)</sup> <br>| 437097 | $437 |
| **Total Investment Companies** |  |  |
| **(Cost $437)** |  | **437** |
| **Total Investments – 98.1%** | **Total Investments – 98.1%** |  |
| **(Cost $55,707)** | **(Cost $55,707)** | **50372** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 1.9% | 985 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$51357** |

---

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

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

<sup>(2)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of June 30,* *2025 is disclosed.* 

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

<sup>(4)</sup> *7-day current yield as of June 30, 2025 is disclosed.*

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

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| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGM - Assured Guaranty Municipal Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| COPS - Certificates of Participation |
| FHLMC - Federal Home Loan Mortgage Corporation |
| FNMA - Federal National Mortgage Association |
| G.O. - General Obligation |
| GNMA - Government National Mortgage Association |
| Gtd. - Guaranteed |
| IDA - Industrial Development Authority |

---

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

------

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

**Schedule of Investments** <br>

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

---

| | |
|:---|:---|
| **ARIZONA TAX-EXEMPT FUND continued**  | **June 30, 2025 (UNAUDITED)**  |

---

---

| |
|:---|
| IDR - Industrial Development Revenue |
| PSF - Permanent School Fund |
| TRB - Tax Revenue Bonds |

---

*Percentages shown are based on Net Assets.* 

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $49935 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $49935 |
| Investment Companies | &nbsp;&nbsp; 437 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 437 |
| Total Investments | &nbsp;&nbsp; $437 | &nbsp;&nbsp; $49935 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50372 |

---

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

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $534 | $5860 | $5957 | $10 | $437 | 437097 |

---

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

------

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

**Schedule of Investments** <br>

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

---

| | |
|:---|:---|
| **BOND INDEX FUND**  | **June 30, 2025 (UNAUDITED)**  |

---

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 0.4%**  | **ASSET-BACKED SECURITIES – 0.4%**  | **ASSET-BACKED SECURITIES – 0.4%**  |
| **Auto Loan – 0.2%** | **Auto Loan – 0.2%** | **Auto Loan – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Auto Receivables Trust, Series <br> 2024-2, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 7/16/29 | $100 | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables <br> Trust, Series 2023-2, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84%, 7/18/29 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables <br> Trust, Series 2023-2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/18/29 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2024-1, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/25/27 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2025-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.43%, 6/26/28 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMW Vehicle Owner Trust, Series <br> 2025-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 9/25/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables <br> Trust, Series 2024-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 7/16/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2023-4, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96%, 5/15/29 | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2024-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 10/16/28 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2024-2, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/16/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2024-2, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 11/15/29 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2024-4, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 10/15/29 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2024-P3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 10/10/29 | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2024-P3, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 9/10/30 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 7/16/29 | 25 | 25 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 5/17/32 | $25 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 9/15/32 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-1, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 9/15/32 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-1, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 9/15/32 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-2A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.92%, 2/15/30 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-3A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 7/16/29 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-4A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 8/15/30 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-4A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 12/16/30 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-3A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 2/15/30 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-3A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 10/15/31 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-3A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57%, 10/15/31 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust, Series <br> 2024-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 12/15/27 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2022-C, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.03%, 2/15/28 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2022-C, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.22%, 3/15/30 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-A, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 9/15/29 | 100 | 102 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 7/15/29 | $100 | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-C, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 8/15/30 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2025-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/15/29 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2024-3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 10/20/27 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2025-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 2/21/28 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2025-2, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 5/22/28 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2024-3, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/16/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2024-4, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 8/16/29 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2025-1, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 12/17/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2025-2, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 4/16/30 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37%, 3/15/29 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2024-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 7/16/29 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-1, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 5/15/30 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 3/21/29 | 100 | 101 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-4, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 5/15/29 | $100 | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2025-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 9/21/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 2/15/29 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2024-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 3/15/29 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2025-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 10/15/29 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2025-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.36%, 12/17/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, Series <br> 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 1/18/28 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, Series <br> 2024-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 2/15/28 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, Series <br> 2025-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 4/16/29 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2024-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 4/16/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2025-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 12/17/29 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissan Auto Lease Trust, Series 2024-B, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 11/15/27 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust, <br> Series 2025-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 12/17/29 | 150 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2023-1, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 5/15/30 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2023-4, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 12/15/31 | 50 | 51 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-1, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 3/15/30 | $50 | $51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-2, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.78%, 7/16/29 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84%, 6/17/30 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-2, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.28%, 8/15/31 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-4, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 9/17/29 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-5, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/15/29 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-5, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 1/15/31 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-5, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 2/17/32 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2022-C, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 2/15/28 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2024-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.33%, 1/16/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2024-C, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 11/15/29 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2024-D, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 6/15/29 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Auto Lease Trust, Series <br> 2025-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/20/28 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, <br> Series 2023-2, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 12/20/28 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, <br> Series 2025-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/20/29 | 50 | 50 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2022-C, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 9/15/28 | $100 | $99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-C, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.43%, 12/17/29 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2025-A, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 11/15/30 | 225 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Omni Automobile Lease <br> Securitization Trust, Series 2025-A, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 4/17/28 | 50 | 50 |
|  |  | **5323** |
| **Credit Card – 0.1%** | **Credit Card – 0.1%** | **Credit Card – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2023-2, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 5/15/30 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2023-4, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 9/15/30 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2024-2, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 4/15/31 | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2024-3, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 7/15/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2025-1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 12/15/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2025-2, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 4/15/30 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2025-3, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 4/15/32 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BA Credit Card Trust, Series 2023-A2, <br> Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 11/15/28 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BA Credit Card Trust, Series 2024-A1, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 5/15/29 | 125 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2021-A2, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39%, 7/15/30 | 150 | 139 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Credit Card – 0.1%continued** | **Credit Card – 0.1%continued** | **Credit Card – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 9/15/29 | $75 | $75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Issuance Trust, Series 2023-A1, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16%, 9/15/28 | 150 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Issuance Trust, Series 2023-A2, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 9/15/30 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Issuance Trust, Series 2024-A1, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 1/16/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Issuance Trust, Series 2024-A2, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/31 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank Credit Card Issuance Trust, <br> Series 2007-A3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 6/15/39 | 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank Credit Card Issuance Trust, <br> Series 2018-A7, Class A7<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 10/13/30 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discover Card Execution Note Trust, <br> Series 2021-A2, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.03%, 9/15/28 | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First National Master Note Trust, Series <br> 2023-2, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77%, 9/15/29 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First National Master Note Trust, Series <br> 2025-1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 2/15/30 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2023-A2, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.74%, 10/15/29 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 3/15/30 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A2, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 7/15/30 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2025-A2, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 5/15/31 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Issuance Trust, Series <br> 2025-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 2/15/31 | 75 | 76 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Credit Card – 0.1%continued** | **Credit Card – 0.1%continued** | **Credit Card – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 2/15/29 | $100 | $101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A2, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 10/15/29 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2025-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 5/15/30 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Financial Network Credit Card <br> Master Note Trust, Series 2024-B, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 5/15/31 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Financial Network Credit Card <br> Master Trust, Series 2024-A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 2/15/31 | 100 | 102 |
|  |  | **3003** |
| **Other – 0.1%** | **Other – 0.1%** | **Other – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2023-A, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 8/15/28 | 87 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2024-C, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 1/15/30 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner <br> Trust A, Series 2025-1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/30 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner <br> Trust, Series 2018-4, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 11/15/30 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96%, 11/15/28 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 6/15/29 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2025-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 9/17/29 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSNH Funding LLC 3, Series 2018-1, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 2/1/35 | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2023-1, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 1/22/29 | 100 | 100 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Other – 0.1%continued** | **Other – 0.1%continued** | **Other – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2023-7, <br> Class A1A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 11/20/29 | $100 | $102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2024-3, <br> Class A1A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 4/22/30 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2024-6, <br> Class A1A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.17%, 8/20/30 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2024-8, <br> Class A1A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 11/20/30 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2025-1, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 1/21/31 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2025-3, <br> Class A1A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 3/20/30 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2025-5, <br> Class A1A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 6/20/31 | 100 | 101 |
|  |  | **1394** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $9,648)** |  | **9720** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.7%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.7%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.7%**  |
| **Non Agency – 0.7%** | **Non Agency – 0.7%** | **Non Agency – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2017-BNK7, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 9/15/60 | 250 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2017-BNK9, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 11/15/54 | 250 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2018-BN10, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 2/15/61 | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2018-BN11, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 3/15/61 | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2018-BN12, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 5/15/61 | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2018-BN13, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 8/15/61 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2018-BN14, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 9/15/60 | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2018-BN15, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 11/15/61 | 300 | 299 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  |
| **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2019-BN18, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 5/15/62 | $200 | $192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2019-BN19, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 8/15/61 | 300 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2020-BN28, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.84%, 3/15/63 | 500 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2021-BN31, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.04%, 2/15/54 | 200 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2021-BN37, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 11/15/64 | 200 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2021-BNK38, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 12/15/64 | 300 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2022-BNK42, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 6/15/55 | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2022-BNK44, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 11/15/55<sup>(1)</sup> <br>| 500 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2024-BNK47, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 6/15/57 | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2024-BNK48, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 10/15/57 | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2025-BNK49, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62%, 3/15/58 | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Commercial Mortgage Trust, <br> Series 2019-C3, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 5/15/52 | 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Commercial Mortgage Trust, <br> Series 2019-C5, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 11/15/52 | 150 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, Series <br> 2018-C2, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 12/15/51 | 150 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, Series <br> 2024-5C27, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.01%, 7/15/57 | 500 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, Series <br> 2024-C30, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53%, 11/15/57 | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B2, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/51 | 150 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B3, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 4/10/51 | 100 | 98 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  |
| **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B5, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 7/15/51 | $200 | $197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B6, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 10/10/51<sup>(1)</sup> <br>| 125 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B8, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 1/15/52 | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2020-B16, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 2/15/53 | 200 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2020-B18, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 7/15/53 | 500 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2020-IG1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 9/15/43 | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2021-B23, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.07%, 2/15/54 | 200 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2021-B26, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 6/15/54 | 200 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMO Mortgage Trust, Series <br> 2024-C10, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 11/15/57 | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CD Mortgage Trust, Series 2017-CD5, <br> Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 8/15/50 | 250 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CD Mortgage Trust, Series 2017-CD6, <br> Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 11/13/50 | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CD Mortgage Trust, Series 2018-CD7, <br> Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 8/15/51 | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CD Mortgage Trust, Series 2019-CD8, <br> Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 8/15/57 | 150 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGMS Commercial Mortgage Trust, <br> Series 2017-B1, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 8/15/50 | 250 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2017-P8, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 9/15/50 | 250 | 241 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  |
| **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2018-B2, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 3/10/51 | $100 | $98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2018-C5, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 6/10/51 | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2018-C6, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 11/10/51 | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, Series <br> 2018-COR3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 5/10/51 | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, Series <br> 2019-GC44, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/15/57<sup>(1)</sup> <br>| 150 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, <br> Series 2018-C14, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 11/15/51 | 300 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, <br> Series 2018-CX11, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 4/15/51 | 175 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DBJPM Mortgage Trust, Series <br> 2020-C9, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 8/15/53 | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2017-GS7, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 8/10/50 | 250 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2017-GS8, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 11/10/50 | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2018-GS9, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 3/10/51 | 150 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2019-GC40, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 7/10/52 | 150 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2020-GC45, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 2/13/53 | 300 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2017-JP7, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 9/15/50 | 100 | 97 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  |
| **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2019-COR5, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 6/13/52 | $200 | $188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMDB Commercial Mortgage <br> Securities Trust, Series 2017-C7, <br> Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 10/15/50 | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2018-H4, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 12/15/51 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2018-L1, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 10/15/51 | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2019-H7, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 7/15/52 | 250 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2020-HR8, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.04%, 7/15/53 | 500 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I, Series <br> 2017-HR2, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 12/15/50 | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSWF Commercial Mortgage Trust, <br> Series 2023-1, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/15/56 | 250 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C2, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 8/15/50 | 250 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C2, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 8/15/50 | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C3, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 8/15/50 | 175 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C6, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 12/15/50 | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C7, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 12/15/50 | 150 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C10, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 5/15/51 | 200 | 196 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  |
| **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C11, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 6/15/51 | $150 | $148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C13, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 10/15/51 | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C14, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/15/51 | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C8, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 2/15/51 | 150 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C9, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 3/15/51 | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C39, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 9/15/50 | 250 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C40, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 10/15/50 | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C41, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 11/15/50 | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 12/15/50 | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2018-C43, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 3/15/51 | 150 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2018-C48, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 1/15/52 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2019-C50, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 5/15/52 | 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2020-C55, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 2/15/53 | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2020-C56, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 6/15/53 | 500 | 454 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  |
| **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2025-5C3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 1/15/58 | $250 | $264 |
|  |  | **16816** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $17,527)** |  | **16816** |
| **CORPORATE BONDS – 20.7%**  | **CORPORATE BONDS – 20.7%**  | **CORPORATE BONDS – 20.7%**  |
| **Advertising & Marketing – 0.0%** | **Advertising & Marketing – 0.0%** | **Advertising & Marketing – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/30/30 | 300 | **303** |
| **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boeing (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 2/1/27  | 219 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.26%, 5/1/27  | 2500 | 2572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/1/28  | 1366 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 3/1/28  | 55 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 3/1/29  | 159 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 2/1/30  | 250 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 5/1/30  | 43 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 2/15/33  | 135 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 2/15/38  | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 5/1/40  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 5/1/50  | 1060 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE Capital Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 5/15/32  | 700 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/15/27  | 104 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/15/28  | 246 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/1/40  | 100 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 6/1/41  | 160 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 8/1/33  | 150 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/15/29  | 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.04%, 8/16/28  | 200 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 1/15/27  | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 6/15/28  | 449 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/15/54  | 100 | 97 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Aerospace & Defense – 0.6%continued** | **Aerospace & Defense – 0.6%continued** | **Aerospace & Defense – 0.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/33  | $1200 | $1246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 3/1/35 <sup>†</sup> <br>| 135 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 12/15/42  | 168 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 3/1/45  | 230 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 9/15/52  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 2/15/64  | 200 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/15/28  | 500 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 11/15/40  | 250 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/1/43  | 250 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 4/15/45  | 8 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 10/15/47  | 252 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Precision Castparts Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/15/45  | 100 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RTX Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 9/1/31  | 71 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 3/15/32  | 68 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/42  | 250 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/15/43  | 400 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/1/46  | 750 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 3/15/54  | 300 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 3/15/31  | 250 | 222 |
|  |  | **14359** |
| **Apparel & Textile Products – 0.0%** | **Apparel & Textile Products – 0.0%** | **Apparel & Textile Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 3/27/30  | 750 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 3/27/40  | 75 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 6/15/30 <sup>†</sup> <br>| 100 | 93 |
|  |  | **860** |
| **Asset Management – 0.3%** | **Asset Management – 0.3%** | **Asset Management – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 9/15/26  | 435 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/33  | 200 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 7/15/29  | 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/10/28  | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Strategic Income Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 3/21/32  | 150 | 150 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Asset Management – 0.3%continued** | **Asset Management – 0.3%continued** | **Asset Management – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings BDC, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 11/23/26  | $200 | $195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Funding, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 3/14/29  | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 1/8/35  | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock TCP Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 5/30/29  | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 1/28/31  | 720 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 3/15/27  | 300 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/29/32 <sup>†</sup> <br>| 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/22/34  | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 6/30/30  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 3/15/29  | 400 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital Corp. II, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.45%, 11/15/26  | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 9/16/27  | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 3/15/30  | 400 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/7/51  | 200 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Technology Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 3/15/28 <sup>(2)</sup> <br>| 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/4/29  | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.21%), <br> 5.64%, 5/19/29 <sup>(3)</sup> <br>| 400 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.50%), <br> 5.85%, 5/19/34 <sup>(3)</sup> <br>| 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.01%), <br> 6.14%, 8/24/34 <sup>(3)</sup> <br>| 300 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 8/12/51  | 150 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FS KKR Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 7/15/27 <sup>†</sup> <br>| 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 7/1/34  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hercules Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 1/20/27  | 100 | 97 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Asset Management – 0.3%continued** | **Asset Management – 0.3%continued** | **Asset Management – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Corporate Lending Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 1/14/28  | $200 | $201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson U.S. Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 9/10/34  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 3/1/29  | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Direct Lending Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 5/17/29  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mountain Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/15/27  | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oaktree Specialty Lending Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 2/27/30  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/1/51  | 100 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sixth Street Specialty Lending, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/1/29  | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPG Operating Group II L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/5/34  | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 6/15/46  | 100 | 86 |
|  |  | **7883** |
| **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Honda Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 3/12/27  | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 3/5/30  | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptiv Swiss Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 9/13/29  | 400 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 5/1/52  | 200 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/15/45  | 170 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 5/17/27  | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.12%, 11/7/33  | 1800 | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 10/1/27  | 118 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28  | 227 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/32  | 183 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/2/43  | 350 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/1/46  | 145 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 4/1/48  | 267 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 8/20/27  | 658 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/9/28  | 500 | 515 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Automotive – 0.5%continued** | **Automotive – 0.5%continued** | **Automotive – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 4/10/28  | $119 | $112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 6/23/28 <sup>†</sup> <br>| 500 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/15/28  | 254 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 1/17/29  | 84 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 4/6/29  | 82 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 6/21/30  | 99 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 1/8/31  | 33 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 1/12/32  | 33 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 1/7/35 <sup>†</sup> <br>| 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lear Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 1/15/52  | 200 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 3/22/27 <sup>†</sup> <br>| 500 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/8/27  | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 1/12/33 <sup>†</sup> <br>| 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 1/5/34 <sup>†</sup> <br>| 500 | 500 |
|  |  | **11284** |
| **Banking – 2.5%** | **Banking – 2.5%** | **Banking – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Banc-Corp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 3.03%), <br> 6.46%, 8/29/30 <sup>(3)</sup> <br>| 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/22/26  | 47 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.34%), <br> 5.93%, 9/15/27 <sup>(3)</sup> <br>| 1500 | 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 11/25/27  | 146 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.05%), <br> 2.55%, 2/4/28 <sup>(3)</sup> <br>| 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.77%), 3.71%, 4/24/28 <sup>(3)</sup> <br>| 106 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.04%), <br> 4.95%, 7/22/28 <sup>(3)</sup> <br>| 1500 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.33%), 3.97%, 3/5/29 <sup>(3)</sup> <br>| 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.82%, 9/15/29 <sup>(3)</sup> <br>| 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.00%), <br> 5.16%, 1/24/31 <sup>(3)</sup> <br>| 1500 | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.25%), 2.50%, 2/13/31 <sup>(3)</sup> <br>| 40 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.15%), <br> 2.59%, 4/29/31 <sup>(3)</sup> <br>| 52 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.53%), <br> 1.90%, 7/23/31 <sup>(3)</sup> <br>| 336 | 295 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Banking – 2.5%continued** | **Banking – 2.5%continued** | **Banking – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.32%), <br> 2.69%, 4/22/32 <sup>(3)</sup> <br>| $380 | $341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.16%), <br> 5.02%, 7/22/33 <sup>(3)</sup> <br>| 1403 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.91%), <br> 5.29%, 4/25/34 <sup>(3)</sup> <br>| 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.84%), <br> 5.87%, 9/15/34 <sup>(3)</sup> <br>| 400 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.65%), <br> 5.47%, 1/23/35 <sup>(3)</sup> <br>| 600 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.31%), <br> 5.51%, 1/24/36 <sup>(3)</sup> <br>| 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.70%), <br> 5.74%, 2/12/36 <sup>(3)</sup> <br>| 700 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.11%, 1/29/37  | 150 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.45%), 3.95%, 1/23/49 <sup>(3) †</sup> <br>| 600 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.78%), 4.33%, 3/15/50 <sup>(3)</sup> <br>| 755 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 3.41%), 4.08%, 3/20/51 <sup>(3)</sup> <br>| 810 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/36  | 250 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/11/30  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 2/6/30  | 250 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49%, 12/4/26  | 1000 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.65%), 3.67%, 7/24/28 <sup>(3)</sup> <br>| 28 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 3.91%), <br> 4.41%, 3/31/31 <sup>(3)</sup> <br>| 1150 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.17%), <br> 2.56%, 5/1/32 <sup>(3)</sup> <br>| 800 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/15/32  | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.66%), <br> 6.17%, 5/25/34 <sup>(3)</sup> <br>| 1400 | 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.28%), 5.59%, <br> 11/19/34 <sup>(3)</sup> <br>| 2000 | 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.83%), <br> 6.02%, 1/24/36 <sup>(3)</sup> <br>| 500 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.47%), <br> 5.33%, 3/27/36 <sup>(3) †</sup> <br>| 600 | 605 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Banking – 2.5%continued** | **Banking – 2.5%continued** | **Banking – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 8/25/36  | $125 | $129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 7/15/39  | 332 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 4.55%), <br> 5.32%, 3/26/41 <sup>(3)</sup> <br>| 180 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/30/42  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 7/23/48  | 300 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.00%), <br> 4.58%, 8/9/28 <sup>(3)</sup> <br>| 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.33%), <br> 6.65%, 4/25/35 <sup>(3)</sup> <br>| 200 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comerica Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.61%), <br> 5.33%, 8/25/33 <sup>(3)</sup> <br>| 250 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 3/1/38  | 275 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.97%), 6.25%, <br> 3/12/40 <sup>(3)</sup> <br>| 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.77%), <br> 5.51%, 3/7/31 <sup>(3)</sup> <br>| 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First-Citizens Bank & Trust Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/9/28  | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNB Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.93%), 5.72%, <br> 12/11/30 <sup>(3)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank U.S.A. N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/39  | 350 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.97%), <br> 4.44%, 8/4/28 <sup>(3)</sup> <br>| 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.02%), <br> 6.21%, 8/21/29 <sup>(3)</sup> <br>| 500 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 3.53%), 7.25%, 4/1/35 <sup>(3)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/29/27  | 658 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/1/27  | 299 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.17%), <br> 2.95%, 2/24/28 <sup>(3)</sup> <br>| 204 | 199 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Banking – 2.5%continued** | **Banking – 2.5%continued** | **Banking – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.56%), <br> 4.32%, 4/26/28 <sup>(3)</sup> <br>| $176 | $176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.93%), <br> 4.98%, 7/22/28 <sup>(3)</sup> <br>| 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.99%), <br> 4.85%, 7/25/28 <sup>(3)</sup> <br>| 33 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.38%), 4.01%, 4/23/29 <sup>(3)</sup> <br>| 34 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.45%), <br> 5.30%, 7/24/29 <sup>(3)</sup> <br>| 800 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.59%), 4.45%, 12/5/29 <sup>(3)</sup> <br>| 59 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.31%), <br> 5.01%, 1/23/30 <sup>(3)</sup> <br>| 500 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.01%), <br> 5.14%, 1/24/31 <sup>(3)</sup> <br>| 1500 | 1538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 2.52%), 2.96%, 5/13/31 <sup>(3)</sup> <br>| 545 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.80%), <br> 4.59%, 4/26/33 <sup>(3)</sup> <br>| 300 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.58%), <br> 5.72%, 9/14/33 <sup>(3)</sup> <br>| 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.81%), <br> 6.25%, 10/23/34 <sup>(3)</sup> <br>| 1000 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.49%), <br> 5.77%, 4/22/35 <sup>(3)</sup> <br>| 1000 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.68%), <br> 5.57%, 4/22/36 <sup>(3)</sup> <br>| 600 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 2.46%), 3.11%, 4/22/41 <sup>(3)</sup> <br>| 100 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 7/15/41  | 405 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/16/43  | 150 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.84%), 4.26%, 2/22/48 <sup>(3)</sup> <br>| 114 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.72%), 4.03%, 7/24/48 <sup>(3)</sup> <br>| 85 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.64%), 3.96%, 11/15/48 <sup>(3)</sup> <br>| 400 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.48%), 3.90%, 1/23/49 <sup>(3)</sup> <br>| 700 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.44%), <br> 3.11%, 4/22/51 <sup>(3)</sup> <br>| 1300 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeyBank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/26/33  | 500 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturers & Traders Trust Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 1/27/28  | 500 | 504 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Banking – 2.5%continued** | **Banking – 2.5%continued** | **Banking – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.91%), <br> 5.02%, 1/12/29 <sup>(3)</sup> <br>| $700 | $711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 5/19/27  | 455 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 1/22/30 <sup>†</sup> <br>| 545 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.20%), <br> 5.49%, 5/14/30 <sup>(3)</sup> <br>| 700 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.26%), <br> 4.81%, 10/21/32 <sup>(3)</sup> <br>| 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.93%), <br> 5.07%, 1/24/34 <sup>(3)</sup> <br>| 300 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.28%), <br> 6.88%, 10/20/34 <sup>(3)</sup> <br>| 400 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.06%), <br> 5.50%, 9/6/35 <sup>(3)</sup> <br>| 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Holdings U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.36%), <br> 6.50%, 3/9/29 <sup>(3)</sup> <br>| 300 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.50%), <br> 6.17%, 1/9/30 <sup>(3)</sup> <br>| 500 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synovus Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/15/28  | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 8/3/27  | 221 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.44%), <br> 4.87%, 1/26/29 <sup>(3)</sup> <br>| 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.86%), <br> 1.89%, 6/7/29 <sup>(3)</sup> <br>| 57 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.62%), <br> 5.44%, 1/24/30 <sup>(3)</sup> <br>| 800 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 7/22/26  | 133 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.88%), <br> 6.79%, 10/26/27 <sup>(3)</sup> <br>| 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.73%), <br> 2.22%, 1/27/28 <sup>(3)</sup> <br>| 322 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 4/26/28  | 402 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.02%), <br> 5.78%, 6/12/29 <sup>(3) †</sup> <br>| 500 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 7/22/30 <sup>†</sup> <br>| 143 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.60%), <br> 4.84%, 2/1/34 <sup>(3)</sup> <br>| 500 | 494 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Banking – 2.5%continued** | **Banking – 2.5%continued** | **Banking – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.41%), <br> 5.42%, 2/12/36 <sup>(3)</sup> <br>| $300 | $306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 3/25/29  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/23/26  | 542 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.78%), <br> 4.90%, 1/24/28 <sup>(3)</sup> <br>| 2000 | 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.98%), <br> 4.81%, 7/25/28 <sup>(3)</sup> <br>| 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.50%), <br> 5.20%, 1/23/30 <sup>(3)</sup> <br>| 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.99%), <br> 5.56%, 7/25/34 <sup>(3)</sup> <br>| 700 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.06%), <br> 6.49%, 10/23/34 <sup>(3)</sup> <br>| 300 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.78%), <br> 5.50%, 1/23/35 <sup>(3)</sup> <br>| 600 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.74%), <br> 5.61%, 4/23/36 <sup>(3)</sup> <br>| 300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.53%), <br> 3.07%, 4/30/41 <sup>(3)</sup> <br>| 100 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 4.50%), 5.01%, 4/4/51 <sup>(3)</sup> <br>| 1300 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.13%), <br> 4.61%, 4/25/53 <sup>(3)</sup> <br>| 1000 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/11/26  | 1200 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 2/1/37  | 500 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 1/15/38  | 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 6/6/29  | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/29/29  | 250 | 229 |
|  |  | **57879** |
| **Beverages – 0.4%** | **Beverages – 0.4%** | **Beverages – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/15/45  | 200 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 3/25/27  | 133 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 3/5/28  | 81 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 9/6/29  | 243 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 6/1/30  | 179 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/5/31  | 1204 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/13/34  | 500 | 515 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Beverages – 0.4%continued** | **Beverages – 0.4%continued** | **Beverages – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 8/14/34  | $500 | $503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 6/1/34  | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/15/28  | 44 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 8/1/31  | 284 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/48 <sup>†</sup> <br>| 167 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 9/15/26  | 185 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/15/29  | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 12/15/46  | 300 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/15/26  | 170 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 7/15/46  | 300 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pepsico Singapore Financing I Pte. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 2/16/29  | 1800 | 1826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 3/19/30 <sup>†</sup> <br>| 483 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 5/1/30  | 77 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/31  | 500 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/7/35  | 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/17/54  | 400 | 388 |
|  |  | **8323** |
| **Biotechnology & Pharmaceuticals – 1.2%** | **Biotechnology & Pharmaceuticals – 1.2%** | **Biotechnology & Pharmaceuticals – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26  | 663 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 3/15/29  | 500 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 3/15/31  | 500 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/15/34  | 500 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/39  | 200 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 6/15/44  | 750 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/49  | 500 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 3/15/54  | 700 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/2/28  | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/2/30  | 1500 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/15/32  | 1000 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/41  | 126 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 3/2/43  | 300 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/21/50  | 200 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 3/2/53  | 1000 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/2/63  | 200 | 194 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Biotechnology & Pharmaceuticals – 1.2%continued** | **Biotechnology & Pharmaceuticals – 1.2%continued** | **Biotechnology & Pharmaceuticals – 1.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 5/1/30  | $40 | $36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 5/1/50  | 400 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/15/51  | 200 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 2/20/28  | 726 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/47  | 1083 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 2/22/54  | 700 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 11/15/63  | 300 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 2/12/32  | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 8/14/34  | 500 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 2/27/63  | 400 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 2/12/65  | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/1/27  | 1050 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/33  | 1000 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/1/40  | 100 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 4/1/44  | 185 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/45  | 150 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/46  | 168 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 3/1/47  | 60 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 6/1/31  | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/5/33  | 332 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 8/15/37  | 32 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 3/1/46  | 600 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/54  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 9/1/60  | 120 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 6/10/27  | 263 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/10/28  | 279 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 3/7/29 <sup>†</sup> <br>| 389 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/10/31  | 688 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/17/33 <sup>†</sup> <br>| 1000 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 9/15/42  | 25 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 2/10/45  | 60 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 5/17/63  | 200 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mylan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 4/15/28  | 171 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/29/43  | 400 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novartis Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 8/14/30  | 524 | 477 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Biotechnology & Pharmaceuticals – 1.2%continued** | **Biotechnology & Pharmaceuticals – 1.2%continued** | **Biotechnology & Pharmaceuticals – 1.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 9/18/54  | $300 | $269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/19/33  | 700 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 5/19/53  | 800 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 3/15/29  | 24 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 4/1/30  | 500 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 3/15/39  | 311 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 9/15/40  | 194 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 6/15/43  | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/46  | 262 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmacia LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 12/1/28  | 125 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 9/15/30  | 300 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/2/50  | 300 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 9/2/54  | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanofi S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 6/19/28  | 250 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shire Acquisitions Investments Ireland <br> DAC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 9/23/26  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wyeth LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 4/1/37  | 625 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 9/12/47  | 250 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 8/20/48  | 40 | 34 |
|  |  | **27097** |
| **Cable & Satellite – 0.5%** | **Cable & Satellite – 0.5%** | **Cable & Satellite – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/10/26  | 250 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/28  | 251 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 1/15/29 <sup>†</sup> <br>| 484 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 6/1/29  | 1500 | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/1/31  | 650 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 6/1/34  | 500 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/1/48  | 520 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 6/1/52  | 800 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 1/15/29  | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 6/1/29  | 1500 | 1548 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Cable & Satellite – 0.5%continued** | **Cable & Satellite – 0.5%continued** | **Cable & Satellite – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 4/1/30  | $1370 | $1314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 5/15/32  | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/33  | 400 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 3/15/33  | 140 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/1/40  | 1000 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/1/51  | 100 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 5/15/53  | 700 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 11/1/63  | 500 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/15/64  | 550 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Warner Cable LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 7/1/38  | 600 | 654 |
|  |  | **11554** |
| **Capital Goods – 0.0%** | **Capital Goods – 0.0%** | **Capital Goods – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/3/34 | 100 | **99** |
| **Chemicals – 0.2%** | **Chemicals – 0.2%** | **Chemicals – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 5/15/50  | 300 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 6/1/27  | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 4/30/30  | 200 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cabot Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/30/32  | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dow Chemical (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/1/34  | 470 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.40%, 5/15/39  | 174 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/41  | 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/30/48  | 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 11/15/48  | 300 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 9/1/42 <sup>†</sup> <br>| 200 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 8/18/55  | 300 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FMC Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/18/53  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/26/48  | 41 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linde, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/10/50  | 200 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lubrizol (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/34  | 50 | 56 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Chemicals – 0.2%continued** | **Chemicals – 0.2%continued** | **Chemicals – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LYB International Finance B.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/43  | $565 | $503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LYB International Finance III LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 5/1/50  | 35 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mosaic (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/15/33  | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NewMarket Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 3/18/31  | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 6/15/30  | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 3/15/27  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 6/1/27  | 205 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 8/15/29  | 167 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 5/15/30  | 153 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 3/15/32  | 475 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 8/1/45  | 30 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 8/15/26  | 701 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 6/15/30  | 249 | 235 |
|  |  | **5640** |
| **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 5/15/28  | 300 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Block Financial LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/30 <sup>†</sup> <br>| 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. No. 2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/32 <sup>†</sup> <br>| 150 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/6/34  | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 4/15/32  | 400 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/27  | 296 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 5/15/28  | 432 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 3/1/30  | 118 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/33  | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 1/15/52  | 300 | 191 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Commercial Support Services – 0.1%continued** | **Commercial Support Services – 0.1%continued** | **Commercial Support Services – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 7/15/49  | $200 | $163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/50  | 500 | 298 |
|  |  | **3024** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amrize Finance U.S. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 4/7/35 <sup>(2)</sup> <br>| 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 3/1/30  | 300 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRH America Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/9/35  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRH SMW Finance DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 5/21/29  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/31  | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 6/1/27  | 500 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/54  | 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owens Corning, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 8/15/26  | 400 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/1/30  | 500 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/30  | 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/1/34  | 300 | 305 |
|  |  | **3038** |
| **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 4/30/54 | 300 | **300** |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Endowment (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/1/51  | 100 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Institute of Technology, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/1/11 <sup>(4)</sup> <br>| 110 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 10/1/44  | 200 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emory University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 9/1/50  | 500 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johns Hopkins University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 7/1/53  | 100 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Institute of Technology, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 7/1/11 <sup>(4)</sup> <br>| 190 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 7/1/14 <sup>(5)</sup> <br>| 15 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 7/1/16 <sup>(6)</sup> <br>| 300 | 208 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Consumer Services – 0.1%continued** | **Consumer Services – 0.1%continued** | **Consumer Services – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 12/1/44  | $50 | $47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Fellows of Harvard <br> College,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 10/15/50  | 300 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees of the University of <br> Pennsylvania (The),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 9/1/12 <sup>(7)</sup> <br>| 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Southern California, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 10/1/50  | 500 | 315 |
|  |  | **1729** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amcor Flexibles North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 3/17/30 <sup>(2)</sup> <br>| 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 3/15/32  | 150 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berry Global, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 6/15/31  | 300 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Paper Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/41  | 350 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/1/51  | 200 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 2/1/32 <sup>†</sup> <br>| 300 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WestRock MWV LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 2/15/31  | 100 | 116 |
|  |  | **1517** |
| **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3M Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 9/19/26  | 165 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 4/15/30  | 1000 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dover Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/4/29  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/21/51  | 300 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/26  | 461 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 3/1/27  | 182 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 8/15/29  | 137 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 11/21/47  | 425 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/1/54  | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 9/1/42  | 100 | 83 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Diversified Industrials – 0.1%continued** | **Diversified Industrials – 0.1%continued** | **Diversified Industrials – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/21/44  | $300 | $258 |
|  |  | **2912** |
| **E-Commerce Discretionary – 0.2%** | **E-Commerce Discretionary – 0.2%** | **E-Commerce Discretionary – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 6/3/27  | 544 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 5/12/28  | 533 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 12/1/29  | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/12/41  | 600 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/5/44  | 156 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/3/50  | 200 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 5/12/51  | 800 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/22/57  | 400 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 5/10/31  | 167 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/42  | 235 | 190 |
|  |  | **3965** |
| **Electric & Gas Marketing & Trading – 0.0%** | **Electric & Gas Marketing & Trading – 0.0%** | **Electric & Gas Marketing & Trading – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergy Metro, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/1/41  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 3/15/48  | 300 | 239 |
|  |  | **287** |
| **Electric Utilities – 1.9%** | **Electric Utilities – 1.9%** | **Electric Utilities – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AEP Texas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 5/1/49  | 200 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AEP Transmission Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/46  | 200 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 4/1/50  | 100 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AES (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 6/1/28  | 350 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alabama Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 7/15/48  | 300 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameren Illinois Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 9/1/32 <sup>†</sup> <br>| 500 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appalachian Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/1/38  | 75 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Public Service Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/42  | 230 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 8/15/48  | 100 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avangrid, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 6/1/29  | 200 | 195 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avista Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/52  | $100 | $74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baltimore Gas and Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/15/47  | 475 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 6/1/53  | 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/43 <sup>†</sup> <br>| 300 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/15/30 <sup>†</sup> <br>| 500 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Houston <br> Electric LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 9/1/26  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 8/1/42  | 40 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/49  | 500 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleco Corporate Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 5/1/46  | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 8/15/27  | 500 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 3/1/44  | 500 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Edison Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 6/1/34  | 300 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 1/15/38  | 200 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 8/15/43  | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut Light and Power (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/48  | 250 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/53  | 500 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/15/34  | 300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 3/15/36  | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/1/38  | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/39  | 85 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 3/1/43  | 120 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 3/15/44  | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/15/46  | 100 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 12/1/48  | 100 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/15/52  | 500 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/1/41  | 430 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumers 2023 Securitization <br> Funding LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 9/1/30  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy South Carolina, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 1/15/38  | 265 | 281 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 6/1/65  | $50 | $45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/28  | 500 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/33  | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 6/15/35  | 500 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/15/38  | 20 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 8/1/41  | 35 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 9/15/42  | 100 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTE Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 5/15/48  | 700 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTE Electric Securitization Funding <br> II LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.09%, 9/1/37  | 30 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 3/15/30  | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 10/15/32  | 106 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 6/1/37  | 150 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/1/45  | 350 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/32 <sup>†</sup> <br>| 551 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/1/46  | 120 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 6/15/54  | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 9/15/37  | 340 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/1/46 <sup>†</sup> <br>| 290 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 10/15/35  | 500 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 8/15/38  | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 7/15/43  | 500 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Ohio, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 3/15/54  | 400 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 3/15/55  | 300 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Progress NC Storm <br> Funding LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 7/1/37  | 50 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entergy Arkansas LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/1/54  | 300 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entergy Louisiana LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 6/1/31  | 950 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 6/15/41  | 300 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/15/52  | 300 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 8/15/30 <sup>†</sup> <br>| 165 | 143 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/15/31  | $500 | $512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/15/35  | 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 4/15/50  | 100 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 3/15/52  | 550 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/55  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 3/1/50  | 300 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Power & Light Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 2/1/37  | 335 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 2/1/38  | 150 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96%, 4/1/39  | 250 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 3/1/49  | 200 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 6/15/54  | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 3/15/65  | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 3/15/31  | 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idaho Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/53  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana Michigan Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 3/15/37  | 200 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/1/53  | 500 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interstate Power and Light Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/30/51  | 300 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITC Holdings Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/15/27  | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidAmerican Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 9/15/43  | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 8/1/48 <sup>†</sup> <br>| 300 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Grid U.S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 4/1/35  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 5/6/27  | 700 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/1/32  | 50 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 3/15/49 <sup>†</sup> <br>| 125 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.53%), 7.13%, <br> 9/15/53 <sup>(3)</sup> <br>| 400 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nevada Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 4/1/36  | 100 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 5/1/53  | 400 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/15/54  | 200 | 203 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 6/1/30  | $1561 | $1406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 1/15/32  | 439 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern States Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 6/15/54  | 400 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oglethorpe Power Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/47  | 300 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 6/1/34  | 300 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Gas and Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 4/1/47  | 200 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/1/38  | 145 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 11/15/48  | 300 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 5/15/50  | 300 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 6/1/52  | 300 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 5/15/29  | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 7/1/30  | 1909 | 1863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 6/15/32  | 800 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/40  | 500 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PacifiCorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 2/15/31  | 400 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 8/1/36  | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/37  | 275 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/15/49  | 50 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 1/15/55  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.32%), 7.38%, <br> 9/15/55 <sup>(3)</sup> <br>| 800 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&E Energy Recovery Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 7/15/46  | 50 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&E Recovery Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 7/15/32  | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 6/1/33  | 92 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26%, 1/15/38  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54%, 7/15/47  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&E Wildfire Recovery Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 6/1/30  | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 6/1/31  | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 6/1/37  | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/1/47  | 135 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 12/1/47  | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 12/1/51  | 100 | 86 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 6/1/52  | $75 | $69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPL Electric Utilities Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/39  | 275 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 6/15/48  | 300 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/49  | 300 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Co. of Colorado, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 6/15/48  | 300 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Electric and Gas Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 5/1/42  | 50 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 9/1/42  | 30 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 5/1/48  | 300 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/55  | 150 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 4/1/29  | 600 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 3/15/30  | 700 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puget Sound Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 3/15/37  | 75 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 4/15/41  | 340 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/40  | 150 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 4/1/53 <sup>†</sup> <br>| 300 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCE Recovery Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 12/15/47  | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sempra, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/15/27  | 150 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/39  | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 3/15/35  | 400 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 7/1/46  | 1000 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern California Edison Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/34  | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 7/15/35  | 400 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 1/15/37  | 275 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 2/1/38  | 710 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 3/15/39  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/40  | 150 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 3/15/43  | 150 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/1/48  | 90 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwestern Electric Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 9/15/28  | 250 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 4/1/45  | 170 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwestern Public Service Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/54  | 300 | 302 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tampa Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 6/15/42  | $50 | $41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 6/15/48  | 100 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tucson Electric Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/53  | 200 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 9/15/42  | 50 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/48  | 250 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/54  | 250 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/15/37  | 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 11/30/37  | 40 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 11/15/38  | 100 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 8/15/43  | 150 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 2/15/44  | 75 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 9/15/47  | 125 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 1/15/54  | 300 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 3/15/55  | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Power Fuel Securitization LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/1/31  | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Electric Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/15/48  | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Public Service Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/1/44  | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 9/1/49  | 150 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 6/1/32 <sup>†</sup> <br>| 1000 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 4/15/35  | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/1/36  | 100 | 107 |
|  |  | **44589** |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegion U.S. Holding Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 5/29/34  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/35  | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 2/15/30  | 1000 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 3/15/54  | 75 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 6/15/46  | 105 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 3/15/31  | 150 | 133 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Electrical Equipment – 0.1%continued** | **Electrical Equipment – 0.1%continued** | **Electrical Equipment – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/2/64  | $110 | $92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/29 <sup>†</sup> <br>| 200 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/15/28  | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 2/15/50  | 200 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 3/1/49  | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies Financing Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/1/44  | 35 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies Global Holding Co. <br> Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/43  | 150 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 3/15/33  | 200 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 4/1/31  | 200 | 179 |
|  |  | **3017** |
| **Engineering & Construction – 0.0%** | **Engineering & Construction – 0.0%** | **Engineering & Construction – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 6/15/29  | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nature Conservancy (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 3/1/52  | 50 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/9/34  | 200 | 203 |
|  |  | **345** |
| **Entertainment Content – 0.3%** | **Entertainment Content – 0.3%** | **Entertainment Content – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/1/29  | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 2/15/31  | 300 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 1/25/49  | 300 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/29  | 600 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paramount Global, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 5/19/32  | 600 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 9/1/43 <sup>†</sup> <br>| 197 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/44  | 30 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 3/28/28  | 400 | 406 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Entertainment Content – 0.3%continued** | **Entertainment Content – 0.3%continued** | **Entertainment Content – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walt Disney (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 3/23/27  | $297 | $296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/15/35  | 31 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/1/41  | 105 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/45  | 1200 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 1/13/51  | 300 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/15/42  | 400 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 3/15/52  | 800 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 3/15/62  | 700 | 483 |
|  |  | **5865** |
| **Food – 0.3%** | **Food – 0.3%** | **Food – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/1/27  | 85 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/1/28  | 200 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/1/28  | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 11/1/38  | 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 3/15/55  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 4/15/30  | 218 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/14/31 <sup>†</sup> <br>| 432 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hershey (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 8/15/26  | 365 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/4/28  | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 6/3/28  | 500 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 6/3/51  | 100 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/1/26  | 250 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/15/45 <sup>†</sup> <br>| 250 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/53  | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBS U.S.A. Holding Lux S.a.r.l./JBS <br> U.S.A. Food Co./JBS Lux Co. S.a.r.l.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 1/15/32  | 400 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/53  | 400 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kellanova, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/16/54  | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/15/27  | 400 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/1/49  | 800 | 687 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Food – 0.3%continued** | **Food – 0.3%continued** | **Food – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 4/15/33  | $200 | $202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/17/32  | 500 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/15/34  | 350 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Campbell's Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 4/24/50  | 350 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 9/28/48  | 300 | 269 |
|  |  | **6640** |
| **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 11/15/29 | 500 | **569** |
| **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Water Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 9/1/27  | 1000 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.59%, 10/15/37  | 105 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/1/42  | 75 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 5/1/50  | 12 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/1/51  | 58 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 3/1/54  | 300 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 1/15/43  | 250 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/44  | 75 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 11/15/53  | 200 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/1/28  | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 1/15/41  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 8/15/27  | 600 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/26  | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 2/15/44  | 580 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONE Gas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/1/32  | 150 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Natural Gas Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 5/15/52  | 200 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern California Gas Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 6/15/35  | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/15/42  | 250 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 1/15/49  | 125 | 100 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Gas & Water Utilities – 0.2%continued** | **Gas & Water Utilities – 0.2%continued** | **Gas & Water Utilities – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 4/1/54  | $150 | $146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/41  | 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 9/29/46  | 50 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spire Missouri, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 6/1/51  | 100 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Gas Light Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 9/15/49  | 100 | 72 |
|  |  | **5517** |
| **Health Care Facilities & Services – 1.0%** | **Health Care Facilities & Services – 1.0%** | **Health Care Facilities & Services – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advocate Health & Hospitals Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 6/15/50  | 265 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aetna, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/15/36  | 40 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/15/37  | 150 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AHS Hospital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 7/1/45  | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascension Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/15/29  | 750 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/44  | 200 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/1/45  | 60 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/47  | 100 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centene Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 8/1/31  | 1000 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 3/15/31  | 845 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 7/15/46  | 880 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 2/15/54  | 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 10/1/49  | 200 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 8/21/27  | 39 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 3/25/28  | 234 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 8/15/29 <sup>†</sup> <br>| 191 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/1/30  | 386 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/5/43  | 150 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 7/20/45  | 1286 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/25/48  | 319 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 6/1/54  | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/63  | 400 | 382 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Health Care Facilities & Services – 1.0%continued** | **Health Care Facilities & Services – 1.0%continued** | **Health Care Facilities & Services – 1.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dignity Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 11/1/64  | $200 | $176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 3/1/28  | 245 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/15/37  | 500 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/42  | 325 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 3/15/51  | 100 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 6/15/54  | 300 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 2/15/55  | 300 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/27  | 1426 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/33  | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/35  | 300 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/15/39  | 200 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/47  | 330 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/49  | 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/54  | 300 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 9/15/54  | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 3/1/55  | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 4/1/64  | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/28  | 500 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 8/15/29  | 85 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/15/31  | 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/53  | 300 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaiser Foundation Hospitals, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 11/1/49  | 500 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 2/1/45  | 300 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 5/30/30  | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Memorial Sloan-Kettering Cancer <br> Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/1/52  | 100 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novant Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.32%, 11/1/61  | 120 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYU Langone Hospitals, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 7/1/47  | 200 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 6/30/29  | 59 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 11/30/33  | 200 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sutter Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 8/15/48  | 500 | 399 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Health Care Facilities & Services – 1.0%continued** | **Health Care Facilities & Services – 1.0%continued** | **Health Care Facilities & Services – 1.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 1/15/27  | $300 | $297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 5/15/27  | 55 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/28  | 218 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/29  | 500 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/29  | 600 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 1/15/30  | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/15/30  | 216 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 5/15/31  | 200 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 7/15/34  | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 11/15/37  | 640 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 2/15/38  | 170 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/15/42  | 219 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/15/45  | 281 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 4/15/53  | 750 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/64  | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/64  | 900 | 875 |
|  |  | **22219** |
| **Home & Office Products – 0.0%** | **Home & Office Products – 0.0%** | **Home & Office Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/27 | 500 | **485** |
| **Home Construction – 0.1%** | **Home Construction – 0.1%** | **Home Construction – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/35  | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/25/52  | 50 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/29/27  | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masco Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/15/28  | 500 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MDC Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/15/31  | 200 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 3/15/35  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 9/18/28  | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/15/30  | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/1/29  | 150 | 146 |
|  |  | **1527** |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Household Products – 0.2%** | **Household Products – 0.2%** | **Household Products – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 8/1/47  | $100 | $78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 3/1/33  | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/15/37  | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/15/45  | 150 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 3/15/47 <sup>†</sup> <br>| 70 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 5/15/53  | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haleon U.S. Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/24/32  | 600 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 3/22/33  | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 3/22/43 <sup>†</sup> <br>| 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/22/53  | 200 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/2/31 <sup>†</sup> <br>| 200 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 8/1/37  | 350 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 7/30/46  | 25 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/25/30  | 794 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/29/30  | 300 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 2/1/32  | 200 | 179 |
|  |  | **3596** |
| **Industrial Intermediate Products – 0.0%** | **Industrial Intermediate Products – 0.0%** | **Industrial Intermediate Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Timken (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/1/32 | 100 | **93** |
| **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WW Grainger, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 6/15/45 | 100 | **89** |
| **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 5/16/27  | 500 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.33%), 3.44%, 2/7/28 <sup>(3)</sup> <br>| 1000 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.09%), <br> 4.98%, 3/14/30 <sup>(3)</sup> <br>| 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.51%), <br> 4.71%, 2/1/34 <sup>(3)</sup> <br>| 500 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BGC Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 6/10/29  | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/16/32  | 100 | 90 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Institutional Financial Services – 1.1%continued** | **Institutional Financial Services – 1.1%continued** | **Institutional Financial Services – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/15/28  | $300 | $298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 9/15/43  | 45 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group (The), Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 1/15/27  | 613 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 1/26/27  | 623 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.82%), <br> 1.54%, 9/10/27 <sup>(3)</sup> <br>| 108 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.91%), <br> 1.95%, 10/21/27 <sup>(3)</sup> <br>| 445 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.32%), <br> 4.94%, 4/23/28 <sup>(3)</sup> <br>| 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.77%), 3.69%, 6/5/28 <sup>(3)</sup> <br>| 579 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.42%), 3.81%, 4/23/29 <sup>(3)</sup> <br>| 70 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 3/15/30 <sup>†</sup> <br>| 500 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.08%), <br> 5.21%, 1/28/31 <sup>(3)</sup> <br>| 1000 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.09%), <br> 1.99%, 1/27/32 <sup>(3)</sup> <br>| 1500 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.95%), <br> 6.56%, 10/24/34 <sup>(3)</sup> <br>| 400 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.55%), <br> 5.85%, 4/25/35 <sup>(3)</sup> <br>| 700 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.38%), <br> 5.54%, 1/28/36 <sup>(3)</sup> <br>| 400 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.69%), 4.41%, 4/23/39 <sup>(3)</sup> <br>| 500 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/41  | 192 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.51%), <br> 3.21%, 4/22/42 <sup>(3)</sup> <br>| 808 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.63%), <br> 3.44%, 2/24/43 <sup>(3)</sup> <br>| 400 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 7/8/44  | 350 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/31  | 400 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 6/15/62  | 600 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/15/31  | 400 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 4/14/34  | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lazard Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/15/31  | 125 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 3/15/30  | 250 | 254 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Institutional Financial Services – 1.1%continued** | **Institutional Financial Services – 1.1%continued** | **Institutional Financial Services – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 8/9/26  | $100 | $102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 1/20/27  | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.26%), <br> 5.66%, 4/18/30 <sup>(3)</sup> <br>| 1000 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.22%), <br> 5.04%, 7/19/30 <sup>(3)</sup> <br>| 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.11%), <br> 5.23%, 1/15/31 <sup>(3)</sup> <br>| 2400 | 2457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.03%), <br> 1.79%, 2/13/32 <sup>(3)</sup> <br>| 36 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.02%), <br> 1.93%, 4/28/32 <sup>(3)</sup> <br>| 66 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.88%), <br> 5.42%, 7/21/34 <sup>(3)</sup> <br>| 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.73%), <br> 5.47%, 1/18/35 <sup>(3)</sup> <br>| 700 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.42%), <br> 5.59%, 1/18/36 <sup>(3)</sup> <br>| 300 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.76%), <br> 5.66%, 4/17/36 <sup>(3)</sup> <br>| 300 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.36%), <br> 2.48%, 9/16/36 <sup>(3)</sup> <br>| 600 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.43%), 5.95%, <br> 1/19/38 <sup>(3)</sup> <br>| 800 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.80%), 5.94%, <br> 2/7/39 <sup>(3)</sup> <br>| 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 7/24/42  | 300 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 1/27/45  | 784 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.71%), <br> 5.52%, 11/19/55 <sup>(3)</sup> <br>| 300 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 8/15/53 <sup>(8)</sup> <br>| 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73%, 2/28/30  | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 4.82%, 1/26/34 <sup>(3)</sup> <br>| 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.89%), <br> 5.16%, 5/18/34 <sup>(3) †</sup> <br>| 400 | 409 |
|  |  | **24863** |
| **Insurance – 0.7%** | **Insurance – 0.7%** | **Insurance – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 4/1/30  | 500 | 486 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Insurance – 0.7%continued** | **Insurance – 0.7%continued** | **Insurance – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allstate (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/15/43  | $45 | $39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/15/46 <sup>†</sup> <br>| 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, ICE LIBOR USD 3M + <br> 2.12%), 6.50%, 5/15/57 <sup>(3)</sup> <br>| 225 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/2/30 <sup>†</sup> <br>| 150 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/16/44  | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/30/50  | 300 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American National Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/1/29  | 150 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aon Corp./Aon Global Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 2/28/52  | 300 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aon North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/1/27  | 2000 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 3/1/31  | 300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 6/30/50  | 200 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/2/53  | 250 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 2/15/55  | 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 3/27/28  | 215 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty U.S. Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/28  | 120 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Athene Holding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 2/1/33  | 300 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/54  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AXIS Specialty Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.19%), 4.90%, <br> 1/15/40 <sup>(3)</sup> <br>| 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 3/15/32 <sup>†</sup> <br>| 178 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 5/15/42 <sup>†</sup> <br>| 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 5/15/43  | 300 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/49  | 300 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/11/43  | 255 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/22/51  | 250 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 3/17/52  | 200 | 173 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Insurance – 0.7%continued** | **Insurance – 0.7%continued** | **Insurance – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/11/37  | $50 | $54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/38  | 85 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb INA Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 5/15/36  | 50 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 3/13/43  | 100 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/15/51  | 100 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 12/15/61  | 200 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNA Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/33  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 4/5/52  | 300 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enstar Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 9/1/31  | 150 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/20/48 <sup>†</sup> <br>| 136 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everest Reinsurance Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/15/52  | 200 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.40%, 1/13/28  | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 9/15/34  | 150 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group (The), Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/15/36  | 285 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 9/15/28  | 150 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/12/26  | 148 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 3/1/28  | 117 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/9/37  | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loews Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/15/43 <sup>†</sup> <br>| 75 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/20/49  | 200 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 5/7/52 <sup>†</sup> <br>| 100 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 8/1/33  | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/15/34  | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 3/15/53  | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 3/15/55  | 300 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/15/34  | 485 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 12/15/44  | 370 | 329 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Insurance – 0.7%continued** | **Insurance – 0.7%continued** | **Insurance – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/54 <sup>†</sup> <br>| $100 | $94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/28/34  | 150 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/53  | 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progressive (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 1/15/27  | 250 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 3/15/48  | 300 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 3/14/35  | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/10/40  | 300 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 12/7/49  | 335 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/15/33  | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 4/15/35  | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transatlantic Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/30/39  | 70 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travelers (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 6/15/37  | 375 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 5/25/53  | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unum Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/15/51  | 200 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W R Berkley Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 3/30/52  | 200 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 9/15/29  | 500 | 471 |
|  |  | **15090** |
| **Internet Media & Services – 0.3%** | **Internet Media & Services – 0.3%** | **Internet Media & Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/30  | 1300 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 8/15/50  | 75 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 8/15/60  | 400 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/13/30  | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/1/27  | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 5/15/28  | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 8/15/29  | 750 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 8/15/31  | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 5/15/33  | 1800 | 1846 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Internet Media & Services – 0.3%continued** | **Internet Media & Services – 0.3%continued** | **Internet Media & Services – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 9/15/54  | $250 | $233 |
|  |  | **6213** |
| **IT Services – 0.2%** | **IT Services – 0.2%** | **IT Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/4/31  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBM International Capital Pte. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 2/5/34  | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 2/5/54  | 300 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/15/28  | 226 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 5/15/30  | 797 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 2/10/35  | 700 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/49  | 300 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/15/28  | 500 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leidos, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/15/33  | 300 | 313 |
|  |  | **3465** |
| **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/30/27  | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 8/15/34  | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 3/15/30  | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 4/15/31  | 500 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 4/15/32  | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 8/14/28  | 700 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/17/29  | 400 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/9/45  | 200 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 3/1/47  | 200 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 9/1/48  | 112 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 8/14/53  | 300 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/50  | 600 | 418 |
|  |  | **3944** |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 4/1/52  | 200 | 153 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Leisure Products – 0.0%continued** | **Leisure Products – 0.0%continued** | **Leisure Products – 0.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 3/15/40  | $50 | $51 |
|  |  | **204** |
| **Machinery – 0.3%** | **Machinery – 0.3%** | **Machinery – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 3/21/34  | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 1/8/27  | 186 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 8/12/27  | 500 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 8/15/42  | 185 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 5/15/44 <sup>†</sup> <br>| 235 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 9/19/49  | 220 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 4/20/29  | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deere & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/15/50  | 633 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 9/15/27  | 250 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 5/18/28  | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 8/23/52  | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 1/15/32  | 100 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 6/15/31  | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31%, 6/15/31  | 500 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 9/15/27  | 118 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 1/7/28  | 400 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/14/28  | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 9/8/31  | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennametal, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/15/28  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oshkosh Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 3/1/30  | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 4/15/28  | 500 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 5/1/50  | 100 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/50 <sup>†</sup> <br>| 300 | 171 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Machinery – 0.3%continued** | **Machinery – 0.3%continued** | **Machinery – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/18/26  | $300 | $304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 1/30/31  | 200 | 177 |
|  |  | **6894** |
| **Medical Equipment & Devices – 0.3%** | **Medical Equipment & Devices – 0.3%** | **Medical Equipment & Devices – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 1/30/28  | 400 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/30/36  | 353 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/30/37  | 202 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/15/43  | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 3/12/31  | 300 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/15/46  | 350 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 2/13/28  | 800 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 12/15/44  | 210 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/40  | 240 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DH Europe Finance II S.a.r.l., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/15/29  | 1100 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91%, 11/22/32  | 600 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medtronic, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/45  | 406 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 9/15/31  | 300 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 3/7/28  | 152 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 4/1/43  | 50 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/15/44  | 200 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 6/15/50  | 200 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/5/26  | 500 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/15/28  | 38 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/15/41  | 500 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/24/31  | 400 | 353 |
|  |  | **6874** |
| **Metals & Mining – 0.0%** | **Metals & Mining – 0.0%** | **Metals & Mining – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/1/30  | 500 | 495 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Metals & Mining – 0.0%continued** | **Metals & Mining – 0.0%continued** | **Metals & Mining – 0.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/1/35  | $100 | $107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp./Newcrest Finance Pty. <br> Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 5/13/50  | 300 | 242 |
|  |  | **844** |
| **Oil & Gas Services & Equipment – 0.1%** | **Oil & Gas Services & Equipment – 0.1%** | **Oil & Gas Services & Equipment – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 9/15/40 <sup>†</sup> <br>| 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Holdings LLC/Baker <br> Hughes Co-Obligor, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 12/15/26  | 500 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 12/15/47  | 110 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 3/1/30  | 300 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/15/35  | 275 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 9/15/39  | 160 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 8/1/43  | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOV, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/1/29  | 150 | 144 |
|  |  | **1554** |
| **Oil & Gas Supply Chain – 1.4%** | **Oil & Gas Supply Chain – 1.4%** | **Oil & Gas Supply Chain – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APA Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 2/15/35 <sup>(2)</sup> <br>| 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boardwalk Pipelines L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 7/15/27  | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 1/16/27  | 312 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 11/6/28  | 428 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 1/12/32 <sup>†</sup> <br>| 110 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 4/10/34  | 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/8/61  | 800 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 9/19/27  | 138 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 12/31/39  | 300 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 6/30/33  | 500 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 4/15/34  | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 8/12/27  | 31 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 4/15/30  | 500 | 510 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 8/12/50  | $200 | $114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 9/15/33  | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 3/15/42  | 100 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 5/15/53  | 300 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/55  | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 3/15/62  | 405 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/15/29  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCP Midstream Operating L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/27  | 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/27  | 250 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/15/54  | 500 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 4/18/34  | 400 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/53  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/18/54  | 300 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 4/18/64  | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern Gas Transmission & Storage, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/15/44  | 200 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enbridge Energy Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/38  | 50 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 7/15/26  | 98 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 3/15/27  | 90 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 4/15/27  | 160 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/27  | 266 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 6/15/28  | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/15/29  | 212 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 9/15/29  | 183 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/1/30  | 400 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 7/1/38  | 310 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 1/15/43  | 500 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 2/1/43  | 309 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 4/1/44  | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 5/15/45  | 80 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/49  | 400 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 9/1/54  | 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 2/15/27  | 529 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 7/31/29  | 138 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/1/33  | 50 | 56 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 4/15/38  | $515 | $612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 2/1/41  | 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 2/1/49  | 200 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 1/31/50  | 700 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 2/16/55  | 300 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 4/15/50  | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQT Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 2/1/34  | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 3/19/30  | 125 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 10/15/30  | 1010 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/16/39  | 200 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 3/19/50  | 500 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hess Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/33  | 390 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/30  | 250 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan Energy Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 8/15/33  | 175 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 9/15/40  | 205 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/40  | 305 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/41  | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/1/41  | 310 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 9/1/44  | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 8/1/52  | 300 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 8/1/54  | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 4/1/28  | 38 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/1/41  | 300 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPLX L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 2/15/29  | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 8/15/30  | 300 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 12/1/47  | 407 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 4/15/48  | 400 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 3/1/53  | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 1/1/31  | 1160 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 3/15/46  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/1/54  | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 10/1/36  | 80 | 86 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 7/15/28  | $23 | $23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 3/15/29  | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/31  | 400 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 9/1/33  | 300 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/15/43 <sup>†</sup> <br>| 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 6/1/47  | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 1/15/51  | 400 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/1/54  | 300 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.10%, 7/15/53  | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips 66, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 5/1/42  | 140 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 3/15/35  | 400 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/1/46 <sup>†</sup> <br>| 200 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 6/15/54  | 350 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P./PAA <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/26  | 139 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 12/15/29  | 554 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 9/15/30  | 137 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/27  | 268 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/30  | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell Finance U.S., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/7/29  | 287 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/11/35  | 300 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 8/12/43  | 60 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/11/45  | 390 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/12/46  | 230 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell International Finance B.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/13/28  | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/21/42  | 230 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/7/49  | 100 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/26/51  | 150 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectra Energy Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/26  | 360 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 9/25/43  | 89 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/15/45  | 110 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/33  | 500 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/53  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 5/15/55  | 200 | 196 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Gas Pipeline Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/15/27  | $158 | $165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/28  | 295 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 4/1/37  | 5 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/32  | 765 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Midstream Operating L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 4/1/33  | 700 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/15/27  | 548 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 3/15/29  | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 8/15/32 <sup>†</sup> <br>| 600 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/15/34  | 500 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/15/43  | 200 | 198 |
|  |  | **31782** |
| **Real Estate Investment Trusts – 0.9%** | **Real Estate Investment Trusts – 0.9%** | **Real Estate Investment Trusts – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/15/29  | 1000 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 4/15/49  | 200 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 4/15/52  | 200 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/26  | 26 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 1/15/27  | 128 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 1/15/28  | 79 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 1/31/28  | 39 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 3/15/29  | 134 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 8/15/29  | 500 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/33  | 300 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 2/15/34  | 300 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Operating Partnership <br> L.P.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 5/15/32  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/15/46  | 300 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/1/26  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/1/28  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/15/34 <sup>†</sup> <br>| 500 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brixmor Operating Partnership L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/16/31  | 300 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/3/26  | 500 | 510 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Real Estate Investment Trusts – 0.9%continued** | **Real Estate Investment Trusts – 0.9%continued** | **Real Estate Investment Trusts – 0.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COPT Defense Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/1/33  | $200 | $164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 7/1/30  | 200 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 3/1/34  | 300 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 2/15/49  | 350 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CubeSmart L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 9/1/26  | 250 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 7/1/29  | 300 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPR Properties, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/31  | 250 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 7/15/30  | 1000 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ERP Operating L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/28  | 500 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/45  | 55 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 7/15/31  | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex Portfolio L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/29  | 146 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/15/30  | 154 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 4/1/28  | 700 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Realty OP L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/1/28  | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Industrial L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/31  | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLP Capital L.P./GLP Financing II, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/15/32  | 300 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Holdings L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/15/31 <sup>†</sup> <br>| 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthpeak OP LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 7/15/26  | 128 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/15/29  | 277 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/15/30  | 118 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership <br> L.P.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/28  | 200 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/15/28  | 112 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty OP LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 3/1/34  | 200 | 218 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Real Estate Investment Trusts – 0.9%continued** | **Real Estate Investment Trusts – 0.9%continued** | **Real Estate Investment Trusts – 0.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/1/45  | $200 | $164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/15/31  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/15/30  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/1/31  | 100 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartments L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 9/15/51  | 200 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 4/15/50  | 300 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 4/15/33  | 300 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips Edison Grocery Center <br> Operating Partnership I L.P.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/34  | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Operating Partnership L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 7/20/28  | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/15/28  | 150 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 7/1/30  | 200 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/31  | 400 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/33  | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/31/35  | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/35  | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/53  | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage Operating Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 1/15/29  | 300 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 5/1/31  | 300 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/9/31  | 200 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/15/27  | 56 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 1/15/28  | 61 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 3/15/28  | 600 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/15/29  | 123 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 7/15/33  | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regency Centers L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 6/15/30  | 400 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/28  | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/15/29  | 150 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safehold GL Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 4/1/34  | 100 | 104 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Real Estate Investment Trusts – 0.9%continued** | **Real Estate Investment Trusts – 0.9%continued** | **Real Estate Investment Trusts – 0.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 9/13/29  | $1001 | $930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/26/34 <sup>†</sup> <br>| 300 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/40  | 242 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/1/44  | 148 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Store Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 12/1/31  | 200 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Communities Operating L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/1/28  | 300 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tanger Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 9/1/31  | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 6/15/33  | 300 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventas Realty L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/30  | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 9/30/43  | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/1/35  | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 5/15/52  | 200 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Welltower OP LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 1/15/29  | 67 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/15/29  | 260 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 1/15/30  | 218 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/9/52  | 200 | 150 |
|  |  | **19929** |
| **Real Estate Services – 0.0%** | **Real Estate Services – 0.0%** | **Real Estate Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBRE Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 8/15/34 | 200 | **211** |
| **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 4/20/32  | 300 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/52  | 200 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/1/31  | 200 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kroger (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/34  | 800 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 4/15/38  | 100 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 7/15/40  | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/15/54  | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 9/15/64  | 100 | 95 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Retail - Consumer Staples – 0.2%continued** | **Retail - Consumer Staples – 0.2%continued** | **Retail - Consumer Staples – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Target Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 1/15/53 <sup>†</sup> <br>| $500 | $441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 6/26/28  | 251 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 9/22/31  | 2000 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 6/28/38  | 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/53  | 300 | 263 |
|  |  | **4786** |
| **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 3/1/32  | 300 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 7/15/26  | 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/18/29  | 121 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/30  | 129 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 11/1/33  | 300 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 1/15/52  | 100 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Depot (The), Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/25/29  | 600 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 9/15/40  | 680 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 4/1/41  | 405 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/6/48  | 400 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 4/15/52  | 643 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 4/1/27  | 115 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 4/5/29  | 76 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/1/32 <sup>†</sup> <br>| 500 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 9/15/41  | 200 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 5/3/47  | 94 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/50  | 700 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 4/1/63  | 400 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 6/1/29  | 500 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 4/15/31  | 200 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TJX (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 9/15/26  | 31 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 5/15/28  | 74 | 68 |
|  |  | **6425** |
| **Semiconductors – 0.5%** | **Semiconductors – 0.5%** | **Semiconductors – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 6/1/52  | 150 | 126 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Semiconductors – 0.5%continued** | **Semiconductors – 0.5%continued** | **Semiconductors – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 6/15/27  | $500 | $495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/1/41  | 300 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 6/1/30  | 500 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 6/15/41  | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 2/15/28  | 1000 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 2/15/31 <sup>(2)</sup> <br>| 1024 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 4/15/32 <sup>(2)</sup> <br>| 500 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 5/15/37  | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/15/41 <sup>(2) †</sup> <br>| 200 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/51 <sup>(2)</sup> <br>| 700 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/21/31  | 400 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/12/31  | 50 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 2/10/33 <sup>†</sup> <br>| 300 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/1/41  | 80 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 12/8/47  | 741 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/49  | 200 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/25/50  | 200 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 2/10/53  | 700 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 2/15/60  | 200 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KLA Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/62  | 250 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 6/15/30  | 700 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 2/15/29  | 300 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/15/28 <sup>†</sup> <br>| 1000 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 1/15/31  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 1/15/35  | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/50  | 400 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 5/20/33  | 300 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 5/20/45  | 300 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/20/53  | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 9/4/29  | 200 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 3/14/33  | 1000 | 1024 |
|  |  | **11875** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Software – 0.6%** | **Software – 0.6%** | **Software – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 2/1/27  | $419 | $407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 1/17/35  | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/15/27  | 135 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 9/10/29  | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 8/2/33  | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 3/15/31  | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/15/26  | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 9/15/33  | 300 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 6/15/27  | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 9/15/30  | 800 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/15/47  | 200 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/15/50  | 200 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 3/17/52  | 674 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 6/1/60  | 100 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 3/17/62  | 1000 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/1/27  | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/6/28  | 600 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 3/25/31  | 509 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/3/32  | 900 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 2/6/33  | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 9/27/34  | 1000 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 5/15/35  | 336 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/37  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 7/15/40  | 590 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 4/1/50  | 1000 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 2/6/53  | 500 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/15/55  | 25 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 4/1/60  | 500 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/15/34  | 400 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 7/15/28  | 1300 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 7/15/31  | 300 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 4/1/30  | 1000 | 1014 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Software – 0.6%continued** | **Software – 0.6%continued** | **Software – 0.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VMware LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 8/15/31  | $300 | $260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 4/1/32  | 300 | 282 |
|  |  | **14021** |
| **Specialty Finance – 0.7%** | **Specialty Finance – 0.7%** | **Specialty Finance – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 8/15/26  | 78 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/1/27  | 163 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 9/1/28  | 131 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/1/28  | 651 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/1/29  | 500 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.82%), <br> 6.85%, 1/3/30 <sup>(3)</sup> <br>| 500 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 11/4/26  | 84 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/5/27  | 500 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 5/3/29  | 72 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.28%), 5.28%, <br> 7/27/29 <sup>(3)</sup> <br>| 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.94%), <br> 6.49%, 10/30/31 <sup>(3)</sup> <br>| 700 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.93%), <br> 5.63%, 7/28/34 <sup>(3)</sup> <br>| 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.79%), <br> 5.67%, 4/25/36 <sup>(3)</sup> <br>| 300 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 7/28/26  | 150 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 3/9/27  | 250 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 5/11/27  | 144 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.86%), <br> 1.88%, 11/2/27 <sup>(3)</sup> <br>| 355 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.08%), <br> 5.47%, 2/1/29 <sup>(3)</sup> <br>| 700 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.64%), <br> 6.31%, 6/8/29 <sup>(3)</sup> <br>| 500 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.86%), <br> 6.38%, 6/8/34 <sup>(3)</sup> <br>| 400 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 3.37%), 7.96%, <br> 11/2/34 <sup>(3)</sup> <br>| 300 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 9/15/31 <sup>†</sup> <br>| 380 | 331 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Specialty Finance – 0.7%continued** | **Specialty Finance – 0.7%continued** | **Specialty Finance – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 3/1/32  | $100 | $91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 9/17/51  | 200 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 7/15/32  | 400 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 8/21/28  | 500 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/29  | 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 8/12/34  | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GATX Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/28  | 500 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 3/15/44  | 35 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 6/5/54  | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 8/15/27  | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 1/15/32  | 500 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/21/46  | 500 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/8/32  | 500 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/1/29  | 300 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 6/1/34  | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 3/1/27 <sup>†</sup> <br>| 300 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/15/33  | 300 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 3/1/52  | 100 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/1/27 <sup>†</sup> <br>| 400 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/1/33  | 300 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 4/15/30  | 400 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/14/35  | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/15/50  | 500 | 271 |
|  |  | **15313** |
| **Steel – 0.0%** | **Steel – 0.0%** | **Steel – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 12/15/55  | 275 | 167 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Steel – 0.0%continued** | **Steel – 0.0%continued** | **Steel – 0.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 4/15/30  | $300 | $286 |
|  |  | **453** |
| **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 9/11/26  | 308 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 2/9/27  | 345 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 5/11/27  | 201 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 9/12/27  | 400 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/10/28  | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 8/8/29 <sup>†</sup> <br>| 37 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 9/11/29 <sup>†</sup> <br>| 188 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 5/10/30  | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/12/32  | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 8/8/32  | 450 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 5/10/33  | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 2/8/41  | 215 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 5/4/43  | 305 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 2/9/45  | 25 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/13/45  | 160 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 2/23/46  | 206 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 8/4/46  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/9/47  | 11 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/12/47  | 8 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/13/47  | 25 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 9/11/49  | 700 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 5/10/53  | 900 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 1/12/28  | 250 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDW LLC/CDW Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 12/1/28  | 500 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 2/24/32  | 400 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 2/15/39  | 200 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/40  | 90 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 2/26/64  | 500 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/48  | 300 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/35  | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.35%, 7/15/46  | 223 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.10%, 4/15/28  | 1000 | 1070 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Technology Hardware – 0.5%continued** | **Technology Hardware – 0.5%continued** | **Technology Hardware – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/28  | $300 | $310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 10/15/31  | 800 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 10/15/45  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/15/41  | 275 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/15/31  | 300 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 3/15/41  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 6/1/32  | 400 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 8/9/31  | 150 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 4/1/31  | 200 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 2/1/32  | 250 | 221 |
|  |  | **12184** |
| **Telecommunications – 0.7%** | **Telecommunications – 0.7%** | **Telecommunications – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 8/15/30  | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 6/1/31  | 359 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 2/15/34  | 1700 | 1748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/35  | 300 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 2/1/43  | 900 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/9/48  | 574 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 2/1/52 <sup>†</sup> <br>| 550 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/1/57  | 1200 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 9/15/59  | 500 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T-Mobile U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/28  | 1066 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 7/15/28  | 785 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/15/30  | 1258 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 4/15/34  | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/15/41  | 300 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/50  | 400 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/15/54  | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/55  | 500 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/55  | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 3/22/30  | 1352 | 1281 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Telecommunications – 0.7%continued** | **Telecommunications – 0.7%continued** | **Telecommunications – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/30  | $818 | $708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 2/15/35  | 1465 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 3/22/41  | 300 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/1/52  | 300 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/23/54  | 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/56  | 700 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 3/22/61  | 1000 | 690 |
|  |  | **15721** |
| **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 11/1/28  | 500 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 2/4/32  | 200 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/2/43  | 410 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 2/14/49  | 517 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/7/28  | 800 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/13/29  | 600 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/1/30  | 181 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/1/31  | 400 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/4/43  | 591 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/43 <sup>†</sup> <br>| 100 | 92 |
|  |  | **4137** |
| **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Pass Through Trust, <br> Series 2021-1, Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 7/11/34  | 260 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/15/27  | 325 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 8/15/36  | 455 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 9/1/43  | 280 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 4/15/54  | 400 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/55  | 150 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 4/15/28  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSX Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/1/26  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 11/15/33  | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/36  | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 5/1/37  | 190 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 4/30/40  | 365 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/48  | 200 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/15/49  | 100 | 85 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Transportation & Logistics – 0.4%continued** | **Transportation & Logistics – 0.4%continued** | **Transportation & Logistics – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Pass Through Trust, <br> Series 2020-1, Class AA,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 6/10/28  | $105 | $99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/30  | 95 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 4/15/43 <sup>(2)</sup> <br>| 300 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/45 <sup>(2)</sup> <br>| 600 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JetBlue Pass Through Trust, Series <br> 2020-1, Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/32  | 141 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 3/1/28 <sup>†</sup> <br>| 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 8/1/30  | 400 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 6/15/45  | 275 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 11/1/47  | 300 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 8/1/54  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 3/15/64  | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 3/15/27  | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 6/15/30  | 500 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 12/1/33  | 100 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/15/27  | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 4/6/36  | 300 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/14/42  | 100 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/5/50  | 800 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 12/1/54  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 1/20/63  | 700 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines Pass Through Trust, <br> Series 2019-1, Class AA,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 8/25/31  | 329 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines Pass Through Trust, <br> Series 2024-1, Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/15/37  | 198 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 4/1/40  | 500 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/47  | 180 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/15/49  | 73 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 4/1/50  | 377 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 5/22/64  | 200 | 192 |
|  |  | **10378** |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Transportation Equipment – 0.0%** | **Transportation Equipment – 0.0%** | **Transportation Equipment – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 9/1/30 <sup>†</sup> <br>| $500 | $436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/1/43  | 90 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PACCAR Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/26/29  | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 9/15/28  | 250 | 251 |
|  |  | **970** |
| **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/11/26  | 305 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/15/47  | 295 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 8/15/26  | 615 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 7/15/26  | 597 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 7/15/27  | 523 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 9/21/35  | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 3/15/48  | 300 | 249 |
|  |  | **2735** |
| **Wholesale - Discretionary – 0.0%** | **Wholesale - Discretionary – 0.0%** | **Wholesale - Discretionary – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/28 | 200 | **206** |
| **Total Corporate Bonds** |  |  |
| **(Cost $500,168)** |  | **477675** |
| **FOREIGN ISSUER BONDS – 6.1%**  | **FOREIGN ISSUER BONDS – 6.1%**  | **FOREIGN ISSUER BONDS – 6.1%**  |
| **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embraer Netherlands Finance B.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.98%, 2/11/35 | 100 | **103** |
| **Asset Management – 0.1%** | **Asset Management – 0.1%** | **Asset Management – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 3/29/29  | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 4/15/30  | 500 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 1/15/35  | 300 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CI Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 6/15/51 <sup>†</sup> <br>| 100 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 8/7/26  | 116 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 9/11/28  | 800 | 833 |
|  |  | **2120** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  |
| **Automotive – 0.1%** | **Automotive – 0.1%** | **Automotive – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 3/10/27  | $1000 | $970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/21/33  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North <br> America LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/18/31  | 175 | 208 |
|  |  | **1383** |
| **Banking – 1.7%** | **Banking – 1.7%** | **Banking – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking <br> Group Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 12/16/29  | 350 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.70%), 6.14%, <br> 9/14/28 <sup>(3)</sup> <br>| 400 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Santander S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.00%), 4.18%, <br> 3/24/28 <sup>(3)</sup> <br>| 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 6/27/29  | 1400 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.94%, 11/7/33  | 400 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 3/8/27  | 1000 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.25%), <br> 4.64%, 9/10/30 <sup>(3) †</sup> <br>| 300 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 2/1/34  | 500 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.05%), 2.28%, <br> 11/24/27 <sup>(3)</sup> <br>| 528 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.74%), <br> 5.69%, 3/12/30 <sup>(3)</sup> <br>| 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 3.50%), 7.44%, <br> 11/2/33 <sup>(3)</sup> <br>| 500 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.98%), <br> 6.22%, 5/9/34 <sup>(3)</sup> <br>| 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.59%), <br> 5.79%, 2/25/36 <sup>(3)</sup> <br>| 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.30%), 3.33%, <br> 11/24/42 <sup>(3)</sup> <br>| 100 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/17/45  | 144 | 138 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  |
| **Banking – 1.7%continued** | **Banking – 1.7%continued** | **Banking – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPCE S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/2/26  | $250 | $247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 4/7/27  | 500 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.09%, 10/3/33 <sup>†</sup> <br>| 300 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 11/27/26  | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooperatieve Rabobank U.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/5/26  | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/43  | 250 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 3.65%), <br> 7.08%, 2/10/34 <sup>(3)</sup> <br>| 900 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.05%), <br> 5.40%, 9/11/35 <sup>(3)</sup> <br>| 300 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.89%, 8/14/27 <sup>(3)</sup> <br>| 600 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.10%), <br> 2.25%, 11/22/27 <sup>(3)</sup> <br>| 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.81%), 4.04%, 3/13/28 <sup>(3)</sup> <br>| 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.73%), <br> 2.01%, 9/22/28 <sup>(3)</sup> <br>| 400 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.04%), <br> 5.13%, 11/19/28 <sup>(3)</sup> <br>| 1500 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.97%), <br> 6.16%, 3/9/29 <sup>(3)</sup> <br>| 750 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.29%), <br> 2.21%, 8/17/29 <sup>(3)</sup> <br>| 150 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.46%), <br> 5.55%, 3/4/30 <sup>(3)</sup> <br>| 1000 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.29%), <br> 5.13%, 3/3/31 <sup>(3)</sup> <br>| 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.95%), <br> 2.36%, 8/18/31 <sup>(3)</sup> <br>| 1300 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.52%), <br> 5.73%, 5/17/32 <sup>(3)</sup> <br>| 800 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.87%), <br> 5.40%, 8/11/33 <sup>(3)</sup> <br>| 500 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 6/1/38  | 150 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/14/44  | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ING Groep N.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.01%), <br> 4.86%, 3/25/29 <sup>(3)</sup> <br>| 700 | 707 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  |
| **Banking – 1.7%continued** | **Banking – 1.7%continued** | **Banking – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.09%), <br> 6.11%, 9/11/34 <sup>(3)</sup> <br>| $400 | $425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.61%), <br> 5.53%, 3/25/36 <sup>(3)</sup> <br>| 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.38%), 5.46%, <br> 1/5/28 <sup>(3)</sup> <br>| 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 0.85%), 5.09%, <br> 11/26/28 <sup>(3)</sup> <br>| 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 1/9/48  | 500 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 0.75%), 1.54%, <br> 7/20/27 <sup>(3)</sup> <br>| 734 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 7/25/27  | 378 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 3/7/29  | 1500 | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.53%), 5.48%, <br> 2/22/31 <sup>(3)</sup> <br>| 1000 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubshi UFJ Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.27%), 5.62%, <br> 4/24/36 <sup>(3)</sup> <br>| 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.33%), 2.59%, 5/25/31 <sup>(3)</sup> <br>| 1000 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.80%), 5.75%, <br> 5/27/34 <sup>(3)</sup> <br>| 500 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 1/14/30  | 500 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.00%), <br> 5.60%, 7/2/27 <sup>(3)</sup> <br>| 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, ICE LIBOR USD 3M + <br> 1.75%), 4.89%, 5/18/29 <sup>(3)</sup> <br>| 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.50%), 5.78%, <br> 3/1/35 <sup>(3)</sup> <br>| 300 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 0.86%), 4.52%, <br> 10/18/28 <sup>(3)</sup> <br>| 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/4/32  | 600 | 574 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  |
| **Banking – 1.7%continued** | **Banking – 1.7%continued** | **Banking – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 2/1/34  | $200 | $205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.60%), <br> 6.53%, 1/10/29 <sup>(3)</sup> <br>| 700 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 12/3/27  | 250 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 1/17/28  | 1250 | 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 7/8/30  | 400 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.78%, 7/13/33  | 800 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 9/14/33 <sup>†</sup> <br>| 500 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 1/12/27  | 2052 | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 6/8/32  | 400 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/15/28  | 250 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 3/8/27  | 500 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 11/18/27  | 500 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/20/28  | 308 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 4/16/29  | 500 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.82%, 11/17/33  | 300 | 330 |
|  |  | **39714** |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. <br> LLC/Anheuser-Busch InBev <br> Worldwide, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 2/1/46  | 1500 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/30  | 1300 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/39  | 310 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 1/15/42  | 190 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/50  | 200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Femsa S.A.B. de C.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 9/1/32  | 200 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diageo Capital PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/5/33  | 500 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diageo Investment Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 8/15/30  | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/15/35  | 300 | 314 |
|  |  | **4587** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 6/12/27  | $31 | $30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 8/6/30  | 731 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 9/15/37  | 450 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/18/42  | 250 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GlaxoSmithKline Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/15/28  | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/15/34  | 150 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/38  | 274 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 7/9/40  | 500 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 7/9/50  | 204 | 134 |
|  |  | **2650** |
| **Cable & Satellite – 0.0%** | **Cable & Satellite – 0.0%** | **Cable & Satellite – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Televisa S.A.B., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/40 | 300 | **281** |
| **Chemicals – 0.0%** | **Chemicals – 0.0%** | **Chemicals – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/15/35  | 23 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/1/36  | 27 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/1/40  | 150 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 1/15/41  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 3/27/53  | 200 | 198 |
|  |  | **600** |
| **Commercial Support Services – 0.0%** | **Commercial Support Services – 0.0%** | **Commercial Support Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RELX Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/27/30  | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomson Reuters Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/15/35  | 150 | 149 |
|  |  | **453** |
| **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smurfit Kappa Treasury ULC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.78%, 4/3/54 | 200 | **197** |
| **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/26/35 <sup>(2)</sup> <br>| 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 12/6/57  | 600 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JD.com, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 1/14/30  | 300 | 287 |
|  |  | **969** |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  |
| **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emera U.S. Finance L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 6/15/31  | $300 | $263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enel Americas S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/25/26  | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 6/12/28  | 150 | 155 |
|  |  | **617** |
| **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABB Finance U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 4/3/28  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyco Electronics Group S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/1/37  | 50 | 57 |
|  |  | **257** |
| **Energy – 0.0%** | **Energy – 0.0%** | **Energy – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Bow U.S.A. Infrastructure <br> Holdings LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.03%, 10/1/29<sup>(2)</sup> <br>| 400 | **401** |
| **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suzano Austria GmbH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 1/15/32 | 400 | **352** |
| **Governmental Banks – 0.4%** | **Governmental Banks – 0.4%** | **Governmental Banks – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Export Development Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/14/28  | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/13/29  | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Export-Import Bank of Korea, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/29/41  | 500 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Bank for International <br> Cooperation,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/16/27  | 1373 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 7/19/28  | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/31/28  | 301 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 4/15/31  | 500 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Development Bank (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/3/30  | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/15/33  | 800 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kreditanstalt fuer Wiederaufbau, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 4/3/28  | 1215 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/28/34  | 1500 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 4/18/36 <sup>(9)</sup> <br>| 500 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landwirtschaftliche Rentenbank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/14/28  | 500 | 502 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  |
| **Governmental Banks – 0.4%continued** | **Governmental Banks – 0.4%continued** | **Governmental Banks – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oesterreichische Kontrollbank A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/1/28  | $500 | $506 |
|  |  | **9164** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unilever Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 7/28/26  | 674 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 5/5/27  | 326 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/32  | 125 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/12/34  | 100 | 99 |
|  |  | **1214** |
| **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triton Container International Ltd./TAL <br> International Container Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 3/15/32 | 200 | **173** |
| **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marex Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 11/4/29  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 7/6/27  | 1200 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07%, 7/12/28  | 500 | 522 |
|  |  | **1795** |
| **Insurance – 0.0%** | **Insurance – 0.0%** | **Insurance – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 3/22/54  | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 3/16/32  | 300 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/5/33  | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XL Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/43  | 50 | 48 |
|  |  | **740** |
| **Internet Media & Services – 0.0%** | **Internet Media & Services – 0.0%** | **Internet Media & Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baidu, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 8/23/31  | 300 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weibo Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 7/8/30  | 200 | 186 |
|  |  | **453** |
| **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sands China Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 3/8/27 | 700 | **672** |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  |
| **Machinery – 0.0%** | **Machinery – 0.0%** | **Machinery – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nVent Finance S.a.r.l., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 5/15/33 | $200 | **$204** |
| **Medical Equipment & Devices – 0.0%** | **Medical Equipment & Devices – 0.0%** | **Medical Equipment & Devices – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips N.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/11/38  | 225 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/42  | 100 | 90 |
|  |  | **336** |
| **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AngloGold Ashanti Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/1/30  | 200 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrick North America Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 5/30/41  | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHP Billiton Finance U.S.A. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/24/42  | 200 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/8/53  | 300 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/15/33  | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Alcan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/15/33  | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/1/35  | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Finance U.S.A. PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/22/42  | 150 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/21/42  | 300 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/14/65  | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 7/27/35  | 300 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/16/40  | 90 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale Overseas Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/12/33  | 600 | 628 |
|  |  | **3038** |
| **Oil & Gas Supply Chain – 0.3%** | **Oil & Gas Supply Chain – 0.3%** | **Oil & Gas Supply Chain – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/1/27  | 395 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 1/15/32  | 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 6/30/33  | 135 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/39  | 200 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/52  | 200 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/28  | 400 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 11/15/30  | 500 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/5/34  | 300 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 8/1/51  | 300 | 198 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  |
| **Oil & Gas Supply Chain – 0.3%continued** | **Oil & Gas Supply Chain – 0.3%continued** | **Oil & Gas Supply Chain – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 4/5/54  | $100 | $99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/6/27  | 52 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 5/22/30 <sup>†</sup> <br>| 870 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/23/41  | 350 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 2/1/32  | 200 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/1/34  | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 5/15/38  | 130 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 3/4/51  | 100 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies Capital International S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 1/10/30  | 500 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies Capital S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 4/5/34  | 400 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.28%, 9/10/54  | 500 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransCanada PipeLines Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 6/1/40  | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 3/15/49  | 400 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodside Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 9/12/54  | 100 | 90 |
|  |  | **6114** |
| **Regional – 0.2%** | **Regional – 0.2%** | **Regional – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Province of Alberta Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/24/34  | 500 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Province of British Columbia Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/15/28  | 750 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 4/24/29  | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 9/1/36  | 175 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Province of Manitoba Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 5/31/34  | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Province of Ontario Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 1/18/29  | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/7/30  | 426 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 1/21/32  | 60 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 4/24/34  | 500 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Province of Quebec Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/15/29  | 375 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/8/33  | 500 | 501 |
|  |  | **5383** |
| **Retail - Consumer Staples – 0.0%** | **Retail - Consumer Staples – 0.0%** | **Retail - Consumer Staples – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize N.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/1/40 | 116 | **119** |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NXP B.V./NXP Funding LLC/NXP <br> U.S.A., Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 5/1/30  | $1000 | $947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TSMC Arizona Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/25/41  | 500 | 387 |
|  |  | **1334** |
| **Sovereign Agencies – 0.0%** | **Sovereign Agencies – 0.0%** | **Sovereign Agencies – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan International Cooperation <br> Agency,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/23/28 | 400 | **400** |
| **Sovereign Government – 1.0%** | **Sovereign Government – 1.0%** | **Sovereign Government – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/30/29  | 1200 | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 1/31/27  | 1000 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 1/13/37  | 300 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/25/50  | 210 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.33%, 1/5/54 <sup>†</sup> <br>| 500 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 1/22/61  | 500 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/11/28  | 500 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 2/11/49  | 1000 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 1/11/53  | 300 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/12/29  | 1000 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/19/35  | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/30/43  | 200 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/3/50  | 600 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 1/19/27  | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/20/28 <sup>†</sup> <br>| 500 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 2/9/28  | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 4/16/30  | 742 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/19/33  | 258 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/12/34 <sup>(10)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 2/9/35  | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/8/44  | 1000 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 1/21/45 <sup>†</sup> <br>| 500 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 1/23/46  | 500 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 1/15/47  | 500 | 360 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  |
| **Sovereign Government – 1.0%continued** | **Sovereign Government – 1.0%continued** | **Sovereign Government – 1.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 2/12/52  | $700 | $490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 5/4/53  | 500 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panama Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/17/28  | 565 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 1/23/30  | 33 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 9/29/32  | 102 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/31/36  | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/47  | 250 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/56 <sup>†</sup> <br>| 1000 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peruvian Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 3/14/37  | 500 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 3/11/41  | 500 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/18/50  | 600 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippine Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/5/30  | 700 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 1/14/31  | 500 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/23/34  | 500 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/13/37  | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 2/2/42  | 500 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Italy Government <br> International Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/17/29  | 1200 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/15/33  | 175 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Poland Government <br> International Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 2/12/35  | 400 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/4/53  | 500 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/18/54  | 200 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 3/21/36  | 250 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 6/18/50  | 750 | 692 |
|  |  | **22906** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 1/23/28  | 123 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/6/28  | 300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 1/30/32 <sup>†</sup> <br>| 1000 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 1/19/34  | 200 | 201 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  |
| **Specialty Finance – 0.1%continued** | **Specialty Finance – 0.1%continued** | **Specialty Finance – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/13/27 <sup>†</sup> <br>| $300 | $304 |
|  |  | **1843** |
| **Steel – 0.0%** | **Steel – 0.0%** | **Steel – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 11/29/32 | 500 | **550** |
| **Supranationals – 0.9%** | **Supranationals – 0.9%** | **Supranationals – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; African Development Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/14/28  | 1000 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asian Development Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/2/27  | 500 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/25/28  | 700 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/12/33  | 2000 | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asian Infrastructure Investment Bank <br> (The),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/18/29  | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Council of Europe Development Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/24/29  | 500 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Bank for Reconstruction & <br> Development,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/9/28  | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Investment Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/15/28  | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/15/28  | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/29  | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/29  | 500 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/10/31  | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/14/33  | 1900 | 1861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/15/36  | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inter-American Development Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 7/20/28  | 197 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 9/18/28  | 1000 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 1/13/31  | 1000 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/12/33  | 300 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/28/41  | 200 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Bank for Reconstruction & <br> Development,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/25/30  | 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/29/32  | 1000 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/28/34  | 500 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/8/34  | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/35  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 2/28/39  | 1000 | 1010 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  |
| **Supranationals – 0.9%continued** | **Supranationals – 0.9%continued** | **Supranationals – 0.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 7/2/29  | $1000 | $1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordic Investment Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/14/28  | 700 | 711 |
|  |  | **19777** |
| **Telecommunications – 0.3%** | **Telecommunications – 0.3%** | **Telecommunications – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; America Movil S.A.B. de C.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/15/37  | 505 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bell Telephone Co. of Canada or Bell <br> Canada,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 4/1/48  | 400 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British Telecommunications PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/4/28  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 12/15/30  | 100 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom International Finance <br> B.V.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 6/15/30  | 400 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 3/1/31  | 610 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/15/42  | 400 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/15/43  | 45 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/1/43  | 49 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/44  | 81 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 3/15/52  | 500 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telefonica Emisiones S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 3/8/27  | 469 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 3/8/47  | 570 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 5/13/32  | 400 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 2/15/30  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 2/27/37  | 59 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/19/49  | 500 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/10/53  | 400 | 377 |
|  |  | **5511** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BAT Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 4/2/30  | 400 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 2/20/31  | 400 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.08%, 8/2/53  | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reynolds American, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/37  | 250 | 280 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  | **FOREIGN ISSUER BONDS - 6.1% continued**  |
| **Tobacco & Cannabis – 0.1%continued** | **Tobacco & Cannabis – 0.1%continued** | **Tobacco & Cannabis – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 9/15/43  | $65 | $66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 8/15/45  | 795 | 767 |
|  |  | **2050** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 7/15/28  | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 8/1/34  | 15 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 6/1/36  | 40 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/37  | 20 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 8/5/52  | 300 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 5/15/37  | 710 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 8/15/45  | 100 | 91 |
|  |  | **1209** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $143,328)** |  | **139669** |
| **U.S. GOVERNMENT AGENCIES – 25.7%** <sup>(11)</sup> | **U.S. GOVERNMENT AGENCIES – 25.7%** <sup>(11)</sup> | **U.S. GOVERNMENT AGENCIES – 25.7%** <sup>(11)</sup> |
| **Fannie Mae – 12.0%** | **Fannie Mae – 12.0%** | **Fannie Mae – 12.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 9/24/26 | 1000 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 1/15/30 | 1175 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 8/5/30 | 600 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 11/15/30 | 200 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/37 | 250 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2017-M11, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 8/25/29 | 106 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2017-M14, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/25/27<sup>(1)</sup> <br>| 182 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2017-M4, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 12/25/26<sup>(1)</sup> <br>| 96 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2017-M8, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 5/25/27 | 209 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M1, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 12/25/27<sup>(1)</sup> <br>| 159 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M10, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 7/25/28<sup>(1)</sup> <br>| 194 | 190 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M12, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/25/30<sup>(1)</sup> <br>| $110 | $107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M13, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 9/25/30<sup>(1)</sup> <br>| 147 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M2, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/25/28<sup>(1)</sup> <br>| 109 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M4, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 3/25/28<sup>(1)</sup> <br>| 71 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M8, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 6/25/28<sup>(1)</sup> <br>| 90 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M18, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 8/25/29 | 91 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M4, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 2/25/31 | 132 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M7, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 4/25/29 | 155 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M9, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 6/25/29 | 130 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2020-M42, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.27%, 7/25/30 | 200 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2020-M46, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 5/25/30 | 490 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2020-M52, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.36%, 10/25/30<sup>(1)</sup> <br>| 350 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2020-M53, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/25/32<sup>(1)</sup> <br>| 200 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2021-M11, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 3/25/31<sup>(1)</sup> <br>| 200 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2022-M1, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 10/25/31<sup>(1)</sup> <br>| 200 | 170 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2022-M10, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 1/25/32<sup>(1)</sup> <br>| $250 | $216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2023-M1S, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 4/25/33<sup>(1)</sup> <br>| 350 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2023-M6, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 7/25/28<sup>(1) (10)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2025-M1, <br> Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 1/25/35 | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #256925, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/37 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #256959, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/37 | 27 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #257042, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/1/38 | 59 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #257237, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/28 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #707791, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/33 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #725425, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/34 | 11 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #730811, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/33 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #735222, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/35 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #735358, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/35 | 28 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #735502, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/35 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #737853, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/33 | 62 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #745336, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/36 | 139 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #745418, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/36 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #745754, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/34 | 105 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #745826, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/36 | 44 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #747383, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/33 | 26 | 26 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #755632, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/34 | $20 | $20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #772730, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/34 | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #790406, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/34 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #793666, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/34 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #796250, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/34 | 13 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #800471, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/34 | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #817795, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/36 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #826057, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | 22 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #826585, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/35 | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #828523, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #831676, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/36 | 3 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #833067, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/35 | 55 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #833163, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/35 | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #845425, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/36 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #868435, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/36 | 52 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #869710, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/36 | 11 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #871135, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/1/37 | 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #885866, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/36 | 55 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #888100, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/36 | 48 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #888205, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/37 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #889224, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/1/37 | 52 | 54 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #889401, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/1/38 | $25 | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #889579, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/38 | 54 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #889630, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/1/38 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #889970, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/36 | 38 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #890234, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/38 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #890796, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/45 | 472 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #893363, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/36 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #893366, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/35 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #898417, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/36 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #899079, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/37 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #902414, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/36 | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #906090, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/1/37 | 28 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #918515, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/37 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #923123, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/36 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #923166, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/1/37 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #928261, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/36 | 26 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #928584, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/37 | 80 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #928909, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/1/37<sup>(10)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #928915, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/37 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #930606, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/39 | 119 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #932023, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/38 | 20 | 20 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #940623, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/37 | $7 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #943388, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/37 | 27 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #943617, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/37 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #945876, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/37 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #947216, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/37 | 17 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #953018, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/37 | 29 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #953910, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/37 | 16 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #955771, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/37 | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #959604, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/1/37 | 3 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #959880, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/37 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #962687, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/38 | 29 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #968037, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/1/38 | 21 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #969632, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/1/38 | 14 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #970013, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/38 | 61 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #972452, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/38 | 36 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #981854, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/38 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #986760, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/38 | 86 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #992472, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/38 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #995018, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/38 | 17 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #995203, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | 111 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #995879, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/39 | 22 | 23 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AA0649, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/38 | $83 | $84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AA4482, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/39 | 103 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AA8978, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/39 | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AA9357, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/39 | 93 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB2067, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/41 | 224 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB2092, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/41 | 142 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB2693, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/41 | 139 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB2768, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/41 | 135 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB3035, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/41 | 243 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB3246, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/41 | 53 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB4293, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/42 | 275 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB6016, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/42 | 165 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB7076, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/42 | 815 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB7503, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/43 | 292 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB7733, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/43 | 647 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB9019, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/43 | 341 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB9136, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/1/43 | 36 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB9990, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/33 | 67 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AC3263, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/29 | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AC6118, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/39 | 59 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AC8518, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/39 | 90 | 91 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0119, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/38 | $73 | $77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0639, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/1/38 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0969, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/37 | 86 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD5241, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/40 | 69 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD5525, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/40 | 101 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD7859, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/40 | 43 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AE0981, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/41 | 174 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AE1807, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/40 | 269 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AE3873, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/40 | 42 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AE5436, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/40 | 69 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AE7758, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/25 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AH1295, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/26 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AH3226, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/41 | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AH4158, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/41 | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AH4450, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/26 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AH5614, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/26 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AH8854, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/41 | 63 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AI1247, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/26 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AI3470, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/41 | 95 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AI4361, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.80%, 1.80% Floor, <br> 8.09% Cap), 7.39%, 9/1/41<sup>(12)</sup> <br>| 2 | 2 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AI4380, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.80%, 1.80% Floor, <br> 7.93% Cap), 6.43%, 11/1/41<sup>(12)</sup> <br>| $5 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AI5603, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/41 | 56 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AI7743, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/41 | 54 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AI9555, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/41 | 128 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AI9828, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.82%, 1.82% Floor, <br> 7.93% Cap), 6.75%, 11/1/41<sup>(12)</sup> <br>| 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AJ4093, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/1/26 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AJ4408, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/41 | 56 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AJ6086, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/26 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AJ9218, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/42 | 215 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AJ9326, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/42 | 457 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AJ9355, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/27 | 28 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AK4813, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/42 | 155 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AK4945, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/42 | 122 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AK7766, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/1/27 | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AK9444, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/42 | 24 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL0442, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/40 | 27 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL1849, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/39 | 104 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL1939, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/42 | 416 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL2243, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/42 | 285 | 275 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL2303, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/26 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL2397, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.71%, 1.71% Floor, <br> 7.77% Cap), 7.37%, 8/1/42<sup>(12)</sup> <br>| 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL3803, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/28 | 73 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL4462, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/28 | 97 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL5167, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/34 | 66 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL5254, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/27 | 45 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL5377, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/44 | 935 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL5734, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/29 | 131 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL5785, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/44 | 563 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL6488, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/43 | 215 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL7807, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/30 | 134 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL8951, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/46 | 272 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AO0752, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/42 | 176 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AO0800, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/27 | 33 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AO4136, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/42 | 233 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AO8629, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/42 | 88 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AP6273, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/42 | 251 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AQ6784, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/42 | 228 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AQ8185, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/28 | 24 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AQ8647, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/42 | 360 | 338 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AR1706, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/28 | $259 | $253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AR3054, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/28 | 70 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AR3792, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/43 | 182 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AR9188, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/1/43 | 59 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AR9582, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/43 | 147 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS0018, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/43 | 175 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS0275, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/33 | 83 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS3294, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/44 | 343 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS3600, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/29 | 288 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS4085, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/44 | 159 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS4306, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/45 | 245 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS5500, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/35 | 94 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS5666, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/45 | 227 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS5892, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/1/45 | 255 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS6262, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/45 | 328 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS6398, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/45 | 286 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS6730, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/46 | 427 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS7149, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/46 | 493 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS7157, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/46 | 189 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS7247, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/46 | 96 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS7343, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/46 | 183 | 163 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS7480, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 7/1/31 | $44 | $41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS7580, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/46 | 219 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS8067, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/46 | 504 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS8074, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/46 | 153 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS8178, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/36 | 52 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS8194, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/31 | 596 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS8424, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/36 | 93 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS8699, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/47 | 555 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS8960, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/47 | 189 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS9505, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/32 | 167 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS9615, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/47 | 117 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AT2720, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/43 | 414 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AT3180, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/43 | 210 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AU1657, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/28 | 60 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AU1689, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/43 | 991 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AU3164, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/33 | 81 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AU5919, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/43 | 318 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AV2339, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/43 | 167 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AW8167, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/42 | 147 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AW8595, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/29 | 59 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AX2163, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/44 | 181 | 168 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AX4413, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/44 | $221 | $209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AX4839, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/44 | 271 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AY3062, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/26 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AY9555, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/45 | 251 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AZ1449, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/45 | 197 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AZ2936, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/45 | 133 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AZ2947, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/45 | 260 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AZ4775, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/1/45 | 176 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AZ6684, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/31 | 223 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BA2911, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/30 | 71 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BC0326, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/45 | 134 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BC0822, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/46 | 1147 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BC1510, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/46 | 164 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BC9096, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/46 | 236 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BE3171, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/32 | 187 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BH1130, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/32 | 104 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BH7032, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/47 | 104 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BH7106, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/48 | 231 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BJ0648, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/48 | 243 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BJ9181, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/48 | 193 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BJ9260, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/48 | 188 | 177 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BJ9977, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/48 | $148 | $140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BK0276, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/48 | 77 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BK0920, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/48 | 317 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BK0922, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/48 | 55 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BK3044, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/50 | 414 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BK4740, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/48 | 97 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BK4764, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/48 | 96 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BK4816, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/48 | 136 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM1787, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/47 | 106 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM2001, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/46 | 68 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM3286, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/47 | 39 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM5288, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/34 | 97 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM5804, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/49 | 210 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BN1176, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/48 | 88 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BN1628, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/48 | 61 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BN5947, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/49 | 149 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BN6097, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/49 | 489 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BN6683, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/49 | 215 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BN8985, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/51 | 313 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BN9007, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/51 | 702 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BO1012, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/49 | 84 | 76 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BO1021, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/49 | $106 | $96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BO1169, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/49 | 72 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BO1444, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/49 | 175 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BO1461, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/49 | 99 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BO3181, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/49 | 382 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BO4708, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/49 | 328 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BO8620, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/49 | 378 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BP3454, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/36 | 381 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BP4660, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/50 | 117 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BP6496, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 7/1/35 | 543 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BP6626, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/50 | 766 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BP6683, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/50 | 517 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BP7273, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 298 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BP7585, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/50 | 2532 | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BQ0202, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 395 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BQ1147, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/50 | 565 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BQ1351, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 490 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BQ4077, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/50 | 824 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BQ5056, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/50 | 305 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BQ5979, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/50 | 1294 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BR1035, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/51 | 5149 | 4084 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BR4450, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/1/36 | $523 | $466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BR6042, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/51 | 1817 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BR9755, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | 1249 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BR9761, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | 916 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BT1034, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 7/1/51 | 1769 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BT2034, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/1/42 | 756 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BT4528, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/51 | 8225 | 6974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BT8308, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/52 | 746 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BT9031, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/41 | 740 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BU0066, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/51 | 865 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BU4046, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/53 | 885 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BX1915, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/1/53 | 681 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BX6021, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/53 | 327 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BY0545, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | 2019 | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BY4424, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/53 | 803 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA0110, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/47 | 200 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA0619, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/47 | 59 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA0620, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/47 | 748 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA0656, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/47 | 572 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA0859, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/47 | 411 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA0917, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/47 | 363 | 333 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA1370, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/48 | $193 | $183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA1378, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/48 | 157 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA1564, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/48 | 68 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA1711, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/48 | 199 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA1902, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/48 | 192 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA1909, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/48 | 103 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA1951, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/48 | 104 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA1952, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/48 | 45 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA2056, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/48 | 61 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA2208, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/48 | 61 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA2256, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/33 | 89 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA2366, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/48 | 66 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA2375, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/48 | 287 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA2559, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/33 | 99 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA2729, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/48 | 244 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA3640, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/49 | 256 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA4029, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/49 | 693 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA4143, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/49 | 2172 | 1908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA4420, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/49 | 326 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA4792, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/49 | 196 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA5020, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/50 | 358 | 326 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA5452, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/50 | $619 | $542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA5508, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/50 | 775 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA5700, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/50 | 3336 | 2813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6072, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/50 | 321 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6074, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/50 | 445 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6144, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/50 | 508 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6290, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/50 | 378 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6305, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/50 | 875 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6339, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/50 | 912 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6346, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/50 | 518 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6563, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/35 | 403 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6601, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 378 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6951, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/50 | 356 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6962, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/50 | 525 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA7216, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/50 | 2258 | 1805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA7232, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/50 | 1004 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA7596, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/50 | 388 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA7600, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/50 | 1054 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA7697, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/1/50 | 1315 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA7736, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/50 | 1048 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA8043, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/1/50 | 630 | 530 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA9143, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/36 | $695 | $639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA9355, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/41 | 412 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA9418, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 3/1/36 | 116 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB0113, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/41 | 630 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB0325, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | 1476 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB1903, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/51 | 1421 | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB2049, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/51 | 1590 | 1319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB2079, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/51 | 3662 | 2929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB3597, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/1/52 | 1409 | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB3705, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/37 | 209 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB4377, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/52 | 492 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB5094, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/1/52 | 1138 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB6031, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/53 | 84 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB6034, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/53 | 261 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB6750, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/53 | 958 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB6755, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/53 | 813 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB6933, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/53 | 245 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB7120, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/53 | 340 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB7123, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/53 | 322 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB7444, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/1/53 | 807 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB8484, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/54 | 666 | 668 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB8821, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/54 | $903 | $923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB9323, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/54 | 960 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB9506, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/54 | 1027 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CC0260, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/55 | 592 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #DA0508, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/53 | 274 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FA0386, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/54 | 980 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FA0684, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/55 | 1888 | 1919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FA1595, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/55 | 989 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1496, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/49 | 1071 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1708, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/45 | 207 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1742, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/49 | 204 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1938, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/49 | 343 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM2305, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/50 | 536 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM2715, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/50 | 136 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM2778, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/50 | 885 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM2963, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/50 | 737 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3125, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/50 | 743 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3225, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/50 | 495 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3610, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/50 | 281 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3747, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 813 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4055, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 5662 | 4775 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4149, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/50 | $2476 | $2174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4193, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/50 | 574 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4476, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/50 | 1499 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4544, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/50 | 790 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4598, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/40 | 177 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4734, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/35 | 927 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4799, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/50 | 667 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4868, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/50 | 1118 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4951, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/1/35 | 426 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM5087, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/50 | 469 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM5210, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/50 | 671 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM5534, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/41 | 263 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM5570, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/36 | 527 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM5849, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/50 | 879 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6055, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/51 | 1721 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6099, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/51 | 1736 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6338, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/51 | 1076 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6496, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/51 | 486 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6550, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/51 | 343 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6943, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | 1159 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6964, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/51 | 920 | 742 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6991, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | $1411 | $1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM7078, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | 1089 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM7080, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | 556 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM7411, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/51 | 2905 | 2301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM7429, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 5/1/36 | 182 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM7622, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/51 | 731 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM8146, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 7/1/36 | 1207 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM8848, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/41 | 707 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS0153, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/36 | 327 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS1096, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/51 | 1255 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS2039, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/51 | 813 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS2442, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/52 | 740 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS2815, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/52 | 388 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3086, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/52 | 1478 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3402, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/52 | 314 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3421, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/52 | 333 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3452, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/52 | 555 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3747, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/52 | 601 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3762, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/52 | 465 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3921, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | 390 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4041, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/53 | 579 | 581 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4047, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/42 | $162 | $152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4463, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 8/1/37 | 479 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4485, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/53 | 552 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4522, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | 165 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4842, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 246 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4931, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/53 | 829 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5115, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 442 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5116, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 412 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5119, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/53 | 2477 | 2540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5304, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/53 | 168 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5396, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/53 | 1791 | 1772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5436, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/53 | 277 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5562, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/52 | 3011 | 2407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5584, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/53 | 393 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5696, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | 267 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5709, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/53 | 770 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5838, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/53 | 1133 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5946, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/37 | 2418 | 2213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5965, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/53 | 327 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6092, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/53 | 302 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6315, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/1/53 | 390 | 406 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6461, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/53 | $416 | $427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6533, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/53 | 1699 | 1746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6611, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/1/53 | 1250 | 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6635, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/53 | 1365 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6855, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/54 | 454 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS7033, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/53 | 595 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS8129, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/54 | 539 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS8144, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/54 | 858 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0361, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/30 | 23 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0711, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/31 | 47 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1138, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/32 | 87 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1141, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/32 | 41 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1200, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/32 | 241 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2320, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/35 | 205 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2473, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/35 | 82 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2512, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/46 | 110 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2670, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/46 | 513 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2672, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/36 | 106 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2705, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/46 | 373 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2737, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/46 | 173 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2771, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/46 | 188 | 167 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2775, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/31 | $87 | $84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2781, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/46 | 142 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2804, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/36 | 209 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2863, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/47 | 3110 | 2758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2895, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/47 | 194 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3028, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/37 | 162 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3057, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/47 | 291 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3058, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/47 | 108 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3059, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/37 | 27 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3073, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/47 | 219 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3127, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/37 | 65 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3150, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/47 | 122 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3181, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/37 | 43 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3182, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/47 | 356 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3184, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/47 | 42 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3185, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/37 | 72 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3188, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/32 | 199 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3211, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/47 | 67 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3239, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/48 | 290 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3276, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/48 | 295 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3281, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/38 | 152 | 149 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3334, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/48 | $219 | $213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3385, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/48 | 74 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3413, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/38 | 26 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3443, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/48 | 68 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3444, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/48 | 64 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3467, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/48 | 66 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3492, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/38 | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3547, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/33 | 116 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3590, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/39 | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3685, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/49 | 114 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3692, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/49 | 87 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3695, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/34 | 45 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3744, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/49 | 127 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3765, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/49 | 271 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3870, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/1/49 | 141 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3871, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/49 | 131 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3896, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/35 | 715 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3898, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/35 | 231 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3902, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/50 | 137 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3934, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/40 | 83 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3958, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/40 | 85 | 79 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4013, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/35 | $153 | $143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4014, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/35 | 240 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4053, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/35 | 637 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4072, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/40 | 191 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4078, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/50 | 1161 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4094, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/40 | 213 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4096, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 727 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4099, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/35 | 657 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4100, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/50 | 1451 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4119, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/50 | 1704 | 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4122, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 9/1/35 | 232 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4123, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/35 | 809 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4128, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/40 | 366 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4153, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/40 | 106 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4154, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/1/35 | 353 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4155, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/35 | 891 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4181, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/1/50 | 2186 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4232, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/41 | 315 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4254, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/1/51 | 484 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4266, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/1/41 | 471 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4278, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 3/1/36 | 1604 | 1429 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4280, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 3/1/51 | $841 | $633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4305, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | 2644 | 2104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4310, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 4/1/41 | 283 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4326, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/51 | 1006 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4333, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/41 | 748 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4334, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/41 | 274 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4496, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/1/36 | 1734 | 1542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4500, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/1/41 | 383 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4692, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/37 | 145 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4731, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/52 | 945 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4732, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/52 | 4516 | 4208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4733, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/52 | 4908 | 4703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4779, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/42 | 153 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4805, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/52 | 2272 | 2178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4823, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/37 | 182 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4915, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/38 | 153 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4991, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/38 | 93 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5039, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 661 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5042, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/38 | 71 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5060, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/43 | 73 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5088, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/38 | 118 | 122 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** | **Fannie Mae – 12.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5330, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/39 | $70 | $72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5353, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/54 | 7069 | 7071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5389, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/54 | 1087 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5557, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/1/39 | 184 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5559, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/39 | 257 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5590, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/40 | 454 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5596, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/1/45 | 96 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5597, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/45 | 191 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MB0301, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/55 | 1959 | 1923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool TBA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/40<sup>(13)</sup> <br>| 500 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/40<sup>(13)</sup> <br>| 1200 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/40<sup>(13)</sup> <br>| 700 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/40<sup>(13)</sup> <br>| 500 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/52<sup>(13)</sup> <br>| 6500 | 5144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/52<sup>(13)</sup> <br>| 5500 | 4559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/52<sup>(13)</sup> <br>| 1400 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/53<sup>(13)</sup> <br>| 3000 | 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/53<sup>(13)</sup> <br>| 1700 | 1530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/53<sup>(13)</sup> <br>| 2100 | 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/53<sup>(13)</sup> <br>| 1800 | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/53<sup>(13)</sup> <br>| 6300 | 6299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/53<sup>(13)</sup> <br>| 6800 | 6910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/53<sup>(13)</sup> <br>| 4700 | 4853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/55<sup>(13)</sup> <br>| 300 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/55<sup>(13)</sup> <br>| 1500 | 1579 |
|  |  | **277177** |
| **Federal Farm Credit Bank – 0.2%** | **Federal Farm Credit Bank – 0.2%** | **Federal Farm Credit Bank – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Farm Credit Banks Funding <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 9/15/27 | 1475 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 9/20/27 | 2000 | 2000 |
|  |  | **3459** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Federal Home Loan Bank – 0.2%** | **Federal Home Loan Bank – 0.2%** | **Federal Home Loan Bank – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 8/20/26 | $2000 | $1935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/11/26 | 1325 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 9/10/27 | 875 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/16/28 | 1000 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/15/36 | 500 | 545 |
|  |  | **5683** |
| **Freddie Mac – 7.5%** | **Freddie Mac – 7.5%** | **Freddie Mac – 7.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/31 | 700 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K065, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 4/25/27 | 350 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K067, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 7/25/27 | 250 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K068, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 8/25/27 | 150 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K069, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 9/25/27 | 147 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K072, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 12/25/27 | 150 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K074, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 1/25/28 | 150 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K075, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 2/25/28 | 150 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K076, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 4/25/28 | 150 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K077, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 5/25/28 | 200 | 199 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K078, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/25/28 | $150 | $149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K079, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 6/25/28 | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K080, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 7/25/28 | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K081, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 8/25/28 | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K083, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 9/25/28 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K086, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 11/25/28 | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K091, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 3/25/29 | 150 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K092, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 4/25/29 | 300 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K093, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 5/25/29 | 199 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K094, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 6/25/29 | 300 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K096, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 7/25/29 | 300 | 283 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K102, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.54%, 10/25/29 | $250 | $235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K104, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 1/25/30 | 250 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K105, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.87%, 1/25/30 | 200 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K110, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.48%, 4/25/30 | 335 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K111, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 5/25/30 | 500 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K112, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.31%, 5/25/30 | 500 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K113, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 6/25/30 | 500 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K117, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 8/25/30 | 100 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K119, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57%, 9/25/30 | 250 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K122, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.52%, 11/25/30 | 200 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K129, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.91%, 5/25/31 | 300 | 265 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K141, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/25/32 | $200 | $176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K144, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 4/25/32 | 500 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K147, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/25/32 | 250 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K148, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/25/32 | 300 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-151, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/25/32 | 300 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1510, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 1/25/31 | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1510, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 1/25/34 | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1511, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 3/25/31 | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1511, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 3/25/34 | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1512, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 5/25/31 | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1512, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 4/25/34 | 100 | 89 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1515, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.94%, 2/25/35 | $100 | $80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1517, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 7/25/35 | 200 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1518, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.86%, 10/25/35 | 100 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1519, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 12/25/35 | 150 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1520, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 2/25/36 | 225 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K1522, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 10/25/36 | 100 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-153, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 12/25/32 | 500 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K154, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 4/25/32 | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-154, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 1/25/33 | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K155, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/25/33 | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K157, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 5/25/33 | 100 | 99 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K157, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 8/25/33 | $100 | $96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-158, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 7/25/33 | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-159, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/25/33 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-161, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/25/33 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-164, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/25/34 | 150 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-169, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 12/25/34 | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K508, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 8/25/28 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K510, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07%, 10/25/28 | 500 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K754, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 11/25/30 | 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K755, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 2/25/31 | 150 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K757, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 8/25/31 | 100 | 101 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K760, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 1/25/32 | $100 | $101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QA0127, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/49 | 500 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QA1132, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/49 | 172 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QA1263, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/49 | 181 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QA1752, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/49 | 1046 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QA1883, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/49 | 293 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QA3149, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/49 | 306 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QA4699, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/49 | 178 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QA8043, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/50 | 1398 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB0211, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/50 | 442 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB2516, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 326 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB2545, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/50 | 1857 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB2682, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 371 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB2966, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/50 | 115 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB3199, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/50 | 646 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB4275, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/50 | 265 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB5128, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/50 | 955 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB5507, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/50 | 677 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB6246, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/50 | 315 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB6448, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/50 | 1030 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB8131, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/51 | 3223 | 2565 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB8132, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/51 | $844 | $669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB9266, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/51 | 431 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QB9410, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/51 | 1286 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QC1443, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/51 | 1733 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QC1809, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/51 | 416 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QC2062, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/51 | 726 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QC3259, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 6/1/51 | 2821 | 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QC9442, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/51 | 3626 | 3031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QD0822, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/51 | 1020 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QD2146, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/51 | 813 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QE9161, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/52 | 744 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QF7121, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | 820 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QG5959, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/53 | 881 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QG7215, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/53 | 849 | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QG8401, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/53 | 646 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QG8408, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/53 | 1129 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QH1135, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 9/1/53 | 366 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QI2828, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/54 | 975 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QJ5279, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/54 | 937 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QK0622, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/1/41 | 463 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QN0818, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/34 | 192 | 181 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QN5018, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/36 | $470 | $432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QN5866, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/36 | 253 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QN6394, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 5/1/36 | 1370 | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QN7743, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/36 | 729 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QN8899, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/36 | 682 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA1196, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/49 | 663 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA1343, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/49 | 1908 | 1676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA1493, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/49 | 358 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA1501, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/49 | 117 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA2010, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/50 | 213 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA2117, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/50 | 278 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA2386, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/50 | 723 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA2457, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/50 | 428 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA2730, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/50 | 261 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA2790, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/50 | 408 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA2853, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/50 | 497 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA2959, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/50 | 476 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3086, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/50 | 363 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3306, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 336 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3524, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/50 | 1802 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3563, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/50 | 895 | 715 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3578, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/50 | $1179 | $946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3580, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/50 | 1104 | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3662, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/50 | 543 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3663, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/50 | 563 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3723, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/50 | 1122 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3765, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/50 | 549 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3913, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/50 | 2774 | 2345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA4209, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/1/50 | 1664 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA4218, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/1/50 | 6914 | 5813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA5204, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/51 | 1476 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA5373, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 6/1/51 | 682 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA6333, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/51 | 3514 | 2783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA6340, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/51 | 2317 | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA7097, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/52 | 776 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA7099, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/51 | 2514 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA8761, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/53 | 481 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA8791, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/53 | 1208 | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB0452, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/41 | 773 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5032, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/40 | 62 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5033, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/40 | 229 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5043, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/1/40 | 114 | 104 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5048, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/40 | $62 | $57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5059, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/40 | 80 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5066, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/40 | 214 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5076, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/40 | 462 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5085, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/40 | 416 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5095, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/41 | 313 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5110, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 5/1/41 | 1007 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5111, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/41 | 418 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RB5131, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/41 | 729 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RC1857, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/1/36 | 448 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RC2045, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 6/1/36 | 226 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RJ1229, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/54 | 880 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RJ2693, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/54 | 487 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0048, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/34 | 356 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0330, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/35 | 305 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0434, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/35 | 513 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0571, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/36 | 1007 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0726, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/37 | 271 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0834, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/36 | 804 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0955, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/38 | 68 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8045, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/35 | 132 | 123 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8046, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/35 | $225 | $216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8057, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/35 | 463 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8058, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/35 | 527 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8061, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/35 | 820 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8067, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 9/1/35 | 215 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8068, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/1/35 | 232 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8069, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/35 | 656 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8073, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/1/35 | 300 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8078, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/1/35 | 634 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8083, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 1/1/36 | 368 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8092, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 3/1/36 | 663 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8122, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/1/36 | 1395 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8177, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/37 | 202 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8178, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/37 | 191 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8182, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/37 | 282 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8206, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/38 | 124 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8208, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/1/38 | 62 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8233, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/38 | 184 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8247, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/38 | 68 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8501, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/35 | 516 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0163, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/49 | 529 | 466 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0261, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/50 | $213 | $187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0262, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/50 | 350 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0410, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 1103 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0414, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 202 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0467, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/50 | 544 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0537, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/51 | 2902 | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0608, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/51 | 2571 | 2184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0764, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/51 | 2237 | 1879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1592, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/52 | 672 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1596, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/52 | 558 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1855, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/52 | 499 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1958, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/52 | 328 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2236, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/52 | 1053 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2258, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/53 | 622 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2266, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/53 | 531 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2666, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/53 | 594 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2693, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/53 | 529 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2922, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | 440 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2936, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/53 | 328 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3074, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/53 | 832 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3683, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | 916 | 921 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3713, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/53 | $842 | $879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3714, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/53 | 460 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3904, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/1/53 | 373 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3913, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | 259 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3990, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | 877 | 888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3992, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | 530 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4204, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/53 | 637 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4262, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/53 | 593 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4668, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/53 | 404 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4702, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/1/54 | 537 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4919, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/54 | 433 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD5058, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/54 | 277 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD5316, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/54 | 799 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD5958, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/54 | 1023 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD6004, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/54 | 1920 | 1973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD7440, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/55 | 974 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD7512, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/50 | 447 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD7536, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/51 | 5082 | 4286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD7539, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/1/51 | 347 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD7541, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/51 | 1874 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8019, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/49 | 291 | 282 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8023, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/49 | $258 | $217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8029, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/1/49 | 289 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8037, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/50 | 293 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8083, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/50 | 664 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8090, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/50 | 2105 | 1680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8097, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/50 | 1840 | 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8104, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/1/50 | 3625 | 2730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8112, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/1/50 | 1076 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8139, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 4/1/51 | 2063 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8213, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/52 | 1412 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8225, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/52 | 1718 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8266, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/52 | 2283 | 2188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8325, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/53 | 836 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8331, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 580 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8332, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/53 | 626 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8374, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/1/53 | 335 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8386, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/1/53 | 269 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD8399, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/1/54 | 139 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/54 | 640 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SL0231, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/55 | 962 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA1036, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/40 | 59 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA1159, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/42 | 173 | 163 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA1165, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/42 | $263 | $246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA1254, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/42 | 801 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA1334, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/42 | 92 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA1361, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/1/43 | 133 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA1375, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/44 | 75 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA1378, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/1/44 | 122 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA2773, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/27 | 23 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA3862, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/31 | 169 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA4194, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/43 | 190 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA4214, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/43 | 290 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA4715, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/46 | 478 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA5107, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/47 | 135 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA5642, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/48 | 135 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA5950, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/48 | 354 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZI6135, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/34 | 267 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZI6854, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/1/37 | 39 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZI7645, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/38 | 56 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZI8519, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/39 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZI9349, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/39 | 209 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZI9657, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/1/40 | 264 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZI9939, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/40 | 77 | 77 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZJ0631, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/40 | $95 | $94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZJ1046, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/41 | 139 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZJ1052, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/41 | 129 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZJ1228, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/41 | 185 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZJ1359, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/41 | 88 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZK5468, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/1/28 | 141 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL1714, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/41 | 125 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL1806, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/41 | 354 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL1922, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/41 | 39 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL2350, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/41 | 62 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL3211, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/42 | 249 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL3551, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/42 | 375 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL4709, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/43 | 261 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL5074, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/43 | 118 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL5915, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/1/43 | 537 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL5927, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/43 | 156 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL6381, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/43 | 260 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL6467, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/43 | 202 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL6920, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/43 | 75 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL7780, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/44 | 198 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZL8709, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/44 | 81 | 77 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM0489, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/45 | $143 | $135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM0617, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/45 | 188 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM1194, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/46 | 229 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM1933, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/46 | 261 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM2167, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/46 | 426 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM2286, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/46 | 683 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM3525, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/47 | 101 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM4305, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/47 | 383 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM4711, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/47 | 590 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM4736, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/47 | 139 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM4908, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/47 | 269 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM5133, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/47 | 117 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM5397, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/48 | 198 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM5659, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/48 | 221 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM5917, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/48 | 157 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM6682, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/48 | 134 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM7370, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/48 | 104 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM7378, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/48 | 121 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM7849, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/48 | 48 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM8045, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/48 | 146 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM8575, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/48 | 74 | 72 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZN1506, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/48 | $528 | $484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZN3447, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/49 | 113 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS0932, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/34 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS1567, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/37 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS2391, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/38 | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS2499, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/38 | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS2533, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/39 | 43 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS2827, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/39 | 106 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS3554, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/42 | 165 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS3596, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/42 | 430 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4078, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/45 | 237 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4127, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/44 | 99 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4472, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/42 | 163 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4536, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/1/43 | 237 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4584, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/44 | 90 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4600, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/45 | 248 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4607, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/45 | 316 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4617, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/45 | 164 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4618, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/45 | 255 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4621, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/45 | 395 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4627, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/45 | 84 | 80 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4629, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/45 | $501 | $447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4630, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/45 | 173 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4634, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/45 | 102 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4639, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/45 | 104 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4642, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/45 | 354 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4655, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/46 | 173 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4667, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/46 | 251 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4671, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/46 | 568 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4677, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/46 | 158 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4703, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/47 | 165 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4722, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/47 | 157 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4730, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/47 | 59 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4740, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/47 | 280 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4743, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/47 | 390 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4745, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/47 | 261 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4747, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/47 | 108 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4748, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/47 | 290 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4749, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/1/47 | 88 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4752, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/48 | 232 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4759, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/48 | 230 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4769, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/48 | 122 | 116 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4773, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/48 | $38 | $37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4781, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/48 | 95 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4785, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/48 | 94 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS8023, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/32 | 33 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS8628, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/1/31 | 54 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS8639, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/32 | 19 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS9449, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/45 | 256 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS9495, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/1/45 | 408 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS9580, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/45 | 374 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS9805, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/46 | 388 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS9827, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/46 | 348 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZT0495, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/48 | 39 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZT0524, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/48 | 218 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZT0712, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/48 | 135 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZT0787, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/48 | 124 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZT1702, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/49 | 231 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZT2091, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/34 | 51 | 49 |
|  |  | **173586** |
| **Freddie Mac Gold – 0.2%** | **Freddie Mac Gold – 0.2%** | **Freddie Mac Gold – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A16753, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/33 | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A17665, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/34 | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A27950, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/34 | 48 | 49 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac Gold – 0.2%continued** | **Freddie Mac Gold – 0.2%continued** | **Freddie Mac Gold – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A31136, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/1/35 | $100 | $102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A39306, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/35 | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A46224, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A48104, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/36 | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A57604, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/37 | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A58718, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/37 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A59081, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/37 | 22 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A61560, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/36 | 57 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A64474, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/37 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A67116, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/1/37 | 12 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A68761, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/37 | 95 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A69303, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/37 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A73778, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/38 | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A74134, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/1/38 | 16 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A83008, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/38 | 79 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A91541, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/40 | 59 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #C91009, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/26 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #C91247, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/29 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #C91370, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/31 | 42 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #C91826, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/35 | 65 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #C91858, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/35 | 67 | 63 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac Gold – 0.2%continued** | **Freddie Mac Gold – 0.2%continued** | **Freddie Mac Gold – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #C91879, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/36 | $81 | $77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #C91908, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/37 | 40 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #D97564, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/28 | 34 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #D99094, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/32 | 53 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #E04044, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/27 | 52 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G02064, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/36 | 31 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G02069, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/36 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G02386, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/36 | 45 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G02391, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/36 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G02540, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/34 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G02649, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/1/37 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G02789, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/37 | 233 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G02911, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/37 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G02973, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/37 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G03121, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/36 | 29 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G03134, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/36 | 13 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G03218, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/37 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G03351, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/37 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G03513, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/37 | 16 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G03600, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/1/37 | 7 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G03737, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/1/37 | 95 | 100 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac Gold – 0.2%continued** | **Freddie Mac Gold – 0.2%continued** | **Freddie Mac Gold – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G03992, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/1/38 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G04287, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/38 | 26 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G04459, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/38 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G04611, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/38 | 47 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G04650, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/1/38 | 20 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G05733, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/39 | 80 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G05969, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/40 | 38 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G06767, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/41 | 172 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G06947, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/40 | 58 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G08189, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/1/37 | 11 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G08192, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/37 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G08341, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/39 | 206 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G14554, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/26<sup>(10)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G14891, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/28 | 41 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G15134, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/29 | 33 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G16774, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/34 | 75 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G18438, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/27 | 29 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G18571, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/30 | 81 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G18664, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/1/32 | 68 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G30327, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/1/27 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G67713, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/48 | 457 | 433 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Freddie Mac Gold – 0.2%continued** | **Freddie Mac Gold – 0.2%continued** | **Freddie Mac Gold – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #J14808, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/26 | $17 | $17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #J16932, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/26 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #J17055, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/26 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #J17232, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/26 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #J20834, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/27 | 52 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #J22069, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/28 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #K90641, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/33 | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #V60886, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/30 | 53 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #V60902, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/30 | 44 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #V61347, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/31 | 188 | 181 |
|  |  | **3527** |
| **Government National Mortgage Association I – 0.2%** | **Government National Mortgage Association I – 0.2%** | **Government National Mortgage Association I – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #510835, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/15/35 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #553463, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/15/42 | 217 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #597889, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/33 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #614169, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/33 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #616879, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/15/42 | 165 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #617739, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/37 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #634431, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/15/34 | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #641416, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/35 | 39 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #646341, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/36 | 5 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #648538, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/35 | 43 | 44 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Government National Mortgage Association I – 0.2%continued** | **Government National Mortgage Association I – 0.2%continued** | **Government National Mortgage Association I – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #651753, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/36 | $3 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #670030, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/15/45 | 148 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #675211, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/15/38 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #675484, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/38 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #676360, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/37 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #682899, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/15/40 | 47 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #687824, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/15/38 | 34 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #687900, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/38 | 48 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #687901, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/38 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #692309, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/39 | 13 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #697645, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/38 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #698236, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/39 | 83 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #698336, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/39 | 85 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #699277, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/15/38 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #700918, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/38 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #700972, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/38 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #703677, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/39 | 69 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #704185, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/39 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #704514, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/39 | 182 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #717175, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/15/39 | 91 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #719262, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/40 | 54 | 54 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Government National Mortgage Association I – 0.2%continued** | **Government National Mortgage Association I – 0.2%continued** | **Government National Mortgage Association I – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #720202, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/15/39 | $71 | $70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #723231, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/39 | 71 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #723339, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #728629, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/15/40 | 121 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #736768, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/42 | 394 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #737286, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/40 | 96 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #737416, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/15/25<sup>(10)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #738134, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/15/26 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #738247, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/41 | 49 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #747643, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/40 | 133 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #760874, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/15/26 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #768800, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/15/41 | 23 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #773939, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/41 | 166 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #778957, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/42 | 210 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #782131, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/36 | 12 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #782150, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/37 | 17 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #782259, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/36 | 34 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #782272, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/15/38 | 31 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #782498, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/15/38 | 14 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #782584, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/39 | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #782696, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/39 | 84 | 84 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Government National Mortgage Association I – 0.2%continued** | **Government National Mortgage Association I – 0.2%continued** | **Government National Mortgage Association I – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #782831, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/15/39 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #783176, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/40 | 231 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #783740, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/15/27 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AA5391, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/15/42 | 13 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AA6089, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/15/43 | 160 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB2761, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/15/42 | 41 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB2891, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/15/42 | 59 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD8781, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/15/43 | 142 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD9016, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/15/43 | 112 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL1763, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/15/45 | 57 | 53 |
|  |  | **3752** |
| **Government National Mortgage Association II – 5.4%** | **Government National Mortgage Association II – 5.4%** | **Government National Mortgage Association II – 5.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #3570, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/20/34 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #3665, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/20/35 | 38 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #3852, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/20/36 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #3879, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/20/36 | 19 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #3910, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/20/36 | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #3994, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/20/37 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4018, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/20/37 | 26 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4026, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/20/37 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4027, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/20/37 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4040, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/20/37 | 6 | 6 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4098, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/20/38 | $32 | $33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4116, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/20/38 | 12 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4170, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/20/38 | 24 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4194, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/20/38 | 55 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4243, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/20/38 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4244, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/20/38 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4245, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/20/38 | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4269, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/20/38 | 12 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4290, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/20/38 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4344, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/20/39 | 19 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4345, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/20/39 | 13 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4425, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/20/39 | 32 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4559, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/20/39 | 67 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4561, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/20/39 | 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4617, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/20/40 | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4619, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/20/40 | 76 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4713, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/20/40 | 57 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4747, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/20/40 | 51 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #4923, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/20/41 | 52 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5050, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/20/26 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5081, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/20/41 | 85 | 81 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5082, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/20/41 | $85 | $84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5114, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/20/41 | 315 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5141, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/20/41 | 49 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5175, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/20/41 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5202, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/41 | 133 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5203, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/41 | 79 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5232, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/41 | 249 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5264, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/20/41 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5280, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/20/42 | 92 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5304, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/20/42 | 93 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5317, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/20/42 | 41 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #5331, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/20/42 | 147 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #737602, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/40 | 116 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #752757, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/20/40 | 160 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #755677, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/20/40 | 65 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #782433, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/20/38 | 34 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #784345, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/20/47 | 313 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AA5970, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/20/43 | 438 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AA6160, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/20/43 | 128 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AA6243, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/20/43 | 44 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AF5097, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/20/43 | 374 | 356 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AJ0645, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/20/44 | $107 | $98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AJ3643, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/44 | 276 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AO7682, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/20/45 | 260 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BE9902, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/20/48 | 44 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0022, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/20/42 | 145 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0088, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/20/42 | 330 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0220, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/20/42 | 171 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0318, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/20/42 | 320 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0321, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/20/42 | 72 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0391, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/20/42 | 742 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0392, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/20/42 | 142 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0698, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/20/43 | 173 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0826, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/20/28 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0850, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/20/43 | 72 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0851, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/20/43 | 251 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0934, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/20/43 | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1011, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/20/43 | 293 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1012, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/20/43 | 268 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1089, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/20/43 | 311 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1224, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/20/43 | 217 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1285, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/20/43 | 129 | 120 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1839, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/20/44 | $65 | $62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1920, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/20/44 | 69 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2224, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/20/44 | 390 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2444, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/44 | 46 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2521, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/20/45 | 192 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2522, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/20/45 | 83 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2677, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/20/45 | 92 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2753, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/20/45 | 254 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2754, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/20/45 | 103 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2891, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/20/45 | 283 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2892, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/20/45 | 97 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2960, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/20/45 | 234 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3034, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/20/45 | 285 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3104, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/20/45 | 340 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3106, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/20/45 | 245 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3172, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/45 | 62 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3174, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/45 | 137 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3244, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/45 | 218 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3245, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/45 | 501 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3310, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/45 | 810 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3378, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/20/46 | 310 | 303 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3521, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/20/46 | $401 | $372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3522, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/20/46 | 115 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3596, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/20/46 | 229 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3597, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/20/46 | 407 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3662, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/20/46 | 382 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3663, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/20/46 | 241 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3664, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/20/46 | 111 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3735, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/20/46 | 460 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3736, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/20/46 | 312 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3778, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/20/31 | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3802, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/20/46 | 544 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3873, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/20/46 | 209 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3874, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/20/46 | 219 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3936, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/20/46 | 477 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4002, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/20/46 | 36 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4003, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/46 | 319 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4067, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/20/46 | 297 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4125, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/46 | 20 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4196, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/20/47 | 330 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4322, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/20/47 | 126 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4382, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/20/47 | 104 | 96 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4509, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/20/47 | $500 | $448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4512, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/20/47 | 184 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4624, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/20/32 | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4652, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/20/47 | 430 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4718, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/20/47 | 251 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4778, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/47 | 419 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4838, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/47 | 59 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4900, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/47 | 422 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4962, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/20/48 | 388 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4963, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/20/48 | 144 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5021, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/20/48 | 189 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5077, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/20/48 | 450 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5137, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/20/48 | 60 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5191, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/20/48 | 265 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5264, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/20/48 | 151 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5265, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/20/48 | 152 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5266, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/20/48 | 195 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5330, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/20/48 | 201 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5331, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/20/48 | 308 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5398, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/20/48 | 142 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5399, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/20/48 | 151 | 147 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5466, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/20/48 | $345 | $325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5467, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/20/48 | 178 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5528, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/48 | 199 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5529, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/48 | 173 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5595, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/48 | 70 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5653, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/20/48 | 222 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5818, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/20/49 | 176 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5931, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/20/49 | 359 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5985, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/20/49 | 374 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6040, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/20/49 | 424 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6218, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/49 | 627 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6310, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/34 | 32 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6337, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/49 | 134 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6338, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/49 | 1425 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6339, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/49 | 724 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6408, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/20/50 | 353 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6409, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/20/50 | 410 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6410, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/20/50 | 726 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6654, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/20/50 | 1039 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6655, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/20/50 | 293 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6709, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/20/50 | 1364 | 1164 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6765, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/20/50 | $1571 | $1335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6819, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/20/50 | 873 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6820, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/20/50 | 674 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6865, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/20/50 | 681 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6866, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/20/50 | 3236 | 2872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6930, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/20/50 | 1045 | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6994, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/20/50 | 1367 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6995, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/20/50 | 1085 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7051, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/20/50 | 910 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7052, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/50 | 1242 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7135, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/20/51 | 2467 | 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7136, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/20/51 | 1427 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7164, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/20/36 | 276 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7192, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/20/51 | 2885 | 2351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7254, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/20/51 | 3190 | 2598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7312, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/20/51 | 1218 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7366, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/20/51 | 737 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7367, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/20/51 | 1887 | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7417, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 6/20/51 | 2912 | 2372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7418, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/20/51 | 1317 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7471, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 7/20/51 | 2657 | 2164 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7472, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/20/51 | $2046 | $1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7534, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/20/51 | 1809 | 1538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7535, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/20/51 | 850 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7588, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/20/51 | 1450 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7589, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/20/51 | 2125 | 1807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7590, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/20/51 | 919 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7647, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/20/51 | 381 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7649, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/20/51 | 1382 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7704, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/20/51 | 1498 | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7705, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/20/51 | 1469 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7880, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/20/52 | 1563 | 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7881, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/20/52 | 1145 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7936, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/20/52 | 764 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7988, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/20/52 | 1547 | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA7989, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/20/52 | 471 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8148, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/20/52 | 540 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8151, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/20/52 | 1588 | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8199, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/20/52 | 873 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8201, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/20/52 | 639 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8266, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/20/52 | 811 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8267, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/20/52 | 1646 | 1538 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8268, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/20/52 | $806 | $778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8429, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/20/52 | 223 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8430, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/20/52 | 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8489, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/20/52 | 1675 | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8490, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/20/52 | 1607 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8491, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/20/52 | 1452 | 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8492, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/20/52 | 1153 | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8569, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/20/53 | 1598 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8723, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/20/53 | 1580 | 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8945, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/20/53 | 263 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8947, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/20/53 | 871 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8948, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/20/53 | 803 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8949, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/20/53 | 1660 | 1694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8950, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/20/53 | 730 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9015, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/20/53 | 901 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9016, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/20/53 | 2114 | 2082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9017, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/20/53 | 1295 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9106, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/20/53 | 815 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9107, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/20/53 | 336 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9240, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/20/53 | 732 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9241, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/20/53 | 656 | 660 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9242, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/20/53 | $693 | $707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9243, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/20/53 | 269 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9244, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/20/53 | 206 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9305, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/20/53 | 1084 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9306, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/20/53 | 487 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9307, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/20/53 | 277 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9366, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/20/53 | 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9424, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/20/54 | 329 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9425, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/20/54 | 636 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9426, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/20/54 | 303 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9541, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/20/54 | 2144 | 2153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9604, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/20/54 | 375 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9605, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/20/54 | 2433 | 2442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9606, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/20/54 | 618 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9669, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/20/54 | 1434 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9670, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/20/54 | 922 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9906, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/20/54 | 1243 | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9907, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/20/54 | 1779 | 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA9908, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/20/54 | 845 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MB0025, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/20/54 | 2060 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MB0090, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/20/54 | 1381 | 1322 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.7%** <sup>(11)</sup>**continued** |
| **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** | **Government National Mortgage Association II – 5.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MB0091, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/20/54 | $2462 | $2419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MB0092, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/20/54 | 984 | 986 |
|  |  | **125126** |
| **Tennessee Valley Authority – 0.0%** | **Tennessee Valley Authority – 0.0%** | **Tennessee Valley Authority – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/15/39 | 1050 | **1094** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $655,520)** |  | **593404** |
| **U.S. GOVERNMENT OBLIGATIONS – 44.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 44.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 44.6%**  |
| **U.S. Treasury Bonds – 9.3%** | **U.S. Treasury Bonds – 9.3%** | **U.S. Treasury Bonds – 9.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 2/15/27 | 5000 | 5238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/36 | 700 | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/37 | 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/37 | 500 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/15/38 | 600 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/38 | 600 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/15/39 | 500 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/39 | 1000 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/39 | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/39 | 1000 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/40 | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 5/15/40 | 3500 | 2176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/15/40 | 500 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 8/15/40 | 3500 | 2153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/40 | 1000 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/40 | 4000 | 2548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/40 | 1000 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/41 | 5000 | 3439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/41 | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 5/15/41 | 3750 | 2723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/15/41 | 1000 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 8/15/41 | 5500 | 3652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/15/41 | 1000 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/41 | 5000 | 3439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/41 | 1000 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 2/15/42 | 4000 | 2910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 2/15/42 | 1000 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/15/42 | 1000 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 5/15/42 | 3000 | 2481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 8/15/42 | 1500 | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 8/15/42 | 3000 | 2518 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 44.6%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.6%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.6%continued**  |
| **U.S. Treasury Bonds – 9.3%continued** | **U.S. Treasury Bonds – 9.3%continued** | **U.S. Treasury Bonds – 9.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/42 | $2000 | $1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/42 | 3000 | 2737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 2/15/43 | 1000 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/43 | 3000 | 2685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/15/43 | 2500 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/15/43 | 3000 | 2680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/15/43 | 2000 | 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/15/43 | 3300 | 3145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/43 | 2000 | 1748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/43 | 3000 | 2997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 2/15/44 | 2000 | 1712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/44 | 3000 | 2899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 5/15/44 | 1000 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/44 | 3500 | 3432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 8/15/44 | 2000 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/44 | 3000 | 2748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/44 | 2000 | 1540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/44 | 3000 | 2937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/15/45 | 2500 | 1760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/45 | 3300 | 3282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/15/45 | 1500 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/45 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 8/15/45 | 1000 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/45 | 1000 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/15/46 | 2000 | 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/15/46 | 2000 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 8/15/46 | 3000 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/46 | 1500 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/15/47 | 2000 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/15/47 | 2000 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 8/15/47 | 3000 | 2138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/47 | 3000 | 2133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/15/48 | 3000 | 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 5/15/48 | 3000 | 2276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/15/48 | 3500 | 2589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/48 | 3500 | 2769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/15/49 | 4000 | 2947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/15/49 | 3500 | 2512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 8/15/49 | 3500 | 2196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/49 | 3500 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/15/50 | 4500 | 2642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 5/15/50 | 5000 | 2402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 8/15/50 | 5500 | 2712 |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 44.6%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.6%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.6%continued**  |
| **U.S. Treasury Bonds – 9.3%continued** | **U.S. Treasury Bonds – 9.3%continued** | **U.S. Treasury Bonds – 9.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/50 | $5000 | $2634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/51 | 6000 | 3370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 5/15/51 | 6000 | 3805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/15/51 | 6000 | 3459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/15/51 | 5500 | 3060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/15/52 | 5000 | 3054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/15/52 | 4500 | 3167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/15/52 | 4500 | 3248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/52 | 5000 | 4373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 2/15/53 | 4500 | 3673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/15/53 | 4500 | 3670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/53 | 4900 | 4377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/53 | 5900 | 5847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/54 | 5500 | 5017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/54 | 5350 | 5196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/15/54 | 5400 | 4931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/54 | 5300 | 5051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/55 | 5300 | 5159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/15/55 | 3500 | 3480 |
|  |  | **215058** |
| **U.S. Treasury Notes – 35.3%** | **U.S. Treasury Notes – 35.3%** | **U.S. Treasury Notes – 35.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/15/26 | 5000 | 5026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 8/15/26 | 10000 | 9732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/15/26 | 5000 | 5022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 8/31/26 | 5000 | 4819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/31/26 | 5000 | 4988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/15/26 | 5000 | 5040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 9/30/26 | 5000 | 4862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/30/26 | 5000 | 4974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/26 | 10000 | 10089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/31/26 | 5000 | 4822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/26 | 10000 | 9750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/26 | 10000 | 10097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/30/26 | 5000 | 4821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/30/26 | 5000 | 5026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/15/26 | 5000 | 5037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/31/26 | 5000 | 4813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/31/26 | 5000 | 5029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 1/31/27 | 10000 | 9646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/31/27 | 5000 | 5023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/15/27 | 5000 | 4878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 2/28/27 | 5000 | 4786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/28/27 | 5000 | 5026 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 44.6%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.6%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.6%continued**  |
| **U.S. Treasury Notes – 35.3%continued** | **U.S. Treasury Notes – 35.3%continued** | **U.S. Treasury Notes – 35.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/15/27 | $5000 | $5038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/31/27 | 5000 | 4893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/31/27 | 5000 | 5008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 4/30/27 | 5000 | 4911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/30/27 | 5000 | 4999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 5/15/27 | 5000 | 4876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/27 | 5000 | 5066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 5/31/27 | 5000 | 4703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 5/31/27 | 5000 | 4897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/31/27 | 5000 | 5012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/15/27 | 5000 | 5083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/30/27 | 5000 | 4955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 7/15/27 | 5000 | 5062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 7/31/27 | 5000 | 4903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/15/27 | 5000 | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 8/31/27 | 5000 | 4668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 8/31/27 | 5000 | 4938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 9/15/27 | 5000 | 4965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 9/30/27 | 5000 | 4643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 9/30/27 | 5000 | 5046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/27 | 5000 | 5017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/31/27 | 5000 | 4644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/27 | 5000 | 5046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/27 | 5000 | 4835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/30/27 | 5000 | 4648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/27 | 5000 | 5036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/31/27 | 5000 | 4636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/31/27 | 5000 | 5021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/28 | 2500 | 2532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 1/31/28 | 5000 | 4639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/31/28 | 5000 | 4975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 2/15/28 | 5000 | 4881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/28 | 5000 | 5068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 2/29/28 | 5000 | 4676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/15/28 | 5000 | 5024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 3/31/28 | 5000 | 4682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/31/28 | 5000 | 4991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/15/28 | 5000 | 5006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 4/30/28 | 5500 | 5141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/30/28 | 5000 | 4973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/15/28 | 5000 | 4888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/15/28 | 5000 | 5007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/31/28 | 5000 | 4989 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 44.6%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.6%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.6%continued**  |
| **U.S. Treasury Notes – 35.3%continued** | **U.S. Treasury Notes – 35.3%continued** | **U.S. Treasury Notes – 35.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 6/30/28 | $5000 | $4655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/30/28 | 5000 | 5043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 7/31/28 | 5000 | 4610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/31/28 | 5000 | 5060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 8/15/28 | 5000 | 4877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 8/31/28 | 5000 | 4617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 9/30/28 | 5000 | 4626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/30/28 | 5000 | 5138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/31/28 | 5000 | 4636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/31/28 | 5000 | 5180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/28 | 5000 | 4907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/28 | 5000 | 4647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/30/28 | 5000 | 5104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 12/31/28 | 5000 | 4619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/28 | 5000 | 5004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 1/31/29 | 5000 | 4671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/31/29 | 5000 | 5045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 2/15/29 | 5000 | 4815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/28/29 | 5000 | 4686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/28/29 | 5000 | 5088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 3/31/29 | 5000 | 4764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/31/29 | 5000 | 5068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 4/30/29 | 5000 | 4847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/30/29 | 5000 | 5156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 5/15/29 | 5000 | 4756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 5/31/29 | 5000 | 4821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/31/29 | 5000 | 5136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/30/29 | 5000 | 4909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/30/29 | 5000 | 5093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/31/29 | 5000 | 5047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 8/15/29 | 5000 | 4604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 8/31/29 | 5000 | 4879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/31/29 | 5000 | 4975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/30/29 | 5000 | 4950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 9/30/29 | 5000 | 5023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/31/29 | 3000 | 3029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/29 | 5000 | 5071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/29 | 5000 | 5022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/30/29 | 5000 | 5073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/31/29 | 5000 | 5124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/31/30 | 5000 | 5099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/15/30 | 5000 | 4525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/28/30 | 8500 | 8583 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 44.6%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.6%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.6%continued**  |
| **U.S. Treasury Notes – 35.3%continued** | **U.S. Treasury Notes – 35.3%continued** | **U.S. Treasury Notes – 35.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/31/30 | $5000 | $5046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/30/30 | 5000 | 4936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/30/30 | 5000 | 5020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 5/15/30 | 5000 | 4302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/31/30 | 5000 | 4989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/31/30 | 5000 | 5048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/30/30 | 5000 | 5019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 8/15/30 | 10000 | 8529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/30/30 | 5000 | 5129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/31/31 | 5000 | 5035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 2/15/31 | 5000 | 4326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/31/31 | 5000 | 5063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/30/31 | 5000 | 5191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 5/15/31 | 5000 | 4410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/31/31 | 5000 | 5191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/30/31 | 5000 | 5092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 8/15/31 | 10000 | 8555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/31/31 | 5000 | 4953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/31 | 5000 | 4278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/31/32 | 2500 | 2559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/32 | 5000 | 4392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/31/32 | 5000 | 5044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/30/32 | 8000 | 8010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/15/32 | 5000 | 4665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/30/32 | 3000 | 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 8/15/32 | 5000 | 4613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/32 | 5000 | 5035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/15/33 | 5000 | 4820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 5/15/33 | 5000 | 4766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/33 | 10000 | 9848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/33 | 10000 | 10272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/34 | 15000 | 14844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/15/34 | 15000 | 15234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/34 | 15000 | 14646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/34 | 20000 | 20066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/35 | 20000 | 20634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/35 | 5000 | 5008 |
|  |  | **812481** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $1,073,252)** |  | **1027539** |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 0.5%**  | **MUNICIPAL BONDS – 0.5%**  | **MUNICIPAL BONDS – 0.5%**  |
| **Arizona – 0.0%** | **Arizona – 0.0%** | **Arizona – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> Revenue Bonds, Build America <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 1/1/41 | $110 | **$103** |
| **California – 0.1%** | **California – 0.1%** | **California – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Subordinate Revenue Bonds, Series <br> S1, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.04%, 4/1/50 | 150 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Taxable Revenue Bonds, Series S3, <br> Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.91%, 10/1/50 | 150 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 10/1/39 | 920 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 3/1/40 | 405 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 11/1/40 | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Water <br> System Subordinated Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87%, 6/1/40 | 300 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Community College District <br> G.O. Unlimited Bonds, Build America <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/1/49 | 150 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Water Authority <br> Financing Agency Water Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.14%, 5/1/49 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Public <br> Utilities Commission Water Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 11/1/50 | 75 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California Taxable <br> General Revenue Bonds, Series AD,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 5/15/12<sup>(7)</sup> <br>| 500 | 415 |
|  |  | **3092** |
| **Connecticut – 0.0%** | **Connecticut – 0.0%** | **Connecticut – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Taxable G.O. <br> Unlimited Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 3/15/32 | 300 | **322** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 0.5%continued**  | **MUNICIPAL BONDS - 0.5%continued**  | **MUNICIPAL BONDS - 0.5%continued**  |
| **Georgia – 0.0%** | **Georgia – 0.0%** | **Georgia – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Revenue Bonds, Build America <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.66%, 4/1/57 | $92 | $98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Taxable Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.64%, 4/1/57 | 63 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.06%, 4/1/57 | 279 | 310 |
|  |  | **476** |
| **Illinois – 0.1%** | **Illinois – 0.1%** | **Illinois – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales & <br> Transfer Tax Receipts Pension <br> Funding Taxable Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 12/1/40 | 272 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax <br> Receipts Revenue Bonds, Series B, <br> Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 12/1/40 | 140 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Taxable Pension G.O. <br> Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 6/1/33 | 615 | 617 |
|  |  | **1063** |
| **Massachusetts – 0.0%** | **Massachusetts – 0.0%** | **Massachusetts – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State G.O. Limited <br> Bonds, Series D, Build America <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/31 | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State School Building <br> Authority Sales TRB, Build America <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 8/15/39 | 100 | 103 |
|  |  | **353** |
| **Mississippi – 0.0%** | **Mississippi – 0.0%** | **Mississippi – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi State G.O. Unlimited Bonds, <br> Series F, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/1/34 | 100 | **101** |
| **Nevada – 0.0%** | **Nevada – 0.0%** | **Nevada – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clark County Airport System Taxable <br> Revenue Bonds, Series C, Build <br> America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.82%, 7/1/45 | 200 | **223** |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 0.5%continued**  | **MUNICIPAL BONDS - 0.5%continued**  | **MUNICIPAL BONDS - 0.5%continued**  |
| **New Jersey – 0.0%** | **New Jersey – 0.0%** | **New Jersey – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust <br> Fund Authority Revenue Bonds, <br> Series B, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.56%, 12/15/40 | $200 | $218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority <br> Taxable Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.41%, 1/1/40 | 125 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rutgers State University Revenue Bonds, <br> Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 5/1/40 | 145 | 146 |
|  |  | **513** |
| **New York – 0.1%** | **New York – 0.1%** | **New York – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br> Dedicated Tax Fund, Build America <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.34%, 11/15/39 | 70 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br> Taxable Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.81%, 11/15/40 | 35 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/41 | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 6/15/42 | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Build <br> America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 10/1/37 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> Personal Income TRB, Series D, Build <br> America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 3/15/40 | 250 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Build <br> America Revenue Bonds, Unrefunded <br> Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 3/15/39 | 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development <br> Corp. Taxable Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77%, 3/15/39 | 75 | 77 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 0.5%continued**  | **MUNICIPAL BONDS - 0.5%continued**  | **MUNICIPAL BONDS - 0.5%continued**  |
| **New York – 0.1%continued** | **New York – 0.1%continued** | **New York – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Consolidated 164th Taxable <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/1/40 | $350 | $364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Consolidated 165th Taxable <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/1/40 | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Consolidated 168th Revenue <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 10/1/51 | 250 | 231 |
|  |  | **1886** |
| **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Municipal Power-Ohio, Inc., <br> Revenue Bonds, Subseries B, Build <br> America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 2/15/44 | 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Municipal Power-Ohio, Inc., <br> Taxable Revenue Bonds, Series B, <br> Build America Bonds, Combined <br> Hydroelectric Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.08%, 2/15/50 | 300 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State University Revenue Bonds, <br> Series C, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 6/1/40 | 190 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State University Taxable Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 6/1/11<sup>(4)</sup> <br>| 200 | 167 |
|  |  | **944** |
| **Pennsylvania – 0.0%** | **Pennsylvania – 0.0%** | **Pennsylvania – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority <br> Taxable Revenue Bonds, Series A, <br> Qualified School Construction <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/27 | 200 | **202** |
| **Tennessee – 0.0%** | **Tennessee – 0.0%** | **Tennessee – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville <br> & Davidson County Convention <br> Center Authority Subordinate <br> Taxable Revenue Bonds, Series B, <br> Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.73%, 7/1/43 | 100 | **107** |

---

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

------

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

**Schedule of Investments** <br>

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

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 0.5%continued**  | **MUNICIPAL BONDS - 0.5%continued**  | **MUNICIPAL BONDS - 0.5%continued**  |
| **Texas – 0.1%** | **Texas – 0.1%** | **Texas – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit Sales TRB, <br> Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 12/1/48 | $180 | $162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas Independent School District <br> Taxable G.O. Unlimited Bonds, <br> Series C, Build America Bonds (PSF, <br> Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 2/15/35 | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.72%, 1/1/49 | 125 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.99%, 2/1/39 | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Taxable G.O. Unlimited <br> Bonds, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 4/1/39 | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Transportation Commission State <br> Highway Fund Taxable Revenue <br> Bonds, Series B, First Tier,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 4/1/30 | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Texas Revenue Bonds, <br> Series C, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 8/15/46 | 100 | 93 |
|  |  | **1314** |
| **Virginia – 0.0%** | **Virginia – 0.0%** | **Virginia – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Virginia University Taxable <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 9/1/50 | 300 | **171** |
| **Washington – 0.0%** | **Washington – 0.0%** | **Washington – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Puget Sound Regional <br> Transportation Authority Sales & Use <br> TRB, Build America Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49%, 11/1/39 | 80 | **81** |
| **Total Municipal Bonds** |  |  |
| **(Cost $10,977)** |  | **10951** |

---

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Lehman Brothers Holdings <br> Capital Trust VII <sup>(14) (15) \*</sup> <br>| 50000 | $— |
| **Total Other** |  |  |
| **(Cost $39)** |  | **—** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 3.1%**  | **INVESTMENT COMPANIES – 3.1%**  | **INVESTMENT COMPANIES – 3.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.39%<sup>(16) (17) (18)</sup> <br>| 8526703 | $8527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(16) (17)</sup> <br>| 62091482 | 62091 |
| **Total Investment Companies** |  |  |
| **(Cost $70,618)** |  | **70618** |
| **Total Investments – 101.8%** | **Total Investments – 101.8%** |  |
| **(Cost $2,481,077)** | **(Cost $2,481,077)** | **2346392** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (1.8%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (1.8%) | (41378)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2305014** |

---

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

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Variable or floating rate security, the interest rate of which adjusts* <br> *periodically based on changes in current interest rates and prepayments on* <br> *the underlying pool of assets.*<br>|
| <sup>(2)</sup> <br>| *Security exempt from registration pursuant to Rule 144A under the Securities* <br> *Act of 1933, as amended. These securities may be resold in transactions* <br> *exempt from registration to qualified institutional investors. At June 30,* <br> *2025, the value of these securities amounted to approximately $4,220,000* <br> *or 0.2% of net assets.*<br>|
| <sup>(3)</sup> <br>| *Variable or floating rate security. Security issued at a fixed coupon rate,* <br> *which converts to a variable rate at a future date. Rate shown is the rate in* <br> *effect as of June 30, 2025.*<br>|
| <sup>(4)</sup> <br>| *Century bond maturing in 2111.* |
| <sup>(5)</sup> <br>| *Century bond maturing in 2114.* |
| <sup>(6)</sup> <br>| *Century bond maturing in 2116.* |
| <sup>(7)</sup> <br>| *Century bond maturing in 2112.* |
| <sup>(8)</sup> <br>| *Investment in affiliate.* |
| <sup>(9)</sup> <br>| *Zero coupon bond.* |
| <sup>(10)</sup> <br>| *Principal Amount and Value rounds to less than one thousand.* |
| <sup>(11)</sup> <br>| *The obligations of certain U.S. government-sponsored entities are neither* <br> *issued nor guaranteed by the United States Treasury.*<br>|
| <sup>(12)</sup> <br>| *Variable or floating rate security. Rate as of June 30, 2025 is disclosed.* |
| <sup>(13)</sup> <br>| *When-Issued Security. Coupon rate is not in effect at June 30, 2025.* |
| <sup>(14)</sup> <br>| *Issuer has defaulted on terms of debt obligation.* |
| <sup>(15)</sup> <br>| *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <sup>(16)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(17)</sup> <br>| *7-day current yield as of June 30, 2025 is disclosed.* |
| <sup>(18)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

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

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 1Y - 1 Year |
| 3M - 3 Month |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| |
|:---|
| 5Y - 5 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| Fannie Mae - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |
| G.O. - General Obligation |
| Gtd. - Guaranteed |
| IBOR - Interbank Offered Rates  |
| ICE - Intercontinental Exchange |
| LIBOR - London Interbank Offered Rate |
| PSF - Permanent School Fund |
| SOFR - Secured Overnight Financing Rate |
| TBA - To be announced |
| TRB - Tax Revenue Bonds |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

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

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Asset-Backed Securities<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $9720 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9720 |
| &nbsp;&nbsp;&nbsp; Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 16816 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16816 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 477675 | &nbsp;&nbsp; — | &nbsp;&nbsp; 477675 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 139669 | &nbsp;&nbsp; — | &nbsp;&nbsp; 139669 |
| &nbsp;&nbsp;&nbsp; U.S. Government <br> Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 593404 | &nbsp;&nbsp; — | &nbsp;&nbsp; 593404 |
| &nbsp;&nbsp;&nbsp; U.S. Government <br> Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1027539 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1027539 |
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 10951 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10951 |
| Investment Companies | &nbsp;&nbsp; 70618 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 70618 |
| Total Investments | &nbsp;&nbsp; $70618 | &nbsp;&nbsp; $2275774 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2346392 |

---

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

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Nasdaq, Inc. | $306 | $— | $— | $5 | $306 | 300000 |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) |  | 23816 | 15289 | 3 <br><sup>(1)</sup><br>| 8527 | 8526703 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 41789 | 110434 | 90132 | 458 | 62091 | 62091482 |
| Total | $42095 | $134250 | $105421 | $466 | $70924 | 70918185 |

---

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

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

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

------

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

**Schedule of Investments** <br>

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

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 95.8%**  | **MUNICIPAL BONDS – 95.8%**  | **MUNICIPAL BONDS – 95.8%**  |
| **California – 95.8%** | **California – 95.8%** | **California – 95.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alameda County Unified School District <br> G.O. Unlimited Bonds, Series B, <br> Election of 2014,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/42 | $2000 | $2041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albany Unified School District G.O. <br> Unlimited Bonds, Series B, Measure <br> B, Election of 2016,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/43 | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alum Rock Union Elementary School <br> District G.O. Unlimited Refunding <br> Bonds, Series B (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33 | 1750 | 1987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azusa Unified School District G.O. <br> Unlimited Bonds, Series C, Election <br> of 2014,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/44 | 1700 | 1745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Subordinate Revenue Refunding <br> Bonds, Series S-11,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/32 | 795 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Clean Energy Project <br> Revenue Bonds, Green Bond, Series <br> B-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/31<sup>(1) (2)</sup> <br>| 3500 | 3479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Revenue Bonds, Clean <br> Energy Project, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/27<sup>(1) (2)</sup> <br>| 1400 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32<sup>(1) (2)</sup> <br>| 1250 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33<sup>(1) (2)</sup> <br>| 2000 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Series E, Clean Energy <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| 2320 | 2451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Revenue Bonds, <br> Clean Energy Project, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/29<sup>(1) (2)</sup> <br>| 750 | 783 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **California – 95.8%continued** | **California – 95.8%continued** | **California – 95.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| $2605 | $2771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-2, Class A Social <br> Certificates (FHLMC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 3/25/35 | 1897 | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Public Finance Authority <br> Revenue Refunding Bonds, Series A, <br> PIH Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/32 | 1500 | 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California School Finance Authority <br> Educational Facilities Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/40 | 800 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, University <br> of the Pacific,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/43 | 610 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/44 | 700 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Enterprise Development <br> Authority Lease Revenue Bonds, <br> Riverside County - Mead Valley <br> Wellness Village Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32 | 2875 | 3268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Enterprise Development <br> Authority Lease Revenue Bonds, <br> Riverside County Library Facilities <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/44 | 3000 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/30<sup>(3)</sup> <br>| 25 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32 | 1515 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/28 | 2000 | 2099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds, Bid Group C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/28 | 4000 | 4096 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **California – 95.8%continued** | **California – 95.8%continued** | **California – 95.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue Bonds, <br> Series B, Stanford Health Care,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/33 | $690 | $791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Cedars-Sinai <br> Medical Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/27 | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Series A, El <br> Camino Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/33 | 700 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Sutter Health, <br> Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/26<sup>(3)</sup> <br>| 1215 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Children's Hospital <br> of Orange County,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/31<sup>(1) (2)</sup> <br>| 1855 | 2064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/1/32<sup>(1) (4)</sup> <br>| 2000 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Series B-2, Scripps <br> Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/4/31<sup>(1) (2)</sup> <br>| 1350 | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> National Charter Equitable School <br> Revolving Fund Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/29 | 2045 | 2172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/33 | 200 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Revenue Bonds, UCSF <br> 2130 Third Street,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/36 | 1000 | 1041 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **California – 95.8%continued** | **California – 95.8%continued** | **California – 95.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Variable Revenue Refunding Bonds, <br> Los Angeles Museum of Art Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 6/1/28<sup>(1) (2)</sup> <br>| $3000 | $2743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority MFH Revenue Bonds, <br> Pass-Through Park Western <br> Apartments (FNMA Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 8/1/36 | 3257 | 2731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, <br> HumanGood, California Obligated <br> Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/46 | 1000 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, Series A, <br> National University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/36 | 2245 | 2367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Refunding Bonds, <br> Southwestern Law School,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/41 | 400 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Refunding Bonds, <br> Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/31 | 1500 | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Refunding Bonds, <br> Various Capital Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32 | 3500 | 3969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Statewide Communities <br> Development Authority Student <br> Housing Revenue Refunding Bonds, <br> CHF-Irvine, LLC-Phase I (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/33 | 4630 | 4997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/31 | 4560 | 4775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/39 | 1500 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Refunding Bonds <br> (BAM-TCRS Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/35 | 3500 | 3560 |

---

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

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **California – 95.8%continued** | **California – 95.8%continued** | **California – 95.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement <br> Authority Essential Housing Senior <br> Revenue Bonds, Crescent West <br> Hollywood,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 7/1/43 | $1000 | $745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Desert Sands Unified School District <br> G.O. Unlimited Bonds, Election of <br> 2014,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/39 | 1330 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Desert Sands Unified School District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 1230 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East Side Union High School District <br> Santa Clara County Election G.O. <br> Unlimited Bonds, Series D, Election <br> 2016,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 750 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East Side Union High School District <br> Santa Clara County G.O. Unlimited <br> Bonds, Series B (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 4610 | 5252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen School District G.O. <br> Unlimited Bonds, Election of 2014,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/46 | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fremont Unified School District <br> Alameda County G.O. Unlimited <br> Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/35 | 3985 | 3211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garden Grove Public Financing <br> Authority Lease Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/29 | 300 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garden Grove Public Financing <br> Authority Lease Revenue Bonds, <br> Series A (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/32 | 580 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization <br> Corp. Tobacco Settlement Taxable <br> Revenue Refunding Bonds, Series <br> A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.16%, 6/1/26 | 1000 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 6/1/28 | 1500 | 1417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hayward Unified School District G.O. <br> Unlimited Refunding Bonds, Series B <br> (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33 | 3750 | 4269 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **California – 95.8%continued** | **California – 95.8%continued** | **California – 95.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Irrigation District Electric <br> Revenue Bonds, Series B-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/46 | $2500 | $2514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Irvine Unified School District Special <br> Refunding Tax Bonds, Community <br> Facilities District No. 01-1 (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32 | 1400 | 1594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson Union High School District <br> San Mateo County G.O. Unlimited <br> Bonds, Series C, 2020 Election <br> Measure Z,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/34 | 300 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake Elsinore Facilities Financing <br> Authority Local Agency Special TRB, <br> Series A (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/33 | 1750 | 1983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Beach Harbor Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/30 | 1300 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Beach Harbor Revenue Refunding <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/47 | 3000 | 3018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Beach Marina Revenue Refunding <br> Bonds, Alamitos Bay Marina Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/33 | 700 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Alamitos Unified School District <br> COPS, Capital Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 8/1/34 | 1100 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan <br> Transportation Authority Sales Senior <br> TRB, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/36 | 2975 | 3109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/29 | 1665 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/29 | 2630 | 2639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/30 | 1465 | 1533 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **California – 95.8%continued** | **California – 95.8%continued** | **California – 95.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International <br> Airport,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/31 | $2000 | $2092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/44 | 1500 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue <br> Refunding Bonds (AMT), Unrefunded <br> Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/32 | 2840 | 3043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Revenue Refunding Bonds, Series B <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/27 | 3435 | 3548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/33 | 4210 | 4621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks System Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/43 | 1850 | 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Municipal Improvement <br> Corp. Lease Revenue Bonds, Capital <br> Equipment and Real Property,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/30 | 600 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Special Refunding Tax <br> Bonds, Community Facilities District <br> No. 4 Playa Vista,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/30 | 775 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District <br> G.O. Unlimited Bonds, Series B-1, <br> Election 2008 (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31 | 1500 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District <br> G.O. Unlimited Bonds, Series B-1, <br> Election of 2008,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/30 | 190 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District <br> G.O. Unlimited Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/33 | 3500 | 4009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Menifee Special Tax, Community <br> Facilities District McCall,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/42 | 385 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/51 | 1000 | 827 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **California – 95.8%continued** | **California – 95.8%continued** | **California – 95.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern <br> California Waterworks Revenue <br> Bonds, Series B-3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31<sup>(1) (2)</sup> <br>| $2920 | $3217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moreland School District Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 1300 | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mount Diablo Unified School District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 750 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountain View Los Altos Union High <br> School District G.O. Unlimited <br> Convertible CABS, Series A, Election <br> of 2010,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 8/1/30 | 2250 | 2465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natomas Unified School District G.O. <br> Unlimited Bonds (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/39 | 1655 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/40 | 2325 | 1905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/41 | 2590 | 2064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natomas Unified School District G.O. <br> Unlimited Bonds, Election of 2014 <br> (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33 | 1185 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ontario Public Financing Authority <br> Lease Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32 | 300 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/33 | 475 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange County Community Facilities <br> District No. 2021-1 Rienda Special <br> Tax Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/37 | 1000 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oxnard Union High School District <br> G.O. Unlimited BANS,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/30 | 1000 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oxnard Union High School District <br> G.O. Unlimited Bonds, Series A, <br> Election of 2018, Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26<sup>(3)</sup> <br>| 2000 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Springs Unified School District <br> G.O. Unlimited Bonds, Series D, <br> Election of 2008,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/27 | 1970 | 1917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peralta Community College District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33 | 2150 | 2461 |

---

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

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **California – 95.8%continued** | **California – 95.8%continued** | **California – 95.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perris Union High School District G.O. <br> Unlimited Bonds, Series C, Election <br> of 2012,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/40 | $875 | $724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rancho Cucamonga Redevelopment <br> Agency Successor Agency Tax <br> Allocation Revenue Refunding Bonds, <br> Rancho Redevelopment Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32 | 1500 | 1710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redlands Unified School District G.O. <br> Unlimited Refunding Bonds, San <br> Bernardino County,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/30 | 2295 | 2290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rialto Unified School District COPS, <br> Kitchen And Meeting (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/31 | 270 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sacramento County Airport System <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/29 | 565 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31 | 500 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sacramento County Airport System <br> Revenue Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/29 | 680 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sacramento County Special Refunding <br> Tax Bonds, Metro Air Park <br> Community Facilities,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 1000 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego Association of Governments <br> South Bay Expressway Toll Senior <br> Lien Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/29 | 850 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/37 | 1000 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Regional Airport <br> Authority Senior Revenue Bonds, <br> Private Activity (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/36<sup>(4)</sup> <br>| 1100 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing <br> Authority Lease Revenue Refunding <br> Bonds, Capital Improvement Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/31 | 1000 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Refunding Bonds, Second <br> Series (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/1/41 | 1000 | 1037 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **California – 95.8%continued** | **California – 95.8%continued** | **California – 95.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County COPS, <br> Multiple Capital Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/33 | $2800 | $2395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County <br> Infrastructure & Revitalization Tax <br> Allocation Bonds, Facilities <br> Increment, Treasure Island,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/37 | 375 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Public <br> Utilities Commission Wastewater <br> Sustainable Revenue Bonds, Series C <br> (SSIP),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/31 | 2000 | 2266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County <br> Redevelopment Successor Agency <br> Tax Allocation Refunding Bonds, <br> Mission Bay South Redevelopment <br> (AGC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/31 | 1150 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 1420 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Unified <br> School District G.O. Unlimited <br> Bonds, Proposition A, Series F&C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/15/32 | 1500 | 1469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Unified <br> School District G.O. Unlimited <br> Bonds, Series A, Election of 2016,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/35 | 1000 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco County Transportation <br> Authority Sales TRB,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/30 | 5000 | 4984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Joaquin Valley Clean Energy <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/35<sup>(1) (2)</sup> <br>| 1500 | 1645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Leandro Unified School District <br> G.O. Unlimited Bonds, Series B, <br> Election 2016 (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 560 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santa Clarita Community College <br> District G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/44 | 1000 | 767 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **California – 95.8%continued** | **California – 95.8%continued** | **California – 95.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santa Rosa Elementary School District <br> G.O. Unlimited Bonds, Series D, <br> Election of 2014 (AGM Insured), <br> Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26<sup>(3)</sup> <br>| $1145 | $1164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santa Rosa High School District G.O. <br> Unlimited Bonds, Series C, Election <br> of 2014 (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/43 | 1000 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silicon Valley Clean Water Wastewater <br> Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 3/1/26 | 3000 | 2945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern California Financing Authority <br> Water Replenishment Assessment <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/43 | 2000 | 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern California State Public Power <br> Authority Revenue Refunding Bonds, <br> Series A, Canyon Power Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | 1000 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Temecula Valley Unified School District <br> Financing Authority Special Tax <br> Refunding Bonds (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32 | 670 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transbay Joint Powers Authority Senior <br> Tax Allocation Bonds, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/29 | 465 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/34 | 600 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/31 | 4500 | 5045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Val Verde Unified School District <br> Special Refunding Tax Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32 | 245 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventura Unified School District G.O. <br> Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/31 | 710 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Joint Powers Financing Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/33 | 900 | 1026 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **California – 95.8%continued** | **California – 95.8%continued** | **California – 95.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Contra Costa Unified School <br> District 2020 Election G.O. <br> Unlimited Bonds, Series B (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/31 | $235 | $263 |
|  |  | **224153** |
| **Total Municipal Bonds** |  |  |
| **(Cost $235,812)** |  | **224153** |

---

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.2%**  | **INVESTMENT COMPANIES – 1.2%**  | **INVESTMENT COMPANIES – 1.2%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(5) (6)</sup> <br>| 2806693 | $2807 |
| **Total Investment Companies** |  |  |
| **(Cost $2,807)** |  | **2807** |

---

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 2.9%**  | **SHORT-TERM INVESTMENTS – 2.9%**  | **SHORT-TERM INVESTMENTS – 2.9%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Revenue Refunding Bonds, San <br> Francisco Bay Area,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 4/1/26<sup>(1) (2)</sup> <br>| $6825 | **$6805** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $6,830)** | **(Cost $6,830)** | **6805** |
| **Total Investments – 99.9%** | **Total Investments – 99.9%** |  |
| **(Cost $245,449)** | **(Cost $245,449)** | **233765** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.1% | 168 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$233933** |

---

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

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

<sup>(2)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of June 30,* *2025 is disclosed.* 

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

<sup>(4)</sup> *When-Issued Security. Coupon rate is not in effect at June 30, 2025.*

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

<sup>(6)</sup> *7-day current yield as of June 30, 2025 is disclosed.*

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

---

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

---

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

------

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

**Schedule of Investments** <br>

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

---

| | |
|:---|:---|
| **CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND continued**  | **June 30, 2025 (UNAUDITED)**  |

---

---

| |
|:---|
| AGM - Assured Guaranty Municipal Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| BANS - Bond Anticipation Notes |
| CABS - Capital Appreciation Bonds |
| CHF - Collegiate Housing Foundation |
| COPS - Certificates of Participation |
| CSCDA - California Statewide Communities Development Authority |
| FHLMC - Federal Home Loan Mortgage Corporation |
| FNMA - Federal National Mortgage Association |
| G.O. - General Obligation |
| MFH - Multi-Family Housing |
| TCRS - Transferable Custodial Receipts |

---

TRB - Tax Revenue Bonds<br>

*Percentages shown are based on Net Assets.* 

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $224153 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $224153 |
| Investment Companies | &nbsp;&nbsp; 2807 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2807 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 6805 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6805 |
| Total Investments | &nbsp;&nbsp; $2807 | &nbsp;&nbsp; $230958 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $233765 |

---

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $5563 | $33939 | $36695 | $69 | $2807 | 2806693 |

---

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

------

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

**Schedule of Investments** <br>

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

---

| | |
|:---|:---|
| **CALIFORNIA TAX-EXEMPT FUND**  | **June 30, 2025 (UNAUDITED)**  |

---

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 95.0%**  | **MUNICIPAL BONDS – 95.0%**  | **MUNICIPAL BONDS – 95.0%**  |
| **California – 95.0%** | **California – 95.0%** | **California – 95.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alameda County Unified School District <br> G.O. Unlimited Bonds, Series B, <br> Election of 2014,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/42 | $500 | $510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antioch Unified School District G.O. <br> Unlimited Bonds, Series A, Election <br> of 2024 (AGC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/42 | 900 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Revenue Bonds, Clean <br> Energy Project, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/27<sup>(1) (2)</sup> <br>| 600 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32<sup>(1) (2)</sup> <br>| 750 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33<sup>(1) (2)</sup> <br>| 1500 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Series E, Clean Energy <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| 1385 | 1463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| 500 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California County Tobacco <br> Securitization Agency Tobacco <br> Settlement Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/35 | 885 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California County Tobacco <br> Securitization Agency Tobacco <br> Settlement Revenue Refunding Bonds, <br> Sonoma County Securitization,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/29 | 310 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-1, Class A <br> Certificates,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/35 | 1168 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-2, Class A Social <br> Certificates (FHLMC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 3/25/35 | 474 | 472 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.0%continued**  | **MUNICIPAL BONDS - 95.0%continued**  | **MUNICIPAL BONDS - 95.0%continued**  |
| **California – 95.0%continued** | **California – 95.0%continued** | **California – 95.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, Art Center <br> College of Design,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/51 | $600 | $397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, University <br> of the Pacific,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/55 | 1500 | 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Enterprise Development <br> Authority Lease Revenue Bonds, <br> Riverside County - Mead Valley <br> Wellness Village Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/31 | 1040 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32 | 905 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/46 | 300 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/42 | 1000 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds, Group B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 | 790 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue Bonds, <br> Subseries A-2, Kaiser Permanente,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/44 | 2000 | 1796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Series A, El <br> Camino Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/34 | 800 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Children's Hospital <br> of Orange County,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/31<sup>(1) (2)</sup> <br>| 225 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/1/32<sup>(1) (3)</sup> <br>| 1000 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> National Charter Equitable School <br> Revolving Fund Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/42 | 275 | 279 |

---

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

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.0%continued**  | **MUNICIPAL BONDS - 95.0%continued**  | **MUNICIPAL BONDS - 95.0%continued**  |
| **California – 95.0%continued** | **California – 95.0%continued** | **California – 95.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Revenue Bonds, Equitable School <br> Revolving Fund,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/44 | $625 | $625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Variable Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 8/1/26<sup>(1) (2)</sup> <br>| 3500 | 3425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Variable Revenue Refunding Bonds, <br> Los Angeles Museum of Art Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 6/1/28<sup>(1) (2)</sup> <br>| 2000 | 1828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Lease Revenue Bonds, <br> Orange County Civic Center <br> Infrastructure Improvement Program,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/32 | 1500 | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, California <br> Institute of the Arts,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/51 | 250 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, <br> HumanGood, California Obligated <br> Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/49 | 1000 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, Samuel <br> Merritt University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/53 | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, Series A, <br> National University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/40 | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Refunding Bonds, <br> Southwestern Law School,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/41 | 175 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Refunding Bonds, <br> Various Capital Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 1750 | 1841 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.0%continued**  | **MUNICIPAL BONDS - 95.0%continued**  | **MUNICIPAL BONDS - 95.0%continued**  |
| **California – 95.0%continued** | **California – 95.0%continued** | **California – 95.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Statewide Communities <br> Development Authority Student <br> Housing Revenue Refunding Bonds, <br> CHF-Irvine, LLC-Phase I (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/33 | $500 | $540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/15/51 | 500 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/31 | 1000 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Refunding Bonds <br> (BAM-TCRS Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/35 | 2000 | 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlsbad Unified School District G.O. <br> Unlimited Bonds, Series A, Election <br> of 2018,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/42 | 550 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coachella Valley Water District <br> Revenue COPS, Series A, Oasis <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/46 | 1750 | 1613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement <br> Authority Essential Housing Senior <br> Revenue Bonds, Crescent West <br> Hollywood,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 7/1/59 | 500 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen School District G.O. <br> Unlimited Bonds, Election of 2014,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/46 | 1300 | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foothill Eastern Transportation Corridor <br> Agency Toll Road Senior Lien <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/15/46 | 250 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fremont Unified School District <br> Alameda County G.O. Unlimited <br> Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/35 | 1610 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Irrigation District Electric <br> Revenue Bonds, Series B-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/46 | 1500 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake Elsinore Facilities Financing <br> Authority Local Agency Special TRB, <br> Series A (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/34 | 1000 | 1135 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.0%continued**  | **MUNICIPAL BONDS - 95.0%continued**  | **MUNICIPAL BONDS - 95.0%continued**  |
| **California – 95.0%continued** | **California – 95.0%continued** | **California – 95.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Beach Marina Revenue Refunding <br> Bonds, Alamitos Bay Marina Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/34 | $700 | $790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Community College District <br> 2008 Election G.O. Unlimited <br> Refunding Bonds, Series K,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/39 | 2915 | 2834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Community <br> Facilities District No. 2021-01 <br> Special TRB, Valencia Facilities,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/52 | 500 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan <br> Transportation Authority Sales Senior <br> TRB, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/34 | 525 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/36 | 2000 | 2090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Bonds, Series F, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/1/51 | 1600 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Bonds, Series H,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/41 | 1000 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Senior Revenue Bonds <br> (AMT), Private Activity,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/15/47 | 1000 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/31 | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International <br> Airport,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/44 | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue <br> Refunding Bonds, Series A (AMT), P3 <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/46 | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/40 | 1000 | 1029 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.0%continued**  | **MUNICIPAL BONDS - 95.0%continued**  | **MUNICIPAL BONDS - 95.0%continued**  |
| **California – 95.0%continued** | **California – 95.0%continued** | **California – 95.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/52 | $500 | $501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/38 | 450 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks System Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/39 | 525 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Harbor Department <br> Sustainable Revenue Refunding <br> Bonds, Exempt Facility,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/44 | 375 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District <br> Sustainable G.O. Unlimited Bonds, <br> Series QRR,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/38 | 1000 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Rios Community College District <br> G.O. Unlimited Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/44 | 1000 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lucia Mar Unified School District G.O. <br> Unlimited Bonds, Series B, Election of <br> 2016,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/42 | 1450 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Menifee Special Tax, Community <br> Facilities District McCall,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/42 | 165 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mesa Water District COPS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/15/45 | 1150 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern <br> California Waterworks Revenue <br> Bonds, Series B-3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31<sup>(1) (2)</sup> <br>| 1990 | 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modesto High School District Stanislaus <br> County G.O. Unlimited Bonds, Series <br> A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/48 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monterey County Financing Authority <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/37 | 1170 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mount Diablo Unified School District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/34 | 1250 | 1447 |

---

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

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.0%continued**  | **MUNICIPAL BONDS - 95.0%continued**  | **MUNICIPAL BONDS - 95.0%continued**  |
| **California – 95.0%continued** | **California – 95.0%continued** | **California – 95.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountain View-Whisman School <br> District G.O. Unlimited Bonds, Series <br> B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/1/45 | $500 | $482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newport Mesa Unified School District <br> G.O. Unlimited CABS, Election of <br> 2005,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 8/1/33<sup>(4)</sup> <br>| 7000 | 5410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ontario PFA Lease Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/34 | 450 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perris Union High School District G.O. <br> Unlimited Bonds, Series C, Election <br> of 2012,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/45 | 1865 | 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rancho Cucamonga Redevelopment <br> Agency Successor Agency Tax <br> Allocation Revenue Refunding Bonds, <br> Rancho Redevelopment Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32 | 1000 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood City Public Facilities & <br> Infrastructure Authority Lease <br> Revenue Bonds, Veterans Memorial <br> Building,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/51 | 1750 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside County Transportation <br> Commission Toll Senior Lien Revenue <br> Refunding Bonds, RCTC 91 Express <br> Lanes,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/46 | 750 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sacramento County Special Refunding <br> Tax Bonds, Metro Air Park <br> Community Facilities,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/34 | 1000 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Carlos School District G.O. <br> Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/41 | 400 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego Community College District <br> G.O. Unlimited Bonds, Series A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/55 | 1500 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/42 | 1500 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/49 | 1000 | 988 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.0%continued**  | **MUNICIPAL BONDS - 95.0%continued**  | **MUNICIPAL BONDS - 95.0%continued**  |
| **California – 95.0%continued** | **California – 95.0%continued** | **California – 95.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Bonds, Series E (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/45 | $1000 | $996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/50 | 1500 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Refunding Bonds, Second <br> Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/30 | 915 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County COPS, <br> Multiple Capital Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/33 | 1200 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Public <br> Utilities Commission Water Revenue <br> Bonds, Series D, Hetch Hetchy <br> Water,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/50 | 600 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Public <br> Utilities Commission Water Revenue <br> Refunding Bonds, Subseries C, <br> Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/41 | 1000 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Public <br> Utilities Commission Water Revenue <br> Refunding Bonds, Sustainable Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32 | 205 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Unified <br> School District G.O. Unlimited <br> Bonds, Series A, Election of 2016,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/35 | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco Community College <br> District G.O. Unlimited Bonds, Series <br> A, Election of 2020,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/15/45 | 1000 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Joaquin Hills Transportation <br> Corridor Agency Toll Road Senior <br> Lien Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/15/34 | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Joaquin Valley Clean Energy <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/35<sup>(1) (2)</sup> <br>| 1000 | 1097 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.0%continued**  | **MUNICIPAL BONDS - 95.0%continued**  | **MUNICIPAL BONDS - 95.0%continued**  |
| **California – 95.0%continued** | **California – 95.0%continued** | **California – 95.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Jose Financing Authority <br> Wastewater Revenue Bonds, Series <br> B, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/41 | $500 | $537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Jose G.O. Unlimited Bonds, Series <br> A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/42 | 1310 | 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santa Clarita Community College <br> District G.O. Unlimited Bonds, <br> Election of 2016,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/48 | 1000 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santa Cruz County Capital Financing <br> Authority Lease Revenue Bonds, <br> Series A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/32 | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/34 | 330 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silicon Valley Clean Water Wastewater <br> Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 3/1/26 | 2000 | 1963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonoma County Junior College District <br> G.O. Unlimited Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/36 | 900 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwestern Community College <br> District G.O. Unlimited Bonds, Series <br> D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/33 | 650 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Temecula Valley Unified School District <br> Financing Authority Special Tax <br> Refunding Bonds (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32 | 2575 | 2930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Securitization Authority <br> Tobacco Settlement Senior Revenue <br> Refunding Bonds, Sacramento <br> County,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/37 | 700 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transbay Joint Powers Authority Senior <br> Tax Allocation Bonds, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/45 | 1000 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turlock Irrigation District Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/37 | 805 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California General <br> Revenue Refunding Bonds, Series AZ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/34 | 85 | 89 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.0%continued**  | **MUNICIPAL BONDS - 95.0%continued**  | **MUNICIPAL BONDS - 95.0%continued**  |
| **California – 95.0%continued** | **California – 95.0%continued** | **California – 95.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/31 | $1375 | $1541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/35 | 1500 | 1673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series BH,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/46 | 2000 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series O, Limited <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/58 | 2500 | 2508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upper Santa Clara Valley Joint Powers <br> Authority Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/45 | 1200 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Placer Waste Management <br> Authority Solid Waste Revenue <br> Bonds, Material Recovery Facility <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/40 | 625 | 678 |
|  |  | **116271** |
| **Total Municipal Bonds** |  |  |
| **(Cost $125,388)** |  | **116271** |

---

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 2.7%**  | **INVESTMENT COMPANIES – 2.7%**  | **INVESTMENT COMPANIES – 2.7%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(5) (6)</sup> <br>| 3274266 | $3274 |
| **Total Investment Companies** |  |  |
| **(Cost $3,274)** |  | **3274** |

---

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

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

------

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

**Schedule of Investments** <br>

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

---

| | |
|:---|:---|
| **CALIFORNIA TAX-EXEMPT FUND continued**  | **June 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 2.9%**  | **SHORT-TERM INVESTMENTS – 2.9%**  | **SHORT-TERM INVESTMENTS – 2.9%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Revenue Refunding Bonds, San <br> Francisco Bay Area,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 4/1/26<sup>(1) (2)</sup> <br>| $3590 | **$3580** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $3,594)** | **(Cost $3,594)** | **3580** |
| **Total Investments – 100.6%** | **Total Investments – 100.6%** |  |
| **(Cost $132,256)** | **(Cost $132,256)** | **123125** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (0.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (0.6%) | (794)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$122331** |

---

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

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

<sup>(2)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of June 30,* *2025 is disclosed.* 

<sup>(3)</sup> *When-Issued Security. Coupon rate is not in effect at June 30, 2025.*

<sup>(4)</sup> *Zero coupon bond.*

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

<sup>(6)</sup> *7-day current yield as of June 30, 2025 is disclosed.*

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

---

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

---

---

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

---

*Percentages shown are based on Net Assets.* 

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $116271 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $116271 |
| Investment Companies | &nbsp;&nbsp; 3274 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3274 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 3580 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3580 |
| Total Investments | &nbsp;&nbsp; $3274 | &nbsp;&nbsp; $119851 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $123125 |

---

Transactions in affiliated investments for the nine months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $2723 | $13066 | $12515 | $19 | $3274 | 3274266 |

---

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

------

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

**Schedule of Investments** <br>

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

---

| | |
|:---|:---|
| **CORE BOND FUND**  | **June 30, 2025 (UNAUDITED)**  |

---

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 19.9%**  | **ASSET-BACKED SECURITIES – 19.9%**  | **ASSET-BACKED SECURITIES – 19.9%**  |
| **Auto Loan – 11.2%** | **Auto Loan – 11.2%** | **Auto Loan – 11.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 11/10/31 | $400 | $405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/28 | 2390 | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust, Series <br> 2023-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91%, 10/15/26 | 106 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2023-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 5/15/28 | 120 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-B, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96%, 5/15/30 | 150 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2023-1, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 2/16/28 | 51 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2023-2, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.47%, 2/16/28 | 114 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2023-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 12/15/27 | 740 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37%, 3/15/29 | 110 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization <br> Trust, Series 2024-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 5/17/27<sup>(1)</sup> <br>| 150 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2023-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 4/15/27 | 104 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2021-1, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73%, 12/15/27 | 2811 | 2778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2023-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 11/15/27 | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-2, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/15/28 | 1335 | 1342 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 19.9%continued**  | **ASSET-BACKED SECURITIES - 19.9%continued**  | **ASSET-BACKED SECURITIES - 19.9%continued**  |
| **Auto Loan – 11.2%continued** | **Auto Loan – 11.2%continued** | **Auto Loan – 11.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 5/15/31 | $549 | $556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust, Series 2024-B, <br> Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 8/21/28<sup>(1)</sup> <br>| 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 5/17/27<sup>(1)</sup> <br>| 187 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 5/15/30<sup>(1)</sup> <br>| 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/30<sup>(1)</sup> <br>| 200 | 202 |
|  |  | **10184** |
| **Credit Card – 0.3%** | **Credit Card – 0.3%** | **Credit Card – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discover Card Execution Note Trust, <br> Series 2023-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 3/15/28 | 230 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 3/15/30 | 77 | 78 |
|  |  | **308** |
| **Other – 2.7%** | **Other – 2.7%** | **Other – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 Henderson Receivables I LLC, <br> Series 2007-3A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 10/15/48<sup>(1)</sup> <br>| 224 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2024-A, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77%, 6/15/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2024-C, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 1/15/30 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust, Series <br> 2023-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 9/22/28<sup>(1)</sup> <br>| 104 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust, Series <br> 2023-3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 4/23/29<sup>(1)</sup> <br>| 110 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance of America Structured <br> Securities Trust, Series 2023-S2, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/25/73<sup>(1)</sup> <br>| 265 | 266 |

---

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

------

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

**Schedule of Investments** <br>

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

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 19.9%continued**  | **ASSET-BACKED SECURITIES - 19.9%continued**  | **ASSET-BACKED SECURITIES - 19.9%continued**  |
| **Other – 2.7%continued** | **Other – 2.7%continued** | **Other – 2.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.G. Wentworth XLI LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 10/17/72<sup>(1)</sup> <br>| $409 | $364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JGWPT XXVII LLC, Series 2012-3A, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 9/15/65<sup>(1)</sup> <br>| 126 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JGWPT XXX LLC, Series 2013-3A, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 1/17/73<sup>(1)</sup> <br>| 320 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96%, 11/15/28 | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 6/15/29 | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MMAF Equipment Finance LLC, Series <br> 2022-B, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 10/9/48<sup>(1)</sup> <br>| 160 | 160 |
|  |  | **2487** |
| **Whole Loan – 5.7%** | **Whole Loan – 5.7%** | **Whole Loan – 5.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 4.72% on 11/25/25), <br> 4.75%, 9/26/67<sup>(1) (2)</sup> <br>| 222 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2024-4, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.64% on 4/25/28), <br> 6.20%, 1/25/69<sup>(1) (2)</sup> <br>| 513 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colt, Series 2024-7, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.79% on 12/25/28), <br> 5.79%, 12/26/69<sup>(1) (2)</sup> <br>| 279 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2022-7, Class 1A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/25/52<sup>(1) (3)</sup> <br>| 261 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2023-1, Class A3A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/25/53<sup>(1) (3)</sup> <br>| 188 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mello Mortgage Capital Acceptance, <br> Series 2021-MTG2, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/25/51<sup>(1) (3)</sup> <br>| 259 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 7.61% on 10/25/27), <br> 6.84%, 4/25/63<sup>(1) (2)</sup> <br>| 305 | 308 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 19.9%continued**  | **ASSET-BACKED SECURITIES - 19.9%continued**  | **ASSET-BACKED SECURITIES - 19.9%continued**  |
| **Whole Loan – 5.7%continued** | **Whole Loan – 5.7%continued** | **Whole Loan – 5.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 7.61% on 10/25/27), <br> 7.30%, 4/25/63<sup>(1) (2)</sup> <br>| $65 | $65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2024-NQM16, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.89% on 11/25/28), <br> 5.89%, 10/25/64<sup>(1) (2)</sup> <br>| 399 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2024-NQM2, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.88% on 2/25/28), <br> 5.88%, 12/25/63<sup>(1) (2)</sup> <br>| 165 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2024-NQM9, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 7.20% on 7/25/28), <br> 6.03%, 1/25/64<sup>(1) (2)</sup> <br>| 234 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PMT Loan Trust, Series 2024-INV1, <br> Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/25/59<sup>(1) (3)</sup> <br>| 472 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust, <br> Series 2024-1, Class A13<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/25/54<sup>(1) (3)</sup> <br>| 731 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM1, <br> Class M1A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.42%, 1/25/65<sup>(1)</sup> <br>| 508 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/25/53<sup>(1)</sup> <br>| 82 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 7/25/62<sup>(1)</sup> <br>| 584 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-4, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/25/62<sup>(1)</sup> <br>| 68 | 65 |
|  |  | **5220** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $18,188)** |  | **18199** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.7%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.7%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.7%**  |
| **Non Agency – 4.7%** | **Non Agency – 4.7%** | **Non Agency – 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2021-BN37, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 11/15/64 | 250 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK5 Trust, Series 2024-5YR6, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.23%, 5/15/57 | 140 | 147 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.7%continued**  |
| **Non Agency – 4.7%continued** | **Non Agency – 4.7%continued** | **Non Agency – 4.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK5, Series 2023-5YR2, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.66%, 7/15/56 | $210 | $222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2023-V3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.36%, 7/15/56 | 260 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMARK, Series 2023-V4, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.71%, 11/15/56<sup>(3)</sup> <br>| 352 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Trust, Series 2024-PAT, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 2.09%, 2.09% Floor), 6.40%, <br> 3/15/41<sup>(1) (4)</sup> <br>| 343 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2016-P3, Class AS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 4/15/49 | 165 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMM Mortgage Trust, Series <br> 2024-277P, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.23%, 8/10/44<sup>(1) (3)</sup> <br>| 800 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIVE Mortgage Trust, Series 2023-V1, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 2/10/56 | 260 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series 2016-C32, <br> Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 12/15/49 | 80 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2016-UBS9, Class AS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 3/15/49 | 115 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2016-C35, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 7/15/48 | 90 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2024-C63, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31%, 8/15/57 | 1100 | 1123 |
|  |  | **4250** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $4,199)** |  | **4250** |
| **CORPORATE BONDS – 20.7%**  | **CORPORATE BONDS – 20.7%**  | **CORPORATE BONDS – 20.7%**  |
| **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 10/15/31  | 110 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/15/31  | 230 | 233 |
|  |  | **344** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Apparel & Textile Products – 0.3%** | **Apparel & Textile Products – 0.3%** | **Apparel & Textile Products – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/32 | $270 | **$274** |
| **Asset Management – 2.0%** | **Asset Management – 2.0%** | **Asset Management – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 7/15/29  | 160 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/15/26  | 300 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 7/16/29  | 160 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/30  | 300 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 6/13/28  | 450 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 1/23/32 <sup>(1)</sup> <br>| 390 | 407 |
|  |  | **1802** |
| **Banking – 4.6%** | **Banking – 4.6%** | **Banking – 4.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.82%, 9/15/29 <sup>(5)</sup> <br>| 165 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.22%), <br> 2.65%, 3/11/32 <sup>(5)</sup> <br>| 84 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.21%), <br> 2.57%, 10/20/32 <sup>(5)</sup> <br>| 210 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.41%), 3.52%, 10/27/28 <sup>(5)</sup> <br>| 131 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 3.91%), <br> 4.41%, 3/31/31 <sup>(5)</sup> <br>| 133 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.45%), <br> 5.45%, 6/11/35 <sup>(5)</sup> <br>| 170 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.34%), <br> 6.34%, 7/27/29 <sup>(5)</sup> <br>| 130 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.70%), 6.14%, <br> 11/18/39 <sup>(5)</sup> <br>| 270 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.15%), 6.50%, <br> 4/1/30 <sup>(5) (6)</sup> <br>| 300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.16%), <br> 5.58%, 4/22/30 <sup>(5)</sup> <br>| 700 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.08%), <br> 4.91%, 7/25/33 <sup>(5)</sup> <br>| 252 | 253 |

---

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

------

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

**Schedule of Investments** <br>

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

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Banking – 4.6%continued** | **Banking – 4.6%continued** | **Banking – 4.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeyBank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/26/33  | $210 | $207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.80%), <br> 7.41%, 10/30/29 <sup>(5)</sup> <br>| 160 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.40%), <br> 5.18%, 7/8/31 <sup>(5)</sup> <br>| 440 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.09%), <br> 5.85%, 10/21/33 <sup>(5)</sup> <br>| 281 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.10%), <br> 2.39%, 6/2/28 <sup>(5)</sup> <br>| 159 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.50%), <br> 5.20%, 1/23/30 <sup>(5)</sup> <br>| 300 | 307 |
|  |  | **4152** |
| **Beverages – 0.0%** | **Beverages – 0.0%** | **Beverages – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/1/30 | 44 | **41** |
| **Biotechnology & Pharmaceuticals – 0.3%** | **Biotechnology & Pharmaceuticals – 0.3%** | **Biotechnology & Pharmaceuticals – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/29 | 300 | **287** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/15/35 | 380 | **387** |
| **Construction Materials – 0.9%** | **Construction Materials – 0.9%** | **Construction Materials – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRH America Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/9/35  | 290 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/1/34  | 525 | 535 |
|  |  | **832** |
| **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/15/31  | 93 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 5/15/31  | 130 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 4/1/30  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 4/1/32  | 114 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/15/33  | 173 | 178 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Electric Utilities – 1.5%continued** | **Electric Utilities – 1.5%continued** | **Electric Utilities – 1.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PacifiCorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 2/15/34  | $230 | $233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSEG Power LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/15/35 <sup>(1)</sup> <br>| 575 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 3/30/32  | 92 | 80 |
|  |  | **1390** |
| **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 3/15/31 | 180 | **159** |
| **Energy – 0.1%** | **Energy – 0.1%** | **Energy – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/15/34 | 65 | **67** |
| **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/15/30 | 225 | **182** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 3/1/29 | 47 | **47** |
| **Health Care Facilities & Services – 0.8%** | **Health Care Facilities & Services – 0.8%** | **Health Care Facilities & Services – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/34  | 450 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 2/15/35  | 270 | 272 |
|  |  | **731** |
| **Home Construction – 0.0%** | **Home Construction – 0.0%** | **Home Construction – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 9/18/28 | 2 | **2** |
| **Institutional Financial Services – 1.0%** | **Institutional Financial Services – 1.0%** | **Institutional Financial Services – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/35  | 290 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.63%), <br> 5.45%, 7/20/29 <sup>(5)</sup> <br>| 262 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.83%), <br> 6.41%, 11/1/29 <sup>(5)</sup> <br>| 159 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.14%), <br> 2.70%, 1/22/31 <sup>(5)</sup> <br>| 187 | 173 |
|  |  | **904** |
| **Insurance – 1.1%** | **Insurance – 1.1%** | **Insurance – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 2/15/35  | 270 | 270 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Insurance – 1.1%continued** | **Insurance – 1.1%continued** | **Insurance – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/15/34  | $190 | $194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Life Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 4/25/28 <sup>(1)</sup> <br>| 440 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sammons Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/34 <sup>(1)</sup> <br>| 105 | 113 |
|  |  | **1020** |
| **Internet Media & Services – 1.5%** | **Internet Media & Services – 1.5%** | **Internet Media & Services – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/55  | 380 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 5/15/65  | 380 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 2/15/35  | 650 | 655 |
|  |  | **1401** |
| **Machinery – 0.5%** | **Machinery – 0.5%** | **Machinery – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 5/15/35 | 410 | **418** |
| **Oil & Gas Supply Chain – 0.9%** | **Oil & Gas Supply Chain – 0.9%** | **Oil & Gas Supply Chain – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 3/1/35  | 380 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 9/1/33  | 58 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/15/33  | 325 | 336 |
|  |  | **782** |
| **Real Estate Investment Trusts – 0.8%** | **Real Estate Investment Trusts – 0.8%** | **Real Estate Investment Trusts – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 4/1/32  | 44 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex Portfolio L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 3/15/32  | 66 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/34  | 130 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/1/31  | 18 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Store Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 4/30/30 <sup>(1)</sup> <br>| 480 | 486 |
|  |  | **731** |
| **Retail - Discretionary – 0.0%** | **Retail - Discretionary – 0.0%** | **Retail - Discretionary – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/1/30 | 23 | **20** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Semiconductors – 0.7%** | **Semiconductors – 0.7%** | **Semiconductors – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/15/34  | $110 | $108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 1/25/39 <sup>(1)</sup> <br>| 450 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KLA Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/1/34  | 71 | 75 |
|  |  | **654** |
| **Software – 0.6%** | **Software – 0.6%** | **Software – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 3/15/31  | 97 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 4/1/35  | 420 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VMware LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 8/15/28  | 42 | 39 |
|  |  | **548** |
| **Specialty Finance – 0.9%** | **Specialty Finance – 0.9%** | **Specialty Finance – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.79%), <br> 5.67%, 4/25/36 <sup>(5)</sup> <br>| 300 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/1/29  | 42 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.26%), <br> 6.05%, 2/1/35 <sup>(5)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.04%), <br> 6.18%, 1/30/36 <sup>(5)</sup> <br>| 310 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GATX Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/30/30  | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 2.13%), 5.94%, <br> 8/2/30 <sup>(5)</sup> <br>| 120 | 123 |
|  |  | **850** |
| **Technology Hardware – 0.0%** | **Technology Hardware – 0.0%** | **Technology Hardware – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/30 | 44 | **39** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/1/30 | 102 | **89** |
| **Transportation & Logistics – 0.0%** | **Transportation & Logistics – 0.0%** | **Transportation & Logistics – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 5/20/31<sup>(7)</sup> <br>| 1 | **—** |

---

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

------

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

**Schedule of Investments** <br>

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

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Transportation Equipment – 0.8%** | **Transportation Equipment – 0.8%** | **Transportation Equipment – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 5/9/35 | $700 | **$711** |
| **Total Corporate Bonds** |  |  |
| **(Cost $18,734)** |  | **18864** |
| **FOREIGN ISSUER BONDS – 6.7%**  | **FOREIGN ISSUER BONDS – 6.7%**  | **FOREIGN ISSUER BONDS – 6.7%**  |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/27<sup>(1)</sup> <br>| 70 | **72** |
| **Banking – 2.9%** | **Banking – 2.9%** | **Banking – 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking <br> Group Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.29%), 2.95%, <br> 7/22/30 <sup>(1) (5)</sup> <br>| 322 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.35%), 5.82%, <br> 6/18/36 <sup>(1) (5)</sup> <br>| 650 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.65%), 5.50%, <br> 8/9/28 <sup>(5)</sup> <br>| 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.32%), 5.93%, <br> 3/14/46 <sup>(1) (5)</sup> <br>| 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.90%), <br> 5.87%, 11/18/35 <sup>(5)</sup> <br>| 330 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBC Group N.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.10%), 5.80%, <br> 1/19/29 <sup>(1) (5)</sup> <br>| 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubshi UFJ Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.27%), 5.62%, <br> 4/24/36 <sup>(5)</sup> <br>| 240 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.55%), 3.07%, <br> 5/22/28 <sup>(5)</sup> <br>| 250 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.20%), 6.48%, <br> 6/1/34 <sup>(5)</sup> <br>| 200 | 209 |
|  |  | **2623** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.7% continued**  | **FOREIGN ISSUER BONDS - 6.7% continued**  | **FOREIGN ISSUER BONDS - 6.7% continued**  |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 1/15/27 <sup>(1)</sup> <br>| $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Femsa S.A.B. de C.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 9/1/32  | 205 | 168 |
|  |  | **169** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RELX Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/27/35 | 330 | **338** |
| **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyco Electronics Group S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/9/35 | 410 | **408** |
| **Metals & Mining – 0.7%** | **Metals & Mining – 0.7%** | **Metals & Mining – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHP Billiton Finance U.S.A. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 2/21/35 | 650 | **663** |
| **Oil & Gas Supply Chain – 0.7%** | **Oil & Gas Supply Chain – 0.7%** | **Oil & Gas Supply Chain – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harbour Energy PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.33%, 4/1/35<sup>(1)</sup> <br>| 700 | **696** |
| **Specialty Finance – 1.2%** | **Specialty Finance – 1.2%** | **Specialty Finance – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/28  | 190 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/10/29  | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/15/31  | 600 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/29/33  | 53 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/26/31 <sup>(1)</sup> <br>| 97 | 103 |
|  |  | **1093** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 7/1/34<sup>(1)</sup> <br>| 80 | **82** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $6,100)** |  | **6144** |
| **U.S. GOVERNMENT AGENCIES – 30.4%** <sup>(8)</sup> | **U.S. GOVERNMENT AGENCIES – 30.4%** <sup>(8)</sup> | **U.S. GOVERNMENT AGENCIES – 30.4%** <sup>(8)</sup> |
| **Fannie Mae – 15.3%** | **Fannie Mae – 15.3%** | **Fannie Mae – 15.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2013-M6, <br> Class 1AC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 2/25/43<sup>(3)</sup> <br>| 672 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #889641, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/37 | 82 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #995802, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/35 | 83 | 85 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 15.3%continued** | **Fannie Mae – 15.3%continued** | **Fannie Mae – 15.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB5209, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/32 | $156 | $151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0248, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/37 | 151 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0494, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/37 | 84 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0925, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/40 | 86 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL5119, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/34 | 84 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL6041, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/33 | 392 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL7497, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/40 | 177 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL8352, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/44 | 205 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AQ5150, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/42 | 559 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS3655, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/44 | 112 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS6520, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/46 | 200 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS6730, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/46 | 256 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS7088, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/31 | 62 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS8576, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/1/46 | 143 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BH6175, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/47 | 66 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BJ0686, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/48 | 111 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM1761, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/44 | 101 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM4056, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/45 | 130 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM5984, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/49 | 55 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM5996, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/48 | 39 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BW9921, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/52 | 267 | 263 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 15.3%continued** | **Fannie Mae – 15.3%continued** | **Fannie Mae – 15.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BX4910, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/53 | $216 | $212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BX7244, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | 232 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BX7768, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/53 | 257 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BY5368, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/53 | 74 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6359, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/50 | 253 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB1666, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/51 | 153 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB2286, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/1/51 | 230 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB3515, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/1/52 | 203 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB4842, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/52 | 233 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB4844, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/52 | 123 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB5113, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/52 | 71 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB7114, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | 129 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB8223, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/1/54 | 183 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #DA0017, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/53 | 218 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1303, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/48 | 384 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1472, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/34 | 23 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1534, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/49 | 187 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM2671, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/48 | 88 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM2921, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/1/50 | 516 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3173, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/47 | 311 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3201, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/34 | 71 | 70 |

---

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

------

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

**Schedule of Investments** <br>

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

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 15.3%continued** | **Fannie Mae – 15.3%continued** | **Fannie Mae – 15.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3727, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/50 | $249 | $218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4491, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/36 | 206 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM5237, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/47 | 126 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6125, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/51 | 283 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM8215, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/1/51 | 252 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FP0012, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/51 | 227 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS2701, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/35 | 160 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3063, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/52 | 346 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3120, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/52 | 336 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3384, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/50 | 293 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3391, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/51 | 297 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3662, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/53 | 258 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4040, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/53 | 241 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4045, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | 228 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4267, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/38 | 273 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4300, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/53 | 163 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4610, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/40 | 109 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4653, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/53 | 163 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4663, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | 267 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5441, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/53 | 249 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5952, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/53 | 176 | 184 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 15.3%continued** | **Fannie Mae – 15.3%continued** | **Fannie Mae – 15.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6869, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/1/40 | $60 | $63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2232, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/35 | 147 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2864, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/47 | 249 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3088, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/47 | 174 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3183, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/47 | 342 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3184, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/47 | 63 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3448, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/48 | 91 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4186, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/35 | 88 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5098, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/43 | 170 | 173 |
|  |  | **14010** |
| **Freddie Mac – 11.8%** | **Freddie Mac – 11.8%** | **Freddie Mac – 11.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS, Series 3013, <br> Class HZ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/35 | 145 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS, Series 4077, <br> Class TO,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 5/15/41<sup>(9)</sup> <br>| 273 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS, Series 5391, <br> Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/25/51 | 146 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #1B3575, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.80%, 1.80% Floor, <br> 11.42% Cap), 7.55%, 9/1/37<sup>(4)</sup> <br>| 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #1G2296, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 2.09%, 2.09% Floor, <br> 11.34% Cap), 6.71%, 11/1/37<sup>(4)</sup> <br>| 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QD2946, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/1/51 | 242 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QF3725, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/52 | 256 | 252 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** |
| **Freddie Mac – 11.8%continued** | **Freddie Mac – 11.8%continued** | **Freddie Mac – 11.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QF8053, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | $336 | $338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QF8924, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/53 | 260 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QG4632, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 252 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3913, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/50 | 578 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA7677, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/52 | 236 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA8880, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/53 | 241 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA9840, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | 248 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RD5026, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/30 | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0084, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/32 | 173 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0216, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/32 | 58 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0328, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/34 | 184 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0826, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/35 | 185 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8502, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/35 | 429 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0882, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/52 | 99 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1518, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/52 | 254 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1659, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/52 | 294 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1703, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/52 | 376 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2334, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/53 | 259 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2347, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | 244 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2477, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/53 | 268 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2642, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/53 | 252 | 253 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** |
| **Freddie Mac – 11.8%continued** | **Freddie Mac – 11.8%continued** | **Freddie Mac – 11.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2665, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/53 | $78 | $80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2757, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | 252 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2876, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/46 | 245 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2902, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/53 | 157 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2920, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/53 | 255 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2922, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | 264 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2999, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 255 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3133, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/53 | 197 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3136, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 261 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3174, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 254 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3189, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/53 | 183 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3251, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/53 | 234 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3515, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/53 | 155 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3760, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/53 | 196 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4013, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/53 | 177 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4027, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/53 | 219 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4285, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/53 | 209 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD5136, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/54 | 183 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZK7457, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/29 | 46 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM5332, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/48 | 193 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4687, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/46 | 135 | 115 |

---

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

------

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

**Schedule of Investments** <br>

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

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** |
| **Freddie Mac – 11.8%continued** | **Freddie Mac – 11.8%continued** | **Freddie Mac – 11.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZT1333, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/31 | $369 | $356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seasoned Loans Structured Transaction <br> Trust, Series 2019-2, Class A1C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 9/25/29 | 265 | 252 |
|  |  | **10732** |
| **Freddie Mac Gold – 0.8%** | **Freddie Mac Gold – 0.8%** | **Freddie Mac Gold – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G07505, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/1/39 | 114 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G16396, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/33 | 49 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G30926, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/36 | 46 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G60948, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/47 | 162 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #Q15842, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/43 | 278 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #Q42460, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/46 | 55 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #Q63667, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/49 | 58 | 56 |
|  |  | **720** |
| **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/20/46 | 157 | **146** |
| **Government National Mortgage Association I – 0.5%** | **Government National Mortgage Association I – 0.5%** | **Government National Mortgage Association I – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #604183, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/33 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #633627, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/15/34 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #757013, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/40 | 233 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #786470, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/40 | 226 | 229 |
|  |  | **449** |
| **Government National Mortgage Association II – 1.8%** | **Government National Mortgage Association II – 1.8%** | **Government National Mortgage Association II – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #784801, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/20/47 | 236 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #786922, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | 225 | 226 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 30.4%** <sup>(8)</sup>**continued** |
| **Government National Mortgage Association II – 1.8%continued** | **Government National Mortgage Association II – 1.8%continued** | **Government National Mortgage Association II – 1.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0089, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/20/42 | $352 | $336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0782, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/20/43 | 124 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1287, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/20/43 | 61 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1996, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/20/44 | 62 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2755, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/20/45 | 47 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3666, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/20/46 | 116 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8346, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/52 | 248 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8724, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/20/53 | 254 | 245 |
|  |  | **1650** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $28,782)** |  | **27707** |
| **U.S. GOVERNMENT OBLIGATIONS – 14.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 14.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 14.6%**  |
| **U.S. Treasury Bonds – 5.9%** | **U.S. Treasury Bonds – 5.9%** | **U.S. Treasury Bonds – 5.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/44 | 1382 | 1355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/54 | 3299 | 3144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/55 | 890 | 866 |
|  |  | **5365** |
| **U.S. Treasury Notes – 6.3%** | **U.S. Treasury Notes – 6.3%** | **U.S. Treasury Notes – 6.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/30/26 | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/27<sup>(10)</sup> <br>| 180 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/15/28 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/31/30 | 1013 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/30/30 | 2015 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/34 | 1493 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/35 | 828 | 854 |
|  |  | **5784** |
| **U.S. Treasury Strips – 2.4%** | **U.S. Treasury Strips – 2.4%** | **U.S. Treasury Strips – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 2/15/51<sup>(11)</sup> <br>| 7762 | **2213** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $15,731)** |  | **13362** |

---

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

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 2.6%**  | **INVESTMENT COMPANIES – 2.6%**  | **INVESTMENT COMPANIES – 2.6%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(12) (13)</sup> <br>| 2330626 | $2331 |
| **Total Investment Companies** |  |  |
| **(Cost $2,331)** |  | **2331** |
| **Total Investments – 99.6%** | **Total Investments – 99.6%** |  |
| **(Cost $94,065)** | **(Cost $94,065)** | **90857** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.4% | 367 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$91224** |

---

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

<sup>(1)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At June 30,* *2025, the value of these securities amounted to approximately* *$14,057,000 or 15.4% of net assets.* 

<sup>(2)</sup> *Step coupon bond. Rate as of June 30, 2025 is disclosed.*

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

<sup>(4)</sup> *Variable or floating rate security. Rate as of June 30, 2025 is disclosed.*

<sup>(5)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of June 30, 2025.* 

<sup>(6)</sup> *Perpetual bond. Maturity date represents next call date.*

<sup>(7)</sup> *Value rounds to less than one thousand.*

<sup>(8)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(9)</sup> *Zero coupon bond.*

<sup>(10)</sup> *A portion of this security has been pledged as collateral to cover margin* *requirements for open futures contracts.* 

<sup>(11)</sup> *Discount rate at the time of purchase.*

<sup>(12)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(13)</sup> *7-day current yield as of June 30, 2025 is disclosed.*

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

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 1M - 1 Month |
| 1Y - 1 Year |
| 3M - 3 Month |
| 5Y - 5 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| Fannie Mae - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |

---

---

| |
|:---|
| IBOR - Interbank Offered Rates  |
| REMICS - Real Estate Mortgage Investment Conduits |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

At June 30, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; 2-Year <br> U.S. Treasury <br> Note<br>| 18 | $3744 | Long | 9/25 | $14 |
| &nbsp;&nbsp; 5-Year <br> U.S. Treasury <br> Note<br>| 49 | 5341 | Long | 9/25 | 51 |
| &nbsp;&nbsp; U.S. Treasury <br> Long Bond<br>| 47 | 5427 | Long | 9/25 | 202 |
| &nbsp;&nbsp; Ultra 10-Year <br> U.S. Treasury <br> Note<br>| (48)<br>| (5485)<br>| Short | 9/25 | (122)<br>|
| &nbsp;&nbsp; Ultra Long <br> U.S. Treasury <br> Bond<br>| (16)<br>| (1906)<br>| Short | 9/25 | (83)<br>|
| Total |  |  |  |  | $62 |

---

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

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

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

------

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

**Schedule of Investments** <br>

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

---

| | |
|:---|:---|
| **CORE BOND FUND continued**  | **June 30, 2025 (UNAUDITED)**  |

---

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Asset-Backed Securities<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $18199 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18199 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 4250 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4250 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 18864 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18864 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 6144 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6144 |
| U.S. Government Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 27707 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27707 |
| U.S. Government Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 13362 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13362 |
| Investment Companies | &nbsp;&nbsp; 2331 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2331 |
| Total Investments | &nbsp;&nbsp; $2331 | &nbsp;&nbsp; $88526 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $90857 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $267 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $267 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; (205)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (205)<br>|
| Total Other Financial Instruments | &nbsp;&nbsp; $62 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $62 |

---

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

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $128 | $128 | $— <br><sup>(1),\*</sup><br>| $— |  |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 769 | 10957 | 9395 | 12 | 2331 | 2330626 |
| Total | $769 | $11085 | $9523 | $12 | $2331 | 2330626 |

---

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

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

*\** *Amount rounds to less than one thousand.*

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

------

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

**Schedule of Investments** <br>

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

---

| | |
|:---|:---|
| **FIXED INCOME FUND**  | **June 30, 2025 (UNAUDITED)**  |

---

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 14.7%**  | **ASSET-BACKED SECURITIES – 14.7%**  | **ASSET-BACKED SECURITIES – 14.7%**  |
| **Auto Loan – 4.0%** | **Auto Loan – 4.0%** | **Auto Loan – 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 11/10/31 | $1692 | $1715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 7/16/29 | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust, Series <br> 2023-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91%, 10/15/26 | 437 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2023-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 5/15/28 | 441 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-B, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96%, 5/15/30 | 510 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2023-1, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 2/16/28 | 244 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2023-2, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.47%, 2/16/28 | 476 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37%, 3/15/29 | 410 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization <br> Trust, Series 2024-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 5/17/27<sup>(1)</sup> <br>| 550 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2023-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 4/15/27 | 436 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2023-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 11/15/27 | 277 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-2, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/15/28 | 420 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 5/15/31 | 1805 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust, Series 2024-B, <br> Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 8/21/28<sup>(1)</sup> <br>| 1600 | 1604 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 14.7%continued**  | **ASSET-BACKED SECURITIES - 14.7%continued**  | **ASSET-BACKED SECURITIES - 14.7%continued**  |
| **Auto Loan – 4.0%continued** | **Auto Loan – 4.0%continued** | **Auto Loan – 4.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 5/17/27<sup>(1)</sup> <br>| $793 | $795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 5/15/30<sup>(1)</sup> <br>| 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/30<sup>(1)</sup> <br>| 800 | 808 |
|  |  | **11776** |
| **Credit Card – 0.4%** | **Credit Card – 0.4%** | **Credit Card – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discover Card Execution Note Trust, <br> Series 2023-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 3/15/28 | 940 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 3/15/30 | 301 | 305 |
|  |  | **1244** |
| **Other – 3.6%** | **Other – 3.6%** | **Other – 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 Henderson Receivables I LLC, <br> Series 2007-3A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 10/15/48<sup>(1)</sup> <br>| 963 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2024-A, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77%, 6/15/29 | 400 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2024-C, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 1/15/30 | 1000 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust, Series <br> 2023-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 9/22/28<sup>(1)</sup> <br>| 420 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust, Series <br> 2023-3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 4/23/29<sup>(1)</sup> <br>| 449 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance of America Structured <br> Securities Trust, Series 2023-S2, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/25/73<sup>(1)</sup> <br>| 1058 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.G. Wentworth XLI LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 10/17/72<sup>(1)</sup> <br>| 2046 | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JGWPT XXVII LLC, Series 2012-3A, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 9/15/65<sup>(1)</sup> <br>| 474 | 428 |

---

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

------

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

**Schedule of Investments** <br>

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

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 14.7%continued**  | **ASSET-BACKED SECURITIES - 14.7%continued**  | **ASSET-BACKED SECURITIES - 14.7%continued**  |
| **Other – 3.6%continued** | **Other – 3.6%continued** | **Other – 3.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JGWPT XXX LLC, Series 2013-3A, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 1/17/73<sup>(1)</sup> <br>| $1150 | $1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96%, 11/15/28 | 130 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 6/15/29 | 1900 | 1899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MMAF Equipment Finance LLC, Series <br> 2022-B, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 10/9/48<sup>(1)</sup> <br>| 530 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MMAF Equipment Finance LLC, Series <br> 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/14/31<sup>(1)</sup> <br>| 500 | 508 |
|  |  | **10729** |
| **Whole Loan – 6.7%** | **Whole Loan – 6.7%** | **Whole Loan – 6.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 4.72% on 11/25/25), <br> 4.75%, 9/26/67<sup>(1) (2)</sup> <br>| 897 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2024-4, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.64% on 4/25/28), <br> 6.20%, 1/25/69<sup>(1) (2)</sup> <br>| 1906 | 1921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colt, Series 2024-7, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.79% on 12/25/28), <br> 5.79%, 12/26/69<sup>(1) (2)</sup> <br>| 1304 | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2022-7, Class 1A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/25/52<sup>(1) (3)</sup> <br>| 1130 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2023-1, Class A3A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/25/53<sup>(1) (3)</sup> <br>| 791 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mello Mortgage Capital Acceptance, <br> Series 2021-MTG2, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/25/51<sup>(1) (3)</sup> <br>| 1102 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 7.61% on 10/25/27), <br> 6.84%, 4/25/63<sup>(1) (2)</sup> <br>| 1095 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 7.61% on 10/25/27), <br> 7.30%, 4/25/63<sup>(1) (2)</sup> <br>| 278 | 282 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 14.7%continued**  | **ASSET-BACKED SECURITIES - 14.7%continued**  | **ASSET-BACKED SECURITIES - 14.7%continued**  |
| **Whole Loan – 6.7%continued** | **Whole Loan – 6.7%continued** | **Whole Loan – 6.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2024-NQM16, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.89% on 11/25/28), <br> 5.89%, 10/25/64<sup>(1) (2)</sup> <br>| $1744 | $1748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2024-NQM2, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.88% on 2/25/28), <br> 5.88%, 12/25/63<sup>(1) (2)</sup> <br>| 652 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2024-NQM9, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 7.20% on 7/25/28), <br> 6.03%, 1/25/64<sup>(1) (2)</sup> <br>| 872 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PMT Loan Trust, Series 2024-INV1, <br> Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/25/59<sup>(1) (3)</sup> <br>| 1698 | 1711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust, <br> Series 2024-1, Class A13<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/25/54<sup>(1) (3)</sup> <br>| 2650 | 2617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM1, <br> Class M1A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.42%, 1/25/65<sup>(1)</sup> <br>| 1676 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/25/53<sup>(1)</sup> <br>| 577 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 7/25/62<sup>(1)</sup> <br>| 1821 | 1731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-4, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/25/62<sup>(1)</sup> <br>| 338 | 323 |
|  |  | **20059** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $43,747)** |  | **43808** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 5.4%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 5.4%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 5.4%**  |
| **Non Agency – 5.4%** | **Non Agency – 5.4%** | **Non Agency – 5.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2021-BN37, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 11/15/64 | 898 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK5 Trust, Series 2024-5YR6, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.23%, 5/15/57 | 590 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK5, Series 2023-5YR2, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.66%, 7/15/56 | 853 | 900 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.4%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.4%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.4%continued**  |
| **Non Agency – 5.4%continued** | **Non Agency – 5.4%continued** | **Non Agency – 5.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2023-V3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.36%, 7/15/56 | $1090 | $1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMARK, Series 2023-V4, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.71%, 11/15/56<sup>(3)</sup> <br>| 1265 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Trust, Series 2024-PAT, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 2.09%, 2.09% Floor), 6.40%, <br> 3/15/41<sup>(1) (4)</sup> <br>| 1208 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2016-P3, Class AS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 4/15/49 | 610 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMM Mortgage Trust, Series <br> 2024-277P, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.23%, 8/10/44<sup>(1) (3)</sup> <br>| 2900 | 3079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIVE Mortgage Trust, Series 2023-V1, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 2/10/56 | 1140 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series 2016-C32, <br> Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 12/15/49 | 350 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2016-UBS9, Class AS<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 3/15/49 | 449 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2016-C35, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 7/15/48 | 370 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2024-C63, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31%, 8/15/57 | 3960 | 4044 |
|  |  | **16008** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $15,809)** |  | **16008** |
| **CORPORATE BONDS – 25.9%**  | **CORPORATE BONDS – 25.9%**  | **CORPORATE BONDS – 25.9%**  |
| **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 10/15/31  | 420 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/15/31  | 790 | 800 |
|  |  | **1225** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 25.9% continued**  | **CORPORATE BONDS - 25.9% continued**  | **CORPORATE BONDS - 25.9% continued**  |
| **Apparel & Textile Products – 0.3%** | **Apparel & Textile Products – 0.3%** | **Apparel & Textile Products – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/32 | $920 | **$934** |
| **Asset Management – 2.5%** | **Asset Management – 2.5%** | **Asset Management – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 7/15/29  | 610 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/15/26  | 720 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 7/16/29  | 595 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/30  | 1125 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 6/13/28  | 2000 | 2138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 1/23/32 <sup>(1)</sup> <br>| 1440 | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/27  | 835 | 809 |
|  |  | **7492** |
| **Automotive – 0.2%** | **Automotive – 0.2%** | **Automotive – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 5/28/27  | 313 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 11/7/28  | 305 | 316 |
|  |  | **627** |
| **Banking – 4.8%** | **Banking – 4.8%** | **Banking – 4.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.82%, 9/15/29 <sup>(5)</sup> <br>| 1092 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.21%), <br> 2.57%, 10/20/32 <sup>(5)</sup> <br>| 954 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.41%), 3.52%, 10/27/28 <sup>(5)</sup> <br>| 1010 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.45%), <br> 5.45%, 6/11/35 <sup>(5)</sup> <br>| 690 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.34%), <br> 6.34%, 7/27/29 <sup>(5)</sup> <br>| 400 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.70%), 6.14%, <br> 11/18/39 <sup>(5)</sup> <br>| 1020 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.15%), 6.50%, <br> 4/1/30 <sup>(5) (6)</sup> <br>| 1135 | 1172 |

---

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

------

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

**Schedule of Investments** <br>

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

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 25.9% continued**  | **CORPORATE BONDS - 25.9% continued**  | **CORPORATE BONDS - 25.9% continued**  |
| **Banking – 4.8%continued** | **Banking – 4.8%continued** | **Banking – 4.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.16%), <br> 5.58%, 4/22/30 <sup>(5)</sup> <br>| $2000 | $2077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeyBank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/26/33  | 660 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.80%), <br> 7.41%, 10/30/29 <sup>(5)</sup> <br>| 660 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.40%), <br> 5.18%, 7/8/31 <sup>(5)</sup> <br>| 1460 | 1484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.09%), <br> 5.85%, 10/21/33 <sup>(5)</sup> <br>| 1360 | 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.10%), <br> 2.39%, 6/2/28 <sup>(5)</sup> <br>| 810 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.50%), <br> 5.20%, 1/23/30 <sup>(5)</sup> <br>| 1000 | 1024 |
|  |  | **14469** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard International <br> Finance LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 4/1/31<sup>(1)</sup> <br>| 370 | **312** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/15/35 | 1190 | **1213** |
| **Construction Materials – 1.1%** | **Construction Materials – 1.1%** | **Construction Materials – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRH America Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/9/35  | 1320 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/1/34  | 1975 | 2010 |
|  |  | **3363** |
| **Electric Utilities – 1.2%** | **Electric Utilities – 1.2%** | **Electric Utilities – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 5/15/31  | 395 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 4/1/30  | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PacifiCorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 2/15/34  | 900 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pattern Energy Operations L.P./Pattern <br> Energy Operations, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/28 <sup>(1)</sup> <br>| 230 | 223 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 25.9% continued**  | **CORPORATE BONDS - 25.9% continued**  | **CORPORATE BONDS - 25.9% continued**  |
| **Electric Utilities – 1.2%continued** | **Electric Utilities – 1.2%continued** | **Electric Utilities – 1.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSEG Power LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/15/35 <sup>(1)</sup> <br>| $1950 | $2008 |
|  |  | **3487** |
| **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 3/15/31 | 660 | **584** |
| **Energy – 0.1%** | **Energy – 0.1%** | **Energy – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/15/34 | 260 | **267** |
| **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/15/30  | 1000 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/29  | 775 | 740 |
|  |  | **1550** |
| **Finance Companies – 0.3%** | **Finance Companies – 0.3%** | **Finance Companies – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 0.00%), 6.00%, <br> 9/24/29<sup>(5) (6)</sup> <br>| 800 | **782** |
| **Health Care Facilities & Services – 2.1%** | **Health Care Facilities & Services – 2.1%** | **Health Care Facilities & Services – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/1/30 <sup>(1)</sup> <br>| 850 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/34  | 1850 | 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 2/15/35  | 1010 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/31 <sup>(1)</sup> <br>| 825 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/15/32 <sup>(1)</sup> <br>| 850 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/29  | 770 | 761 |
|  |  | **6130** |
| **Home Construction – 0.0%** | **Home Construction – 0.0%** | **Home Construction – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 9/18/28 | 7 | **7** |
| **Institutional Financial Services – 1.5%** | **Institutional Financial Services – 1.5%** | **Institutional Financial Services – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 4/30/31 <sup>(1)</sup> <br>| 1392 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/35  | 970 | 981 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 25.9% continued**  | **CORPORATE BONDS - 25.9% continued**  | **CORPORATE BONDS - 25.9% continued**  |
| **Institutional Financial Services – 1.5%continued** | **Institutional Financial Services – 1.5%continued** | **Institutional Financial Services – 1.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.63%), <br> 5.45%, 7/20/29 <sup>(5)</sup> <br>| $1170 | $1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.83%), <br> 6.41%, 11/1/29 <sup>(5)</sup> <br>| 660 | 699 |
|  |  | **4348** |
| **Insurance – 1.2%** | **Insurance – 1.2%** | **Insurance – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 2/15/35  | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Insurance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 1/24/30 <sup>(1)</sup> <br>| 2095 | 2083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sammons Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/34 <sup>(1)</sup> <br>| 430 | 460 |
|  |  | **3544** |
| **Internet Media & Services – 1.6%** | **Internet Media & Services – 1.6%** | **Internet Media & Services – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/55  | 1300 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 5/15/65  | 1300 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 2/15/35  | 2225 | 2241 |
|  |  | **4794** |
| **Leisure Facilities & Services – 0.3%** | **Leisure Facilities & Services – 0.3%** | **Leisure Facilities & Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/29<sup>(1)</sup> <br>| 825 | **834** |
| **Oil & Gas Supply Chain – 2.0%** | **Oil & Gas Supply Chain – 2.0%** | **Oil & Gas Supply Chain – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/33 <sup>(1)</sup> <br>| 850 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 3/1/35  | 1380 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 9/1/33  | 180 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/15/33  | 1200 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/30 <sup>(1)</sup> <br>| 850 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WPX Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/15/30  | 1593 | 1573 |
|  |  | **6128** |
| **Real Estate Investment Trusts – 0.7%** | **Real Estate Investment Trusts – 0.7%** | **Real Estate Investment Trusts – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/34  | 510 | 523 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 25.9% continued**  | **CORPORATE BONDS - 25.9% continued**  | **CORPORATE BONDS - 25.9% continued**  |
| **Real Estate Investment Trusts – 0.7%continued** | **Real Estate Investment Trusts – 0.7%continued** | **Real Estate Investment Trusts – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Store Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 4/30/30 <sup>(1)</sup> <br>| $1580 | $1601 |
|  |  | **2124** |
| **Semiconductors – 0.6%** | **Semiconductors – 0.6%** | **Semiconductors – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 1/25/39<sup>(1)</sup> <br>| 1650 | **1726** |
| **Software – 0.6%** | **Software – 0.6%** | **Software – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 3/15/31  | 275 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 4/1/35  | 1370 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VMware LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 8/15/28  | 135 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 5/15/30  | 205 | 206 |
|  |  | **1954** |
| **Specialty Finance – 2.6%** | **Specialty Finance – 2.6%** | **Specialty Finance – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.79%), <br> 5.67%, 4/25/36 <sup>(5)</sup> <br>| 1040 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.26%), <br> 6.05%, 2/1/35 <sup>(5)</sup> <br>| 220 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.04%), <br> 6.18%, 1/30/36 <sup>(5)</sup> <br>| 1140 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 8/1/29 <sup>(1)</sup> <br>| 424 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Transportation and <br> Infrastructure Investors LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/15/32 <sup>(1)</sup> <br>| 1165 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GATX Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/30/30  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/27 <sup>(1)</sup> <br>| 690 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneMain Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/29  | 825 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/1/33 <sup>(1)</sup> <br>| 1600 | 1637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 2.13%), 5.94%, <br> 8/2/30 <sup>(5)</sup> <br>| 450 | 462 |
|  |  | **7712** |

---

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

------

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

**Schedule of Investments** <br>

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

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 25.9% continued**  | **CORPORATE BONDS - 25.9% continued**  | **CORPORATE BONDS - 25.9% continued**  |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/1/30 | $350 | **$305** |
| **Transportation & Logistics – 0.5%** | **Transportation & Logistics – 0.5%** | **Transportation & Logistics – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPO, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/1/32<sup>(1)</sup> <br>| 1340 | **1404** |
| **Total Corporate Bonds** |  |  |
| **(Cost $76,449)** |  | **77315** |
| **FOREIGN ISSUER BONDS – 6.6%**  | **FOREIGN ISSUER BONDS – 6.6%**  | **FOREIGN ISSUER BONDS – 6.6%**  |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/27<sup>(1)</sup> <br>| 375 | **385** |
| **Banking – 2.5%** | **Banking – 2.5%** | **Banking – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking <br> Group Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.29%), 2.95%, <br> 7/22/30 <sup>(1) (5)</sup> <br>| 620 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.35%), 5.82%, <br> 6/18/36 <sup>(1) (5)</sup> <br>| 2175 | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.65%), 5.50%, <br> 8/9/28 <sup>(5)</sup> <br>| 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.22%), <br> 2.16%, 9/15/29 <sup>(1) (5)</sup> <br>| 430 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.32%), 5.93%, <br> 3/14/46 <sup>(1) (5)</sup> <br>| 670 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.90%), <br> 5.87%, 11/18/35 <sup>(5)</sup> <br>| 1400 | 1417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBC Group N.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.10%), 5.80%, <br> 1/19/29 <sup>(1) (5)</sup> <br>| 620 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubshi UFJ Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.27%), 5.62%, <br> 4/24/36 <sup>(5)</sup> <br>| 1030 | 1059 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.6% continued**  | **FOREIGN ISSUER BONDS - 6.6% continued**  | **FOREIGN ISSUER BONDS - 6.6% continued**  |
| **Banking – 2.5%continued** | **Banking – 2.5%continued** | **Banking – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.10%), 4.60%, <br> 6/28/31 <sup>(5) (6)</sup> <br>| $250 | $219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.75%), 8.13%, <br> 11/10/33 <sup>(5) (6)</sup> <br>| 200 | 216 |
|  |  | **7640** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RELX Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/27/35 | 1120 | **1146** |
| **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyco Electronics Group S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/9/35 | 1390 | **1384** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NBM U.S. Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/14/26<sup>(1)</sup> <br>| 333 | **333** |
| **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sands China Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 3/8/29<sup>(7)</sup> <br>|  | **—** |
| **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHP Billiton Finance U.S.A. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 2/21/35 | 2250 | **2297** |
| **Oil & Gas Supply Chain – 0.8%** | **Oil & Gas Supply Chain – 0.8%** | **Oil & Gas Supply Chain – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harbour Energy PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.33%, 4/1/35<sup>(1)</sup> <br>| 2300 | **2287** |
| **Specialty Finance – 1.3%** | **Specialty Finance – 1.3%** | **Specialty Finance – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/28  | 405 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/10/29  | 860 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/15/31  | 2150 | 2197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/26/31 <sup>(1)</sup> <br>| 375 | 397 |
|  |  | **3840** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 7/1/34<sup>(1)</sup> <br>| 345 | **354** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $19,412)** |  | **19666** |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES – 35.9%** <sup>(8)</sup> | **U.S. GOVERNMENT AGENCIES – 35.9%** <sup>(8)</sup> | **U.S. GOVERNMENT AGENCIES – 35.9%** <sup>(8)</sup> |
| **Fannie Mae – 17.4%** | **Fannie Mae – 17.4%** | **Fannie Mae – 17.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2013-M6, <br> Class 1AC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 2/25/43<sup>(3)</sup> <br>| $2476 | $2397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #545003, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/1/31<sup>(7)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #545437, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/1/32 | 11 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #545556, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/1/32 | 6 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #555189, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/1/32 | 57 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #581806, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 7/1/31 | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #585617, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/1/31<sup>(7)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #889641, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/37 | 353 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #995802, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/35 | 354 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB5209, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/32 | 1353 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AB9546, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/28 | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0248, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/37 | 647 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0494, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/37 | 359 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0925, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/40 | 43 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AK9457, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/32 | 64 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL3063, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/28 | 54 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL5119, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/34 | 550 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL7497, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/40 | 863 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AL8876, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/44 | 260 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AO2961, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/42 | 137 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AQ9360, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/28 | 21 | 21 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 17.4%continued** | **Fannie Mae – 17.4%continued** | **Fannie Mae – 17.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS1991, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/29 | $125 | $123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS3655, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/44 | 421 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS6520, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/46 | 874 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS7088, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/31 | 722 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AS8576, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/1/46 | 685 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BH6175, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/47 | 357 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BJ0686, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/48 | 446 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BJ3524, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/47 | 876 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM1761, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/44 | 145 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM1762, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/45 | 1767 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM4056, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/45 | 441 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM5984, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/49 | 99 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM5996, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/48 | 71 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BV4119, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/1/52 | 926 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BW9887, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/52 | 957 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BW9921, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/52 | 1027 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BX4910, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/53 | 1007 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BX7244, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | 928 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BX7768, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/53 | 1199 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BY5368, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/53 | 294 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6359, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/50 | 989 | 835 |

---

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

------

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

**Schedule of Investments** <br>

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

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 17.4%continued** | **Fannie Mae – 17.4%continued** | **Fannie Mae – 17.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CA6417, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/50 | $716 | $629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB1666, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/51 | 608 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB2286, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/1/51 | 1071 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB3515, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/1/52 | 812 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB4844, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/52 | 451 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB5113, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/52 | 283 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB7114, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | 570 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #DA0017, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/53 | 929 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1303, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/48 | 859 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1438, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/38 | 317 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1472, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/34 | 18 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1534, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/49 | 790 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1572, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/48 | 543 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM2671, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/48 | 284 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM2921, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/1/50 | 1281 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3201, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/34 | 387 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM4491, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/36 | 827 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM6125, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/51 | 1126 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM8215, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/1/51 | 961 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FP0012, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/51 | 832 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS2701, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/35 | 692 | 667 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 17.4%continued** | **Fannie Mae – 17.4%continued** | **Fannie Mae – 17.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3063, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/52 | $1000 | $962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3120, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/52 | 1257 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3391, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/1/51 | 1137 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3662, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/53 | 1034 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4040, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/53 | 1045 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4045, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | 990 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4267, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/38 | 886 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4610, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/40 | 424 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4653, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/53 | 732 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4663, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | 1156 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5441, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/53 | 911 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5952, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/53 | 693 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5965, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/53 | 131 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6176, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/47 | 744 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6869, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/1/40 | 224 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0878, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/31 | 242 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2522, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/46 | 1101 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA2864, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/47 | 698 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3004, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/37 | 273 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3088, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/47 | 538 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3183, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/47 | 253 | 239 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 17.4%continued** | **Fannie Mae – 17.4%continued** | **Fannie Mae – 17.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3184, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/47 | $22 | $21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3211, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/47 | 1174 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3448, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/48 | 392 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4186, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/35 | 324 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA5098, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/43 | 651 | 663 |
|  |  | **51759** |
| **Freddie Mac – 15.2%** | **Freddie Mac – 15.2%** | **Freddie Mac – 15.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS, Series 3013, <br> Class HZ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/35 | 495 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS, Series 4077, <br> Class TO,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 5/15/41<sup>(9)</sup> <br>| 897 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS, Series 5391, <br> Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/25/51 | 566 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #1B3575, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.80%, 1.80% Floor, <br> 11.42% Cap), 7.55%, 9/1/37<sup>(4)</sup> <br>| 42 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #1G2296, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 2.09%, 2.09% Floor, <br> 11.34% Cap), 6.71%, 11/1/37<sup>(4)</sup> <br>| 85 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QD2946, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/1/51 | 967 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QD9323, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/1/52 | 1242 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QF3725, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/52 | 1110 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QF8053, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | 1385 | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QF8924, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/53 | 1125 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #QG4632, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 1092 | 1095 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** |
| **Freddie Mac – 15.2%continued** | **Freddie Mac – 15.2%continued** | **Freddie Mac – 15.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA3913, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/50 | $1233 | $1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA7677, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/52 | 1023 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA8880, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/53 | 963 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA9840, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | 989 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RD5026, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/30 | 231 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0084, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/32 | 683 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0216, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/32 | 330 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0328, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/34 | 744 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0826, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/35 | 802 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB8502, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/35 | 1719 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0033, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/47 | 592 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD0882, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/52 | 390 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1360, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/52 | 969 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1518, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/52 | 1100 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1659, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/52 | 1217 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1703, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/52 | 1414 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2334, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/53 | 1123 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2347, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | 976 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2477, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/53 | 1162 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2642, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/53 | 1090 | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2665, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/53 | 133 | 136 |

---

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

------

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

**Schedule of Investments** <br>

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

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** |
| **Freddie Mac – 15.2%continued** | **Freddie Mac – 15.2%continued** | **Freddie Mac – 15.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2757, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | $1090 | $1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2876, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/46 | 1061 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2902, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/53 | 706 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2920, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/53 | 1105 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2922, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | 1144 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2999, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 1105 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3133, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/53 | 691 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3136, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 957 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3174, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 930 | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3189, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/53 | 717 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3251, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/53 | 952 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3515, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/53 | 601 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3760, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/53 | 811 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4027, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/53 | 878 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD4285, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/53 | 775 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD5136, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/54 | 733 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZK7457, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/29 | 541 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM4714, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/47 | 1287 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZM5332, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/48 | 464 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS4687, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/46 | 469 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZT1333, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/1/31 | 1335 | 1287 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** |
| **Freddie Mac – 15.2%continued** | **Freddie Mac – 15.2%continued** | **Freddie Mac – 15.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seasoned Loans Structured Transaction <br> Trust, Series 2019-2, Class A1C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 9/25/29 | $849 | $807 |
|  |  | **45472** |
| **Freddie Mac Gold – 0.8%** | **Freddie Mac Gold – 0.8%** | **Freddie Mac Gold – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A87842, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/39 | 144 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #C00910, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/1/30 | 33 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G07068, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/41 | 216 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G07505, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/1/39 | 460 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G15612, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/29 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G16396, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/33 | 572 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G18643, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/32 | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G30926, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/36 | 194 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G60948, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/47 | 286 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G61723, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/43 | 71 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #Q42460, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/46 | 223 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #Q63667, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/49 | 191 | 186 |
|  |  | **2430** |
| **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/20/46 | 665 | **617** |
| **Government National Mortgage Association I – 0.6%** | **Government National Mortgage Association I – 0.6%** | **Government National Mortgage Association I – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #757013, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/40 | 932 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #786470, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/40 | 980 | 993 |
|  |  | **1860** |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 35.9%** <sup>(8)</sup>**continued** |
| **Government National Mortgage Association II – 1.7%** | **Government National Mortgage Association II – 1.7%** | **Government National Mortgage Association II – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #786922, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/53 | $911 | $918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA0089, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/20/42 | 1050 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA1996, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/20/44 | 195 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3666, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/20/46 | 439 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA4008, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/20/46 | 65 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA6870, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/20/50 | 348 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8346, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/52 | 1077 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA8724, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/20/53 | 1102 | 1062 |
|  |  | **5035** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $110,648)** |  | **107173** |
| **U.S. GOVERNMENT OBLIGATIONS – 9.8%**  | **U.S. GOVERNMENT OBLIGATIONS – 9.8%**  | **U.S. GOVERNMENT OBLIGATIONS – 9.8%**  |
| **U.S. Treasury Bonds – 3.2%** | **U.S. Treasury Bonds – 3.2%** | **U.S. Treasury Bonds – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/44 | 450 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/54 | 5490 | 5232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/55 | 3895 | 3791 |
|  |  | **9464** |
| **U.S. Treasury Notes – 3.8%** | **U.S. Treasury Notes – 3.8%** | **U.S. Treasury Notes – 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/31/29<sup>(10)</sup> <br>| 310 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/31/30<sup>(11)</sup> <br>| 1980 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/30/30 | 4000 | 4016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/34 | 920 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/35 | 3943 | 4068 |
|  |  | **11319** |
| **U.S. Treasury Strips – 2.8%** | **U.S. Treasury Strips – 2.8%** | **U.S. Treasury Strips – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 2/15/51<sup>(12)</sup> <br>| 29423 | **8388** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $38,276)** |  | **29171** |

---

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.0%**  | **INVESTMENT COMPANIES – 1.0%**  | **INVESTMENT COMPANIES – 1.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(13) (14)</sup> <br>| 3043040 | $3043 |
| **Total Investment Companies** |  |  |
| **(Cost $3,043)** |  | **3043** |
| **Total Investments – 99.3%** | **Total Investments – 99.3%** |  |
| **(Cost $307,384)** | **(Cost $307,384)** | **296184** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.7% | 2053 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$298237** |

---

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

<sup>(1)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At June 30,* *2025, the value of these securities amounted to approximately* *$65,766,000 or 22.1% of net assets.* 

<sup>(2)</sup> *Step coupon bond. Rate as of June 30, 2025 is disclosed.*

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

<sup>(4)</sup> *Variable or floating rate security. Rate as of June 30, 2025 is disclosed.*

<sup>(5)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of June 30, 2025.* 

<sup>(6)</sup> *Perpetual bond. Maturity date represents next call date.*

<sup>(7)</sup> *Principal Amount and Value rounds to less than one thousand.*

<sup>(8)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(9)</sup> *Zero coupon bond.*

<sup>(10)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

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

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

<sup>(13)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(14)</sup> *7-day current yield as of June 30, 2025 is disclosed.*

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

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 1M - 1 Month |
| 1Y - 1 Year |
| 3M - 3 Month |
| 5Y - 5 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| Fannie Mae - Federal National Mortgage Association |

---

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

------

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

**Schedule of Investments** <br>

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

---

| | |
|:---|:---|
| **FIXED INCOME FUND continued**  | **June 30, 2025 (UNAUDITED)**  |

---

---

| |
|:---|
| Freddie Mac - Federal Home Loan Mortgage Corporation |
| IBOR - Interbank Offered Rates  |
| REMICS - Real Estate Mortgage Investment Conduits |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

At June 30, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; 2-Year <br> U.S. Treasury <br> Note<br>| 90 | $18722 | Long | 9/25 | $68 |
| &nbsp;&nbsp; 5-Year <br> U.S. Treasury <br> Note<br>| 10 | 1090 | Long | 9/25 | 11 |
| &nbsp;&nbsp; U.S. Treasury <br> Long Bond<br>| 190 | 21939 | Long | 9/25 | 817 |
| &nbsp;&nbsp; Ultra 10-Year <br> U.S. Treasury <br> Note<br>| (138)<br>| (15769)<br>| Short | 9/25 | (349)<br>|
| &nbsp;&nbsp; Ultra Long <br> U.S. Treasury <br> Bond<br>| (57)<br>| (6790)<br>| Short | 9/25 | (296)<br>|
| Total |  |  |  |  | $251 |

---

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

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Asset-Backed Securities<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $43808 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $43808 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 16008 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16008 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 77315 | &nbsp;&nbsp; — | &nbsp;&nbsp; 77315 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 19666 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19666 |
| U.S. Government Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 107173 | &nbsp;&nbsp; — | &nbsp;&nbsp; 107173 |
| &nbsp;&nbsp;&nbsp; U.S. Government <br> Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 29171 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29171 |
| Investment Companies | &nbsp;&nbsp; 3043 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3043 |
| Total Investments | &nbsp;&nbsp; $3043 | &nbsp;&nbsp; $293141 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $296184 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $896 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $896 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; (645)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (645)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $251 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $251 |

---

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

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $480 | $480 | $— <br><sup>(1),\*</sup><br>| $— |  |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 2380 | 41463 | 40800 | 42 | 3043 | 3043040 |
| Total | $2380 | $41943 | $41280 | $42 | $3043 | 3043040 |

---

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

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

*\** *Amount rounds to less than one thousand.*

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

------

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

**Schedule of Investments** <br>

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

---

| | |
|:---|:---|
| **HIGH YIELD FIXED INCOME FUND**  | **June 30, 2025 (UNAUDITED)**  |

---

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS – 81.7%**  | **CORPORATE BONDS – 81.7%**  | **CORPORATE BONDS – 81.7%**  |
| **Advertising & Marketing – 1.0%** | **Advertising & Marketing – 1.0%** | **Advertising & Marketing – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dotdash Meredith, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 6/15/32 <sup>(1)</sup> <br>| $5125 | $4970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neptune Bidco U.S., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.29%, 4/15/29 <sup>(1)</sup> <br>| 19537 | 19023 |
|  |  | **23993** |
| **Aerospace & Defense – 2.2%** | **Aerospace & Defense – 2.2%** | **Aerospace & Defense – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAR Escrow Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/29 <sup>(1)</sup> <br>| 4695 | 4865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/30 <sup>(1)</sup> <br>| 2865 | 2946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/33 <sup>(1)</sup> <br>| 1655 | 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 6/15/28 <sup>†</sup> <br>| 3595 | 3534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 11/30/29 <sup>(1)</sup> <br>| 3163 | 3356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 11/15/30 <sup>(1)</sup> <br>| 3295 | 3634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/1/29 <sup>†</sup> <br>| 8159 | 8017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/15/30 <sup>(1)</sup> <br>| 3615 | 3751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 12/1/31 <sup>(1)</sup> <br>| 1105 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/33 <sup>(1)</sup> <br>| 2159 | 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/31/33 <sup>(1)</sup> <br>| 8800 | 8808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triumph Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 3/15/28 <sup>(1)</sup> <br>| 7760 | 8109 |
|  |  | **52053** |
| **Asset Management – 0.9%** | **Asset Management – 0.9%** | **Asset Management – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hightower Holding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 1/31/30 <sup>(1) †</sup> <br>| 6530 | 6925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 1/15/29  | 4830 | 4692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 6/15/30  | 3375 | 3156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaic Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 8/1/27 <sup>(1)</sup> <br>| 7160 | 7177 |
|  |  | **21950** |
| **Automotive – 1.5%** | **Automotive – 1.5%** | **Automotive – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/15/33 <sup>(1)</sup> <br>| 5235 | 5353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/1/28 <sup>†</sup> <br>| 6625 | 6628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarios Global L.P./Clarios <br> U.S. Finance Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/28 <sup>(1) †</sup> <br>| 3050 | 3131 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Automotive – 1.5%continued** | **Automotive – 1.5%continued** | **Automotive – 1.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/1/30 <sup>†</sup> <br>| $6855 | $6756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 4/22/30  | 2030 | 2335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/43  | 2095 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/30/31  | 2690 | 2583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/29 <sup>(1)</sup> <br>| 7040 | 7267 |
|  |  | **35664** |
| **Basic Industry – 0.4%** | **Basic Industry – 0.4%** | **Basic Industry – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avient Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/1/31<sup>(1)</sup> <br>| 8620 | **8701** |
| **Biotechnology & Pharmaceuticals – 1.5%** | **Biotechnology & Pharmaceuticals – 1.5%** | **Biotechnology & Pharmaceuticals – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1261229 B.C. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 4/15/32 <sup>(1)</sup> <br>| 8500 | 8575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Americas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/1/26 <sup>(1)</sup> <br>| 3520 | 3498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/31/27 <sup>(1)</sup> <br>| 11455 | 10911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/28 <sup>(1)</sup> <br>| 4205 | 3547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt <br> Co-Issuer B.V.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/30/31 <sup>(1)</sup> <br>| 9775 | 8483 |
|  |  | **35014** |
| **Cable & Satellite – 4.5%** | **Cable & Satellite – 4.5%** | **Cable & Satellite – 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings <br> Capital Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/28 <sup>(1)</sup> <br>| 20652 | 20462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/31 <sup>(1)</sup> <br>| 9935 | 9281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/32 <sup>(1)</sup> <br>| 14295 | 13559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/33 <sup>(1)</sup> <br>| 9815 | 8971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/34 <sup>(1) †</sup> <br>| 4906 | 4367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 1/31/29 <sup>(1)</sup> <br>| 3025 | 2877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/29 <sup>(1)</sup> <br>| 10985 | 8932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/30 <sup>(1)</sup> <br>| 7445 | 3682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/30 <sup>(1)</sup> <br>| 3735 | 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 8/15/27 <sup>(1)</sup> <br>| 9645 | 9614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISH DBS Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/1/26 <sup>†</sup> <br>| 9155 | 8132 |

---

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

------

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

**Schedule of Investments** <br>

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

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Cable & Satellite – 4.5%continued** | **Cable & Satellite – 4.5%continued** | **Cable & Satellite – 4.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/26 <sup>(1) †</sup> <br>| $8257 | $7493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISH Network Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 11/15/27 <sup>(1)</sup> <br>| 2420 | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCPR Senior Secured Financing DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27 <sup>(1)</sup> <br>| 4613 | 3107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 7/15/29 <sup>(1)</sup> <br>| 2255 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midcontinent Communications, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 8/15/32 <sup>(1) †</sup> <br>| 2380 | 2519 |
|  |  | **108557** |
| **Chemicals – 1.3%** | **Chemicals – 1.3%** | **Chemicals – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celanese U.S. Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/30  | 3060 | 3132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/33 <sup>†</sup> <br>| 4260 | 4304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVR Partners L.P./CVR Nitrogen <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/28 <sup>(1)</sup> <br>| 3260 | 3256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illuminate Buyer LLC/Illuminate <br> Holdings IV, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 7/1/28 <sup>(1)</sup> <br>| 3990 | 4009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSB Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/28 <sup>(1) †</sup> <br>| 7720 | 7664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/1/29 <sup>(1) †</sup> <br>| 7275 | 6592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympus Water U.S. Holding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/1/27 <sup>(1)</sup> <br>| 3265 | 3325 |
|  |  | **32282** |
| **Commercial Support Services – 2.7%** | **Commercial Support Services – 2.7%** | **Commercial Support Services – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADT Security (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/1/29 <sup>(1)</sup> <br>| 3285 | 3173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 2/15/31 <sup>(1)</sup> <br>| 5170 | 5401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brink's (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/29 <sup>(1)</sup> <br>| 4228 | 4358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 9/15/29 <sup>(1)</sup> <br>| 1240 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/31 <sup>(1)</sup> <br>| 5695 | 5959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OT Midco, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 2/15/30 <sup>(1) †</sup> <br>| 4000 | 3087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services <br> Borrower LLC/Prime Finance, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/28 <sup>(1)</sup> <br>| 9090 | 9104 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Commercial Support Services – 2.7%continued** | **Commercial Support Services – 2.7%continued** | **Commercial Support Services – 2.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/31 <sup>(1)</sup> <br>| $8351 | $8351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reworld Holding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/30  | 5185 | 4901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 8/1/29 <sup>(1)</sup> <br>| 2835 | 2835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VM Consolidated, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/29 <sup>(1)</sup> <br>| 3530 | 3466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VT Topco, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 8/15/30 <sup>(1)</sup> <br>| 6720 | 7086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams Scotsman, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/15/29 <sup>(1)</sup> <br>| 3060 | 3141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZipRecruiter, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/30 <sup>(1)</sup> <br>| 1749 | 1493 |
|  |  | **63635** |
| **Construction Materials – 1.1%** | **Construction Materials – 1.1%** | **Construction Materials – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/32 <sup>(1)</sup> <br>| 8650 | 8895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/33 <sup>(1)</sup> <br>| 11150 | 11505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 11/15/31 <sup>(1)</sup> <br>| 3530 | 3701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 1/15/31 <sup>(1)</sup> <br>| 3320 | 2977 |
|  |  | **27078** |
| **Consumer Non-Cyclical – 0.5%** | **Consumer Non-Cyclical – 0.5%** | **Consumer Non-Cyclical – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Healthcare Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 9/1/29<sup>(1) †</sup> <br>| 10990 | **10908** |
| **Consumer Services – 0.3%** | **Consumer Services – 0.3%** | **Consumer Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/29 <sup>(1)</sup> <br>| 2755 | 2645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneMor, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/15/29 <sup>(1)</sup> <br>| 6070 | 5554 |
|  |  | **8199** |
| **Containers & Packaging – 0.5%** | **Containers & Packaging – 0.5%** | **Containers & Packaging – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardagh Packaging Finance <br> PLC/Ardagh Holdings U.S.A., Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/15/27 <sup>(1)</sup> <br>| 6255 | 2789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LABL, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/1/28 <sup>(1)</sup> <br>| 3400 | 2973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding <br> Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/15/27 <sup>(1)</sup> <br>| 2897 | 2877 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Containers & Packaging – 0.5%continued** | **Containers & Packaging – 0.5%continued** | **Containers & Packaging – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 5/15/31 <sup>(1)</sup> <br>| $3065 | $3141 |
|  |  | **11780** |
| **Electric Utilities – 2.6%** | **Electric Utilities – 2.6%** | **Electric Utilities – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calpine Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/15/28 <sup>(1)</sup> <br>| 7022 | 7014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/31 <sup>(1)</sup> <br>| 3195 | 3161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lightning Power LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/15/32 <sup>(1)</sup> <br>| 4230 | 4452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/28  | 7565 | 7603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/29 <sup>(1)</sup> <br>| 4320 | 4326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/32 <sup>(1)</sup> <br>| 4342 | 3987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/1/34 <sup>(1)</sup> <br>| 6340 | 6460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pattern Energy Operations L.P./Pattern <br> Energy Operations, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/28 <sup>(1)</sup> <br>| 3720 | 3604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 6/1/30 <sup>(1)</sup> <br>| 3435 | 3681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/15/27 <sup>(1)</sup> <br>| 5510 | 5514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/1/29 <sup>(1)</sup> <br>| 4455 | 4342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/32 <sup>(1)</sup> <br>| 4250 | 4443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners <br> L.P.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 1/15/31 <sup>(1) †</sup> <br>| 620 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 3/15/33 <sup>(1) †</sup> <br>| 1895 | 2031 |
|  |  | **61280** |
| **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMRLD Borrower L.P./Emerald <br> Co-Issuer, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/15/30<sup>(1)</sup> <br>| 9800 | **10017** |
| **Energy – 0.5%** | **Energy – 0.5%** | **Energy – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aethon United BR L.P./Aethon United <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/1/29 <sup>(1)</sup> <br>| 4135 | 4337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delek Logistics Partners L.P./Delek <br> Logistics Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/30/33 <sup>(1)</sup> <br>| 3460 | 3444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/30 <sup>(1) (2)</sup> <br>| 2070 | 2130 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Energy – 0.5%continued** | **Energy – 0.5%continued** | **Energy – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/15/34  | $1275 | $1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/36 <sup>(1)</sup> <br>| 1290 | 1290 |
|  |  | **12492** |
| **Engineering & Construction – 0.5%** | **Engineering & Construction – 0.5%** | **Engineering & Construction – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 8/15/32 <sup>(1)</sup> <br>| 5211 | 5408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brundage-Bone Concrete Pumping <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/1/32 <sup>(1)</sup> <br>| 7510 | 7444 |
|  |  | **12852** |
| **Entertainment Content – 1.2%** | **Entertainment Content – 1.2%** | **Entertainment Content – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allen Media LLC/Allen Media <br> Co-Issuer, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 2/15/28 <sup>(1)</sup> <br>| 12035 | 4513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/32 <sup>(1) (2)</sup> <br>| 3470 | 3516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/29  | 9257 | 8842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univision Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/30/30 <sup>(1)</sup> <br>| 4843 | 4760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 7/31/31 <sup>(1)</sup> <br>| 7390 | 7398 |
|  |  | **29029** |
| **Food – 1.2%** | **Food – 1.2%** | **Food – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiesta Purchaser, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 3/1/31 <sup>(1)</sup> <br>| 8605 | 9132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 9/15/32 <sup>(1) †</sup> <br>| 5375 | 5671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/31 <sup>(1)</sup> <br>| 2111 | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/15/32 <sup>(1)</sup> <br>| 7354 | 7558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simmons Foods, Inc./Simmons <br> Prepared Foods, Inc./Simmons Pet <br> Food, Inc./Simmons Feed,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/1/29 <sup>(1)</sup> <br>| 3672 | 3467 |
|  |  | **27787** |
| **Forestry, Paper & Wood Products – 0.4%** | **Forestry, Paper & Wood Products – 0.4%** | **Forestry, Paper & Wood Products – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnera Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/29<sup>(1)</sup> <br>| 10617 | **9382** |
| **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriGas Partners L.P./AmeriGas <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 6/1/30<sup>(1)</sup> <br>| 4865 | **5047** |

---

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

------

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

**Schedule of Investments** <br>

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

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Health Care Facilities & Services – 3.4%** | **Health Care Facilities & Services – 3.4%** | **Health Care Facilities & Services – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/1/30 <sup>(1)</sup> <br>| $7535 | $7159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 3/15/27 <sup>(1)</sup> <br>| 5065 | 4989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/29 <sup>(1)</sup> <br>| 2125 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/1/30 <sup>(1) †</sup> <br>| 4695 | 3472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 1/15/32 <sup>(1)</sup> <br>| 11055 | 11717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.52%), 6.75%, <br> 12/10/54 <sup>(3)</sup> <br>| 5635 | 5647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 9/1/32 <sup>(1)</sup> <br>| 4150 | 4300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/15/33 <sup>(1)</sup> <br>| 2960 | 3057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/29 <sup>(1) †</sup> <br>| 5910 | 5746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 8/15/30 <sup>(1)</sup> <br>| 4025 | 4354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 6/1/32 <sup>(1)</sup> <br>| 2725 | 2811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Parent, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 10/1/30 <sup>(1)</sup> <br>| 10001 | 10519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 4/15/32 <sup>(1) †</sup> <br>| 7626 | 7771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/15/30  | 7127 | 6899 |
|  |  | **80136** |
| **Home & Office Products – 0.8%** | **Home & Office Products – 0.8%** | **Home & Office Products – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CD&R Smokey Buyer, Inc./Radio <br> Systems Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 10/15/29 <sup>(1)</sup> <br>| 1715 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FXI Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 11/15/26 <sup>(1) †</sup> <br>| 7354 | 6462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/32 <sup>†</sup> <br>| 2860 | 2728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/1/36  | 9065 | 8688 |
|  |  | **19275** |
| **Home Construction – 1.2%** | **Home Construction – 1.2%** | **Home Construction – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/27  | 5810 | 5821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Home, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/15/30  | 4030 | 4170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 12/15/28 <sup>(1)</sup> <br>| 2380 | 2474 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Home Construction – 1.2%continued** | **Home Construction – 1.2%continued** | **Home Construction – 1.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/29 <sup>(1) †</sup> <br>| $5905 | $5284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 2/15/30  | 5135 | 4803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Home (The) Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/1/30 <sup>(1)</sup> <br>| 5325 | 5423 |
|  |  | **27975** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 6/15/30  | 340 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/30/32  | 3010 | 3039 |
|  |  | **3373** |
| **Industrial Intermediate Products – 0.4%** | **Industrial Intermediate Products – 0.4%** | **Industrial Intermediate Products – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anagram Holdings LLC/Anagram <br> International, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 8/15/26 <sup>(1) (4) (5)</sup> <br>| 2819 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/1/30 <sup>(1)</sup> <br>| 6150 | 6439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 1/1/31 <sup>(1)</sup> <br>| 2915 | 3111 |
|  |  | **9598** |
| **Industrial Support Services – 1.2%** | **Industrial Support Services – 1.2%** | **Industrial Support Services – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 5/15/32 <sup>(1)</sup> <br>| 2965 | 3151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/15/33 <sup>(1)</sup> <br>| 7230 | 7574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/15/30 <sup>(1)</sup> <br>| 4080 | 4261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/33 <sup>(1)</sup> <br>| 2915 | 3054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/29 <sup>(1)</sup> <br>| 3365 | 3278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Rentals North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/32  | 3835 | 3523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/34 <sup>(1)</sup> <br>| 2730 | 2812 |
|  |  | **27653** |
| **Institutional Financial Services – 0.8%** | **Institutional Financial Services – 0.8%** | **Institutional Financial Services – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aretec Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/1/29 <sup>(1)</sup> <br>| 3742 | 3789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 8/15/30 <sup>(1)</sup> <br>| 3260 | 3582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armor Holdco, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/15/29 <sup>(1)</sup> <br>| 4145 | 3973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/1/31 <sup>(1)</sup> <br>| 6025 | 5365 |

---

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

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Institutional Financial Services – 0.8%continued** | **Institutional Financial Services – 0.8%continued** | **Institutional Financial Services – 0.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stonex Escrow Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/32 <sup>(1) (2)</sup> <br>| $1695 | $1712 |
|  |  | **18421** |
| **Insurance – 1.1%** | **Insurance – 1.1%** | **Insurance – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 2/1/29 <sup>(1)</sup> <br>| 1710 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/29 <sup>(1)</sup> <br>| 4410 | 4232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliant Holdings <br> Intermediate LLC/Alliant Holdings <br> Co-Issuer,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/31 <sup>(1)</sup> <br>| 7900 | 8047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/1/32 <sup>(1)</sup> <br>| 2765 | 2850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panther Escrow Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 6/1/31 <sup>(1)</sup> <br>| 9505 | 9873 |
|  |  | **26772** |
| **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GrubHub Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/27<sup>(1) †</sup> <br>| 5780 | **5609** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insight Enterprises, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/32 <sup>(1)</sup> <br>| 3745 | 3858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtusa Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 12/15/28 <sup>(1)</sup> <br>| 2650 | 2526 |
|  |  | **6384** |
| **Leisure Facilities & Services – 5.1%** | **Leisure Facilities & Services – 5.1%** | **Leisure Facilities & Services – 5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boyne U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/15/29 <sup>(1)</sup> <br>| 5155 | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/30 <sup>(1)</sup> <br>| 3690 | 3821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/32 <sup>(1)</sup> <br>| 6642 | 6816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/27 <sup>(1)</sup> <br>| 8315 | 8384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everi Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/29 <sup>(1)</sup> <br>| 5280 | 5335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co., Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/30 <sup>(1) †</sup> <br>| 4060 | 3747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Full House Resorts, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 2/15/28 <sup>(1) †</sup> <br>| 8261 | 8027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPS Hospitality Holding Co. LLC/GPS <br> Finco, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/15/28 <sup>(1)</sup> <br>| 6555 | 3802 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Leisure Facilities & Services – 5.1%continued** | **Leisure Facilities & Services – 5.1%continued** | **Leisure Facilities & Services – 5.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacobs Entertainment, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/29 <sup>(1)</sup> <br>| $3980 | $3831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/15/28 <sup>(1)</sup> <br>| 7023 | 7043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/27 <sup>(1)</sup> <br>| 7280 | 7323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCL Corp. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/26 <sup>(1)</sup> <br>| 996 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/15/27 <sup>(1)</sup> <br>| 4805 | 4825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/1/30 <sup>(1)</sup> <br>| 4975 | 5017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/32 <sup>(1) †</sup> <br>| 10110 | 10329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/1/29 <sup>(1) †</sup> <br>| 4805 | 4452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 9/1/31 <sup>(1)</sup> <br>| 2190 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 6/1/27 <sup>(1)</sup> <br>| 8991 | 9205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.13%, 7/15/30 <sup>(1)</sup> <br>| 4015 | 4200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scientific Games Holdings L.P.,Scientific <br> Games U.S. FinCo, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/1/30 <sup>(1)</sup> <br>| 2565 | 2472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viking Cruises Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 9/15/27 <sup>(1)</sup> <br>| 10075 | 10081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/29 <sup>(1)</sup> <br>| 5680 | 5730 |
|  |  | **121638** |
| **Leisure Products – 0.4%** | **Leisure Products – 0.4%** | **Leisure Products – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acushnet Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/15/28 <sup>(1)</sup> <br>| 3530 | 3680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thor Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/29 <sup>(1) †</sup> <br>| 6390 | 5988 |
|  |  | **9668** |
| **Machinery – 1.1%** | **Machinery – 1.1%** | **Machinery – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amsted Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/33 <sup>(1)</sup> <br>| 3580 | 3639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/30/28 <sup>(1)</sup> <br>| 4540 | 4410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/30/29 <sup>(1)</sup> <br>| 3070 | 3020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manitowoc (The) Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 10/1/31 <sup>(1)</sup> <br>| 2895 | 3047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maxim Crane Works Holdings <br> Capital LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 9/1/28 <sup>(1)</sup> <br>| 6655 | 7025 |

---

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

------

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

**Schedule of Investments** <br>

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

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Machinery – 1.1%continued** | **Machinery – 1.1%continued** | **Machinery – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/30/28  | $5145 | $5166 |
|  |  | **26307** |
| **Medical Equipment & Devices – 0.5%** | **Medical Equipment & Devices – 0.5%** | **Medical Equipment & Devices – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medline Borrower L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/1/29 <sup>(1)</sup> <br>| 5352 | 5134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/29 <sup>(1)</sup> <br>| 6860 | 6806 |
|  |  | **11940** |
| **Metals & Mining – 1.1%** | **Metals & Mining – 1.1%** | **Metals & Mining – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcoa Nederland Holding B.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/31 <sup>(1)</sup> <br>| 7030 | 7378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliance Resource Operating Partners <br> L.P./Alliance Resource Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 6/15/29 <sup>(1)</sup> <br>| 2900 | 3082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alumina Pty. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/15/32 <sup>(1)</sup> <br>| 3623 | 3691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellium S.E., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/15/29 <sup>(1)</sup> <br>| 2785 | 2617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/15/32 <sup>(1)</sup> <br>| 8803 | 8950 |
|  |  | **25718** |
| **Oil & Gas Services & Equipment – 1.3%** | **Oil & Gas Services & Equipment – 1.3%** | **Oil & Gas Services & Equipment – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/15/28 <sup>(1) †</sup> <br>| 790 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 5/15/27 <sup>(1)</sup> <br>| 1570 | 1550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 1/31/30 <sup>(1) †</sup> <br>| 1375 | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 8/15/31 <sup>(1) †</sup> <br>| 1591 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Finance II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/15/30 <sup>(1)</sup> <br>| 3495 | 3559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/28  | 5895 | 5944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/28  | 1612 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transocean Aquila Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 9/30/28 <sup>(1)</sup> <br>| 1712 | 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transocean Poseidon Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 2/1/27 <sup>(1)</sup> <br>| 3266 | 3271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/1/28 <sup>(1)</sup> <br>| 1217 | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transocean, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 2/15/30 <sup>(1)</sup> <br>| 3316 | 3410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/15/31 <sup>(1)</sup> <br>| 1460 | 1303 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Oil & Gas Services & Equipment – 1.3%continued** | **Oil & Gas Services & Equipment – 1.3%continued** | **Oil & Gas Services & Equipment – 1.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S.A. Compression Partners <br> L.P./U.S.A. Compression Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/29 <sup>(1)</sup> <br>| $4560 | $4674 |
|  |  | **31500** |
| **Oil & Gas Supply Chain – 10.0%** | **Oil & Gas Supply Chain – 10.0%** | **Oil & Gas Supply Chain – 10.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/1/26 <sup>(1)</sup> <br>| 854 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITGO Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/15/26 <sup>(1)</sup> <br>| 8289 | 8285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 1/15/29 <sup>(1)</sup> <br>| 2800 | 2912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 7/1/28 <sup>(1)</sup> <br>| 3565 | 3650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/1/30 <sup>(1)</sup> <br>| 2880 | 2924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 7/1/31 <sup>(1)</sup> <br>| 3780 | 3822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 6/15/33 <sup>(1)</sup> <br>| 3490 | 3578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/31 <sup>(1)</sup> <br>| 2795 | 2915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 3/1/32 <sup>(1)</sup> <br>| 5330 | 5519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/29 <sup>(1)</sup> <br>| 3230 | 3237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/29 <sup>(1)</sup> <br>| 1990 | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 2/15/28 <sup>(1)</sup> <br>| 5155 | 5373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 4/1/32 <sup>(1)</sup> <br>| 4315 | 4213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVR Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/15/29 <sup>(1)</sup> <br>| 2606 | 2607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delek Logistics Partners L.P./Delek <br> Logistics Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 6/1/28 <sup>(1)</sup> <br>| 2310 | 2320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 3/15/29 <sup>(1)</sup> <br>| 5785 | 6004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQT Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 4/1/29 <sup>(1)</sup> <br>| 3745 | 3863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/30 <sup>(1)</sup> <br>| 3405 | 3742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTAI Infra Escrow Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 6/1/27 <sup>(1)</sup> <br>| 7040 | 7325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesis Energy L.P./Genesis Energy <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/29  | 5500 | 5751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Partners L.P./GLP Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/15/29  | 3625 | 3681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 7/1/33 <sup>(1)</sup> <br>| 2005 | 2033 |

---

FIXED INCOME FUNDS **129** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Oil & Gas Supply Chain – 10.0%continued** | **Oil & Gas Supply Chain – 10.0%continued** | **Oil & Gas Supply Chain – 10.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvest Midstream I L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/1/28 <sup>(1)</sup> <br>| $2800 | $2848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance <br> Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/1/28 <sup>(1)</sup> <br>| 5952 | 5966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/1/33 <sup>(1)</sup> <br>| 1540 | 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITT Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/29 <sup>(1)</sup> <br>| 7895 | 7508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin Midstream Partners L.P./Martin <br> Midstream Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 2/15/28 <sup>(1)</sup> <br>| 5385 | 5660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/32  | 3585 | 3418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL <br> Energy Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/15/32 <sup>(1)</sup> <br>| 13488 | 13529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 3/1/28 <sup>(1)</sup> <br>| 3515 | 3546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NuStar Logistics L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/26  | 4165 | 4181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/28  | 6448 | 6166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/15/27 <sup>(1)</sup> <br>| 4575 | 4677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/29  | 3935 | 4051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/33 <sup>(1)</sup> <br>| 1470 | 1534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/1/29 <sup>(1)</sup> <br>| 6669 | 6644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/32 <sup>(1)</sup> <br>| 3555 | 3503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunoco L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/1/29 <sup>(1)</sup> <br>| 4145 | 4317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/1/33 <sup>(1)</sup> <br>| 1385 | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunoco L.P./Sunoco Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/29  | 2733 | 2653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/30/30  | 3670 | 3529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/29 <sup>(1)</sup> <br>| 6760 | 6948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talos Production, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/1/29 <sup>(1)</sup> <br>| 1300 | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 2/1/31 <sup>(1)</sup> <br>| 7450 | 7606 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Oil & Gas Supply Chain – 10.0%continued** | **Oil & Gas Supply Chain – 10.0%continued** | **Oil & Gas Supply Chain – 10.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransMontaigne Partners LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/15/30 <sup>(1)</sup> <br>| $6855 | $7131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 2/1/29 <sup>(1)</sup> <br>| 17963 | 19569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 6/1/31 <sup>(1)</sup> <br>| 13653 | 14181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vital Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/31/29 <sup>(1)</sup> <br>| 8372 | 7394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/32 <sup>(1) †</sup> <br>| 790 | 675 |
|  |  | **238164** |
| **Publishing & Broadcasting – 1.8%** | **Publishing & Broadcasting – 1.8%** | **Publishing & Broadcasting – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beasley Mezzanine Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.20%, 8/1/28 <sup>(1)</sup> <br>| 5830 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 8/15/27 <sup>(1)</sup> <br>| 4990 | 4933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/29 <sup>(1) †</sup> <br>| 5471 | 5060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/1/30 <sup>(1)</sup> <br>| 2260 | 2333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulus Media New Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 7/1/29 <sup>(1)</sup> <br>| 5760 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Media, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/15/27 <sup>(1) †</sup> <br>| 4625 | 4623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 7/15/29 <sup>(1) †</sup> <br>| 5146 | 5528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/31 <sup>(1) †</sup> <br>| 4446 | 3334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 5/1/30 <sup>(1)</sup> <br>| 2381 | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 8/15/30 <sup>(1) †</sup> <br>| 3106 | 2395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 9/1/31 <sup>(1)</sup> <br>| 5860 | 6113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/27 <sup>(1)</sup> <br>| 4005 | 3996 |
|  |  | **42086** |
| **Real Estate Investment Trusts – 2.0%** | **Real Estate Investment Trusts – 2.0%** | **Real Estate Investment Trusts – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Property REIT, Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LL,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/27 <sup>(1)</sup> <br>| 3563 | 3467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/30/28 <sup>(1)</sup> <br>| 5480 | 5310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IIP Operating Partnership L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/25/26  | 5215 | 5072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/29 <sup>(1)</sup> <br>| 8004 | 7863 |

---

NORTHERN FUNDS QUARTERLY REPORT **130** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Real Estate Investment Trusts – 2.0%continued** | **Real Estate Investment Trusts – 2.0%continued** | **Real Estate Investment Trusts – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPT Operating Partnership L.P./MPT <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 2/15/32 <sup>(1)</sup> <br>| $600 | $628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK <br> Domestic Property LLC/PK Finance <br> Co-Issuer,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/15/29 <sup>(1)</sup> <br>| 2765 | 2679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27  | 6535 | 6475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniti Group L.P./Uniti Group Finance <br> 2019, Inc./CSL Capital LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 2/15/28 <sup>(1)</sup> <br>| 2550 | 2703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/29 <sup>(1) †</sup> <br>| 10350 | 10004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 6/15/32 <sup>(1)</sup> <br>| 2740 | 2768 |
|  |  | **46969** |
| **Renewable Energy – 0.2%** | **Renewable Energy – 0.2%** | **Renewable Energy – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EnerSys, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/32<sup>(1)</sup> <br>| 4205 | **4300** |
| **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, <br> Inc./New Albertsons <br> L.P./Albertsons LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/27<sup>(1)</sup> <br>| 4150 | **4124** |
| **Retail - Discretionary – 3.9%** | **Retail - Discretionary – 3.9%** | **Retail - Discretionary – 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academy Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/27 <sup>(1)</sup> <br>| 6010 | 6025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/1/28  | 2125 | 2135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/1/30 <sup>(1)</sup> <br>| 4230 | 4360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/1/36  | 7455 | 7579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/35 <sup>(1)</sup> <br>| 1760 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 12/1/28 <sup>(1)</sup> <br>| 678 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 6/1/30 <sup>(1)</sup> <br>| 1194 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 6/1/31 <sup>(1)</sup> <br>| 1526 | 1808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Acqco 1 L.P./TVI, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 4/26/28 <sup>(1)</sup> <br>| 8692 | 9092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ken Garff Automotive LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/28 <sup>(1)</sup> <br>| 5235 | 5168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCM Investments Holdings II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/1/29 <sup>(1)</sup> <br>| 4011 | 3900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/30 <sup>(1) †</sup> <br>| 1720 | 1689 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Retail - Discretionary – 3.9%continued** | **Retail - Discretionary – 3.9%continued** | **Retail - Discretionary – 3.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/34  | $5280 | $4215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/29 <sup>(1) †</sup> <br>| 7014 | 6889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michaels (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/1/28 <sup>(1)</sup> <br>| 5005 | 4001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/1/29 <sup>(1)</sup> <br>| 2240 | 1467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/1/29 <sup>(1)</sup> <br>| 1150 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/1/32 <sup>(1)</sup> <br>| 4280 | 4292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PetSmart, Inc./PetSmart Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/28 <sup>(1)</sup> <br>| 1150 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/15/29 <sup>(1)</sup> <br>| 2750 | 2672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 12/15/29 <sup>(1)</sup> <br>| 5000 | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Staples, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 9/1/29 <sup>(1)</sup> <br>| 7510 | 7108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 7/15/29 <sup>(1)</sup> <br>| 4945 | 4615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victra Holdings LLC/Victra Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 9/15/29 <sup>(1) †</sup> <br>| 7735 | 8104 |
|  |  | **92995** |
| **Semiconductors – 0.2%** | **Semiconductors – 0.2%** | **Semiconductors – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/29<sup>(1)</sup> <br>| 4011 | **3939** |
| **Software – 2.0%** | **Software – 2.0%** | **Software – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capstone Borrower, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 6/15/30 <sup>(1)</sup> <br>| 3065 | 3198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle U.S. Holding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 6/30/31 <sup>(1)</sup> <br>| 3995 | 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Parent, Inc./CDK Global, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/29 <sup>(1)</sup> <br>| 7605 | 6180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/31/29 <sup>(1)</sup> <br>| 6965 | 7030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 9/30/29 <sup>(1)</sup> <br>| 6740 | 6986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 6/30/32 <sup>(1)</sup> <br>| 3990 | 4246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreWeave, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 6/1/30 <sup>(1)</sup> <br>| 5830 | 5960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoTo Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/28 <sup>(1)</sup> <br>| 2022 | 1658 |

---

FIXED INCOME FUNDS **131** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Software – 2.0%continued** | **Software – 2.0%continued** | **Software – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helios Software Holdings, Inc./ION <br> Corporate Solutions Finance S.a.r.l.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 5/1/29 <sup>(1)</sup> <br>| $3835 | $3945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McAfee Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/30 <sup>(1) †</sup> <br>| 4720 | 4458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UKG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 2/1/31 <sup>(1)</sup> <br>| 3320 | 3445 |
|  |  | **48804** |
| **Specialty Finance – 8.4%** | **Specialty Finance – 8.4%** | **Specialty Finance – 8.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.87%), 4.70%, <br> 5/15/26 <sup>(3) (6)</sup> <br>| 5605 | 5412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 7Y + 3.48%), 4.70%, <br> 5/15/28 <sup>(3) (6)</sup> <br>| 1515 | 1359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/1/29 <sup>(1)</sup> <br>| 2200 | 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/15/31 <sup>(1)</sup> <br>| 6430 | 6826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/30 <sup>(1)</sup> <br>| 7929 | 7921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 7/1/31 <sup>(1)</sup> <br>| 6440 | 6778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 3.34%), 5.50%, 10/30/27 <sup>(3)</sup> <br>| 5575 | 5503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPI CG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 7/15/29 <sup>(1)</sup> <br>| 5845 | 6159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 12/15/28 <sup>(1)</sup> <br>| 3630 | 3843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/1/29 <sup>(1)</sup> <br>| 3065 | 3259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/15/30 <sup>(1) †</sup> <br>| 6310 | 6768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 8/1/29 <sup>(1) †</sup> <br>| 8180 | 8612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 4/1/32 <sup>(1)</sup> <br>| 2540 | 2674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/15/33 <sup>(1)</sup> <br>| 5415 | 5465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Transportation and <br> Infrastructure Investors LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/15/32 <sup>(1)</sup> <br>| 9960 | 10284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/15/33 <sup>(1)</sup> <br>| 4363 | 4308 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Specialty Finance – 8.4%continued** | **Specialty Finance – 8.4%continued** | **Specialty Finance – 8.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freedom Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 10/1/30 <sup>(1)</sup> <br>| $4605 | $5106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 2/1/29 <sup>(1)</sup> <br>| 3230 | 3355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 4/1/32 <sup>(1)</sup> <br>| 2450 | 2476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/28 <sup>(1)</sup> <br>| 6350 | 6138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/31 <sup>(1)</sup> <br>| 4278 | 4263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/15/26 <sup>(1)</sup> <br>| 7235 | 7199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 2/15/29 <sup>(1)</sup> <br>| 3115 | 3288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/15/30 <sup>(1)</sup> <br>| 1238 | 1283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPR Royalty Sub LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.00%, 9/1/20 <sup>(1) (4) (5)</sup> <br>| 8000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/27 <sup>(1)</sup> <br>| 9035 | 8908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LFS Topco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/26 <sup>(1)</sup> <br>| 5285 | 5285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/1/28 <sup>(1)</sup> <br>| 2615 | 2590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/29 <sup>(1)</sup> <br>| 5747 | 5870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navient Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/27  | 8745 | 8709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneMain Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/15/31  | 5955 | 6222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/30 <sup>(1)</sup> <br>| 4975 | 5156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/15/31 <sup>(1)</sup> <br>| 3070 | 3010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/15/32 <sup>(1)</sup> <br>| 1855 | 1897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planet Financial Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 12/15/29 <sup>(1)</sup> <br>| 5945 | 5951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Funding Associates L.P./PFG <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 9/15/29 <sup>(1)</sup> <br>| 860 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rfna L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 2/15/30 <sup>(1) †</sup> <br>| 6995 | 7158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 8/1/30 <sup>(1)</sup> <br>| 4965 | 5059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/1/33 <sup>(1)</sup> <br>| 3715 | 3801 |

---

NORTHERN FUNDS QUARTERLY REPORT **132** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Specialty Finance – 8.4%continued** | **Specialty Finance – 8.4%continued** | **Specialty Finance – 8.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyager Aviation Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/9/26 <sup>(1) (4) (5)</sup> <br>| $2552 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/15/33 <sup>(1)</sup> <br>| 5530 | 5579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Acceptance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/1/26 <sup>(1)</sup> <br>| 5175 | 5164 |
|  |  | **201882** |
| **Steel – 0.3%** | **Steel – 0.3%** | **Steel – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/15/31 <sup>(1)</sup> <br>| 3701 | 3569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TMS International Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/29 <sup>(1)</sup> <br>| 2165 | 2059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Steel Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/1/29  | 1019 | 1028 |
|  |  | **6656** |
| **Technology Hardware – 2.1%** | **Technology Hardware – 2.1%** | **Technology Hardware – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommScope LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 7/1/28 <sup>(1) †</sup> <br>| 1372 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 12/15/31 <sup>(1)</sup> <br>| 6450 | 6755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommScope Technologies LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/27 <sup>(1)</sup> <br>| 5646 | 5499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imola Merger Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/15/29 <sup>(1)</sup> <br>| 5720 | 5523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 4/1/29 <sup>(1)</sup> <br>| 10984 | 12031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seagate HDD Cayman, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 7/15/31  | 2615 | 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/15/27 <sup>(1)</sup> <br>| 6455 | 6430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/28 <sup>(1) †</sup> <br>| 1621 | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/32 <sup>(1)</sup> <br>| 7649 | 7865 |
|  |  | **49175** |
| **Telecommunications – 2.5%** | **Telecommunications – 2.5%** | **Telecommunications – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C&W Senior Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 1/15/33 <sup>(1)</sup> <br>| 5015 | 5128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/30/29  | 13540 | 13946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/1/29 <sup>(1)</sup> <br>| 6695 | 6783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 8/1/26 <sup>†</sup> <br>| 2475 | 1762 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Telecommunications – 2.5%continued** | **Telecommunications – 2.5%continued** | **Telecommunications – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 7/1/28 <sup>(1)</sup> <br>| $9811 | $8997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/15/29 <sup>(1)</sup> <br>| 1490 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 6/30/33 <sup>(1)</sup> <br>| 4010 | 4080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sable International Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/15/32 <sup>(1)</sup> <br>| 4440 | 4452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windstream Services LLC/Windstream <br> Escrow Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 10/1/31 <sup>(1)</sup> <br>| 10086 | 10563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/1/28 <sup>(1)</sup> <br>| 4285 | 3698 |
|  |  | **60800** |
| **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turning Point Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 3/15/32<sup>(1)</sup> <br>| 5685 | **5952** |
| **Transportation & Logistics – 3.3%** | **Transportation & Logistics – 3.3%** | **Transportation & Logistics – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/15/27 <sup>(1)</sup> <br>| 3985 | 3986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/28 <sup>(1) †</sup> <br>| 1870 | 1910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/15/29 <sup>(1)</sup> <br>| 2572 | 2697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/20/26 <sup>(1)</sup> <br>| 2425 | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/20/29 <sup>(1)</sup> <br>| 13230 | 13218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Mobility Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 <sup>(1) (2)</sup> <br>| 3740 | 3819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Student Bidco, Inc./First Transit <br> Parent, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/31/29 <sup>(1)</sup> <br>| 5975 | 5617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/32 <sup>(1)</sup> <br>| 2935 | 2995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty <br> L.P.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 9/20/31 <sup>(1) †</sup> <br>| 2890 | 2812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mileage Plus Holdings LLC/Mileage <br> Plus Intellectual Property Assets Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/20/27 <sup>(1)</sup> <br>| 2078 | 2081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneSky Flight LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 12/15/29 <sup>(1)</sup> <br>| 6725 | 7002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Leasing Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 2/15/30 <sup>(1)</sup> <br>| 5845 | 5796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stonepeak Nile Parent LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 3/15/32 <sup>(1)</sup> <br>| 9745 | 10330 |

---

FIXED INCOME FUNDS **133** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  | **CORPORATE BONDS - 81.7% continued**  |
| **Transportation & Logistics – 3.3%continued** | **Transportation & Logistics – 3.3%continued** | **Transportation & Logistics – 3.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/29 <sup>(1)</sup> <br>| $6860 | $6659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPO, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 6/1/31 <sup>(1)</sup> <br>| 8204 | 8576 |
|  |  | **79917** |
| **Transportation Equipment – 0.2%** | **Transportation Equipment – 0.2%** | **Transportation Equipment – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/15/28<sup>(1)</sup> <br>| 5022 | **5231** |
| **Total Corporate Bonds** |  |  |
| **(Cost $1,984,683)** |  | **1950661** |
| **FOREIGN ISSUER BONDS – 14.2%**  | **FOREIGN ISSUER BONDS – 14.2%**  | **FOREIGN ISSUER BONDS – 14.2%**  |
| **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bombardier, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/28 <sup>(1)</sup> <br>| 8745 | 8798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/1/29 <sup>(1)</sup> <br>| 2915 | 3061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/1/31 <sup>(1)</sup> <br>| 2890 | 3034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/1/32 <sup>(1) †</sup> <br>| 1871 | 1948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/33 <sup>(1)</sup> <br>| 2445 | 2533 |
|  |  | **19374** |
| **Asset Management – 0.4%** | **Asset Management – 0.4%** | **Asset Management – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CI Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/30/29 <sup>(1)</sup> <br>| 6075 | 6410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, USD SOFR ICE Swap Rate <br> 5Y + 3.08%), 7.00%, <br> 2/10/30 <sup>(1) (3) (6)</sup> <br>| 2850 | 2835 |
|  |  | **9245** |
| **Automotive – 0.6%** | **Automotive – 0.6%** | **Automotive – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, (100% Cash), <br> 11/15/30 <sup>(1) (7)</sup> <br>| 4654 | 4777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZF North America Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 4/14/30 <sup>(1)</sup> <br>| 5525 | 5402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/23/32 <sup>(1)</sup> <br>| 4275 | 3951 |
|  |  | **14130** |
| **Banking – 1.1%** | **Banking – 1.1%** | **Banking – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.10%), 9.38%, <br> 3/19/29 <sup>(3) (6)</sup> <br>| 3775 | 4166 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 14.2% continued**  | **FOREIGN ISSUER BONDS - 14.2% continued**  | **FOREIGN ISSUER BONDS - 14.2% continued**  |
| **Banking – 1.1%continued** | **Banking – 1.1%continued** | **Banking – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, USD SOFR ICE Swap Rate <br> 5Y + 5.78%), 9.63%, <br> 12/15/29 <sup>(3) (6)</sup> <br>| $2135 | $2371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.13%), 7.45%, <br> 6/27/35 <sup>(1) (3) (6)</sup> <br>| 2325 | 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.52%), 6.00%, <br> 10/30/25 <sup>(3) (6)</sup> <br>| 3200 | 3186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.10%), 4.60%, <br> 6/28/31 <sup>(3) (6)</sup> <br>| 499 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.75%), 8.13%, <br> 11/10/33 <sup>(3) (6)</sup> <br>| 4490 | 4843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.45%), 10.00%, <br> 11/14/28 <sup>(1) (3) (6)</sup> <br>| 3610 | 3940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.59%), 7.63%, <br> 3/17/28 <sup>(3) (6) (8)</sup> <br>| 5475 | 5715 |
|  |  | **26998** |
| **Cable & Satellite – 0.3%** | **Cable & Satellite – 0.3%** | **Cable & Satellite – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ziggo Bond Co. B.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/28/30<sup>(1)</sup> <br>| 8370 | **7308** |
| **Chemicals – 0.5%** | **Chemicals – 0.5%** | **Chemicals – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 10/3/31 <sup>(1)</sup> <br>| 7770 | 8053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nufarm Australia Ltd./Nufarm <br> Americas, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/27/30 <sup>(1)</sup> <br>| 3750 | 3460 |
|  |  | **11513** |
| **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARD Finance S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, (100% Cash), 6/30/27<sup>(1) (7)</sup> <br>| 6067 | **258** |
| **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 4/15/29<sup>(1)</sup> <br>| 2947 | **3228** |

---

NORTHERN FUNDS QUARTERLY REPORT **134** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 14.2% continued**  | **FOREIGN ISSUER BONDS - 14.2% continued**  | **FOREIGN ISSUER BONDS - 14.2% continued**  |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica <br> Sustainable Infrastructure PLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 2/15/32<sup>(1)</sup> <br>| $3540 | **$3546** |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TK Elevator U.S. Newco, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/27<sup>(1)</sup> <br>| 2940 | **2938** |
| **Food – 0.2%** | **Food – 0.2%** | **Food – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerva Luxembourg S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/18/31 <sup>(1)</sup> <br>| 3720 | 3316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigma Holdco B.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/15/26 <sup>(1)</sup> <br>| 1453 | 1453 |
|  |  | **4769** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kronos Acquisition Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 6/30/31<sup>(1) †</sup> <br>| 3520 | **3196** |
| **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albion Financing 1 S.a.r.l./Aggreko <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/21/30<sup>(1)</sup> <br>| 2940 | **3000** |
| **Insurance – 1.1%** | **Insurance – 1.1%** | **Insurance – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardonagh Group Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 2/15/32 <sup>(1)</sup> <br>| 11302 | 11892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howden UK Refinance PLC/Howden <br> UK Refinance 2 PLC/Howden <br> U.S. Refinance LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 2/15/32 <sup>(1)</sup> <br>| 7435 | 7733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance <br> Management, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 12/15/30 <sup>(1)</sup> <br>| 5532 | 5896 |
|  |  | **25521** |
| **Leisure Facilities & Services – 1.3%** | **Leisure Facilities & Services – 1.3%** | **Leisure Facilities & Services – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011778 B.C. ULC/New Red Finance, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/30 <sup>(1)</sup> <br>| 4410 | 4110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allwyn Entertainment Financing UK PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/30/29 <sup>(1)</sup> <br>| 3220 | 3351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cruise Yacht Upper HoldCo Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.88%, 7/5/28  | 8250 | 6930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flutter Treasury DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/4/31 <sup>(1)</sup> <br>| 2878 | 2900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/17/27 <sup>(1)</sup> <br>| 6680 | 6668 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 14.2% continued**  | **FOREIGN ISSUER BONDS - 14.2% continued**  | **FOREIGN ISSUER BONDS - 14.2% continued**  |
| **Leisure Facilities & Services – 1.3%continued** | **Leisure Facilities & Services – 1.3%continued** | **Leisure Facilities & Services – 1.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Studio City Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/29 <sup>(1)</sup> <br>| $6510 | $5973 |
|  |  | **29932** |
| **Machinery – 0.3%** | **Machinery – 0.3%** | **Machinery – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Husky Injection Molding Systems <br> Ltd./Titan Co-Borrower LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/15/29<sup>(1)</sup> <br>| 5895 | **6164** |
| **Metals & Mining – 1.4%** | **Metals & Mining – 1.4%** | **Metals & Mining – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aris Mining Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/31/29 <sup>(1)</sup> <br>| 4220 | 4304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capstone Copper Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/31/33 <sup>(1)</sup> <br>| 4420 | 4526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 3/1/29 <sup>(1)</sup> <br>| 1265 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 6/1/31 <sup>(1)</sup> <br>| 9070 | 9410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FMG Resources Pty. Ltd., Series 2006, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/1/31 <sup>(1)</sup> <br>| 7160 | 6690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taseko Mines Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/1/30 <sup>(1)</sup> <br>| 6451 | 6754 |
|  |  | **33027** |
| **Oil & Gas Services & Equipment – 0.3%** | **Oil & Gas Services & Equipment – 0.3%** | **Oil & Gas Services & Equipment – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seadrill Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 8/1/30 <sup>(1)</sup> <br>| 5855 | 5963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelf Drilling Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 4/15/29 <sup>(1)</sup> <br>| 1946 | 1559 |
|  |  | **7522** |
| **Oil & Gas Supply Chain – 1.1%** | **Oil & Gas Supply Chain – 1.1%** | **Oil & Gas Supply Chain – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baytex Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 4/30/30 <sup>(1)</sup> <br>| 3175 | 3177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/15/32 <sup>(1) †</sup> <br>| 2085 | 1991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eG Global Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 11/30/28 <sup>(1)</sup> <br>| 5286 | 5835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MEG Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/1/29 <sup>(1)</sup> <br>| 4280 | 4276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkland Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/29 <sup>(1)</sup> <br>| 5320 | 5114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strathcona Resources Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 8/1/26 <sup>(1)</sup> <br>| 4845 | 4845 |
|  |  | **25238** |
| **Specialty Finance – 0.7%** | **Specialty Finance – 0.7%** | **Specialty Finance – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GGAM Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 2/15/27 <sup>(1)</sup> <br>| 3355 | 3459 |

---

FIXED INCOME FUNDS **135** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 14.2% continued**  | **FOREIGN ISSUER BONDS - 14.2% continued**  | **FOREIGN ISSUER BONDS - 14.2% continued**  |
| **Specialty Finance – 0.7%continued** | **Specialty Finance – 0.7%continued** | **Specialty Finance – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/29 <sup>(1)</sup> <br>| $2895 | $2993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; goeasy Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 12/1/28 <sup>(1)</sup> <br>| 4175 | 4417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/15/30 <sup>(1)</sup> <br>| 1826 | 1836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Aviation Capital Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 7/15/30 <sup>(1)</sup> <br>| 3455 | 3579 |
|  |  | **16284** |
| **Steel – 0.2%** | **Steel – 0.2%** | **Steel – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infrabuild Australia Pty. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.50%, 11/15/28<sup>(1)</sup> <br>| 3415 | **3686** |
| **Telecommunications – 3.0%** | **Telecommunications – 3.0%** | **Telecommunications – 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altice Financing S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/28 <sup>(1) †</sup> <br>| 4915 | 3698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/15/29 <sup>(1)</sup> <br>| 6170 | 4505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altice France Holding S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 5/15/27 <sup>(1) (4)</sup> <br>| 10410 | 3618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altice France S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/28 <sup>(1)</sup> <br>| 3295 | 2773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 7/15/29 <sup>(1)</sup> <br>| 6610 | 5463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/29 <sup>(1)</sup> <br>| 9195 | 7622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connect Finco S.a.r.l./Connect <br> U.S. Finco LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 9/15/29 <sup>(1)</sup> <br>| 7682 | 7721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fibercop S.p.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/33 <sup>(1)</sup> <br>| 10504 | 10200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iliad Holding SASU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/28 <sup>(1)</sup> <br>| 2950 | 3004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 4/15/31 <sup>(1)</sup> <br>| 4675 | 5001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/15/32 <sup>(1)</sup> <br>| 4900 | 5020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telesat Canada/Telesat LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/6/26 <sup>(1)</sup> <br>| 1950 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/27 <sup>(1)</sup> <br>| 7080 | 2620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/31/31 <sup>(1)</sup> <br>| 5250 | 4810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/15/31 <sup>(1)</sup> <br>| 4740 | 4385 |
|  |  | **71610** |
| **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/1/27 <sup>(1)</sup> <br>| 3045 | 3064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 2/1/30 <sup>(1) †</sup> <br>| 5125 | 4804 |
|  |  | **7868** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 14.2% continued**  | **FOREIGN ISSUER BONDS - 14.2% continued**  | **FOREIGN ISSUER BONDS - 14.2% continued**  |
| **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Flyer Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 7/1/30<sup>(1) †</sup> <br>| $1810 | **$1910** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $355,629)** |  | **338265** |
| **TERM LOANS – 0.0%**  | **TERM LOANS – 0.0%**  | **TERM LOANS – 0.0%**  |
| **Biotechnology & Pharmaceuticals – 0.0%** | **Biotechnology & Pharmaceuticals – 0.0%** | **Biotechnology & Pharmaceuticals – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alvogen Pharma U.S., Inc., Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.50%, 3.00% Floor), 6.80%, <br> 3/1/29<br>| 2625 | **866** |
| **Total Term Loans** |  |  |
| **(Cost $2,624)** |  | **866** |

---

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 0.0%**  | **COMMON STOCKS – 0.0%**  | **COMMON STOCKS – 0.0%**  |
| **Media – 0.0%** | **Media – 0.0%** | **Media – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beasley Broadcast Group, Inc., <br> Class A\*<br>| 6461 | **$27** |
| **Passenger Airlines – 0.0%** | **Passenger Airlines – 0.0%** | **Passenger Airlines – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyager Aviation Holdings LLC<sup>(5) (9) \*</sup> <br>| 2621 | **—** |
| **Total Common Stocks** |  |  |
| **(Cost $84)** |  | **27** |
| **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  |
| **Specialized Finance – 0.0%** | **Specialized Finance – 0.0%** | **Specialized Finance – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cayenne Aviation LLC<sup>(5) (9) \*</sup> <br>| 15725 | **—** |
| **Total Preferred Stocks** |  |  |
| **(Cost $1,573)** |  | **—** |
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Par Pharmaceutical, Inc. <br> <sup>(1) (5) \*</sup> <br>| 8813000 |  |
| **Total Other** |  |  |
| **(Cost $—)** |  | **—** |

---

NORTHERN FUNDS QUARTERLY REPORT **136** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 6.1%**  | **INVESTMENT COMPANIES – 6.1%**  | **INVESTMENT COMPANIES – 6.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.39%<sup>(10) (11) (12)</sup> <br>| 81893006 | $81893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(10) (11)</sup> <br>| 63914238 | 63914 |
| **Total Investment Companies** |  |  |
| **(Cost $145,807)** |  | **145807** |

---

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 9/11/25<sup>(13)</sup> <br>| $2805 | $2781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 11/28/25<sup>(13) (14)</sup> <br>| 551 | 542 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $3,323)** | **(Cost $3,323)** | **3323** |
| **Total Investments – 102.1%** | **Total Investments – 102.1%** |  |
| **(Cost $2,493,723)** | **(Cost $2,493,723)** | **2438949** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (2.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (2.1%) | (50656)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2388293** |

---

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

<sup>(1)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At June 30, 2025,* *the value of these securities amounted to approximately $2,020,334,000 or* *84.6% of net assets.* 

<sup>(2)</sup> *When-Issued Security. Coupon rate is not in effect at June 30, 2025.*

<sup>(3)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of June 30, 2025.* 

<sup>(4)</sup> *Issuer has defaulted on terms of debt obligation. Income is not being* *accrued.* 

<sup>(5)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(6)</sup> *Perpetual bond. Maturity date represents next call date.*

<sup>(7)</sup> *Security is a payment in-kind bond (PIK), distributions received in-kind unless* *otherwise noted in the description.* 

<sup>(8)</sup> *Security exempt from registration pursuant to Regulation S under the* *Securities Act of 1933. Regulation S applies to securities offerings that are* *made outside of the United States and do not involve direct selling efforts in* *the United States and as such may have restrictions on resale.* 

<sup>(9)</sup> *Restricted security. At June 30, 2025, the value of these restricted securities* *amounted to $0 or 0.0% of net assets. Additional information on these* *restricted securities are as follows:*

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

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| Cayenne Aviation LLC | 5/18/21 | &nbsp;&nbsp; $1573 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| Voyager Aviation Holdings LLC | 5/18/21 | &nbsp;&nbsp; $3 |

---

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

---

| | |
|:---|:---|
| <sup>(10)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(11)</sup> <br>| *7-day current yield as of June 30, 2025 is disclosed.* |
| <sup>(12)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>(13)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(14)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

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

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 3M - 3 Month |
| 5Y - 5 Year |
| 7Y - 7 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| ICE - Intercontinental Exchange |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

At June 30, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; 2-Year <br> U.S. Treasury <br> Note<br>| 400 | $83209 | Long | 9/25 | $303 |

---

FIXED INCOME FUNDS **137** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Corporate Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Intermediate <br> Products<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $9550 | &nbsp;&nbsp; $48 | &nbsp;&nbsp; $9598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1941063 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1941063 |
| Total Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1950613 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 1950661 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $338265 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $338265 |
| Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 866 | &nbsp;&nbsp; — | &nbsp;&nbsp; 866 |
| Common Stocks<sup>(1)</sup> <br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27 |
| Investment Companies | &nbsp;&nbsp; 145807 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 145807 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 3323 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3323 |
| Total Investments | &nbsp;&nbsp; $145834 | &nbsp;&nbsp; $2293067 | &nbsp;&nbsp; $48 | &nbsp;&nbsp; $2438949 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $303 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $303 |

---

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

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $99818 | $17925 | $80 <br><sup>(1)</sup><br>| $81893 | 81893006 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 34238 | 225424 | 195748 | 733 | 63914 | 63914238 |
| Total | $34238 | $325242 | $213673 | $813 | $145807 | 145807244 |

---

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

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

NORTHERN FUNDS QUARTERLY REPORT **138** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS – 0.6%**  | **CORPORATE BONDS – 0.6%**  | **CORPORATE BONDS – 0.6%**  |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nature Conservancy (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 7/1/28 | $1350 | **$1223** |
| **Health Care Facilities & Services – 0.5%** | **Health Care Facilities & Services – 0.5%** | **Health Care Facilities & Services – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bon Secours Mercy Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 6/1/30  | 500 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Children's Hospital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21%, 10/1/27  | 5000 | 4682 |
|  |  | **5162** |
| **Total Corporate Bonds** |  |  |
| **(Cost $6,850)** |  | **6385** |
| **MUNICIPAL BONDS – 97.4%**  | **MUNICIPAL BONDS – 97.4%**  | **MUNICIPAL BONDS – 97.4%**  |
| **Alabama – 2.2%** | **Alabama – 2.2%** | **Alabama – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy District Gas Project <br> Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| 1500 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy District Gas Project <br> Revenue Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32 | 6000 | 6376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Refunding Bonds, <br> Series D1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/27<sup>(1) (2)</sup> <br>| 5000 | 5042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Series A, Gas Project No. 8,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/29<sup>(1) (2)</sup> <br>| 7500 | 7445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson County Sewer Revenue <br> Refunding Warrants,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/38 | 1325 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority <br> Cooperative District Energy Supply <br> Revenue Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/31<sup>(1) (2)</sup> <br>| 2000 | 2112 |
|  |  | **23949** |
| **Alaska – 1.3%** | **Alaska – 1.3%** | **Alaska – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alaska State Housing Finance Corp. <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/30 | 5000 | 5183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alaska State Housing Finance Corp. <br> Revenue Refunding Bonds, State <br> Capital, Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/36 | 3555 | 3555 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Alaska – 1.3%continued** | **Alaska – 1.3%continued** | **Alaska – 1.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchorage Port Revenue Bonds, Series <br> A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/32 | $2010 | $2238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Juneau City & Borough G.O. Unlimited <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/1/35<sup>(3)</sup> <br>| 2000 | 2249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matanuska-Susitna Borough G.O. <br> Unlimited Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/44 | 725 | 750 |
|  |  | **13975** |
| **Arizona – 2.7%** | **Arizona – 2.7%** | **Arizona – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State IDA Education Revenue <br> Bonds, Series A-Social, Macombs <br> Facility Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/36 | 315 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/41 | 800 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State IDA National Charter <br> School Revolving Loan Fund Revenue <br> Bonds, Equitable School Revenue, <br> Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/46 | 1000 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County High School District <br> No. 210 Phoenix G.O. Unlimited <br> Bonds, School Improvement Project <br> of 2011 & 2017,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | 1775 | 1831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County IDA Educational <br> Facilities Revenue Bonds, Creighton <br> University Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/47 | 1500 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County IDA Revenue <br> Refunding Bonds, Banner Health <br> Obligation Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/36 | 180 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Special Health Care <br> District G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/38 | 2500 | 2410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Unified School <br> District No. 69 Paradise Valley <br> School Improvement Project 2015 <br> G.O. Unlimited Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1500 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mesa Utility Systems Revenue Bonds <br> (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/45 | 1055 | 1097 |

---

FIXED INCOME FUNDS **139** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Arizona – 2.7%continued** | **Arizona – 2.7%continued** | **Arizona – 2.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Airport Senior Lien Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31 | $1500 | $1619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Excise Tax Subordinate Revenue <br> Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/39<sup>(3)</sup> <br>| 12000 | 13052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Wastewater System Junior Lien <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/30 | 2000 | 2038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Verde Financial Corp. Senior Gas <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/37 | 1500 | 1562 |
|  |  | **28673** |
| **Arkansas – 0.4%** | **Arkansas – 0.4%** | **Arkansas – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Little Rock School District G.O. Limited <br> Refunding Bonds, Series A (AGM <br> Insured State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/34 | 4000 | 3293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/1/41 | 1485 | 989 |
|  |  | **4282** |
| **California – 6.6%** | **California – 6.6%** | **California – 6.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anaheim Housing & Public <br> Improvements Authority Revenue <br> Refunding Bonds, Electric Utility <br> Distribution System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/34 | 1250 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/52 | 5000 | 5036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Clean Energy Project <br> Revenue Bonds, Green Bond, Series <br> B-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/31<sup>(1) (2)</sup> <br>| 4525 | 4498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Revenue Bonds, Clean <br> Energy Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/32<sup>(1) (2)</sup> <br>| 5705 | 6011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Revenue Bonds, Clean <br> Energy Project, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/27<sup>(1) (2)</sup> <br>| 5000 | 5014 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **California – 6.6%continued** | **California – 6.6%continued** | **California – 6.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33<sup>(1) (2)</sup> <br>| $5000 | $5360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-1, Class A <br> Certificates,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/35 | 3270 | 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Series 2007, Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/1/30 | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/1/32<sup>(1) (3)</sup> <br>| 4000 | 4304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlsbad Unified School District G.O. <br> Unlimited Convertible CABS, Series <br> C, Election,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.63% on 8/1/26), 0.00%, <br> 8/1/35<sup>(4)</sup> <br>| 11850 | 13817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International <br> Airport,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/35 | 600 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Senior Revenue Bonds, Series C <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/33 | 4420 | 4655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31 | 2480 | 2695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Refunding <br> Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/38 | 3000 | 3030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/38 | 1755 | 1757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District <br> G.O. Unlimited Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/33 | 2500 | 2864 |

---

NORTHERN FUNDS QUARTERLY REPORT **140** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **California – 6.6%continued** | **California – 6.6%continued** | **California – 6.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Bonds, Series E (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/39 | $2355 | $2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County <br> Commission International Airport <br> Revenue Bonds, Second Series A <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/33 | 2500 | 2718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series BZ,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/39 | 1635 | 1787 |
|  |  | **70967** |
| **Colorado – 5.1%** | **Colorado – 5.1%** | **Colorado – 5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams County School District No. 1 <br> Taxable G.O. Unlimited Refunding <br> Bonds, Series B (State Aid <br> Withholding), Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/26<sup>(5)</sup> <br>| 225 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams County School District No. 1 <br> Taxable G.O. Unlimited Refunding <br> Bonds, Series B, Unrefunded Balance <br> (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/40 | 4775 | 4881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams County School District No. 14 <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/40 | 1500 | 1674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/43 | 3500 | 3813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arvada Sales & Use TRB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/31 | 2000 | 2108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Bridge & Tunnel Enterprise <br> Senior Infrastructure Revenue Bonds, <br> Series A (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/44 | 930 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/45 | 1300 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State COPS, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/36 | 5000 | 4984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities <br> Authority Hospital Revenue <br> Refunding Bonds, Adventist Health <br> System Sunbelt,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/41 | 1000 | 939 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Colorado – 5.1%continued** | **Colorado – 5.1%continued** | **Colorado – 5.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities <br> Authority Revenue Refunding Bonds, <br> Intermountain Healthcare,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/32 | $2000 | $2226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Airport Revenue <br> Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/32 | 10000 | 10858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/35 | 10000 | 10993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/41 | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Airport System <br> Subordinate Revenue Refunding <br> Bonds (AMT), Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/43 | 4500 | 4487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Dedicated TRB, <br> Series A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/48 | 2750 | 2765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Larimer & Weld Counties School District <br> No. RE-5J G.O. Unlimited Bonds <br> (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/34 | 1850 | 1882 |
|  |  | **55178** |
| **Connecticut – 1.6%** | **Connecticut – 1.6%** | **Connecticut – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series 2021 A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/15/33 | 5005 | 4801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/44 | 1250 | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational <br> Facilities Authority Variable Revenue <br> Bonds, Series A-3, Yale University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 7/1/27<sup>(1) (2)</sup> <br>| 3000 | 2993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Connecticut Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/47 | 8000 | 8119 |
|  |  | **17222** |
| **District of Columbia – 2.1%** | **District of Columbia – 2.1%** | **District of Columbia – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Income Tax <br> Secured Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/47 | 2000 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/30 | 7500 | 8045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/33 | 4765 | 5182 |

---

FIXED INCOME FUNDS **141** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **District Of Columbia – 2.1%continued** | **District Of Columbia – 2.1%continued** | **District Of Columbia – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports <br> Authority System Revenue Refunding <br> Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/30 | $2630 | $2706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit <br> Authority Gross Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/38 | 3000 | 3030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/43 | 2000 | 2005 |
|  |  | **22993** |
| **Florida – 8.0%** | **Florida – 8.0%** | **Florida – 8.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County Airport System <br> Revenue Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/37 | 1500 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County School Board <br> Refunding COPS, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 3000 | 3064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Florida Expressway Authority <br> Senior Lien Revenue Refunding <br> Bonds, Series B, Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/26<sup>(5)</sup> <br>| 5000 | 5066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia County School Board COPS <br> (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/37 | 1135 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Development Finance <br> Corp. Revenue Refunding Bonds, <br> Brightline Florida Passenger Rail <br> Project (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/41 | 2000 | 1821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Municipal Power Agency <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/31 | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Revenue Bonds <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/33 | 2100 | 2284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JEA Electric System Revenue Refunding <br> Bonds, Series Three 2024-A (AGC <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/32 | 2685 | 3020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JEA Water and Sewer Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/31 | 14960 | 15606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake County School Board Refunding <br> COPS, Series A (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/31 | 2000 | 2204 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Florida – 8.0%continued** | **Florida – 8.0%continued** | **Florida – 8.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lee County Transportation Facilities <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | $1600 | $1673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manatee County School Board COPS, <br> Master Lease Program (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/42 | 2000 | 2069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Aviation Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/35 | 2810 | 2997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Educational <br> Facilities Authority Revenue <br> Refunding Bonds, University of <br> Miami, Series B (AMBAC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/26 | 4000 | 4069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County G.O. Unlimited <br> Bonds, Building Better Communities <br> Program,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/46 | 6800 | 7063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Seaport Revenue <br> Refunding Bonds, Subseries A-1 <br> (AMT) (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/45 | 2325 | 2108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Seaport Revenue <br> Refunding Bonds, Subseries A-2 <br> (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/50 | 7500 | 5251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Water & Sewer <br> System Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/37 | 2500 | 2490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Miami Community <br> Redevelopment Agency Revenue <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/39 | 1250 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/40 | 1000 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/41 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Utilities Commission Utility <br> System Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/1/28<sup>(1) (2)</sup> <br>| 1000 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Educational <br> Facilities Authority Revenue Bonds, <br> Palm Beach Atlantic University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/43 | 625 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County School Board <br> Refunding COPS, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 1300 | 1458 |

---

NORTHERN FUNDS QUARTERLY REPORT **142** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Florida – 8.0%continued** | **Florida – 8.0%continued** | **Florida – 8.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pasco County School Board COPS, <br> Series A (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/43 | $5000 | $5095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Broward Hospital District <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/44 | 4000 | 3551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Florida Water Management <br> District Refunding COPS,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/36 | 4000 | 4036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tallahassee Consolidated Utility <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/39 | 2500 | 2701 |
|  |  | **86192** |
| **Georgia – 2.3%** | **Georgia – 2.3%** | **Georgia – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta Airport Passenger Facility <br> Charge Subordinate Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/37 | 5000 | 5216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burke County Development Authority <br> PCR Bonds, Go Power Company <br> Plant Vogtle Project-FIF,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 10/1/32 | 650 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Downtown Savannah Authority <br> Revenue Bonds, Chatham County <br> Judicial Complex,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/32 | 1250 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/27<sup>(1) (2)</sup> <br>| 5000 | 5047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/30<sup>(1) (2)</sup> <br>| 5000 | 5268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32<sup>(1) (2)</sup> <br>| 2500 | 2631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Revenue Bonds, Plant Vogtle Units 3 <br> & 4 Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/60 | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richmond County Board of Education <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/26 | 2100 | 2161 |
|  |  | **24641** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Hawaii – 2.2%** | **Hawaii – 2.2%** | **Hawaii – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawaii State Airports System Revenue <br> Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/43 | $5000 | $4980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawaii State Department of Budget & <br> Finance Special Purpose Revenue <br> Bonds, Hawaii Pacific Health <br> Obligated Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 2510 | 2566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honolulu City & County G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/35 | 4825 | 4838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honolulu City & County Wastewater <br> System Revenue Refunding Bonds, <br> Senior First Bond Resolution,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 11755 | 11755 |
|  |  | **24139** |
| **Illinois – 6.6%** | **Illinois – 6.6%** | **Illinois – 6.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Champaign County Community Unit <br> School District No. 4 G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/32 | 2300 | 2392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/33 | 2685 | 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway Airport Senior <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/33 | 2500 | 2682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport <br> Senior Lien Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/39 | 2400 | 2409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Waterworks Second Lien <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 1220 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cook County Community Consolidated <br> School District No. 34 G.O. <br> Unlimited Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/38 | 2425 | 1705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cook County Sales Tax Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/33 | 5000 | 5191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/35 | 5000 | 5168 |

---

FIXED INCOME FUNDS **143** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Illinois – 6.6%continued** | **Illinois – 6.6%continued** | **Illinois – 6.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cook Kane Lake & Mc Henry Counties <br> Community College District No. 512 <br> G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/30 | $5000 | $5138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DuPage County High School District <br> No. 87 Glenbard Township G.O. <br> Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/43 | 1500 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority Revenue <br> Refunding Bonds, Series A, University <br> of Chicago,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/31 | 4150 | 4579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority <br> Academic Facilities Lease Revenue <br> Bonds, University of Illinois at <br> Urbana-Champaign,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/44 | 1030 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, Township High School <br> District,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/32 | 1940 | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, OSF Healthcare <br> System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/34 | 3000 | 3234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Series A, Rush <br> University Medical Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/38 | 1955 | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Bonds, Series A-3, <br> Uchicago Medicine,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/35<sup>(1) (2)</sup> <br>| 2500 | 2683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Refunding Bonds, Silver <br> Cross Hospital,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/30<sup>(1) (2)</sup> <br>| 1750 | 1866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Financing Authority <br> Revenue Bonds, The Chicago School,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/27 | 300 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/34 | 2700 | 2935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/29 | 3425 | 3541 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Illinois – 6.6%continued** | **Illinois – 6.6%continued** | **Illinois – 6.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority <br> Senior Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/41 | $2825 | $2970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority <br> Senior Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/33 | 1720 | 1745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake County Community Consolidated <br> School District No. 34 Antioch G.O. <br> Unlimited Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/44 | 2545 | 2596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/45 | 2670 | 2706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake County Community Consolidated <br> School District No. 41 Lake Villa <br> G.O. Unlimited Bonds (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/31 | 1000 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake County Forest Preservation District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/15/31 | 1765 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoria G.O. Unlimited Bonds, Series A <br> (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/36 | 500 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation Authority <br> Revenue Bonds, Series B (NATL <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/1/33 | 2000 | 2215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint Clair County Community Unit <br> School District No. 187 Cahokia <br> G.O. Unlimited Bonds, Series A <br> (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/49 | 1000 | 1018 |
|  |  | **70770** |
| **Indiana – 2.9%** | **Indiana – 2.9%** | **Indiana – 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomington Public Building Corp. <br> Lease Rental Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/45 | 800 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton County Public Building Corp. <br> Lease Rental Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/10/41 | 3910 | 4104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority Thermal <br> Energy System Utility Revenue <br> Refunding Bonds, Citizens Energy <br> Group Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/43 | 1360 | 1422 |

---

NORTHERN FUNDS QUARTERLY REPORT **144** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Indiana – 2.9%continued** | **Indiana – 2.9%continued** | **Indiana – 2.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority Wastewater <br> Utility First Lien Revenue Bonds, <br> Series A, CWA Authority,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/1/44 | $5000 | $4475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority <br> Hospital Revenue Refunding Bonds, <br> Series A, University Health <br> Obligated Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/40 | 6500 | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority <br> Sustainable Revenue Bonds, Series <br> A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/43 | 5000 | 5240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bank Revenue Refunding Bonds, <br> Indianapolis Airport Authority <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/1/50 | 3000 | 3104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPS Multi-School Building Corp. <br> Sustainable First Mortgage Revenue <br> Bonds (State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/38 | 2440 | 2601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Logansport Renovation School Building <br> Corp. First Mortgage Revenue Bonds <br> (State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/27 | 1025 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Bend Community School Corp. <br> G.O. Limited Bonds (State Intercept <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/15/26 | 1375 | 1382 |
|  |  | **30704** |
| **Iowa – 0.1%** | **Iowa – 0.1%** | **Iowa – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PEFA, Inc., Iowa Gas Project Revenue <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/26<sup>(1) (2)</sup> <br>| 1000 | **1012** |
| **Kansas – 0.3%** | **Kansas – 0.3%** | **Kansas – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas State Department of <br> Transportation Highway Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/41 | 2000 | 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leavenworth County Unified School <br> District No. 458 G.O. Unlimited <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/35 | 670 | 742 |
|  |  | **2881** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Kentucky – 4.8%** | **Kentucky – 4.8%** | **Kentucky – 4.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carroll County Environmental Facilities <br> Revenue Refunding Bonds (AMT), <br> Kentucky Utilities Company,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/32 | $5250 | $4482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fayette County School District Finance <br> Corp. Revenue Bonds, Series A <br> (State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/38 | 5000 | 4711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson County School District Finance <br> Corp. School Building Revenue <br> Bonds, Series A (State Intercept <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/31 | 3935 | 3960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Economic Development <br> Finance Authority Revenue Refunding <br> Bonds, Series A, CommonSpirit <br> Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/34 | 750 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/35 | 550 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/36 | 750 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Property and Buildings <br> Commission Revenue Bonds, Project <br> No.130, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/30 | 2425 | 2672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/29<sup>(1) (2)</sup> <br>| 2000 | 2114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/1/32<sup>(1) (2)</sup> <br>| 9000 | 9616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32<sup>(1) (2)</sup> <br>| 8130 | 8590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government Health System Revenue <br> Refunding Bonds, Norton <br> Healthcare, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/36 | 1315 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government PCR Refunding Bonds <br> (AMT), Gas & Electric,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 11/1/27 | 2500 | 2361 |

---

FIXED INCOME FUNDS **145** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Kentucky – 4.8%continued** | **Kentucky – 4.8%continued** | **Kentucky – 4.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government PCR Refunding Bonds, <br> Gas & Electric,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/33 | $6000 | $4985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oldham School District Finance Corp. <br> Revenue Refunding Bonds (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/31 | 2170 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richmond G.O. Unlimited Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/42 | 1550 | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trimble County Pollution Control <br> Variable Revenue Bonds (AMT), <br> Louisville Gas and Electric Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 9/1/27<sup>(1) (2)</sup> <br>| 1000 | 930 |
|  |  | **51810** |
| **Louisiana – 1.7%** | **Louisiana – 1.7%** | **Louisiana – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East Baton Rouge Parish Sewerage <br> Commission Variable Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 2/1/28<sup>(1) (2)</sup> <br>| 2500 | 2318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government <br> Environmental Facilities and <br> Community Development Authority <br> Revenue Refunding Bonds, Entergy <br> Louisiana LLC Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/1/36 | 7500 | 6070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Bonds, Department of Public <br> Safety Crime (AGC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/43 | 795 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Ochsner <br> Clinic Foundation Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/50 | 3500 | 3573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Ochsner <br> Clinic, Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/47 | 2925 | 2855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities & Community <br> Development Authority Revenue <br> Refunding Bonds, Series A, Woman's <br> Hospital Foundation Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/30 | 1505 | 1554 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Louisiana – 1.7%continued** | **Louisiana – 1.7%continued** | **Louisiana – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint John The Baptist Parish Revenue <br> Refunding Bonds, Marathon Oil <br> Corp. Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 7/1/26<sup>(1) (2)</sup> <br>| $1000 | $987 |
|  |  | **18180** |
| **Maine – 0.4%** | **Maine – 0.4%** | **Maine – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maine State Housing Authority Energy <br> Housing & Economic Revenue Fund <br> Revenue Refunding Bonds, Series 1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/35 | 3730 | **3966** |
| **Maryland – 1.4%** | **Maryland – 1.4%** | **Maryland – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State Department of <br> Transportation Consolidated Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/31 | 5000 | 4941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/32 | 5000 | 4848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Suburban Sanitary District <br> Consolidated Public Improvement <br> G.O. Unlimited Revenue Bonds, <br> Second Series (County Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/37 | 5000 | 5053 |
|  |  | **14842** |
| **Massachusetts – 1.9%** | **Massachusetts – 1.9%** | **Massachusetts – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Bay Transportation <br> Authority Senior Sales Tax Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/40 | 4000 | 4313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Bonds, <br> Lasell Village, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/45 | 2000 | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Refunding <br> Bonds, Partners Healthcare System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/29 | 1625 | 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Refunding <br> Bonds, Suffolk University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/29 | 500 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Variable Revenue <br> Bonds, Brown Health University <br> Obligated Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/31<sup>(1) (2)</sup> <br>| 2000 | 2135 |

---

NORTHERN FUNDS QUARTERLY REPORT **146** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Massachusetts – 1.9%continued** | **Massachusetts – 1.9%continued** | **Massachusetts – 1.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State G.O. Limited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/50 | $2000 | $2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Port Authority <br> Revenue Bonds, Series C (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/30 | 3000 | 3175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State School Building <br> Authority Senior Lien Sales TRB, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/39 | 4000 | 4045 |
|  |  | **19939** |
| **Michigan – 3.4%** | **Michigan – 3.4%** | **Michigan – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Battle Creek School District G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/27 | 1540 | 1566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chippewa Valley Schools G.O. <br> Unlimited Refunding Bonds, Series A <br> (Q-SBLF Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/27 | 400 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comstock Park Public Schools G.O. <br> Unlimited Bonds, Series II (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/44 | 1170 | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/49 | 2230 | 2279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grosse Pointe Public School System <br> G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/34 | 1815 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holt Public Schools G.O. Unlimited <br> Bonds, Series I (Q-SBLF Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/34 | 1175 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Finance Authority <br> Limited Obligation Revenue <br> Refunding Bonds, Lawrence <br> Technology University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/42 | 745 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Refunding Bonds, Beaumont <br> Spectrum Consolidation,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/27 | 3175 | 3295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Finance Authority <br> Variable Revenue Refunding Bonds, <br> McLaren Healthcare,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 4/13/28<sup>(1) (2)</sup> <br>| 1250 | 1173 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Michigan – 3.4%continued** | **Michigan – 3.4%continued** | **Michigan – 3.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State G.O. Unlimited <br> Refunding Bonds, Series A, <br> Environmental Program,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/1/25 | $635 | $630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State HDA SFM Revenue <br> Bonds, Series A, Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/37 | 2505 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockford Public School District G.O. <br> Unlimited Bonds, Series II (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/44 | 3805 | 3926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walled Lake Consolidated School <br> District G.O. Unlimited Bonds <br> (Q-SBLF Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/50 | 1635 | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayne County Airport Authority <br> Revenue Bonds, Series D (AGM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32 | 9690 | 9734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Bloomfield School District G.O. <br> Unlimited Bonds, Series I (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/42 | 4200 | 4383 |
|  |  | **36067** |
| **Minnesota – 0.2%** | **Minnesota – 0.2%** | **Minnesota – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minneapolis & Saint Paul Housing & <br> Redevelopment Authority Health <br> Care Revenue Refunding Bonds, <br> Allina Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/26 | 2000 | **2054** |
| **Mississippi – 0.1%** | **Mississippi – 0.1%** | **Mississippi – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi State Business Finance <br> Corp. Revenue Bonds, System <br> Energy Resources, Inc., Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 6/1/44 | 1000 | **601** |
| **Missouri – 1.4%** | **Missouri – 1.4%** | **Missouri – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joplin Schools G.O. Unlimited <br> Refunding Bonds, Missouri Direct <br> Deposit Program (State Aid Direct <br> Deposit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/30 | 1215 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri Joint Municipal Electric Utility <br> Commission Power Project Revenue <br> Refunding Bonds, IATAN 2 Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/33 | 1400 | 1562 |

---

FIXED INCOME FUNDS **147** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Missouri – 1.4%continued** | **Missouri – 1.4%continued** | **Missouri – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental <br> Improvement & Energy Resources <br> Authority Water Pollution Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/26 | $1480 | $1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platte County School District No. 3 <br> G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/1/34 | 2710 | 3015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint Charles County Public Water <br> Supply District No. 2 COPS,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/46 | 5000 | 5227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wentzville School District No. R-4 G.O. <br> Unlimited Refunding CABS, Missouri <br> Direct Deposit Program (State Aid <br> Direct Deposit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 3/1/27<sup>(6)</sup> <br>| 2100 | 1987 |
|  |  | **14528** |
| **Nebraska – 1.1%** | **Nebraska – 1.1%** | **Nebraska – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lancaster County School District No. 1 <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/27 | 3760 | 3767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omaha G.O. Unlimited Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/43 | 1250 | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omaha Public Power District Electric <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/41 | 6000 | 6331 |
|  |  | **11407** |
| **Nevada – 0.8%** | **Nevada – 0.8%** | **Nevada – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clark County School District G.O. <br> Limited Bonds, Various <br> Purpose-Medium Term Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/15/26 | 1265 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reno-Tahoe Airport Authority Revenue <br> Bonds (AMT), Taho International <br> Airport,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31 | 850 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/32 | 1000 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washoe County School District G.O. <br> Limited Bonds, Series C, School <br> Improvement Bonds (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/1/42 | 6500 | 5231 |
|  |  | **8476** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **New Hampshire – 0.3%** | **New Hampshire – 0.3%** | **New Hampshire – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hampshire State Health and <br> Education Facilities Authority <br> Revenue Refunding Bonds, Southern <br> New Hampshire University Issue,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/30 | $1070 | $1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/32 | 835 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hampshire State Health and <br> Educational Facilities Authority <br> Revenue Refunding Bonds, Southern <br> New Hampshire University Issue,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/33 | 1245 | 1377 |
|  |  | **3449** |
| **New Jersey – 0.6%** | **New Jersey – 0.6%** | **New Jersey – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust <br> Fund Authority Revenue Bonds, <br> Transformation Program Notes,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/33 | 3325 | 3477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passaic Valley Sewage Commissioners <br> Revenue Refunding Bonds, Series J <br> (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/27 | 2870 | 2873 |
|  |  | **6350** |
| **New Mexico – 0.4%** | **New Mexico – 0.4%** | **New Mexico – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albuquerque Bernalillo County Water <br> Utility Authority Joint Water & Sewer <br> Senior Lien Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/31 | 1300 | 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico Finance Authority <br> Subordinate Lien Public Project <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/43 | 1475 | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/44 | 1000 | 1049 |
|  |  | **3946** |
| **New York – 12.3%** | **New York – 12.3%** | **New York – 12.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br> Dedicated Tax Fund Sustainable <br> Revenue Refunding Bonds, Series <br> B-2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/47 | 9200 | 9420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development <br> Corp. MFH Sustainable <br> Development Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/1/33 | 2870 | 2613 |

---

NORTHERN FUNDS QUARTERLY REPORT **148** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **New York – 12.3%continued** | **New York – 12.3%continued** | **New York – 12.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water <br> Finance Authority & Sewer System <br> Revenue Refunding Bonds, Fiscal <br> 2025 Series DD,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/39 | $1500 | $1695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Bonds, Second <br> General Resolution, Series BB,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/49 | 3865 | 3889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Refunding Bonds, <br> Series DD-2 Block 5,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/40 | 5000 | 5088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Refunding Bonds, <br> Series EE,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/25 | 3500 | 3533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Building Aid Revenue <br> Bonds, Series S-3 (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/43 | 3000 | 3031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Revenue Bonds, Subseries C-2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/36 | 1575 | 1627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Subordinate Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/40 | 2000 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/44 | 2500 | 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series C-3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/41 | 2100 | 2136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/46 | 3815 | 3926 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **New York – 12.3%continued** | **New York – 12.3%continued** | **New York – 12.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Refunding Bonds, Series H, Fiscal <br> 2025,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/43 | $2750 | $2869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Financing <br> Authority Future Tax Subordinate <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 1850 | 1952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/47 | 5000 | 5071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> C, Subseries C1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/41 | 4000 | 4225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> D, Subseries D1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/39 | 10000 | 10222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> E, Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/25 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> E-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/1/34 | 2750 | 2871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/37 | 3700 | 3798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> H, Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/30 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, <br> Subseries F-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/45 | 5000 | 5028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, School Districts Building <br> Financing Program (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/31 | 1460 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/31 | 665 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/8/32 | 575 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> Sales TRB, Series A, Group C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/44 | 3755 | 3770 |

---

FIXED INCOME FUNDS **149** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **New York – 12.3%continued** | **New York – 12.3%continued** | **New York – 12.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/15/39 | $2000 | $2065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Revenue <br> Refunding Bonds, Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 3/15/36 | 3000 | 2753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income TRB, Series A, <br> Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/43 | 2000 | 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance <br> Agency Affordable Housing <br> Sustainability Revenue Bonds, Series <br> M-2 (SonyMA, FHA Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/1/25 | 165 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance <br> Agency Affordable Housing Variable <br> Sustainability Revenue Bonds, Series <br> J (SonyMA Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 5/1/27<sup>(1) (2)</sup> <br>| 5820 | 5550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Mortgage Agency <br> Homeowner Mortgage Revenue <br> Refunding Bonds, Series 220,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/1/39 | 3300 | 2509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Mortgage Agency <br> Homeowner Revenue Bonds, Series <br> 244, Social Bonds (SonyMA <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 4/1/35 | 3150 | 2739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Mortgage Agency <br> Homeowner Revenue Refunding <br> Bonds, Series 233, Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 4/1/33 | 3000 | 2489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Revenue Bonds (AMT), Terminal 4 <br> John F. Kennedy International Airport <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/42 | 500 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/42 | 255 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Revenue Refunding Bonds (AMT), <br> Terminal 4 John F. Kennedy <br> International Airport,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/30 | 350 | 374 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **New York – 12.3%continued** | **New York – 12.3%continued** | **New York – 12.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Revenue Refunding Bonds, Terminal <br> 4 John F. Kennedy International <br> Airport,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/31 | $550 | $593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development <br> Corp. General Purpose Personal <br> Income TRB,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/37 | 5000 | 5162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/40 | 2500 | 2550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onondaga Civic Development Corp. <br> Revenue Bonds, Syracuse University <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/45 | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 207 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/28 | 2000 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 227 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/34 | 1500 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 277 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/32 | 12550 | 10368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Troy Capital Resource Corp. Revenue <br> Refunding Bonds, Rensselaer <br> Polytechnic Institute,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/38 | 1300 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority <br> Restructuring Revenue Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/37 | 2500 | 2511 |
|  |  | **132341** |
| **North Carolina – 1.1%** | **North Carolina – 1.1%** | **North Carolina – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte Water & Sewer System <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/36 | 6790 | 6790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte-Mecklenburg Hospital <br> Authority Health Care System <br> Variable Revenue Bonds, Series B, <br> Atrium Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/1/29<sup>(1) (2)</sup> <br>| 4500 | 4149 |

---

NORTHERN FUNDS QUARTERLY REPORT **150** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **North Carolina – 1.1%continued** | **North Carolina – 1.1%continued** | **North Carolina – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Grant <br> Anticipation Revenue Refunding <br> GARVEE Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/40 | $1250 | $1343 |
|  |  | **12282** |
| **Ohio – 1.9%** | **Ohio – 1.9%** | **Ohio – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akron Income Tax Revenue Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/32 | 1285 | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin County Convention Facilities <br> Authority Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/34 | 10600 | 11945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton County Sewer System <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32 | 4575 | 4936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Ridgeville City School District <br> G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/39 | 600 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Ohio Medical University <br> General Receipts Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/29 | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/35 | 300 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Higher Educational Facility <br> Revenue Bonds, Denison University <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/39 | 1365 | 1394 |
|  |  | **20606** |
| **Oklahoma – 0.6%** | **Oklahoma – 0.6%** | **Oklahoma – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma County Independent School <br> District No. 12 G.O. Unlimited <br> Bonds, Edmond School District,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/27 | 3925 | 4007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority Highways Capital <br> Improvement Revenue Bonds, <br> Oklahoma Department of <br> Transportation Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/45 | 1000 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority State Facilities Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/30 | 1500 | 1653 |
|  |  | **6701** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Oregon – 0.4%** | **Oregon – 0.4%** | **Oregon – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clackamas Community College District <br> G.O. Unlimited Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/36 | $1600 | $1647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lane County Eugene School District <br> No.4J G.O. Unlimited Bonds, <br> (School Board Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/35 | 475 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Dedicated TRB, Oregon <br> Convention Center Hotel,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/42 | 2065 | 2096 |
|  |  | **4223** |
| **Pennsylvania – 1.7%** | **Pennsylvania – 1.7%** | **Pennsylvania – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State G.O. Unlimited <br> Bonds, First Series of 2020,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/26 | 1450 | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Higher Educational <br> Facilities Authority Revenue Bonds, <br> University of Pennsylvania Health <br> System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/37 | 5000 | 5090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Housing Finance <br> Agency SFM Revenue Bonds, Series <br> 137, Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 10/1/33 | 2420 | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Housing Finance <br> Agency SFM Revenue Refunding <br> Bonds, Series 136, Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/31 | 1845 | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Bonds, Series <br> A-2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/37 | 5000 | 5143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Gas Works Revenue <br> Refunding Bonds, 1998 General <br> Ordinance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 2485 | 2773 |
|  |  | **18510** |
| **Rhode Island – 0.1%** | **Rhode Island – 0.1%** | **Rhode Island – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Housing & Mortgage <br> Finance Corp. Revenue Bonds, Series <br> 77-A, Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 4/1/33 | 1535 | **1549** |

---

FIXED INCOME FUNDS **151** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **South Carolina – 1.2%** | **South Carolina – 1.2%** | **South Carolina – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charleston Educational Excellence <br> Financing Corp. Revenue Refunding <br> Bonds, Charleston County School <br> District Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | $1125 | $1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriots Energy Group Financing <br> Agency Gas Supply Variable <br> Revenue Refunding Bonds, Series <br> B-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/1/31<sup>(1) (2)</sup> <br>| 10000 | 10736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCAGO Educational Facilities Corp. <br> Cherokee School District No. 1 <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/25 | 500 | 501 |
|  |  | **12397** |
| **Tennessee – 1.1%** | **Tennessee – 1.1%** | **Tennessee – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knox County G.O. Unlimited Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/28 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & <br> Davidson County Health & <br> Educational Facility Board Revenue <br> Bonds, The Vanderbilt University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/49 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennergy Corp. Gas Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/28<sup>(1) (2)</sup> <br>| 10000 | 10056 |
|  |  | **12083** |
| **Texas – 4.6%** | **Texas – 4.6%** | **Texas – 4.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp. <br> Revenue Bonds, Series A, Idea Public <br> Schools,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/15/37 | 780 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas County Community College <br> District G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/36 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas-Fort Worth International Airport <br> Revenue Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/26 | 500 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Paso Independent School District <br> G.O. Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/15/39 | 2630 | 2525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forney Independent School District <br> G.O. Unlimited Refunding CABS, <br> Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 8/15/39<sup>(6)</sup> <br>| 1000 | 517 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Texas – 4.6%continued** | **Texas – 4.6%continued** | **Texas – 4.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Cultural Education <br> Facilities Finance Corp. Medical <br> Facilities Variable Revenue Bonds, <br> Baylor College of Medicine,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/32<sup>(1) (2)</sup> <br>| $2000 | $2141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houston Utility System Subordinate First <br> Lien Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/28 | 2500 | 2574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority Junior <br> Lien Revenue Bonds, Seventh <br> Supplemental Series, Escrowed to <br> Maturity (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/1/28 | 155 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mc Kinney G.O. Limited Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/32 | 2010 | 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority Revenue <br> Refunding Bonds, Series A, First Tier,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/26 | 4860 | 4916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/38 | 3000 | 3072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/39 | 5000 | 5103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northside Texas Independent School <br> District G.O. Unlimited Refunding <br> Bonds, Series B (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/30 | 1640 | 1731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pasadena Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 1250 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/30 | 2820 | 2932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Electric and Gas Junior <br> Lien Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/35 | 1640 | 1745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Water System Junior Lien <br> Revenue Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/35 | 3500 | 3567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sherman Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/48 | 4000 | 4081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education <br> Facilities Finance Corp. Hospital <br> Revenue Bonds, Methodist Hospitals <br> of Dallas,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/31 | 1000 | 1105 |

---

NORTHERN FUNDS QUARTERLY REPORT **152** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Texas – 4.6%continued** | **Texas – 4.6%continued** | **Texas – 4.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State A&M University Revenue <br> Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/31 | $1655 | $1666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 3270 | 3441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/1/35 | 1000 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wylie Independent School District G.O. <br> Unlimited Bonds, Series B, Collin <br> County (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 8/15/41<sup>(2)</sup> <br>| 1750 | 1643 |
|  |  | **49310** |
| **Utah – 1.4%** | **Utah – 1.4%** | **Utah – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Downtown Revitalization Public <br> Infrastructure District First Lien Sales <br> Revenue Bonds, Seg Redevelopment <br> Project (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/35 | 1600 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City Airport Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/32 | 1250 | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/36 | 5000 | 5175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/42 | 2000 | 1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City International Airport <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/46 | 5000 | 4939 |
|  |  | **15212** |
| **Virginia – 1.8%** | **Virginia – 1.8%** | **Virginia – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albemarle County EDA Residential <br> Care Facility Revenue Refunding <br> Bonds, Westminster-Canterbury of <br> the Blue Ridge,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/49 | 1905 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roanoke EDA Hospital Variable <br> Revenue Refunding Bonds, Carilion <br> Clinic Obligated Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/30<sup>(1) (2)</sup> <br>| 4425 | 4768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State HDA Revenue Bonds, <br> Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 5/1/31 | 880 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State HDA Revenue Bonds, <br> Series K Non-AMT (GNMA, FNMA, <br> FHLMC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 12/1/32 | 1440 | 1256 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Virginia – 1.8%continued** | **Virginia – 1.8%continued** | **Virginia – 1.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State Small Business Financing <br> Authority Hospital Variable Revenue <br> Bonds, Carilion Clinic Obligated <br> Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 7/1/42<sup>(7)</sup> <br>| $10000 | $10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State Small Business Financing <br> Authority Senior Lien Revenue Bonds <br> (AMT), Elizabeth River,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/41 | 1810 | 1393 |
|  |  | **19799** |
| **Washington – 4.1%** | **Washington – 4.1%** | **Washington – 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant County G.O. Limited Bonds <br> (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/45 | 1280 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King County G.O. Limited Refunding <br> Bonds, Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/27 | 1200 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King County School District No. 401 <br> Highline G.O. Unlimited Bonds <br> (School Board Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/30 | 10000 | 10235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pierce County School District No. 403 <br> Bethel G.O. Unlimited Bonds (School <br> Board Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/36 | 1750 | 1833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle Intermediate Senior Lien <br> Revenue Refunding Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/42 | 2500 | 2513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Solid Waste Revenue Refunding <br> & Improvement Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/31 | 1865 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State COPS, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/36 | 2500 | 2534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/32 | 5000 | 5248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2017A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/29 | 2895 | 2959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2018C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33 | 4000 | 4141 |

---

FIXED INCOME FUNDS **153** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Washington – 4.1%continued** | **Washington – 4.1%continued** | **Washington – 4.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2022C, <br> Bid Group 2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/27 | $2500 | $2572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2023B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 3000 | 3070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Motor Vehicle Fuel <br> Tax G.O. Unlimited Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/31 | 1930 | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whatcom County Public Utility District <br> No. 1 G.O. Limited Bonds, Series A <br> (AMT) (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/41 | 700 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/42 | 1000 | 1048 |
|  |  | **44367** |
| **West Virginia – 0.2%** | **West Virginia – 0.2%** | **West Virginia – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia State Hospital Finance <br> Authority Variable Revenue Bonds, <br> United Health System Obligated <br> Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/1/33<sup>(1) (3)</sup> <br>| 1850 | **1975** |
| **Wisconsin – 2.0%** | **Wisconsin – 2.0%** | **Wisconsin – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Brown County Water Authority <br> Water System Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/31 | 3425 | 3780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PFA Hospital Taxable Revenue Bonds, <br> Series 2021A, UNC Health <br> Southeastern,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 2/1/29 | 2000 | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Grove Union High School District <br> G.O. Unlimited Refunding Promissory <br> Notes,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/41 | 1565 | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/32 | 2500 | 2782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Ascension Health <br> Credit Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/36 | 3000 | 2883 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  | **MUNICIPAL BONDS - 97.4%continued**  |
| **Wisconsin – 2.0%continued** | **Wisconsin – 2.0%continued** | **Wisconsin – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Marquette <br> University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 | $670 | $686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Milwaukee <br> Regional Medical Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/36 | 3875 | 4011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/39 | 4250 | 4098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Housing & EDA Home <br> Ownership Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/39 | 165 | 140 |
|  |  | **21554** |
| **Wyoming – 0.0%** | **Wyoming – 0.0%** | **Wyoming – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laramie County Hospital Revenue <br> Refunding Bonds, Cheyenne <br> Regional Medical Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/36 | 200 | **199** |
| **Total Municipal Bonds** |  |  |
| **(Cost $1,098,029)** |  | **1046301** |

---

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.9%**  | **INVESTMENT COMPANIES – 1.9%**  | **INVESTMENT COMPANIES – 1.9%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(8) (9)</sup> <br>| 20573362 | $20573 |
| **Total Investment Companies** |  |  |
| **(Cost $20,573)** |  | **20573** |

---

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 1.2%**  | **SHORT-TERM INVESTMENTS – 1.2%**  | **SHORT-TERM INVESTMENTS – 1.2%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Little Elm Independent School District <br> Variable G.O. Unlimited Bonds, <br> School Building (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68%, 8/15/25<sup>(1) (2)</sup> <br>| $240 | $239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development <br> Corp. MFH Revenue Refunding <br> Bonds, Sustainable Neighborhood <br> Bonds (FNMA Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 2/1/26<sup>(1) (2)</sup> <br>| 4000 | 3973 |

---

NORTHERN FUNDS QUARTERLY REPORT **154** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 1.2%continued**  | **SHORT-TERM INVESTMENTS - 1.2%continued**  | **SHORT-TERM INVESTMENTS - 1.2%continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance <br> Agency Affordable Housing Variable <br> Climate Bond Certified Revenue <br> Bonds (SonyMA Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 11/1/25<sup>(1) (2)</sup> <br>| $625 | $617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee State Energy Acquisition <br> Corp. Gas Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/25<sup>(1) (2)</sup> <br>| 2500 | 2504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Transportation Commission <br> Mobility Variable G.O. Unlimited <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 4/1/26<sup>(1) (2)</sup> <br>| 5000 | 4872 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $12,376)** | **(Cost $12,376)** | **12205** |
| **Total Investments – 101.1%** | **Total Investments – 101.1%** |  |
| **(Cost $1,137,828)** | **(Cost $1,137,828)** | **1085464** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (1.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (1.1%) | (11346)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1074118** |

---

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

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

<sup>(2)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of June 30,* *2025 is disclosed.* 

<sup>(3)</sup> *When-Issued Security. Coupon rate is not in effect at June 30, 2025.*

<sup>(4)</sup> *Step coupon bond. Rate as of June 30, 2025 is disclosed.*

<sup>(5)</sup> *Maturity date represents the prerefunded date.*

<sup>(6)</sup> *Zero coupon bond.*

<sup>(7)</sup> *Variable or floating rate security. Rate is determined by a remarketing agent* *and, in the agent's judgment, on the basis of prevailing financial markets, will* *be the lowest interest rate necessary to enable the remarketing agent to sell* *the bonds at a price equal to 100% of the principal amount.* 

<sup>(8)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(9)</sup> *7-day current yield as of June 30, 2025 is disclosed.*

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

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGC - Assured Guaranty Corporation |
| AGM - Assured Guaranty Municipal Corporation |
| AMBAC - American Municipal Bond Assurance Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| CABS - Capital Appreciation Bonds |

---

---

| |
|:---|
| COPS - Certificates of Participation |
| CWA - Clean Water Act |
| EDA - Economic Development Authority |
| FHA - Federal Housing Administration |
| FHLMC - Federal Home Loan Mortgage Corporation |
| FNMA - Federal National Mortgage Association |
| G.O. - General Obligation |
| GARVEE - Grant Anticipation Revenue Vehicle |
| GNMA - Government National Mortgage Association |
| Gtd. - Guaranteed |
| HDA - Housing Development Authority |
| IDA - Industrial Development Authority |
| MFH - Multi-Family Housing |
| NATL - National Public Finance Guarantee Corporation |
| PCR - Pollution Control Revenue |
| PFA - Public Finance Authority |
| PSF - Permanent School Fund |
| Q-SBLF - Qualified School Bond Loan Fund |
| SFM - Single Family Mortgage |
| SonyMA - State of New York Mortgage Agency |
| TRB - Tax Revenue Bonds |

---

*Percentages shown are based on Net Assets.* 

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

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

FIXED INCOME FUNDS **155** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $6385 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6385 |
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1046301 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1046301 |
| Investment Companies | &nbsp;&nbsp; 20573 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20573 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 12205 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12205 |
| Total Investments | &nbsp;&nbsp; $20573 | &nbsp;&nbsp; $1064891 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1085464 |

---

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

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $12265 | $129504 | $121196 | $162 | $20573 | 20573362 |

---

NORTHERN FUNDS QUARTERLY REPORT **156** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**LIMITED TERM TAX-EXEMPT FUND** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 96.2%**  | **MUNICIPAL BONDS – 96.2%**  | **MUNICIPAL BONDS – 96.2%**  |
| **Alabama – 6.4%** | **Alabama – 6.4%** | **Alabama – 6.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Refunding Bonds, <br> Series D1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/27<sup>(1) (2)</sup> <br>| $440 | $444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Gas Project No.7-S,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/26<sup>(1) (2)</sup> <br>| 2500 | 2506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Series C-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/29<sup>(1) (2)</sup> <br>| 3000 | 3155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Series E, Gas Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/28<sup>(1) (2)</sup> <br>| 8000 | 8283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Southeast, A Cooperative <br> District Energy Supply Revenue <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/32<sup>(1) (2)</sup> <br>| 2500 | 2674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limestone County Water & Sewer <br> Authority Water Revenue Refunding <br> Bonds (BAM Insured), Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26<sup>(3)</sup> <br>| 3000 | 3097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority <br> Cooperative District Energy Supply <br> Revenue Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/31<sup>(1) (2)</sup> <br>| 1500 | 1584 |
|  |  | **21743** |
| **Alaska – 0.6%** | **Alaska – 0.6%** | **Alaska – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchorage Port Revenue Bonds, Series <br> A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/31 | 1900 | **2095** |
| **Arizona – 2.7%** | **Arizona – 2.7%** | **Arizona – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chandler IDA IDR Bonds, Series 1 <br> (AMT), Intel Corp. Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27<sup>(1) (2)</sup> <br>| 2575 | 2620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Industrial <br> Development Authority Variable <br> Revenue Bonds, Series A-2, Banner <br> Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/28<sup>(1) (2)</sup> <br>| 2400 | 2519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Airport Senior Lien Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31 | 1095 | 1182 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  |
| **Arizona – 2.7%continued** | **Arizona – 2.7%continued** | **Arizona – 2.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> System Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/33 | $2700 | $2821 |
|  |  | **9142** |
| **California – 4.9%** | **California – 4.9%** | **California – 4.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Clean Energy Project <br> Revenue Bonds, Green Bond, Series <br> B-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/27 | 1125 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/31<sup>(1) (2)</sup> <br>| 3150 | 3131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/31 | 500 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Revenue Bonds, <br> Clean Energy Project, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/26 | 630 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 675 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 | 475 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/29 | 650 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/1/32<sup>(1) (4)</sup> <br>| 1000 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Public Schools Funding Authority <br> School Facilities Improvement District <br> No. 2016-1 G.O. Unlimited Bonds, <br> Series B (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/26 | 805 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/28 | 935 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Development <br> Authority MFH Variable Revenue <br> Bonds, West Los Angeles VA <br> Campus (HUD Sector 8 Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 7/1/26<sup>(1) (2)</sup> <br>| 1000 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue <br> Refunding Bonds (AMT), Private <br> Activity,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/32 | 615 | 656 |

---

FIXED INCOME FUNDS **157** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  |
| **California – 4.9%continued** | **California – 4.9%continued** | **California – 4.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | $1430 | $1441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District <br> G.O. Unlimited Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/33 | 1000 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County <br> Commission International Airport <br> Revenue Bonds, Second Series A <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/30 | 2000 | 2137 |
|  |  | **16543** |
| **Colorado – 4.0%** | **Colorado – 4.0%** | **Colorado – 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arapahoe County School District No. 6 <br> Littleton G.O. Unlimited Bonds, <br> Series A (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/43 | 3825 | 3982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Springs Utilities Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/40 | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Board of Governors <br> University Enterprise System Revenue <br> Refunding Bonds, Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/27<sup>(3)</sup> <br>| 1000 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities <br> Authority Variable Revenue Bonds, <br> Adventhealth Obligated Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/29<sup>(1) (2)</sup> <br>| 3660 | 3933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities <br> Authority Variable Revenue <br> Refunding Bonds, Adventhealth <br> Obligated Group, Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/19/26<sup>(2) (3)</sup> <br>| 95 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities <br> Authority Variable Revenue <br> Refunding Bonds, Adventhealth <br> Obligated Group, Unrefunded <br> Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/19/26<sup>(1) (2)</sup> <br>| 905 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & Country Airport Revenue <br> Refunding Bonds, Series D (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/27 | 1750 | 1830 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  |
| **Colorado – 4.0%continued** | **Colorado – 4.0%continued** | **Colorado – 4.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Airport Revenue <br> Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/29 | $1500 | $1637 |
|  |  | **13647** |
| **Connecticut – 0.3%** | **Connecticut – 0.3%** | **Connecticut – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/27 | 1000 | **1025** |
| **District of Columbia – 1.3%** | **District of Columbia – 1.3%** | **District of Columbia – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/32 | 3150 | 3333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/1/34<sup>(4)</sup> <br>| 1000 | 1081 |
|  |  | **4414** |
| **Florida – 6.0%** | **Florida – 6.0%** | **Florida – 6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County Airport System <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/32 | 1315 | 1373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collier County IDA Revenue Bonds, <br> NCH Healthcare System Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/31<sup>(1) (2)</sup> <br>| 2000 | 2161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duval County School Board COPS, <br> Series A (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1750 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Board of Education G.O. <br> Unlimited Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/27 | 3115 | 3256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Board of Education Public <br> Education Capital Outlay G.O. <br> Unlimited Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/26 | 1950 | 1991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Development Finance <br> Corp. Revenue Refunding Bonds, <br> Brightline Trains Florida LLC Issue <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/34 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Revenue Bonds <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/32 | 700 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Aviation Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 3000 | 3108 |

---

NORTHERN FUNDS QUARTERLY REPORT **158** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**LIMITED TERM TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  |
| **Florida – 6.0%continued** | **Florida – 6.0%continued** | **Florida – 6.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pasco Country School District Sales Tax <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/32 | $2500 | $2798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint Johns County School Board <br> COPS, Series A (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31 | 1270 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tallahassee Consolidated Utility <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/32 | 535 | 605 |
|  |  | **20247** |
| **Georgia – 3.7%** | **Georgia – 3.7%** | **Georgia – 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta G.O. Unlimited Bonds, Series <br> A-1, Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta G.O. Unlimited Bonds, Series <br> A-2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | 1050 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin County School District G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/27 | 1750 | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gwinnett County School District G.O. <br> Unlimited Bonds, Series A, <br> Prerefunded, Escrowed to Maturity,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 8/1/25<sup>(3)</sup> <br>| 2515 | 2512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gwinnett County School District G.O. <br> Unlimited Bonds, Series A, <br> Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 8/1/25 | 610 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/27<sup>(1) (2)</sup> <br>| 1535 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/31<sup>(1) (2)</sup> <br>| 2715 | 2852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32<sup>(1) (2)</sup> <br>| 1000 | 1052 |
|  |  | **12513** |
| **Hawaii – 0.2%** | **Hawaii – 0.2%** | **Hawaii – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honolulu City & County G.O. Unlimited <br> Refunding Bonds, Series F,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 725 | **742** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  |
| **Illinois – 3.7%** | **Illinois – 3.7%** | **Illinois – 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago G.O. Unlimited Bonds, Series <br> B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/33 | $1000 | $1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway Airport Senior <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/27 | 2000 | 2048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Waterworks Second Lien <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 3640 | 3797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Refunding Bonds, Silver <br> Cross Hospital,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/30<sup>(1) (2)</sup> <br>| 1000 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Financing Authority <br> Revenue Bonds, The Chicago School,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/26 | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/27 | 1500 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/27 | 2100 | 2160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint Clair County Community Unit <br> School District No. 187 Cahokia <br> G.O. Unlimited Bonds, Series A <br> (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/27 | 180 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/33 | 260 | 290 |
|  |  | **12458** |
| **Indiana – 3.2%** | **Indiana – 3.2%** | **Indiana – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater Clark County School Building <br> Corp. Revenue Refunding Bonds, <br> Series A (State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/32 | 1100 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Heights School Building Corp. <br> Revenue Bonds (State Intercept <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/26 | 585 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bank Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/32 | 1040 | 1154 |

---

FIXED INCOME FUNDS **159** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  |
| **Indiana – 3.2%continued** | **Indiana – 3.2%continued** | **Indiana – 3.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSD of Washington Township School <br> Building Corp. Revenue Bonds (State <br> Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/35 | $1090 | $1149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSD of Washington Township School <br> Building Corp. Revenue Bonds, 2016 <br> Refferendum Projects (State Intercept <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/27 | 1100 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/27 | 1075 | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSD of Washington Township School <br> Building Corp. Revenue Bonds, 2020 <br> Refferendum Projects (State Intercept <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/26 | 2040 | 2062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/27 | 2195 | 2294 |
|  |  | **10736** |
| **Iowa – 1.2%** | **Iowa – 1.2%** | **Iowa – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polk County G.O. Unlimited Capital <br> Loan Notes, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/31 | 2280 | 2469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waterloo G.O. Unlimited Bonds, Series <br> D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/27 | 1700 | 1723 |
|  |  | **4192** |
| **Kansas – 1.0%** | **Kansas – 1.0%** | **Kansas – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas Department of Transportation <br> Highway Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/33 | 2240 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wichita G.O. Unlimited Bonds, Series <br> 811,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/27 | 1185 | 1185 |
|  |  | **3432** |
| **Kentucky – 0.5%** | **Kentucky – 0.5%** | **Kentucky – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/29<sup>(1) (2)</sup> <br>| 1500 | **1586** |
| **Louisiana – 0.5%** | **Louisiana – 0.5%** | **Louisiana – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Tulane <br> University, Prerefunded, Escrowed to <br> Maturity,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/26<sup>(3)</sup> <br>| 270 | 274 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  |
| **Louisiana – 0.5%continued** | **Louisiana – 0.5%continued** | **Louisiana – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities & Community <br> Development Authority Insurance <br> Revenue Bonds, Louisiana Insurance <br> Guaranty Association,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/26 | $1500 | $1534 |
|  |  | **1808** |
| **Maine – 0.8%** | **Maine – 0.8%** | **Maine – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maine State Governmental Facilities <br> Authority Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/33 | 2640 | **2679** |
| **Maryland – 0.9%** | **Maryland – 0.9%** | **Maryland – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montgomery County G.O. Unlimited <br> Refunding Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/29 | 2925 | **2983** |
| **Massachusetts – 3.8%** | **Massachusetts – 3.8%** | **Massachusetts – 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Clean Water Trust <br> Revenue Bonds, Series 22, Green <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 | 2000 | 2103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Bonds, <br> Lasell Village, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/29 | 1000 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Variable Revenue <br> Bonds, Brown Health University <br> Obligated Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/31<sup>(1) (2)</sup> <br>| 1000 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State G.O. Limited <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/30 | 595 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State G.O. Limited <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1040 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MWRA General Revenue Refunding <br> Bonds, Series C, Green Bonds, <br> Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26<sup>(3)</sup> <br>| 2340 | 2398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26<sup>(3)</sup> <br>| 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Massachusetts Building <br> Authority Revenue Refunding Bonds, <br> Series 2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/29 | 3370 | 3392 |
|  |  | **12762** |

---

NORTHERN FUNDS QUARTERLY REPORT **160** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**LIMITED TERM TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  |
| **Michigan – 1.3%** | **Michigan – 1.3%** | **Michigan – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Refunding Bonds, Henry <br> Ford Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/29 | $3840 | $3926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State HDA Rental Housing <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/1/26 | 465 | 466 |
|  |  | **4392** |
| **Minnesota – 0.9%** | **Minnesota – 0.9%** | **Minnesota – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota Municipal Gas Agency <br> Commodity Supply Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/27<sup>(1) (2)</sup> <br>| 2000 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota State G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 | 1020 | 1070 |
|  |  | **3091** |
| **Missouri – 0.6%** | **Missouri – 0.6%** | **Missouri – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint Joseph School District G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/31 | 2000 | **2140** |
| **Nebraska – 0.4%** | **Nebraska – 0.4%** | **Nebraska – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omaha Airport Authority Airport <br> Facilities Revenue Bonds (AMT) <br> (AGC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/31 | 1275 | **1375** |
| **Nevada – 1.2%** | **Nevada – 1.2%** | **Nevada – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clark County School District G.O. <br> Limited Bonds, Series A (AGM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/27 | 1000 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clark County School District G.O. <br> Limited Bonds, Series B (AGM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/32 | 3000 | 3063 |
|  |  | **4108** |
| **New Hampshire – 0.3%** | **New Hampshire – 0.3%** | **New Hampshire – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hampshire State Health and <br> Education Facilities Authority <br> Revenue Refunding Bonds, Southern <br> New Hampshire University Issue,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/34 | 1000 | **1110** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  |
| **New Jersey – 2.1%** | **New Jersey – 2.1%** | **New Jersey – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clifton Board of Education G.O. <br> Unlimited Bonds (AGM School <br> Board Resource Fund Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/15/26 | $1200 | $1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue School <br> Facilities Construction Revenue <br> Refunding Bonds, Series GGG,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/1/26 | 3000 | 3082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State G.O. Unlimited <br> Bonds, Covid-19 Go Emergency <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/27 | 2750 | 2875 |
|  |  | **7134** |
| **New York – 6.8%** | **New York – 6.8%** | **New York – 6.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Revenue Bonds, Subseries F-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/31 | 1000 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 1000 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> J-10, Fiscal 2008,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 605 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Refunding <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 | 1795 | 1882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, Series A, Pace University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/1/31 | 400 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/1/32 | 600 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> Personal Income Tax Revenue <br> Refunding Bonds, Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/32 | 5000 | 5014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance <br> Agency Affordable Housing <br> Sustainability Revenue Bonds, Series <br> M-2 (SonyMA, FHA Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/1/25 | 215 | 212 |

---

FIXED INCOME FUNDS **161** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  |
| **New York – 6.8%continued** | **New York – 6.8%continued** | **New York – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance <br> Agency Affordable Housing <br> Sustainability Variable Revenue <br> Bonds, Series B (SonyMA Insured, <br> HUD Sector 8 Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 5/1/27<sup>(1) (2)</sup> <br>| $1500 | $1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance <br> Agency Affordable Housing Variable <br> Revenue Bonds, Series F, <br> Sustainability Bonds (SonyMA, FHA <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 5/1/27<sup>(1) (2)</sup> <br>| 4000 | 4001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Liberty Development <br> Corp. Revenue Refunding Bonds, <br> Four World Trade, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 11/15/28 | 2000 | 1814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 207 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/32 | 1500 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority <br> Payroll Mobility Tax Revenue <br> Refunding Bonds, MTA Bridges & <br> Tunnels, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/27 | 1700 | 1795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority <br> Revenue Refunding Restructuring <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/27 | 1450 | 1465 |
|  |  | **23016** |
| **North Carolina – 0.7%** | **North Carolina – 0.7%** | **North Carolina – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte Water & Sewer System <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/30 | 225 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte Water & Sewer System <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 2115 | 2165 |
|  |  | **2414** |
| **North Dakota – 0.3%** | **North Dakota – 0.3%** | **North Dakota – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fargo Annual Appropriation Revenue <br> Bonds, Series G,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32 | 1010 | **1121** |
| **Ohio – 4.5%** | **Ohio – 4.5%** | **Ohio – 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akron Income Tax Revenue Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/26 | 1120 | 1138 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  |
| **Ohio – 4.5%continued** | **Ohio – 4.5%continued** | **Ohio – 4.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority <br> Revenue Refunding Bonds, John <br> Glenn Columbus International <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/33 | $1000 | $1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Ridgeville City School District <br> G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/33 | 870 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Air Quality Development <br> Authority Revenue Bonds, American <br> Electric Power Company Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 5/1/26 | 1075 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State G.O. Unlimited Refunding <br> Bonds, Series A, Conservation <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/32 | 1500 | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Highway Capital <br> Improvements G.O. Unlimited Bonds, <br> Series S,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/28 | 5085 | 5179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Turnpike Commission <br> Subordinate Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/32 | 3860 | 4047 |
|  |  | **15124** |
| **Oklahoma – 5.2%** | **Oklahoma – 5.2%** | **Oklahoma – 5.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma County Independent School <br> District No. 12 G.O. Unlimited <br> Bonds, Edmond School District,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/27 | 4175 | 4262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma County Independent School <br> District No. 89 G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/27 | 4275 | 4382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority Facilities Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 3985 | 4165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tulsa G.O. Unlimited Bonds, Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/28 | 4865 | 4837 |
|  |  | **17646** |
| **Oregon – 2.0%** | **Oregon – 2.0%** | **Oregon – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multnomah County G.O. Limited Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/28 | 1000 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oregon State G.O. Unlimited <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33 | 1450 | 1452 |

---

NORTHERN FUNDS QUARTERLY REPORT **162** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**LIMITED TERM TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  |
| **Oregon – 2.0%continued** | **Oregon – 2.0%continued** | **Oregon – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland G.O. Limited Bonds, Series A, <br> Transportation Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | $1730 | $1821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington County School District No. <br> 48J Beaverton G.O. Convertible <br> CABS (School Board Guaranty <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/35 | 2500 | 2575 |
|  |  | **6885** |
| **Pennsylvania – 4.1%** | **Pennsylvania – 4.1%** | **Pennsylvania – 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Valley Regional Financial <br> Authority Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/29 | 2275 | 2081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Valley Regional Financial <br> Authority Revenue Bonds, Series A <br> (AMBAC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/28 | 3225 | 3476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/25 | 425 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | 275 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Refunding <br> Bonds, Subseries B-2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/32 | 1875 | 1936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Subordinate Revenue <br> Refunding Bonds, Series 2017-3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/30 | 860 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Redevelopment Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/31 | 1000 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Refunding Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 3535 | 3622 |
|  |  | **13832** |
| **South Carolina – 0.3%** | **South Carolina – 0.3%** | **South Carolina – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Jobs EDA Hospital <br> Facilities Variable Revenue Refunding <br> Bonds, Bon Secours Mercy Health, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32<sup>(1) (2)</sup> <br>| 1000 | **1061** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  |
| **Texas – 14.1%** | **Texas – 14.1%** | **Texas – 14.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austin Water & Wastewater System <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/26 | $1000 | $1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bexar County Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/30 | 1000 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/31 | 1250 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bexar County Certificates of Obligation <br> G.O. Limited Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/26 | 1125 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit Senior Lien <br> Sales Tax Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32 | 3395 | 3658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Bend County G.O. Limited <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/30 | 3900 | 3903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Prairie Independent School <br> District G.O. Unlimited Refunding <br> Bonds (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/33 | 5420 | 5421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harlingen Consolidated Independent <br> School District G.O. Unlimited <br> Refunding Bonds (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/26 | 1105 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Cultural Education <br> Facilities Finance Corp. Medical <br> Facilities Variable Revenue Bonds, <br> Baylor College of Medicine,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/32<sup>(1) (2)</sup> <br>| 1000 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Toll Road First Lien <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/31 | 1635 | 1821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klein Independent School District G.O. <br> Unlimited Refunding Bonds (PSF, <br> Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 1575 | 1716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laredo Public Property Finance <br> Contractual Obligation G.O. Limited <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 800 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority Revenue <br> Refunding Bonds, Series A, First Tier,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/31 | 595 | 654 |

---

FIXED INCOME FUNDS **163** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  |
| **Texas – 14.1%continued** | **Texas – 14.1%continued** | **Texas – 14.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pecos Barstow Toyah Independent <br> School District G.O. Unlimited <br> Bonds, Escrowed to Maturity (PSF <br> Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | $1000 | $1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Electric & Gas Junior Lien <br> Variable Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 12/1/26<sup>(1) (2)</sup> <br>| 3500 | 3379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/27<sup>(1) (2)</sup> <br>| 3150 | 3010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant Regional Water District <br> Transmission Facility Contract <br> Revenue Bonds, Series A, City of <br> Dallas Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/31 | 1370 | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/27 | 2135 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds, Transportation Commission <br> Mobility Fund,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/29 | 5000 | 5018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Municipal Gas Acquisition <br> & Supply Corp. III Gas Supply <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/26 | 1400 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State PFA G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/26 | 2110 | 2173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Water Development Board <br> Revolving Fund Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/30 | 1000 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity River Authority Regional <br> Wastewater System Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 1000 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of North Texas Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/32 | 1000 | 1086 |
|  |  | **47697** |
| **Utah – 2.2%** | **Utah – 2.2%** | **Utah – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Davis County School District G.O. <br> Unlimited Refunding Bonds, Utah <br> School Bond Guaranty (School <br> Board Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/28 | 4095 | 4094 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  |
| **Utah – 2.2%continued** | **Utah – 2.2%continued** | **Utah – 2.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murray City School District G.O. <br> Unlimited Refunding Bonds (School <br> Board Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/28 | $1685 | $1782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City Airport Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/32 | 1500 | 1596 |
|  |  | **7472** |
| **Virginia – 1.0%** | **Virginia – 1.0%** | **Virginia – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State College Building <br> Authority Educational Facilities <br> Revenue Refunding Bonds, 21st <br> Century College and Equipment <br> Programs, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/29 | 275 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State Small Business Financing <br> Authority Hospital Variable Revenue <br> Bonds, Carilion Clinic Obligated <br> Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 7/1/42<sup>(5)</sup> <br>| 3000 | 3000 |
|  |  | **3276** |
| **Washington – 2.4%** | **Washington – 2.4%** | **Washington – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benton County School District No. 17 <br> Kennewick G.O. Unlimited Refunding <br> Bonds (School Board Guaranty <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/28 | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Puget Sound Regional Transit <br> Authority Sales & Use Tax <br> Improvement Revenue Refunding <br> Bonds, Series S-1, Green Bonds, <br> Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/25<sup>(3)</sup> <br>| 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pierce County School District No. 320 <br> G.O. Unlimited Refunding Bonds <br> (School Board Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/28 | 650 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Bonds, Series 2017-A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/29 | 2400 | 2453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2023B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 2000 | 2047 |

---

NORTHERN FUNDS QUARTERLY REPORT **164** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**LIMITED TERM TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  | **MUNICIPAL BONDS - 96.2%continued**  |
| **Washington – 2.4%continued** | **Washington – 2.4%continued** | **Washington – 2.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whatcom County Public Utility District <br> No. 1 G.O. Limited Bonds, Series A <br> (AMT) (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/27 | $450 | $467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/28 | 450 | 473 |
|  |  | **8101** |
| **Wisconsin – 0.1%** | **Wisconsin – 0.1%** | **Wisconsin – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waushara County G.O. Unlimited <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/31 | 450 | **507** |
| **Total Municipal Bonds** |  |  |
| **(Cost $330,135)** |  | **326249** |

---

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.4%**  | **INVESTMENT COMPANIES – 1.4%**  | **INVESTMENT COMPANIES – 1.4%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(6) (7)</sup> <br>| 4806036 | $4806 |
| **Total Investment Companies** |  |  |
| **(Cost $4,806)** |  | **4806** |

---

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 2.0%**  | **SHORT-TERM INVESTMENTS – 2.0%**  | **SHORT-TERM INVESTMENTS – 2.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Solid Waste Disposal <br> Variable Revenue Bonds (AMT), <br> Series A, Waste Management, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/1/25<sup>(1) (2)</sup> <br>| $1000 | $1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities <br> Authority Hospital Revenue Bonds, <br> Adventist Health System/Sunbel,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/20/25<sup>(1) (2)</sup> <br>| 3000 | 3016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Bend Independent School District <br> Variable G.O. Unlimited Bonds, <br> Series B (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 8/1/25<sup>(1) (2)</sup> <br>| 1135 | 1133 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 2.0%continued**  | **SHORT-TERM INVESTMENTS - 2.0%continued**  | **SHORT-TERM INVESTMENTS - 2.0%continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Health & Educational <br> Facilities Authority Health Variable <br> Revenue Refunding Bonds, Series B, <br> BJC Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/26<sup>(1) (2)</sup> <br>| $1500 | $1509 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $6,680)** | **(Cost $6,680)** | **6658** |
| **Total Investments – 99.6%** | **Total Investments – 99.6%** |  |
| **(Cost $341,621)** | **(Cost $341,621)** | **337713** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.4% | 1397 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$339110** |

---

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

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

<sup>(2)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of June 30,* *2025 is disclosed.* 

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

<sup>(4)</sup> *When-Issued Security. Coupon rate is not in effect at June 30, 2025.*

<sup>(5)</sup> *Variable or floating rate security. Rate is determined by a remarketing agent* *and, in the agent's judgment, on the basis of prevailing financial markets, will* *be the lowest interest rate necessary to enable the remarketing agent to sell* *the bonds at a price equal to 100% of the principal amount.* 

<sup>(6)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(7)</sup> *7-day current yield as of June 30, 2025 is disclosed.*

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

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGC - Assured Guaranty Corporation |
| AGM - Assured Guaranty Municipal Corporation |
| AMBAC - American Municipal Bond Assurance Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| CABS - Capital Appreciation Bonds |
| COPS - Certificates of Participation |
| EDA - Economic Development Authority |
| FHA - Federal Housing Administration |
| G.O. - General Obligation |
| Gtd. - Guaranteed |

---

FIXED INCOME FUNDS **165** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| |
|:---|
| HDA - Housing Development Authority |
| HUD - Housing and Urban Development |
| IDA - Industrial Development Authority |
| IDR - Industrial Development Revenue |
| MFH - Multi-Family Housing |
| MWRA - Massachusetts Water Resources Authority |
| PFA - Public Finance Authority |
| PSF - Permanent School Fund |
| SonyMA - State of New York Mortgage Agency |
| VA - Veterans Affairs |

---

*Percentages shown are based on Net Assets.* 

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

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $326249 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $326249 |
| Investment Companies | &nbsp;&nbsp; 4806 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4806 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 6658 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6658 |
| Total Investments | &nbsp;&nbsp; $4806 | &nbsp;&nbsp; $332907 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $337713 |

---

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

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $4900 | $37081 | $37175 | $68 | $4806 | 4806036 |

---

NORTHERN FUNDS QUARTERLY REPORT **166** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**LIMITED TERM U.S. GOVERNMENT FUND** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES – 3.6%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 3.6%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 3.6%** <sup>(1)</sup> |
| **Fannie Mae – 0.4%** | **Fannie Mae – 0.4%** | **Fannie Mae – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #555649, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/1/32 | $5 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BH9277, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/48 | 105 | 96 |
|  |  | **102** |
| **Freddie Mac – 1.1%** | **Freddie Mac – 1.1%** | **Freddie Mac – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA8880, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/53 | 80 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1360, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/52 | 90 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2665, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/53 | 78 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS7735, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/32 | 2 | 1 |
|  |  | **252** |
| **Freddie Mac Gold – 0.5%** | **Freddie Mac Gold – 0.5%** | **Freddie Mac Gold – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #D99701, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/32 | 111 | **107** |
| **Government National Mortgage Association – 0.3%** | **Government National Mortgage Association – 0.3%** | **Government National Mortgage Association – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/20/46 | 75 | **70** |
| **Sovereign Agencies – 1.3%** | **Sovereign Agencies – 1.3%** | **Sovereign Agencies – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolution Funding Corp. Interest Strip, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 10/15/28<sup>(2)</sup> <br>| 357 | **314** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $865)** |  | **845** |
| **U.S. GOVERNMENT OBLIGATIONS – 95.4%**  | **U.S. GOVERNMENT OBLIGATIONS – 95.4%**  | **U.S. GOVERNMENT OBLIGATIONS – 95.4%**  |
| **U.S. Treasury Bonds – 0.1%** | **U.S. Treasury Bonds – 0.1%** | **U.S. Treasury Bonds – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/26 | 10 | **10** |
| **U.S. Treasury Inflation Indexed Notes – 1.6%** | **U.S. Treasury Inflation Indexed Notes – 1.6%** | **U.S. Treasury Inflation Indexed Notes – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 4/15/26 | 153 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 4/15/27 | 166 | 185 |
|  |  | **370** |
| **U.S. Treasury Notes – 93.7%** | **U.S. Treasury Notes – 93.7%** | **U.S. Treasury Notes – 93.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 7/31/26 | 51 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 8/31/26 | 232 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 9/30/26 | 487 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/30/26 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/26 | 500 | 504 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 95.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 95.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 95.4%continued**  |
| **U.S. Treasury Notes – 93.7%continued** | **U.S. Treasury Notes – 93.7%continued** | **U.S. Treasury Notes – 93.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/26 | $100 | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/26 | 1150 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/15/26 | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/31/26 | 800 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/15/27 | 250 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/28/27 | 300 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/15/27 | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/31/27 | 1800 | 1803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/27 | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/30/27 | 375 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/31/27 | 450 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/15/27 | 250 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/30/27 | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/27 | 1404 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/29/28 | 1825 | 1839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/15/28 | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/31/28 | 850 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/15/28 | 335 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/15/28 | 125 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/31/28 | 975 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/15/28 | 225 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/31/28 | 400 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/30/28 | 350 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/28 | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/31/29 | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/28/29 | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/31/29 | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 4/30/29 | 250 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/30/29 | 300 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/31/29 | 150 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/30/29 | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/31/29 | 450 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/31/29 | 475 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/30/29 | 275 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/29 | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/30/29 | 650 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/31/29 | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/31/30 | 225 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/28/30 | 700 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/31/30 | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/30/30 | 275 | 276 |

---

FIXED INCOME FUNDS **167** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 95.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 95.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 95.4%continued**  |
| **U.S. Treasury Notes – 93.7%continued** | **U.S. Treasury Notes – 93.7%continued** | **U.S. Treasury Notes – 93.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/31/30 | $450 | $454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/30/30 | 250 | 251 |
|  |  | **21942** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $22,234)** |  | **22322** |

---

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.3%**  | **INVESTMENT COMPANIES – 0.3%**  | **INVESTMENT COMPANIES – 0.3%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(3) (4)</sup> <br>| 70302 | $70 |
| **Total Investment Companies** |  |  |
| **(Cost $70)** |  | **70** |
| **Total Investments – 99.3%** | **Total Investments – 99.3%** |  |
| **(Cost $23,169)** | **(Cost $23,169)** | **23237** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.7% | 173 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$23410** |

---

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

<sup>(1)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(2)</sup> *Discount rate at the time of purchase.*

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

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

<sup>(4)</sup> *7-day current yield as of June 30, 2025 is disclosed.*

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

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| Fannie Mae - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |

---

*Percentages shown are based on Net Assets.* 

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| U.S. Government Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $845 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $845 |
| U.S. Government Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 22322 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22322 |
| Investment Companies | &nbsp;&nbsp; 70 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 70 |
| Total Investments | &nbsp;&nbsp; $70 | &nbsp;&nbsp; $23167 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23237 |

---

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

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $899 | $494 | $1323 | $1 | $70 | 70302 |

---

NORTHERN FUNDS QUARTERLY REPORT **168** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CONVERTIBLE BONDS – 0.3%**  | **CONVERTIBLE BONDS – 0.3%**  | **CONVERTIBLE BONDS – 0.3%**  |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/15/25 <sup>(1) (2)</sup> <br>| $77 | $75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/15/26 <sup>(1)</sup> <br>| 119 | 114 |
|  |  | **189** |
| **Home Construction – 0.1%** | **Home Construction – 0.1%** | **Home Construction – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 5/15/28 | 79 | **76** |
| **Real Estate Investment Trusts – 0.0%** | **Real Estate Investment Trusts – 0.0%** | **Real Estate Investment Trusts – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/15/29 <sup>(1)</sup> <br>| 16 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/15/26  | 2 | 2 |
|  |  | **19** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MKS, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 6/1/30  | 85 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 3/1/29  | 48 | 44 |
|  |  | **128** |
| **Total Convertible Bonds** |  |  |
| **(Cost $421)** |  | **412** |
| **CORPORATE BONDS – 79.0%**  | **CORPORATE BONDS – 79.0%**  | **CORPORATE BONDS – 79.0%**  |
| **Advertising & Marketing – 0.4%** | **Advertising & Marketing – 0.4%** | **Advertising & Marketing – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neptune Bidco U.S., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.29%, 4/15/29 <sup>(1)</sup> <br>| 257 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront <br> Media Capital Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/27 <sup>(1)</sup> <br>| 169 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/29 <sup>(1)</sup> <br>| 65 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/30 <sup>(1)</sup> <br>| 104 | 100 |
|  |  | **580** |
| **Aerospace & Defense – 2.5%** | **Aerospace & Defense – 2.5%** | **Aerospace & Defense – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAR Escrow Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/29 <sup>(1)</sup> <br>| 43 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/30 <sup>(1)</sup> <br>| 42 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/33 <sup>(1)</sup> <br>| 98 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boeing (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53%, 5/1/34  | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.86%, 5/1/54  | 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.01%, 5/1/64  | 25 | 27 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Aerospace & Defense – 2.5%continued** | **Aerospace & Defense – 2.5%continued** | **Aerospace & Defense – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goat Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/32 <sup>(1)</sup> <br>| $416 | $423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 2/1/37  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 6/15/28  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 11/30/29 <sup>(1)</sup> <br>| 151 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 11/15/30 <sup>(1)</sup> <br>| 176 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/15/28 <sup>(1)</sup> <br>| 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/29 <sup>(1)</sup> <br>| 55 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/1/29  | 645 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/15/30 <sup>(1)</sup> <br>| 250 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 12/1/31 <sup>(1)</sup> <br>| 55 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/1/32 <sup>(1)</sup> <br>| 530 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/33 <sup>(1)</sup> <br>| 287 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/31/33 <sup>(1)</sup> <br>| 701 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triumph Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 3/15/28 <sup>(1)</sup> <br>| 99 | 103 |
|  |  | **3877** |
| **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/31 <sup>(1) †</sup> <br>| 72 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanesbrands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/15/31 <sup>(1) †</sup> <br>| 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Levi Strauss & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/31 <sup>(1) †</sup> <br>| 47 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&S Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 10/1/31 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/15/30 <sup>(1)</sup> <br>| 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VF Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/33  | 25 | 23 |
|  |  | **227** |
| **Asset Management – 1.3%** | **Asset Management – 1.3%** | **Asset Management – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/1/28 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apollo Debt Solutions BDC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 7/29/31  | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 3/15/32 <sup>(1)</sup> <br>| 9 | 9 |

---

FIXED INCOME FUNDS **169** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Asset Management – 1.3%continued** | **Asset Management – 1.3%continued** | **Asset Management – 1.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.17%), 6.00%, <br> 12/15/54 <sup>(3)</sup> <br>| $69 | $67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/30  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Specialty Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 3/15/30  | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/22/34  | 135 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 7/15/30  | 80 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital Corp. II, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.45%, 11/15/26  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 9/16/27  | 55 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Technology Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/4/29  | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Group Diversified <br> Holdings LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/15/29 <sup>(1)</sup> <br>| 71 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/32 <sup>(1)</sup> <br>| 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focus Financial Partners LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/31 <sup>(1)</sup> <br>| 863 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 7/1/34  | 39 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HAT Holdings I LLC/HAT Holdings <br> II LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 6/15/26 <sup>(1)</sup> <br>| 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 6/15/27 <sup>(1)</sup> <br>| 31 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hightower Holding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 1/31/30 <sup>(1)</sup> <br>| 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/26  | 115 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/27  | 195 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 1/15/29  | 63 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/29  | 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 11/15/29 <sup>(1)</sup> <br>| 93 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 6/15/30  | 50 | 47 |
|  |  | **2124** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Automotive – 1.6%** | **Automotive – 1.6%** | **Automotive – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/15/33 <sup>(1)</sup> <br>| $25 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/29  | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarios Global L.P./Clarios <br> U.S. Finance Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/28 <sup>(1)</sup> <br>| 73 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/30 <sup>(1) †</sup> <br>| 101 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/1/30  | 42 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/32  | 76 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dornoch Debt Merger Sub, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/29 <sup>(1)</sup> <br>| 1325 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garrett Motion Holdings, Inc./Garrett <br> LX I S.a.r.l.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 5/31/32 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/29  | 97 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/30  | 29 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/30/31  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/31 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/30/33  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/32 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Hero Merger Sub 2, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/29 <sup>(1)</sup> <br>| 800 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rivian Holdings LLC/Rivian LLC/Rivian <br> Automotive LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 1/15/31 <sup>(1)</sup> <br>| 65 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/17/28 <sup>(1)</sup> <br>| 187 | 185 |
|  |  | **2494** |
| **Banking – 0.1%** | **Banking – 0.1%** | **Banking – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 7Y + 2.81%), 6.25%, <br> 3/15/30 <sup>(3) (4)</sup> <br>| 95 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.77%), 6.85%, <br> 9/15/29 <sup>(3) (4)</sup> <br>| 39 | 41 |
|  |  | **139** |

---

NORTHERN FUNDS QUARTERLY REPORT **170** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Basic Industry – 0.0%** | **Basic Industry – 0.0%** | **Basic Industry – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avient Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/1/31<sup>(1)</sup> <br>| $27 | **$27** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc./Triton <br> Water Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/29 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/30/29 <sup>(1)</sup> <br>| 75 | 73 |
|  |  | **123** |
| **Biotechnology & Pharmaceuticals – 1.2%** | **Biotechnology & Pharmaceuticals – 1.2%** | **Biotechnology & Pharmaceuticals – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1261229 B.C. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 4/15/32 <sup>(1)</sup> <br>| 686 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 3/15/35  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 3/15/55  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Americas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/1/26 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/31/27 <sup>(1)</sup> <br>| 75 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/28 <sup>(1)</sup> <br>| 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/28 <sup>(1)</sup> <br>| 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 9/30/28 <sup>(1)</sup> <br>| 325 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 5/30/29 <sup>(1)</sup> <br>| 50 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/30/30 <sup>(1)</sup> <br>| 25 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/15/31 <sup>(1)</sup> <br>| 25 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 4/15/31 <sup>(1) †</sup> <br>| 31 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mallinckrodt International Finance <br> S.A./Mallinckrodt CB LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.75%, 11/14/28 <sup>(1)</sup> <br>| 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt <br> Co-Issuer B.V.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/30/31 <sup>(1)</sup> <br>| 580 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P&L Development LLC/PLD Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 5/15/29 <sup>(1) (5)</sup> <br>| 40 | 40 |
|  |  | **1911** |
| **Cable & Satellite – 3.9%** | **Cable & Satellite – 3.9%** | **Cable & Satellite – 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings <br> Capital Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/1/29 <sup>(1)</sup> <br>| 33 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/1/29 <sup>(1)</sup> <br>| 240 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/30 <sup>(1)</sup> <br>| 65 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/30 <sup>(1)</sup> <br>| 114 | 109 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Cable & Satellite – 3.9%continued** | **Cable & Satellite – 3.9%continued** | **Cable & Satellite – 3.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/31 <sup>(1)</sup> <br>| $154 | $144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/1/31 <sup>(1)</sup> <br>| 235 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/32 <sup>(1)</sup> <br>| 436 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/32  | 516 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/33 <sup>(1)</sup> <br>| 692 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/34 <sup>(1)</sup> <br>| 835 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/1/47  | 75 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 2/1/28 <sup>(1) †</sup> <br>| 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 5/15/28 <sup>(1)</sup> <br>| 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 1/31/29 <sup>(1)</sup> <br>| 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/30 <sup>(1)</sup> <br>| 275 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/31 <sup>(1)</sup> <br>| 400 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 8/15/27 <sup>(1)</sup> <br>| 204 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 2/15/31 <sup>(1)</sup> <br>| 275 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISH DBS Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/1/26 <sup>†</sup> <br>| 75 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/26 <sup>(1)</sup> <br>| 254 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 7/1/28  | 100 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/28 <sup>(1) †</sup> <br>| 188 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/1/29  | 75 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISH Network Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 11/15/27 <sup>(1)</sup> <br>| 368 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midcontinent Communications, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 8/15/32 <sup>(1)</sup> <br>| 115 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiate Holdco LLC/Radiate Finance, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/26 <sup>(1)</sup> <br>| 43 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Radio LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 9/1/26 <sup>(1)</sup> <br>| 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 <sup>(1)</sup> <br>| 179 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/28 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 9/1/31 <sup>(1) †</sup> <br>| 125 | 111 |
|  |  | **6109** |
| **Capital Goods – 0.2%** | **Capital Goods – 0.2%** | **Capital Goods – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/15/30 <sup>(1)</sup> <br>| 98 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vortex Opco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/30/30 <sup>(1)</sup> <br>| 47 | 7 |

---

FIXED INCOME FUNDS **171** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Capital Goods – 0.2%continued** | **Capital Goods – 0.2%continued** | **Capital Goods – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilsonart LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 8/15/32 <sup>(1)</sup> <br>| $159 | $145 |
|  |  | **252** |
| **Chemicals – 2.3%** | **Chemicals – 2.3%** | **Chemicals – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avient Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 8/1/30 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celanese U.S. Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.58%, 7/15/29  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/30  | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/32 <sup>†</sup> <br>| 125 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/33 <sup>†</sup> <br>| 36 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 11/15/33 <sup>†</sup> <br>| 125 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemours (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/15/27  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/28 <sup>(1)</sup> <br>| 194 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 <sup>(1) †</sup> <br>| 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 1/15/33 <sup>(1)</sup> <br>| 58 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 9/1/28 <sup>(1)</sup> <br>| 128 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herens Holdco S.a.r.l., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/15/28 <sup>(1) †</sup> <br>| 200 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innophos Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 6/15/29 <sup>(1)</sup> <br>| 76 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LYB International Finance III LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 5/15/35 <sup>†</sup> <br>| 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/1/29 <sup>(1)</sup> <br>| 55 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methanex U.S. Operations, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/32 <sup>(1)</sup> <br>| 53 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerals Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 <sup>(1)</sup> <br>| 72 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olin Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/1/29  | 75 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/1/33 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympus Water U.S. Holding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 11/15/28 <sup>(1)</sup> <br>| 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/1/29 <sup>(1) †</sup> <br>| 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/31 <sup>(1)</sup> <br>| 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCIH Salt Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/1/29 <sup>(1) †</sup> <br>| 990 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Invictus Intermediate II S.a.r.l., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/30/29 <sup>(1)</sup> <br>| 100 | 97 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Chemicals – 2.3%continued** | **Chemicals – 2.3%continued** | **Chemicals – 2.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinseo Luxco Finance SPV <br> S.a.r.l./Trinseo N.A. Finance <br> SPV LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 5/3/29 <sup>(1)</sup> <br>| $85 | $50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tronox, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/29 <sup>(1)</sup> <br>| 75 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windsor Holdings III LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/15/30 <sup>(1)</sup> <br>| 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WR Grace Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/15/27 <sup>(1)</sup> <br>| 71 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/29 <sup>(1)</sup> <br>| 253 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/1/31 <sup>(1)</sup> <br>| 90 | 92 |
|  |  | **3593** |
| **Commercial Support Services – 2.2%** | **Commercial Support Services – 2.2%** | **Commercial Support Services – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADT Security (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/1/29 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/15/32 <sup>(1)</sup> <br>| 90 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 2/15/31 <sup>(1)</sup> <br>| 587 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied <br> Universal Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/29 <sup>(1) †</sup> <br>| 325 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 6/15/30 <sup>(1)</sup> <br>| 113 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied <br> Universal Finance Corp./Atlas Luxco <br> 4 S.a.r.l.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/28 <sup>(1)</sup> <br>| 185 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/1/27 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/29 <sup>(1)</sup> <br>| 75 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aramark Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brink's (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/32 <sup>(1)</sup> <br>| 92 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/1/28 <sup>(1)</sup> <br>| 206 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/1/29 <sup>(1)</sup> <br>| 110 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 2/1/31 <sup>(1)</sup> <br>| 34 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 9/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEO Group (The), Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 4/15/29  | 25 | 26 |

---

NORTHERN FUNDS QUARTERLY REPORT **172** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Commercial Support Services – 2.2%continued** | **Commercial Support Services – 2.2%continued** | **Commercial Support Services – 2.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 4/15/31  | $100 | $110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/29 <sup>(1)</sup> <br>| 34 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/15/29 <sup>(1)</sup> <br>| 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/31 <sup>(1)</sup> <br>| 95 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services <br> Borrower LLC/Prime Finance, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/31 <sup>(1)</sup> <br>| 199 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reworld Holding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/30  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 8/1/29 <sup>(1)</sup> <br>| 172 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 8/1/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RRD Intermediate Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 12/1/30 <sup>(1) (5)</sup> <br>| 53 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sotheby's, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/15/27 <sup>(1)</sup> <br>| 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TKC Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 5/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veritiv Operating Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 11/30/30 <sup>(1)</sup> <br>| 30 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WASH Multifamily Acquisition, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/15/26 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Pro U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/1/33 <sup>(1)</sup> <br>| 240 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams Scotsman, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/15/28 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/15/29 <sup>(1)</sup> <br>| 33 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/15/30 <sup>(1)</sup> <br>| 62 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/1/31 <sup>(1)</sup> <br>| 37 | 39 |
|  |  | **3452** |
| **Communications – 0.1%** | **Communications – 0.1%** | **Communications – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/15/42 | 162 | **109** |
| **Construction Materials – 1.7%** | **Construction Materials – 1.7%** | **Construction Materials – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/15/30 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriTex HoldCo Intermediate LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 10/15/28 <sup>(1)</sup> <br>| 370 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JH North America Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/31/31 <sup>(1)</sup> <br>| 66 | 67 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Construction Materials – 1.7%continued** | **Construction Materials – 1.7%continued** | **Construction Materials – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 7/31/32 <sup>(1)</sup> <br>| $79 | $80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knife River Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 5/1/31 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Enterprise Stone & Lime Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/28 <sup>(1)</sup> <br>| 69 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 7/15/28 <sup>(1)</sup> <br>| 138 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oscar AcquisitionCo LLC/Oscar <br> Finance, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 4/15/30 <sup>(1)</sup> <br>| 1240 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/32 <sup>(1)</sup> <br>| 304 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/33 <sup>(1)</sup> <br>| 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/28 <sup>(1)</sup> <br>| 128 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 11/15/31 <sup>(1)</sup> <br>| 43 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Building Solutions, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/15/32 <sup>(1)</sup> <br>| 110 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 7/15/30 <sup>(1)</sup> <br>| 125 | 118 |
|  |  | **2627** |
| **Consumer Cyclical – 0.2%** | **Consumer Cyclical – 0.2%** | **Consumer Cyclical – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCPE Flavor Debt Merger Sub LLC and <br> BCPE Flavor Issuer, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 7/1/32 <sup>(1)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/33 <sup>(1) (6)</sup> <br>| 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 1/15/30 <sup>(1)</sup> <br>| 26 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rite Aid Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.00%, 8/30/21 <sup>(1) (7)</sup> <br>| 9 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.32%, 8/30/31 <sup>(1) (7)</sup> <br>| 4 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.00%, 8/30/31 <sup>(7) (8)</sup> <br>| 12 |  |
|  |  | **288** |
| **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Healthcare Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 9/1/29 <sup>(1)</sup> <br>| 44 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiology Partners, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 7/15/32 <sup>(1)</sup> <br>| 25 | 25 |
|  |  | **69** |
| **Consumer Services – 0.3%** | **Consumer Services – 0.3%** | **Consumer Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/28 <sup>(1)</sup> <br>| 40 | 40 |

---

FIXED INCOME FUNDS **173** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Consumer Services – 0.3%continued** | **Consumer Services – 0.3%continued** | **Consumer Services – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carriage Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/29 <sup>(1)</sup> <br>| $25 | $24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matthews International Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 10/1/27 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Corp. International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/31  | 136 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/32  | 197 | 199 |
|  |  | **442** |
| **Containers & Packaging – 1.7%** | **Containers & Packaging – 1.7%** | **Containers & Packaging – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance <br> U.S.A. LLC/Ardagh Metal Packaging <br> Finance PLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 9/1/28 <sup>(1) †</sup> <br>| 210 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/29 <sup>(1) †</sup> <br>| 280 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardagh Packaging Finance <br> PLC/Ardagh Holdings U.S.A., Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 8/15/26 [EUR]<sup>(9)</sup> <br>| 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/26 <sup>(1)</sup> <br>| 200 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ball Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/15/28  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 9/15/31  | 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/15/29 <sup>(1)</sup> <br>| 45 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 4/15/30 <sup>(1)</sup> <br>| 105 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/32 <sup>(1)</sup> <br>| 271 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Americas LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/1/33 <sup>(1)</sup> <br>| 96 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 7/15/32 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LABL, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/1/28 <sup>(1)</sup> <br>| 44 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/1/28 <sup>(1)</sup> <br>| 130 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 10/1/31 <sup>(1) †</sup> <br>| 32 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding <br> Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/27 <sup>(1)</sup> <br>| 468 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/15/27 <sup>(1)</sup> <br>| 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OI European Group B.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/30 <sup>(1)</sup> <br>| 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/13/27 <sup>(1)</sup> <br>| 119 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 5/15/31 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/27 <sup>(1)</sup> <br>| 40 | 39 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Containers & Packaging – 1.7%continued** | **Containers & Packaging – 1.7%continued** | **Containers & Packaging – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/29 <sup>(1)</sup> <br>| $50 | $49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/32 <sup>(1)</sup> <br>| 63 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. <br> U.S.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/31 <sup>(1)</sup> <br>| 29 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.75%, 12/31/28 <sup>(1)</sup> <br>| 61 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriMas Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/29 <sup>(1)</sup> <br>| 50 | 47 |
|  |  | **2620** |
| **Electric Utilities – 2.1%** | **Electric Utilities – 2.1%** | **Electric Utilities – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AES (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.20%), 7.60%, <br> 1/15/55 <sup>(3)</sup> <br>| 107 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.89%), 6.95%, <br> 7/15/55 <sup>(3)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Generation LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/32 <sup>(1)</sup> <br>| 93 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 0.00%), 6.95%, <br> 12/15/54 <sup>(3)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 0.00%), 7.05%, <br> 12/15/54 <sup>(3)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calpine Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/15/28 <sup>(1)</sup> <br>| 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/1/29 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/31 <sup>(1)</sup> <br>| 125 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.95%), 6.85%, <br> 2/15/55 <sup>(3)</sup> <br>| 27 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/32 <sup>(1)</sup> <br>| 67 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.21%), 6.63%, <br> 5/15/55 <sup>(3)</sup> <br>| 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.59%), 6.45%, <br> 9/1/54 <sup>(3)</sup> <br>| 40 | 41 |

---

NORTHERN FUNDS QUARTERLY REPORT **174** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edison International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.70%), 5.38%, <br> 3/9/26 <sup>(3) (4)</sup> <br>| $176 | $166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.66%), 7.88%, <br> 6/15/54 <sup>(3)</sup> <br>| 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lightning Power LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/15/32 <sup>(1)</sup> <br>| 93 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Ridge Energy LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 2/15/32 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.46%), 6.75%, <br> 6/15/54 <sup>(3)</sup> <br>| 41 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.05%), 6.38%, <br> 8/15/55 <sup>(3)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/28  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.92%), 10.25%, <br> 3/15/28 <sup>(1) (3) (4)</sup> <br>| 179 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/29 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/29 <sup>(1)</sup> <br>| 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/32 <sup>(1)</sup> <br>| 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/33 <sup>(1)</sup> <br>| 247 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/15/33 <sup>(1)</sup> <br>| 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/1/34 <sup>(1)</sup> <br>| 151 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pattern Energy Operations L.P./Pattern <br> Energy Operations, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/28 <sup>(1)</sup> <br>| 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.88%), 7.38%, <br> 3/15/55 <sup>(3)</sup> <br>| 125 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 6/1/30 <sup>(1)</sup> <br>| 75 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TerraForm Power Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/30 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 6.93%), 8.00%, <br> 10/15/26 <sup>(1) (3) (4)</sup> <br>| 136 | 139 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.74%), 7.00%, <br> 12/15/26 <sup>(1) (3) (4)</sup> <br>| $245 | $248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/26 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/15/27 <sup>(1)</sup> <br>| 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/31/27 <sup>(1)</sup> <br>| 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/31 <sup>(1)</sup> <br>| 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/32 <sup>(1)</sup> <br>| 111 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners <br> L.P.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 1/15/31 <sup>(1)</sup> <br>| 151 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 3/15/33 <sup>(1) †</sup> <br>| 25 | 27 |
|  |  | **3260** |
| **Electrical Equipment – 0.9%** | **Electrical Equipment – 0.9%** | **Electrical Equipment – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/30/28 <sup>(1)</sup> <br>| 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMRLD Borrower L.P./Emerald <br> Co-Issuer, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/15/30 <sup>(1)</sup> <br>| 772 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/15/31 <sup>(1)</sup> <br>| 71 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gates Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/1/29 <sup>(1)</sup> <br>| 42 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies B.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/29 <sup>(1)</sup> <br>| 285 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/15/30 <sup>(1)</sup> <br>| 14 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/31 <sup>(1)</sup> <br>| 84 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertiv Group Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/28 <sup>(1)</sup> <br>| 44 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WESCO Distribution, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/15/32 <sup>(1)</sup> <br>| 18 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/33 <sup>(1)</sup> <br>| 52 | 54 |
|  |  | **1393** |
| **Energy – 0.6%** | **Energy – 0.6%** | **Energy – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aethon United BR L.P./Aethon United <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/1/29 <sup>(1)</sup> <br>| 92 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delek Logistics Partners L.P./Delek <br> Logistics Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/30/33 <sup>(1)</sup> <br>| 125 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance <br> Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/35 <sup>(1)</sup> <br>| 53 | 52 |

---

FIXED INCOME FUNDS **175** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Energy – 0.6%continued** | **Energy – 0.6%continued** | **Energy – 0.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/33 <sup>(1)</sup> <br>| $75 | $74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/30 <sup>(1) (6)</sup> <br>| 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/15/34  | 276 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/36  | 283 | 283 |
|  |  | **946** |
| **Engineering & Construction – 0.3%** | **Engineering & Construction – 0.3%** | **Engineering & Construction – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/15/29 <sup>(1)</sup> <br>| 44 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 8/1/30 <sup>(1)</sup> <br>| 261 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brundage-Bone Concrete Pumping <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/1/32 <sup>(1)</sup> <br>| 135 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/29 <sup>(1)</sup> <br>| 42 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Installed Building Products, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 2/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pike Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 1/31/31 <sup>(1)</sup> <br>| 46 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/15/32 <sup>(1)</sup> <br>| 25 | 23 |
|  |  | **556** |
| **Entertainment Content – 0.6%** | **Entertainment Content – 0.6%** | **Entertainment Content – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/29 <sup>†</sup> <br>| 75 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/32 <sup>(1) (6)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playtika Holding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/15/29 <sup>(1)</sup> <br>| 96 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starz Capital Holdings 1, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/29 <sup>(1)</sup> <br>| 66 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starz Capital Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/29 <sup>(1)</sup> <br>| 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/29  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univision Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/1/27 <sup>(1)</sup> <br>| 84 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 8/15/28 <sup>(1)</sup> <br>| 149 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/29 <sup>(1)</sup> <br>| 150 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/30/30 <sup>(1) †</sup> <br>| 65 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 7/31/31 <sup>(1)</sup> <br>| 173 | 173 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Entertainment Content – 0.6%continued** | **Entertainment Content – 0.6%continued** | **Entertainment Content – 0.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 3/15/52  | $150 | $105 |
|  |  | **988** |
| **Finance Companies – 0.1%** | **Finance Companies – 0.1%** | **Finance Companies – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azorra Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/31 <sup>(1) (6)</sup> <br>| 45 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LFS Topco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/30 <sup>(1) (6)</sup> <br>| 100 | 98 |
|  |  | **144** |
| **Food – 2.5%** | **Food – 2.5%** | **Food – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 9/15/28 <sup>(1)</sup> <br>| 68 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BellRing Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/15/30 <sup>(1)</sup> <br>| 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chobani Holdco II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 10/1/29 <sup>(1) (5)</sup> <br>| 314 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chobani LLC/Chobani Finance Corp., <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/28 <sup>(1) †</sup> <br>| 63 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 7/1/29 <sup>(1)</sup> <br>| 84 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/15/30 <sup>(1)</sup> <br>| 63 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiesta Purchaser, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 3/1/31 <sup>(1)</sup> <br>| 675 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 9/15/32 <sup>(1)</sup> <br>| 442 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herbalife Nutrition Ltd./HLF Financing, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 9/1/25 <sup>(1)</sup> <br>| 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HLF Financing S.a.r.l. LLC/Herbalife <br> International, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/29 <sup>(1)</sup> <br>| 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/31/30 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/31/32 <sup>(1)</sup> <br>| 117 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/1/33  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/29 <sup>(1)</sup> <br>| 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/30 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/31 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/33 <sup>(1)</sup> <br>| 60 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/34 <sup>(1)</sup> <br>| 489 | 492 |

---

NORTHERN FUNDS QUARTERLY REPORT **176** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Food – 2.5%continued** | **Food – 2.5%continued** | **Food – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simmons Foods, Inc./Simmons <br> Prepared Foods, Inc./Simmons Pet <br> Food, Inc./Simmons Feed,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/1/29 <sup>(1)</sup> <br>| $1033 | $975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viking Baked Goods Acquisition Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/1/31 <sup>(1)</sup> <br>| 50 | 49 |
|  |  | **3876** |
| **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domtar Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/1/28 <sup>(1)</sup> <br>| 42 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnera Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/31 <sup>(1)</sup> <br>| 27 | 26 |
|  |  | **64** |
| **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriGas Partners L.P./AmeriGas <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/20/27  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 6/1/30 <sup>(1)</sup> <br>| 22 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas L.P./Ferrellgas Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/1/26 <sup>(1)</sup> <br>| 75 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/1/29 <sup>(1)</sup> <br>| 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suburban Propane Partners <br> L.P./Suburban Energy Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/31 <sup>(1)</sup> <br>| 25 | 24 |
|  |  | **313** |
| **Health Care Facilities & Services – 4.0%** | **Health Care Facilities & Services – 4.0%** | **Health Care Facilities & Services – 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/28 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/15/33 <sup>(1) †</sup> <br>| 779 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AHP Health Partners, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/29 <sup>(1)</sup> <br>| 155 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories <br> International, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 3/15/29 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/15/31 <sup>(1)</sup> <br>| 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 3/15/27 <sup>(1)</sup> <br>| 300 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/29 <sup>(1)</sup> <br>| 149 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/29 <sup>(1)</sup> <br>| 50 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/1/30 <sup>(1)</sup> <br>| 50 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/30 <sup>(1)</sup> <br>| 309 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/31 <sup>(1)</sup> <br>| 102 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 1/15/32 <sup>(1)</sup> <br>| 172 | 182 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Health Care Facilities & Services – 4.0%continued** | **Health Care Facilities & Services – 4.0%continued** | **Health Care Facilities & Services – 4.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentra Health Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/15/32 <sup>(1)</sup> <br>| $270 | $280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.52%), 6.75%, <br> 12/10/54 <sup>(3)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.89%), 7.00%, <br> 3/10/55 <sup>(3)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/30 <sup>(1)</sup> <br>| 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 9/1/32 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/15/33 <sup>(1)</sup> <br>| 55 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30  | 75 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 7/1/30 <sup>(1)</sup> <br>| 23 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HAH Group Holding Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/1/31 <sup>(1)</sup> <br>| 46 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/29 <sup>(1)</sup> <br>| 107 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQVIA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 6/1/32 <sup>(1)</sup> <br>| 178 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 8/15/30 <sup>(1)</sup> <br>| 55 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 10/15/30 <sup>(1)</sup> <br>| 176 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/15/32 <sup>(1)</sup> <br>| 72 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 6/1/32 <sup>(1)</sup> <br>| 113 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ModivCare, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/29 <sup>(1)</sup> <br>| 25 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/15/28 <sup>(1)</sup> <br>| 75 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/15/32 <sup>(1)</sup> <br>| 73 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/33 <sup>(1)</sup> <br>| 72 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/31/30 <sup>(1)</sup> <br>| 34 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 12/31/30 <sup>(1)</sup> <br>| 24 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/31/31 <sup>(1) †</sup> <br>| 27 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owens & Minor, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/31/29 <sup>(1)</sup> <br>| 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Medical Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 12/1/32 <sup>(1) †</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Parent, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 10/1/30 <sup>(1)</sup> <br>| 113 | 119 |

---

FIXED INCOME FUNDS **177** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Health Care Facilities & Services – 4.0%continued** | **Health Care Facilities & Services – 4.0%continued** | **Health Care Facilities & Services – 4.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 4/15/32 <sup>(1) †</sup> <br>| $1581 | $1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/27  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/1/27  | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/1/28  | 125 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/29 <sup>†</sup> <br>| 75 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/15/30  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/30 <sup>†</sup> <br>| 125 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/31  | 119 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Acute Care Solutions LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 5/15/29 <sup>(1)</sup> <br>| 101 | 104 |
|  |  | **6356** |
| **Home & Office Products – 0.4%** | **Home & Office Products – 0.4%** | **Home & Office Products – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FXI Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 11/15/26 <sup>(1)</sup> <br>| 98 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 11/15/26 <sup>(1)</sup> <br>| 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/15/27  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/1/28 <sup>(1)</sup> <br>| 61 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/15/29  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/30  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/32  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/1/36  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/1/46  | 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/31  | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/32  | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Somnigroup International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/31 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/30  | 59 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/33  | 61 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/1/43  | 50 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/46  | 25 | 19 |
|  |  | **658** |
| **Home Construction – 1.0%** | **Home Construction – 1.0%** | **Home Construction – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams Homes, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 10/15/28 <sup>(1)</sup> <br>| 150 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashton Woods U.S.A. LLC/Ashton <br> Woods Finance Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/28 <sup>(1)</sup> <br>| 50 | 50 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Home Construction – 1.0%continued** | **Home Construction – 1.0%continued** | **Home Construction – 1.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/1/29 <sup>(1)</sup> <br>| $50 | $48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/1/30 <sup>(1)</sup> <br>| 75 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/27  | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/15/29  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 3/15/31 <sup>(1)</sup> <br>| 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Century Communities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/29 <sup>(1)</sup> <br>| 75 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 8/15/29 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 8/15/28 <sup>(1)</sup> <br>| 71 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestar Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/28  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JELD-WEN, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/15/27 <sup>(1)</sup> <br>| 14 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 9/1/32 <sup>(1)</sup> <br>| 76 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; K Hovnanian Enterprises, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 9/30/29 <sup>(1)</sup> <br>| 192 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Home, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/15/30  | 75 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/31 <sup>†</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 12/15/28 <sup>(1)</sup> <br>| 56 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/29 <sup>(1)</sup> <br>| 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/32 <sup>(1)</sup> <br>| 97 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco, <br> Inc./MIWD Borrower LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/1/32 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIWD Holdco II LLC/MIWD Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/30 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Home (The) Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 10/1/29 <sup>(1)</sup> <br>| 73 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shea Homes L.P./Shea Homes Funding <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/28  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/29  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STL Holding Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 2/15/29 <sup>(1)</sup> <br>| 52 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/15/27 <sup>(1)</sup> <br>| 25 | 25 |

---

NORTHERN FUNDS QUARTERLY REPORT **178** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Home Construction – 1.0%continued** | **Home Construction – 1.0%continued** | **Home Construction – 1.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/27  | $25 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weekley Homes LLC/Weekley Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/28 <sup>(1)</sup> <br>| 50 | 49 |
|  |  | **1658** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/30 <sup>†</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/31 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/30/32  | 94 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prestige Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 1/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/1/31 <sup>(1)</sup> <br>| 25 | 23 |
|  |  | **190** |
| **Industrial Intermediate Products – 0.1%** | **Industrial Intermediate Products – 0.1%** | **Industrial Intermediate Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/1/30 <sup>(1)</sup> <br>| 39 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enpro, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/1/33 <sup>(1)</sup> <br>| 28 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park-Ohio Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/15/27  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roller Bearing Co. of America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/29 <sup>(1)</sup> <br>| 25 | 24 |
|  |  | **118** |
| **Industrial Support Services – 0.5%** | **Industrial Support Services – 0.5%** | **Industrial Support Services – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alta Equipment Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 6/1/29 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APi Group DE, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/15/29 <sup>(1)</sup> <br>| 84 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/29 <sup>(1)</sup> <br>| 52 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 5/15/32 <sup>(1)</sup> <br>| 75 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/15/33 <sup>(1)</sup> <br>| 77 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/15/29 <sup>(1) †</sup> <br>| 47 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/15/30 <sup>(1)</sup> <br>| 68 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/33 <sup>(1)</sup> <br>| 35 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/29 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resideo Funding, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/32 <sup>(1)</sup> <br>| 99 | 101 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Industrial Support Services – 0.5%continued** | **Industrial Support Services – 0.5%continued** | **Industrial Support Services – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Rentals North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/30  | $25 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/30  | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/31  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/32  | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/34 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Velocity Vehicle Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 6/1/29 <sup>(1)</sup> <br>| 25 | 25 |
|  |  | **862** |
| **Institutional Financial Services – 0.6%** | **Institutional Financial Services – 0.6%** | **Institutional Financial Services – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/1/28 <sup>(1)</sup> <br>| 200 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/1/31 <sup>(1)</sup> <br>| 225 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group (The), Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.22%), 7.56%, <br> 8/10/25 <sup>(3) (4)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.46%), 6.85%, <br> 2/10/30 <sup>(3) (4)</sup> <br>| 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 10Y + 2.40%), 6.13%, <br> 11/10/34 <sup>(3) (4)</sup> <br>| 168 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/29 <sup>(1)</sup> <br>| 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/1/32 <sup>(1)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/1/33 <sup>(1)</sup> <br>| 65 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.61%), 6.70%, <br> 3/15/29 <sup>(3) (4)</sup> <br>| 28 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VFH Parent LLC/Valor Co-Issuer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/15/31 <sup>(1)</sup> <br>| 25 | 26 |
|  |  | **953** |
| **Insurance – 3.0%** | **Insurance – 3.0%** | **Insurance – 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 2/1/29 <sup>(1)</sup> <br>| 75 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/15/29 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/6/30 <sup>(1)</sup> <br>| 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/1/32 <sup>(1)</sup> <br>| 46 | 47 |

---

FIXED INCOME FUNDS **179** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Insurance – 3.0%continued** | **Insurance – 3.0%continued** | **Insurance – 3.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliant Holdings <br> Intermediate LLC/Alliant Holdings <br> Co-Issuer,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/27 <sup>(1)</sup> <br>| $161 | $158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27 <sup>(1)</sup> <br>| 153 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/1/29 <sup>(1)</sup> <br>| 197 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/31 <sup>(1)</sup> <br>| 148 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/31 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/1/32 <sup>(1)</sup> <br>| 117 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmWINS Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 2/15/29 <sup>(1)</sup> <br>| 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/30/29 <sup>(1)</sup> <br>| 36 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 <br> Somerset Investor 2 LLC/APH3 <br> Somerset Inves,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 11/1/29 <sup>(1)</sup> <br>| 93 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AssuredPartners, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 1/15/29 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/15/32 <sup>(1)</sup> <br>| 82 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group <br> Holdings LLC/Baldwin Insurance <br> Group Holdings Finance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 5/15/31 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.65%), 6.38%, <br> 9/15/54 <sup>(3)</sup> <br>| 48 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HUB International Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/30 <sup>(1)</sup> <br>| 525 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/31/32 <sup>(1)</sup> <br>| 1930 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panther Escrow Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 6/1/31 <sup>(1)</sup> <br>| 402 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/30 <sup>(1)</sup> <br>| 36 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 8/1/32 <sup>(1)</sup> <br>| 94 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USI, Inc./NY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/15/32 <sup>(1)</sup> <br>| 83 | 88 |
|  |  | **4690** |
| **Internet Media & Services – 0.4%** | **Internet Media & Services – 0.4%** | **Internet Media & Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANGI Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/28 <sup>(1)</sup> <br>| 48 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arches Buyer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/28 <sup>(1)</sup> <br>| 25 | 24 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Internet Media & Services – 0.4%continued** | **Internet Media & Services – 0.4%continued** | **Internet Media & Services – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getty Images, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 2/21/30 <sup>(1)</sup> <br>| $36 | $36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Go Daddy Operating Co. LLC/GD <br> Finance Co., Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/27 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GrubHub Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/27 <sup>(1) †</sup> <br>| 70 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Match Group Holdings II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/28 <sup>(1)</sup> <br>| 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/1/31 <sup>(1)</sup> <br>| 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millennium Escrow Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 8/1/26 <sup>(1)</sup> <br>| 50 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/29 <sup>(1)</sup> <br>| 25 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/1/33 <sup>(1)</sup> <br>| 282 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/30 <sup>(1)</sup> <br>| 22 | 20 |
|  |  | **607** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/1/28 <sup>(1)</sup> <br>| 110 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/1/32 <sup>(1)</sup> <br>| 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASGN, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/28 <sup>(1)</sup> <br>| 75 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/15/33 <sup>(1)</sup> <br>| 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exela Intermediate LLC/Exela Finance, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 4/15/26 <sup>(1) (7)</sup> <br>| 88 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Intermediate 3, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/31 <sup>(1)</sup> <br>| 73 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insight Enterprises, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/32 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/30/28 <sup>(1)</sup> <br>| 54 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Science Applications International <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 4/1/28 <sup>(1) †</sup> <br>| 35 | 34 |
|  |  | **515** |

---

NORTHERN FUNDS QUARTERLY REPORT **180** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Leisure Facilities & Services – 4.9%** | **Leisure Facilities & Services – 4.9%** | **Leisure Facilities & Services – 4.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affinity Interactive, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/15/27 <sup>(1)</sup> <br>| $50 | $31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/26  | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/15/29 <sup>(1) †</sup> <br>| 75 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/31 <sup>(1)</sup> <br>| 545 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boyne U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/15/29 <sup>(1)</sup> <br>| 63 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/29 <sup>(1) †</sup> <br>| 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/30 <sup>(1)</sup> <br>| 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/32 <sup>(1)</sup> <br>| 99 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/27 <sup>(1)</sup> <br>| 150 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 6/1/27  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 1/15/28  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/29 <sup>(1)</sup> <br>| 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/15/31 <sup>(1)</sup> <br>| 127 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 2/15/33 <sup>(1)</sup> <br>| 333 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/1/30 <sup>(1)</sup> <br>| 219 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/1/31 <sup>(1)</sup> <br>| 79 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cinemark U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/32 <sup>(1)</sup> <br>| 41 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co., Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/29 <sup>(1)</sup> <br>| 59 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/30 <sup>(1)</sup> <br>| 544 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Full House Resorts, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 2/15/28 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPS Hospitality Holding Co. LLC/GPS <br> Finco, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/15/28 <sup>(1)</sup> <br>| 75 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/1/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/31 <sup>(1)</sup> <br>| 125 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 2/15/32 <sup>(1)</sup> <br>| 75 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/33 <sup>(1)</sup> <br>| 148 | 151 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Leisure Facilities & Services – 4.9%continued** | **Leisure Facilities & Services – 4.9%continued** | **Leisure Facilities & Services – 4.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations <br> Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/29 <sup>(1)</sup> <br>| $100 | $96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/1/31 <sup>(1)</sup> <br>| 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacobs Entertainment, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/29 <sup>(1) †</sup> <br>| 75 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/14/30  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Time, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/31 <sup>(1)</sup> <br>| 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/15/28 <sup>(1)</sup> <br>| 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/1/31 <sup>(1)</sup> <br>| 45 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 5/15/28 <sup>(1)</sup> <br>| 24 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/27 <sup>(1)</sup> <br>| 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 3/15/26 <sup>(1)</sup> <br>| 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 <sup>(1)</sup> <br>| 75 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/29  | 63 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/32  | 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midwest Gaming <br> Borrower LLC/Midwest Gaming <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/1/29 <sup>(1)</sup> <br>| 63 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS <br> Digital Entertainment Holdings LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 4/15/30 <sup>(1)</sup> <br>| 74 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCL Corp. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 1/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/15/29 <sup>(1)</sup> <br>| 12 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/1/30 <sup>(1)</sup> <br>| 55 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/32 <sup>(1)</sup> <br>| 230 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCL Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/28 <sup>(1)</sup> <br>| 37 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/1/29 <sup>(1) †</sup> <br>| 100 | 93 |

---

FIXED INCOME FUNDS **181** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Leisure Facilities & Services – 4.9%continued** | **Leisure Facilities & Services – 4.9%continued** | **Leisure Facilities & Services – 4.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/1/29 <sup>(1)</sup> <br>| $50 | $29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 9/1/31 <sup>(1)</sup> <br>| 140 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raising Cane's Restaurants LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 5/1/29 <sup>(1)</sup> <br>| 37 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rivers Enterprise Borrower LLC/Rivers <br> Enterprise Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 2/1/33 <sup>(1)</sup> <br>| 34 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/31/26 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/30/31 <sup>(1)</sup> <br>| 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/32 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/33 <sup>(1)</sup> <br>| 125 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 6/1/27 <sup>(1)</sup> <br>| 23 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/15/29 <sup>(1)</sup> <br>| 105 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.13%, 7/15/30 <sup>(1)</sup> <br>| 93 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scientific Games Holdings L.P.,Scientific <br> Games U.S. FinCo, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/1/30 <sup>(1)</sup> <br>| 581 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SeaWorld Parks & Entertainment, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/15/29 <sup>(1)</sup> <br>| 75 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment <br> Corp./Canada's Wonderland <br> Co./Magnum Management Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/28  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/29  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Six Flags <br> Theme Parks, Inc./Canada's <br> Wonderland Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/1/32 <sup>(1)</sup> <br>| 329 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Station Casinos LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/31 <sup>(1)</sup> <br>| 67 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/15/32 <sup>(1)</sup> <br>| 36 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/31/26 <sup>(1)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/1/30 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/30 <sup>(1)</sup> <br>| 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/32 <sup>(1)</sup> <br>| 49 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viking Cruises Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 9/15/27 <sup>(1)</sup> <br>| 160 | 160 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Leisure Facilities & Services – 4.9%continued** | **Leisure Facilities & Services – 4.9%continued** | **Leisure Facilities & Services – 4.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 7/15/31 <sup>(1)</sup> <br>| $178 | $192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/15/29 <sup>(1)</sup> <br>| 59 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOC Escrow Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/28 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyager Parent LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 7/1/32 <sup>(1)</sup> <br>| 54 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas <br> Capital Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/27 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn <br> Resorts Capital Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/1/29 <sup>(1)</sup> <br>| 176 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/33 <sup>(1)</sup> <br>| 138 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/1/32  | 100 | 100 |
|  |  | **7743** |
| **Leisure Products – 0.1%** | **Leisure Products – 0.1%** | **Leisure Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MajorDrive Holdings IV LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/1/29 <sup>(1)</sup> <br>| 109 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/1/41  | 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winnebago Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/15/28 <sup>(1)</sup> <br>| 20 | 20 |
|  |  | **128** |
| **Machinery – 1.4%** | **Machinery – 1.4%** | **Machinery – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amsted Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/33 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esab Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/29 <sup>(1)</sup> <br>| 26 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GrafTech Global Enterprises, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 12/23/29 <sup>(1)</sup> <br>| 81 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/30/28 <sup>(1)</sup> <br>| 53 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/30/29 <sup>(1)</sup> <br>| 1099 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manitowoc (The) Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 10/1/31 <sup>(1)</sup> <br>| 52 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPX FLOW, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 4/1/30 <sup>(1)</sup> <br>| 760 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terex Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/29 <sup>(1)</sup> <br>| 75 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/32 <sup>(1)</sup> <br>| 35 | 35 |
|  |  | **2200** |

---

NORTHERN FUNDS QUARTERLY REPORT **182** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Medical Equipment & Devices – 1.2%** | **Medical Equipment & Devices – 1.2%** | **Medical Equipment & Devices – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avantor Funding, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 7/15/28 <sup>(1)</sup> <br>| $85 | $84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/1/29 <sup>(1)</sup> <br>| 108 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 10/1/28 <sup>(1)</sup> <br>| 252 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/30 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/33 <sup>(1)</sup> <br>| 72 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medline Borrower L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/1/29 <sup>(1)</sup> <br>| 71 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/29 <sup>(1)</sup> <br>| 315 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medline Borrower L.P./ Medline <br> Co-Issuer, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/29 <sup>(1)</sup> <br>| 77 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neogen Food Safety Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 7/20/30 <sup>(1)</sup> <br>| 71 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/1/31 <sup>(1)</sup> <br>| 839 | 873 |
|  |  | **1953** |
| **Metals & Mining – 2.1%** | **Metals & Mining – 2.1%** | **Metals & Mining – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arsenal AIC Parent LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/1/30 <sup>(1)</sup> <br>| 79 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 10/1/31 <sup>(1)</sup> <br>| 230 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Century Aluminum Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/1/28 <sup>(1)</sup> <br>| 1790 | 1817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Minerals International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 7/1/30 <sup>(1)</sup> <br>| 315 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellium S.E., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/15/32 <sup>(1)</sup> <br>| 250 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 3/15/43  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/1/28 <sup>(1)</sup> <br>| 129 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/31 <sup>(1)</sup> <br>| 167 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murray Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 4/15/24 <sup>(1) (7) (10)</sup> <br>| 486 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Acquisitions ULC/Dominion <br> Finco, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/1/22 <sup>(1) (7) (10)</sup> <br>| 1905 |  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Metals & Mining – 2.1%continued** | **Metals & Mining – 2.1%continued** | **Metals & Mining – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novelis Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/30/30 <sup>(1)</sup> <br>| $95 | $91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/30/30 <sup>(1)</sup> <br>| 102 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/31 <sup>(1)</sup> <br>| 91 | 82 |
|  |  | **3348** |
| **Oil & Gas Services & Equipment – 1.3%** | **Oil & Gas Services & Equipment – 1.3%** | **Oil & Gas Services & Equipment – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archrock Partners L.P./Archrock <br> Partners Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/1/27 <sup>(1)</sup> <br>| 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/28 <sup>(1)</sup> <br>| 115 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/1/32 <sup>(1)</sup> <br>| 154 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aris Water Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 4/1/30 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristow Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co./Diamond <br> Finance LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/1/30 <sup>(1)</sup> <br>| 38 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Marine, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/1/28  | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 3/1/29 <sup>(1)</sup> <br>| 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/29 <sup>(1)</sup> <br>| 122 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/15/28 <sup>(1) †</sup> <br>| 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 5/15/27 <sup>(1)</sup> <br>| 89 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 8/15/31 <sup>(1) †</sup> <br>| 75 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nine Energy Service, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.00%, 2/1/28  | 50 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Finance II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/15/30 <sup>(1)</sup> <br>| 103 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/28  | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Holding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 8/1/31 <sup>(1)</sup> <br>| 76 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transocean Aquila Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 9/30/28 <sup>(1)</sup> <br>| 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/1/28 <sup>(1)</sup> <br>| 45 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transocean, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 2/1/27 <sup>(1)</sup> <br>| 161 | 159 |

---

FIXED INCOME FUNDS **183** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Oil & Gas Services & Equipment – 1.3%continued** | **Oil & Gas Services & Equipment – 1.3%continued** | **Oil & Gas Services & Equipment – 1.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/15/29 <sup>(1)</sup> <br>| $24 | $22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 2/15/30 <sup>(1)</sup> <br>| 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/31 <sup>†</sup> <br>| 75 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/15/31 <sup>(1)</sup> <br>| 26 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 3/15/38  | 171 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.35%, 12/15/41  | 25 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S.A. Compression Partners <br> L.P./U.S.A. Compression Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 9/1/27  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/29 <sup>(1)</sup> <br>| 98 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valaris Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 4/30/30 <sup>(1)</sup> <br>| 151 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weatherford International Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 4/30/30 <sup>(1)</sup> <br>| 285 | 294 |
|  |  | **2047** |
| **Oil & Gas Supply Chain – 6.3%** | **Oil & Gas Supply Chain – 6.3%** | **Oil & Gas Supply Chain – 6.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/27 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 2/1/32 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascent Resources Utica <br> Holdings LLC/ARU Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/1/27 <sup>(1)</sup> <br>| 86 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/30/29 <sup>(1)</sup> <br>| 42 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/32 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/33 <sup>(1)</sup> <br>| 55 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 7/15/29 <sup>(1)</sup> <br>| 70 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/15/32 <sup>(1)</sup> <br>| 61 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckeye Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/1/29 <sup>(1)</sup> <br>| 53 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/30 <sup>(1)</sup> <br>| 39 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/43  | 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/44  | 32 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 6/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/33 <sup>(1)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITGO Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/15/26 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 1/15/29 <sup>(1)</sup> <br>| 179 | 186 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Oil & Gas Supply Chain – 6.3%continued** | **Oil & Gas Supply Chain – 6.3%continued** | **Oil & Gas Supply Chain – 6.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/26 <sup>(1)</sup> <br>| $25 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 7/1/28 <sup>(1)</sup> <br>| 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/1/30 <sup>(1)</sup> <br>| 175 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 7/1/31 <sup>(1)</sup> <br>| 77 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 6/15/33 <sup>(1)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNX Midstream Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/15/30 <sup>(1)</sup> <br>| 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/29 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/31 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 3/1/32 <sup>(1)</sup> <br>| 41 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/29 <sup>(1)</sup> <br>| 76 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/29 <sup>(1)</sup> <br>| 54 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/15/30 <sup>(1)</sup> <br>| 187 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CQP Holdco L.P./BIP-V Chinook <br> Holdco LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/31 <sup>(1)</sup> <br>| 265 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 4/1/32 <sup>(1)</sup> <br>| 95 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/33 <sup>(1)</sup> <br>| 138 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/34 <sup>(1) (6)</sup> <br>| 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delek Logistics Partners L.P./Delek <br> Logistics Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 6/1/28 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 3/15/29 <sup>(1)</sup> <br>| 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encino Acquisition Partners <br> Holdings LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 5/1/31 <sup>(1)</sup> <br>| 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.02%), 8.00%, <br> 5/15/54 <sup>(3)</sup> <br>| 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.83%), 7.13%, <br> 10/1/54 <sup>(3) †</sup> <br>| 110 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQT Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/27  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/15/29  | 45 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excelerate Energy L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/30 <sup>(1)</sup> <br>| 85 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesis Energy L.P./Genesis Energy <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/1/28  | 90 | 91 |

---

NORTHERN FUNDS QUARTERLY REPORT **184** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Oil & Gas Supply Chain – 6.3%continued** | **Oil & Gas Supply Chain – 6.3%continued** | **Oil & Gas Supply Chain – 6.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/29  | $13 | $14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 4/15/30  | 52 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/15/32  | 133 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/33  | 68 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Partners L.P./GLP Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 7/1/33 <sup>(1)</sup> <br>| 47 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/1/29 <sup>(1)</sup> <br>| 55 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvest Midstream I L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/1/28 <sup>(1)</sup> <br>| 295 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/15/32 <sup>(1)</sup> <br>| 43 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hess Midstream Operations L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/15/28 <sup>(1)</sup> <br>| 75 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/29 <sup>(1)</sup> <br>| 73 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/30 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance <br> Co.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 2/1/29 <sup>(1)</sup> <br>| 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/30 <sup>(1)</sup> <br>| 27 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/31 <sup>(1)</sup> <br>| 75 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/32 <sup>(1)</sup> <br>| 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/1/33 <sup>(1)</sup> <br>| 145 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/15/34 <sup>(1)</sup> <br>| 73 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howard Midstream Energy <br> Partners LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 7/15/28 <sup>(1)</sup> <br>| 79 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 7/15/32 <sup>(1)</sup> <br>| 75 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITT Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/29 <sup>(1)</sup> <br>| 180 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimmeridge Texas Gas LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 2/15/30 <sup>(1)</sup> <br>| 149 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/15/28 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/15/30 <sup>(1)</sup> <br>| 60 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraken Oil & Gas Partners LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 8/15/29 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas <br> Operating LLC/Magnolia Oil & Gas <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/1/32 <sup>(1)</sup> <br>| 78 | 79 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Oil & Gas Supply Chain – 6.3%continued** | **Oil & Gas Supply Chain – 6.3%continued** | **Oil & Gas Supply Chain – 6.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin Midstream Partners L.P./Martin <br> Midstream Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 2/15/28 <sup>(1)</sup> <br>| $75 | $79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/32 <sup>(1)</sup> <br>| 124 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/32  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/15/29  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Fortress Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/30/26 <sup>(1) †</sup> <br>| 25 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFE Financing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 11/15/29 <sup>(1)</sup> <br>| 100 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL <br> Energy Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 2/15/29 <sup>(1)</sup> <br>| 182 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/15/32 <sup>(1)</sup> <br>| 262 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 3/1/28 <sup>(1)</sup> <br>| 240 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 6/15/31 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NuStar Logistics L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/1/30  | 75 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 4/1/45  | 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/28  | 150 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 9/15/30 <sup>(1)</sup> <br>| 42 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 1/15/26 <sup>(1)</sup> <br>| 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/15/27 <sup>(1)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 7/1/29 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/32 <sup>(1)</sup> <br>| 26 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/33 <sup>(1)</sup> <br>| 102 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 4.37%), 8.70%, 7/30/25 <sup>(4) (11)</sup> <br>| 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prairie Acquiror L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 8/1/29 <sup>(1)</sup> <br>| 76 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/29  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/15/29 <sup>(1)</sup> <br>| 50 | 49 |

---

FIXED INCOME FUNDS **185** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Oil & Gas Supply Chain – 6.3%continued** | **Oil & Gas Supply Chain – 6.3%continued** | **Oil & Gas Supply Chain – 6.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 5/15/30 <sup>(1)</sup> <br>| $25 | $24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/40 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sitio Royalties Operating Partnership <br> L.P./Sitio Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 11/1/28 <sup>(1)</sup> <br>| 58 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/1/29 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/32 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunoco L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/1/33 <sup>(1)</sup> <br>| 88 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunoco L.P./Sunoco Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/27  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 9/15/28 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/30/30  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/28 <sup>(1)</sup> <br>| 24 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/29 <sup>(1)</sup> <br>| 137 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/30 <sup>(1)</sup> <br>| 53 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/31 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talos Production, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/1/29 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 2/1/31 <sup>(1)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 5/15/55  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TGNR Intermediate Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/29 <sup>(1)</sup> <br>| 68 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransMontaigne Partners LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/15/30 <sup>(1)</sup> <br>| 37 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/30 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/31 <sup>(1)</sup> <br>| 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 6/1/28 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 2/1/29 <sup>(1)</sup> <br>| 319 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.44%), 9.00%, <br> 9/30/29 <sup>(1) (3) (4)</sup> <br>| 585 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 6/1/31 <sup>(1)</sup> <br>| 228 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 2/1/32 <sup>(1)</sup> <br>| 308 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/1/33 <sup>(1)</sup> <br>| 148 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 5/1/35 <sup>(1)</sup> <br>| 144 | 156 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Oil & Gas Supply Chain – 6.3%continued** | **Oil & Gas Supply Chain – 6.3%continued** | **Oil & Gas Supply Chain – 6.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vital Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/31/29 <sup>(1)</sup> <br>| $38 | $34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/15/30 <sup>†</sup> <br>| 89 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/32 <sup>(1) †</sup> <br>| 157 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wildfire Intermediate Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/15/29 <sup>(1)</sup> <br>| 48 | 48 |
|  |  | **9947** |
| **Publishing & Broadcasting – 1.5%** | **Publishing & Broadcasting – 1.5%** | **Publishing & Broadcasting – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 8/15/27 <sup>(1)</sup> <br>| 206 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 4/15/28 <sup>(1)</sup> <br>| 133 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 9/15/28 <sup>(1)</sup> <br>| 136 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/29 <sup>(1) †</sup> <br>| 182 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/1/30 <sup>(1)</sup> <br>| 291 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Media, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/15/27 <sup>(1)</sup> <br>| 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 7/15/29 <sup>(1)</sup> <br>| 122 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/30 <sup>(1) †</sup> <br>| 75 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/31 <sup>(1)</sup> <br>| 50 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 5/1/29 <sup>(1)</sup> <br>| 21 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 5/1/30 <sup>(1)</sup> <br>| 40 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 8/15/30 <sup>(1)</sup> <br>| 64 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamar Media Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/30  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 8/1/29 <sup>(1)</sup> <br>| 630 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 9/1/31 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; News Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/15/32 <sup>(1)</sup> <br>| 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scripps Escrow II, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 1/15/31 <sup>(1)</sup> <br>| 50 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/15/27 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/30 <sup>(1) †</sup> <br>| 25 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/31/32 <sup>(1)</sup> <br>| 25 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 2/15/33 <sup>(1)</sup> <br>| 123 | 124 |
|  |  | **2345** |
| **Real Estate Investment Trusts – 2.0%** | **Real Estate Investment Trusts – 2.0%** | **Real Estate Investment Trusts – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Property REIT, Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LL,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/27 <sup>(1)</sup> <br>| 64 | 62 |

---

NORTHERN FUNDS QUARTERLY REPORT **186** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Real Estate Investment Trusts – 2.0%continued** | **Real Estate Investment Trusts – 2.0%continued** | **Real Estate Investment Trusts – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain Information <br> Management Services, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/32 <sup>(1)</sup> <br>| $260 | $249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/15/28 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/30 <sup>(1)</sup> <br>| 155 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/31 <sup>(1)</sup> <br>| 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/33 <sup>(1)</sup> <br>| 97 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPT Operating Partnership L.P./MPT <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 <sup>†</sup> <br>| 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/1/29  | 50 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/31  | 50 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 2/15/32 <sup>(1)</sup> <br>| 214 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK <br> Domestic Property LLC/PK Finance <br> Co-Issuer,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/1/28 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/15/29 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/1/30 <sup>(1)</sup> <br>| 70 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel L.P./PEB Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/15/29 <sup>(1)</sup> <br>| 49 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/15/54  | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RHP Hotel Properties L.P./RHP Finance <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/32 <sup>(1)</sup> <br>| 173 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/33 <sup>(1)</sup> <br>| 73 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 7/1/26 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/15/29 <sup>(1)</sup> <br>| 139 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 2/1/29  | 53 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/15/26  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/1/26  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/1/29  | 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/15/30  | 50 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/15/31 <sup>(1)</sup> <br>| 244 | 262 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Real Estate Investment Trusts – 2.0%continued** | **Real Estate Investment Trusts – 2.0%continued** | **Real Estate Investment Trusts – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 6/15/32  | $91 | $94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniti Group L.P./Uniti Fiber Holdings, <br> Inc./CSL Capital LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/30 <sup>(1)</sup> <br>| 75 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniti Group L.P./Uniti Group Finance <br> 2019, Inc./CSL Capital LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 2/15/28 <sup>(1)</sup> <br>| 291 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/29 <sup>(1)</sup> <br>| 75 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 6/15/32 <sup>(1)</sup> <br>| 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XHR L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/30 <sup>(1)</sup> <br>| 48 | 49 |
|  |  | **3186** |
| **Real Estate Owners & Developers – 0.2%** | **Real Estate Owners & Developers – 0.2%** | **Real Estate Owners & Developers – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greystar Real Estate Partners LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 9/1/30 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 8/1/28 <sup>(1)</sup> <br>| 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/1/29 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/31 <sup>(1)</sup> <br>| 42 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/29  | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30  | 50 | 46 |
|  |  | **281** |
| **Real Estate Services – 0.4%** | **Real Estate Services – 0.4%** | **Real Estate Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate <br> Group LLC/Anywhere Co-Issuer <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/15/30 <sup>(1) †</sup> <br>| 144 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/15/30  | 86 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate <br> Group LLC/Realogy Co-Issuer Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/29 <sup>(1)</sup> <br>| 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/15/30 <sup>(1) †</sup> <br>| 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 4/15/30 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreLogic, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/28 <sup>(1)</sup> <br>| 207 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower <br> LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 9/1/31 <sup>(1)</sup> <br>| 86 | 92 |
|  |  | **620** |

---

FIXED INCOME FUNDS **187** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Retail - Consumer Staples – 0.4%** | **Retail - Consumer Staples – 0.4%** | **Retail - Consumer Staples – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, <br> Inc./New Albertsons <br> L.P./Albertsons LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/27 <sup>(1)</sup> <br>| $50 | $50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/28 <sup>(1)</sup> <br>| 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/15/30 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/33 <sup>(1)</sup> <br>| 67 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingles Markets, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/31 <sup>(1)</sup> <br>| 75 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kroger (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/34  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 9/15/64  | 125 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 8/15/29  | 56 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/18/44  | 68 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 6/1/46  | 25 | 23 |
|  |  | **630** |
| **Retail - Discretionary – 3.2%** | **Retail - Discretionary – 3.2%** | **Retail - Discretionary – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/32 <sup>(1)</sup> <br>| 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis <br> Budget Finance, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/27 <sup>(1)</sup> <br>| 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/28 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/30 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/1/30 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/1/36  | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCPE Ulysses Intermediate, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, (100% Cash), 4/1/27 <sup>(1) (5)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/30 <sup>(1)</sup> <br>| 150 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/32 <sup>(1)</sup> <br>| 175 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/15/32 <sup>(1)</sup> <br>| 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/34 <sup>(1)</sup> <br>| 129 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/35 <sup>(1)</sup> <br>| 81 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 6/1/30 <sup>(1)</sup> <br>| 147 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 6/1/31 <sup>(1) (5)</sup> <br>| 350 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cougar JV Subsidiary LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/32 <sup>(1)</sup> <br>| 41 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Building Materials, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/1/29 <sup>(1)</sup> <br>| 27 | 25 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Retail - Discretionary – 3.2%continued** | **Retail - Discretionary – 3.2%continued** | **Retail - Discretionary – 3.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gap (The), Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/1/29 <sup>(1)</sup> <br>| $25 | $23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/1/31 <sup>(1)</sup> <br>| 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GYP Holdings III Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/1/29 <sup>(1)</sup> <br>| 46 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hertz (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/26 <sup>(1)</sup> <br>| 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.63%, 7/15/29 <sup>(1)</sup> <br>| 29 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LBM Acquisition LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/29 <sup>(1)</sup> <br>| 50 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCM Investments Holdings II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/1/29 <sup>(1)</sup> <br>| 112 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 8/1/31 <sup>(1)</sup> <br>| 66 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Interactive LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 2/1/30  | 25 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/27 <sup>(1)</sup> <br>| 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/1/29 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/1/29 <sup>(1)</sup> <br>| 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/34  | 25 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 1/15/42  | 75 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/29 <sup>(1)</sup> <br>| 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michaels (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/1/28 <sup>(1)</sup> <br>| 50 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/1/29 <sup>(1)</sup> <br>| 75 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/1/29 <sup>(1)</sup> <br>| 75 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/1/32 <sup>(1)</sup> <br>| 740 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QVC, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/29 <sup>(1)</sup> <br>| 8 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QXO Building Products, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/30/32 <sup>(1)</sup> <br>| 211 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 12/15/29 <sup>(1)</sup> <br>| 75 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Staples, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 9/1/29 <sup>(1)</sup> <br>| 112 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.75%, 1/15/30 <sup>(1)</sup> <br>| 88 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 1/30/32 <sup>(1)</sup> <br>| 1020 | 1072 |

---

NORTHERN FUNDS QUARTERLY REPORT **188** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Retail - Discretionary – 3.2%continued** | **Retail - Discretionary – 3.2%continued** | **Retail - Discretionary – 3.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Cap Buyer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/15/28 <sup>(1) †</sup> <br>| $438 | $437 |
|  |  | **5070** |
| **Semiconductors – 0.2%** | **Semiconductors – 0.2%** | **Semiconductors – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/29 <sup>(1)</sup> <br>| 157 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 9/1/28 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/29 <sup>(1)</sup> <br>| 50 | 47 |
|  |  | **250** |
| **Software – 4.2%** | **Software – 4.2%** | **Software – 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/30 <sup>(1)</sup> <br>| 2121 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camelot Finance S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/26 <sup>(1)</sup> <br>| 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capstone Borrower, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 6/15/30 <sup>(1)</sup> <br>| 121 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 6/15/30 <sup>(1)</sup> <br>| 47 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle U.S. Holding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 6/30/31 <sup>(1)</sup> <br>| 46 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Parent LLC/CDK Global <br> II LLC/CDK Financing Co., Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 6/15/29 <sup>(1)</sup> <br>| 36 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Parent, Inc./CDK Global, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/29 <sup>(1)</sup> <br>| 98 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/31/29 <sup>(1)</sup> <br>| 510 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 9/30/29 <sup>(1)</sup> <br>| 797 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 6/30/32 <sup>(1)</sup> <br>| 429 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreWeave, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 6/1/30 <sup>(1)</sup> <br>| 125 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elastic N.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/15/29 <sup>(1)</sup> <br>| 74 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/1/29 <sup>(1)</sup> <br>| 104 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/30/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 9/30/30 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/33 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoTo Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/28 <sup>(1)</sup> <br>| 24 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/28 <sup>(1)</sup> <br>| 34 | 11 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Software – 4.2%continued** | **Software – 4.2%continued** | **Software – 4.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McAfee Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/30 <sup>(1)</sup> <br>| $118 | $111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Software, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/28/28 <sup>(1)</sup> <br>| 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/30/27 <sup>(1)</sup> <br>| 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/32 <sup>(1)</sup> <br>| 207 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 4/1/55  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/15/29  | 22 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/15/31  | 80 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UKG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 2/1/31 <sup>(1)</sup> <br>| 1145 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies LLC/ZoomInfo <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/1/29 <sup>(1)</sup> <br>| 44 | 41 |
|  |  | **6566** |
| **Specialty Finance – 4.7%** | **Specialty Finance – 4.7%** | **Specialty Finance – 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acuris Finance U.S., Inc./Acuris Finance <br> S.a.r.l.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/28 <sup>(1)</sup> <br>| 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.87%), 4.70%, <br> 5/15/26 <sup>(3) (4)</sup> <br>| 75 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.96%), 5.74%, <br> 5/15/29 <sup>(3)</sup> <br>| 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 2/14/33  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azorra Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 4/15/30 <sup>(1)</sup> <br>| 58 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/27 <sup>(1)</sup> <br>| 101 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/1/29 <sup>(1)</sup> <br>| 36 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/31  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/32  | 341 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/15/31 <sup>(1)</sup> <br>| 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 3/15/29 <sup>(1)</sup> <br>| 50 | 54 |

---

FIXED INCOME FUNDS **189** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Specialty Finance – 4.7%continued** | **Specialty Finance – 4.7%continued** | **Specialty Finance – 4.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.30%), 8.38%, <br> 6/15/35 <sup>(1) (3)</sup> <br>| $34 | $34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dun & Bradstreet (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/29 <sup>(1)</sup> <br>| 79 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 4/1/32 <sup>(1)</sup> <br>| 120 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/15/33 <sup>(1)</sup> <br>| 263 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstCash, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/1/28 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 1/1/30 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/1/32 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Transportation and <br> Infrastructure Investors LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/28 <sup>(1)</sup> <br>| 108 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/1/30 <sup>(1)</sup> <br>| 136 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/1/31 <sup>(1)</sup> <br>| 231 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/15/32 <sup>(1)</sup> <br>| 211 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/15/33 <sup>(1)</sup> <br>| 136 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freedom Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 5/1/26 <sup>(1)</sup> <br>| 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/27 <sup>(1)</sup> <br>| 125 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 2/1/29 <sup>(1)</sup> <br>| 56 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 5/15/31 <sup>(1)</sup> <br>| 58 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 4/1/32 <sup>(1)</sup> <br>| 36 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/15/26 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 2/15/29 <sup>(1)</sup> <br>| 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/15/30 <sup>(1)</sup> <br>| 75 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 7/15/31 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LD Holdings Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/1/27 <sup>(1)</sup> <br>| 17 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/1/28 <sup>(1) †</sup> <br>| 50 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/15/28 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/29 <sup>(1)</sup> <br>| 136 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/30 <sup>(1)</sup> <br>| 25 | 25 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Specialty Finance – 4.7%continued** | **Specialty Finance – 4.7%continued** | **Specialty Finance – 4.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/31 <sup>(1)</sup> <br>| $46 | $47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/1/32 <sup>(1)</sup> <br>| 186 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navient Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/26  | 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/29  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 7/25/30  | 41 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 3/15/31  | 50 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 6/15/32  | 46 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneMain Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/26  | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/28  | 75 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/29  | 74 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/29  | 37 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 3/15/30  | 117 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/15/30  | 77 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/15/31  | 75 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/31  | 95 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/32  | 207 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 9/15/32  | 86 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paysafe Finance PLC/Paysafe Holdings <br> U.S. Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/29 <sup>(1)</sup> <br>| 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/29 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/15/29 <sup>(1)</sup> <br>| 49 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/30 <sup>(1)</sup> <br>| 56 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/15/31 <sup>(1)</sup> <br>| 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/15/32 <sup>(1)</sup> <br>| 88 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 2/15/33 <sup>(1)</sup> <br>| 106 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PHH Escrow Issuer LLC/PHH Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 11/1/29 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRA Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/1/28 <sup>(1)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 1/31/30 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/1/29 <sup>(1)</sup> <br>| 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 7/15/30 <sup>(1)</sup> <br>| 48 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 8/1/30 <sup>(1)</sup> <br>| 213 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/1/33 <sup>(1)</sup> <br>| 318 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/26 <sup>(1)</sup> <br>| 26 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/1/31 <sup>(1)</sup> <br>| 27 | 25 |

---

NORTHERN FUNDS QUARTERLY REPORT **190** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Specialty Finance – 4.7%continued** | **Specialty Finance – 4.7%continued** | **Specialty Finance – 4.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/33 <sup>(1)</sup> <br>| $200 | $179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments <br> Finance Sub, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/15/32 <sup>(1)</sup> <br>| 190 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLM Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/2/26  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/31/30  | 38 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 4/1/29 <sup>(1)</sup> <br>| 18 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/30 <sup>(1)</sup> <br>| 92 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/1/30 <sup>(1)</sup> <br>| 68 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/30 <sup>(1)</sup> <br>| 69 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/2/33  | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/29 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UWM Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 2/1/30 <sup>(1)</sup> <br>| 112 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/1/33 <sup>(1)</sup> <br>| 54 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/15/33 <sup>(1)</sup> <br>| 263 | 265 |
|  |  | **7497** |
| **Steel – 2.1%** | **Steel – 2.1%** | **Steel – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/1/27  | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/1/29  | 53 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/15/30  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/1/31  | 151 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Big River Steel LLC/BRS Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/31/29 <sup>(1)</sup> <br>| 106 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 7/15/28  | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 3/15/30  | 51 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/1/27 <sup>†</sup> <br>| 67 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/1/29 <sup>(1)</sup> <br>| 109 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/30 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 3/1/31 <sup>(1)</sup> <br>| 50 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/15/31 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/15/32 <sup>(1) †</sup> <br>| 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 5/1/33 <sup>(1)</sup> <br>| 25 | 23 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Steel – 2.1%continued** | **Steel – 2.1%continued** | **Steel – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/15/30  | $25 | $24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/15/32  | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Steel Supply, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.44%, 11/15/26 <sup>(1) (10)</sup> <br>| 2490 | 2490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TMS International Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/29 <sup>(1)</sup> <br>| 25 | 24 |
|  |  | **3375** |
| **Technology Hardware – 0.9%** | **Technology Hardware – 0.9%** | **Technology Hardware – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommScope LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 3/1/27 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 7/1/28 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/1/29 <sup>(1) †</sup> <br>| 205 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 12/15/31 <sup>(1)</sup> <br>| 21 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommScope Technologies LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/27 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 3/31/30 <sup>(1)</sup> <br>| 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imola Merger Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/15/29 <sup>(1)</sup> <br>| 265 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 4/1/29 <sup>(1)</sup> <br>| 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/15/29 <sup>(1) †</sup> <br>| 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte. <br> Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 7/15/30 <sup>(1)</sup> <br>| 69 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seagate HDD Cayman, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 12/15/29  | 40 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/15/31  | 55 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 7/15/31  | 40 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 12/1/32  | 70 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/29 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/28 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/30/31 <sup>(1)</sup> <br>| 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/1/29 <sup>(1)</sup> <br>| 37 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xerox Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 10/15/30 <sup>(1)</sup> <br>| 24 | 25 |

---

FIXED INCOME FUNDS **191** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Technology Hardware – 0.9%continued** | **Technology Hardware – 0.9%continued** | **Technology Hardware – 0.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xerox Issuer Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.50%, 4/15/31 <sup>(1)</sup> <br>| $25 | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/32 <sup>(1)</sup> <br>| 73 | 75 |
|  |  | **1381** |
| **Telecommunications – 2.9%** | **Telecommunications – 2.9%** | **Telecommunications – 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications <br> Group LLC/Cogent Finance, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/30/29  | 447 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/30/30 <sup>(5)</sup> <br>| 505 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embarq LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 6/1/36  | 50 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/27 <sup>(1)</sup> <br>| 46 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/28 <sup>(1)</sup> <br>| 163 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/1/29 <sup>(1)</sup> <br>| 122 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/1/29  | 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/30 <sup>(1)</sup> <br>| 132 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 5/15/30 <sup>(1)</sup> <br>| 414 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 3/15/31 <sup>(1)</sup> <br>| 81 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontier North, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.73%, 2/15/28  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 8/1/26  | 50 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intelsat Jackson Holdings S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/15/30 <sup>(1)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 7/1/28 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 1/15/29 <sup>(1)</sup> <br>| 61 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/15/29 <sup>(1)</sup> <br>| 244 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 7/15/29 <sup>(1)</sup> <br>| 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 11/15/29 <sup>(1)</sup> <br>| 293 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/30 <sup>(1)</sup> <br>| 145 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/30 <sup>(1)</sup> <br>| 21 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 12/15/30 <sup>(1)</sup> <br>| 155 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/31 <sup>(1)</sup> <br>| 28 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 10/15/32 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 6/30/33 <sup>(1)</sup> <br>| 389 | 396 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Telecommunications – 2.9%continued** | **Telecommunications – 2.9%continued** | **Telecommunications – 2.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/15/29 <sup>(1) †</sup> <br>| $25 | $22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/29 <sup>(1)</sup> <br>| 61 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/30 <sup>(1)</sup> <br>| 60 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 10/15/32 <sup>(1)</sup> <br>| 68 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windstream Services LLC/Windstream <br> Escrow Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 10/1/31 <sup>(1)</sup> <br>| 419 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/27 <sup>(1) †</sup> <br>| 238 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/1/28 <sup>(1)</sup> <br>| 109 | 94 |
|  |  | **4563** |
| **Transportation & Logistics – 0.7%** | **Transportation & Logistics – 0.7%** | **Transportation & Logistics – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/28 <sup>(1) †</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/15/29 <sup>(1)</sup> <br>| 142 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/20/26 <sup>(1)</sup> <br>| 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/20/29 <sup>(1)</sup> <br>| 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Mobility Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 <sup>(1) (6)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Student Bidco, Inc./First Transit <br> Parent, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/31/29 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/32 <sup>(1)</sup> <br>| 88 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty <br> L.P.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 9/20/31 <sup>(1)</sup> <br>| 192 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneSky Flight LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 12/15/29 <sup>(1)</sup> <br>| 72 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rand Parent LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 2/15/30 <sup>(1) †</sup> <br>| 72 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spirit Loyalty Cayman Ltd./Spirit IP <br> Cayman Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 3/6/30 <sup>(1) (5)</sup> <br>| 35 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Leasing Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 2/15/30 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stonepeak Nile Parent LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 3/15/32 <sup>(1)</sup> <br>| 14 | 15 |

---

NORTHERN FUNDS QUARTERLY REPORT **192** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  | **CORPORATE BONDS - 79.0% continued**  |
| **Transportation & Logistics – 0.7%continued** | **Transportation & Logistics – 0.7%continued** | **Transportation & Logistics – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/29 <sup>(1)</sup> <br>| $94 | $91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watco Cos. LLC/Watco Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 8/1/32 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPO, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 6/1/28 <sup>(1)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 6/1/31 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/1/32 <sup>(1)</sup> <br>| 25 | 26 |
|  |  | **1167** |
| **Transportation Equipment – 0.4%** | **Transportation Equipment – 0.4%** | **Transportation Equipment – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/1/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/30/31 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JB Poindexter & Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 12/15/31 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/15/28 <sup>(1)</sup> <br>| 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wabash National Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/28 <sup>(1)</sup> <br>| 522 | 472 |
|  |  | **597** |
| **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C&S Group Enterprises LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/28 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeHE Distributors LLC/KeHE Finance <br> Corp./NextWave Distribution, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/15/29 <sup>(1)</sup> <br>| 106 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/1/29 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/32 <sup>(1)</sup> <br>| 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Foods, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 9/15/28 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 1/15/32 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/15/33 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/28 <sup>(1) †</sup> <br>| 66 | 65 |
|  |  | **425** |
| **Wholesale - Discretionary – 0.0%** | **Wholesale - Discretionary – 0.0%** | **Wholesale - Discretionary – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dealer Tire LLC/DT Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 2/1/28<sup>(1)</sup> <br>| 25 | **24** |
| **Total Corporate Bonds** |  |  |
| **(Cost $124,687)** |  | **124553** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS – 8.7%**  | **FOREIGN ISSUER BONDS – 8.7%**  | **FOREIGN ISSUER BONDS – 8.7%**  |
| **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bombardier, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/27 <sup>(1)</sup> <br>| $21 | $21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/28 <sup>(1)</sup> <br>| 131 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/15/30 <sup>(1)</sup> <br>| 86 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/1/31 <sup>(1)</sup> <br>| 61 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/1/32 <sup>(1)</sup> <br>| 86 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/33 <sup>(1)</sup> <br>| 37 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Efesto Bidco S.p.A. Efesto U.S. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/15/32 <sup>(1)</sup> <br>| 200 | 202 |
|  |  | **640** |
| **Asset Management – 0.1%** | **Asset Management – 0.1%** | **Asset Management – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.08%), 6.30%, <br> 1/15/55<sup>(3)</sup> <br>| 115 | **110** |
| **Banking – 0.3%** | **Banking – 0.3%** | **Banking – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.41%), 4.38%, <br> 3/15/28 <sup>(3) (4)</sup> <br>| 200 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, USD SOFR ICE Swap Rate <br> 5Y + 5.78%), 9.63%, <br> 12/15/29 <sup>(3) (4)</sup> <br>| 200 | 222 |
|  |  | **408** |
| **Basic Industry – 0.0%** | **Basic Industry – 0.0%** | **Basic Industry – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Champion Iron Canada, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 7/15/32<sup>(1)</sup> <br>| 25 | **25** |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance <br> Netherlands III B.V.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/1/26  | 81 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/1/46  | 25 | 18 |
|  |  | **97** |
| **Chemicals – 0.2%** | **Chemicals – 0.2%** | **Chemicals – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 10/3/31 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methanex Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/15/27  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOVA Chemicals Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/15/28 <sup>(1)</sup> <br>| 75 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/29 <sup>(1)</sup> <br>| 25 | 24 |

---

FIXED INCOME FUNDS **193** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  |
| **Chemicals – 0.2%continued** | **Chemicals – 0.2%continued** | **Chemicals – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/15/30 <sup>(1)</sup> <br>| $50 | $54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/1/31 <sup>(1)</sup> <br>| 25 | 26 |
|  |  | **259** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garda World Security Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/27 <sup>(1)</sup> <br>| 96 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/15/28 <sup>(1)</sup> <br>| 92 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/29 <sup>(1)</sup> <br>| 90 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 8/1/32 <sup>(1)</sup> <br>| 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/15/32 <sup>(1)</sup> <br>| 152 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wrangler Holdco Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/1/32 <sup>(1)</sup> <br>| 31 | 32 |
|  |  | **672** |
| **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARD Finance S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, (100% Cash), <br> 6/30/27 <sup>(1) (5)</sup> <br>| 215 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intelligent Packaging Ltd. Finco, <br> Inc./Intelligent Packaging Ltd. <br> Co-Issuer LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toucan FinCo Ltd./Toucan FinCo Can, <br> Inc./Toucan FinCo U.S. LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 5/15/30 <sup>(1)</sup> <br>| 530 | 542 |
|  |  | **576** |
| **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 4/15/29<sup>(1)</sup> <br>| 200 | **219** |
| **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransAlta Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 11/15/29 | 25 | **26** |
| **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TK Elevator Holdco GmbH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/28 [EUR]<sup>(9)</sup> <br>| 90 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 7/15/28 <sup>(1)</sup> <br>| 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 7/15/27 [EUR]<sup>(9)</sup> <br>| 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TK Elevator U.S. Newco, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/27 <sup>(1)</sup> <br>| 200 | 200 |
|  |  | **825** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  |
| **Energy – 0.1%** | **Energy – 0.1%** | **Energy – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Bow Canadian Infrastructure <br> Holdings Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.67%), 7.50%, <br> 3/1/55 <sup>(1) (3)</sup> <br>| $25 | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.95%), 7.63%, <br> 3/1/55 <sup>(1) (3)</sup> <br>| 50 | 52 |
|  |  | **78** |
| **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercer International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.88%, 10/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/1/29  | 25 | 21 |
|  |  | **46** |
| **Gas & Water Utilities – 0.0%** | **Gas & Water Utilities – 0.0%** | **Gas & Water Utilities – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AltaGas Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.57%), 7.20%, <br> 10/15/54 <sup>(1) (3)</sup> <br>| 42 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superior Plus L.P./Superior General <br> Partner, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/15/29 <sup>(1)</sup> <br>| 25 | 24 |
|  |  | **66** |
| **Home Construction – 0.2%** | **Home Construction – 0.2%** | **Home Construction – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Residential Properties, <br> Inc./Brookfield Residential U.S. LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/29 <sup>(1) †</sup> <br>| 151 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/15/30 <sup>(1)</sup> <br>| 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empire Communities Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 5/1/29 <sup>(1)</sup> <br>| 60 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mattamy Group Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/1/30 <sup>(1)</sup> <br>| 65 | 63 |
|  |  | **284** |
| **Household Products – 0.0%** | **Household Products – 0.0%** | **Household Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kronos Acquisition Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 6/30/31<sup>(1)</sup> <br>| 12 | **11** |
| **Insurance – 0.9%** | **Insurance – 0.9%** | **Insurance – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardonagh Finco Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/15/31 <sup>(1)</sup> <br>| 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardonagh Group Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 2/15/32 <sup>(1)</sup> <br>| 400 | 421 |

---

NORTHERN FUNDS QUARTERLY REPORT **194** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  |
| **Insurance – 0.9%continued** | **Insurance – 0.9%continued** | **Insurance – 0.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howden UK Refinance PLC/Howden <br> UK Refinance 2 PLC/Howden <br> U.S. Refinance LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/31 <sup>(1)</sup> <br>| $230 | $238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 2/15/32 <sup>(1)</sup> <br>| 213 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance <br> Management, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 3/15/30 <sup>(1)</sup> <br>| 296 | 314 |
|  |  | **1403** |
| **IT Services – 0.1%** | **IT Services – 0.1%** | **IT Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CA Magnum Holdings, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/31/26<sup>(1)</sup> <br>| 200 | **199** |
| **Leisure Facilities & Services – 0.5%** | **Leisure Facilities & Services – 0.5%** | **Leisure Facilities & Services – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011778 B.C. ULC/New Red Finance, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 1/15/28 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/15/28 <sup>(1)</sup> <br>| 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/30 <sup>(1)</sup> <br>| 267 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Canadian Gaming <br> Corp./Raptor LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/15/29 <sup>(1)</sup> <br>| 124 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/4/29 <sup>(1)</sup> <br>| 200 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wynn Macau Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/26/28 <sup>(1)</sup> <br>| 200 | 197 |
|  |  | **812** |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Husky Injection Molding Systems <br> Ltd./Titan Co-Borrower LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/15/29<sup>(1)</sup> <br>| 178 | **186** |
| **Metals & Mining – 1.7%** | **Metals & Mining – 1.7%** | **Metals & Mining – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baffinland Iron Mines Corp./Baffinland <br> Iron Mines L.P.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 7/15/26 <sup>(1)</sup> <br>| 2060 | 1901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capstone Copper Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/31/33 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ERO Copper Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/30 <sup>(1)</sup> <br>| 73 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 3/1/29 <sup>(1)</sup> <br>| 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FMG Resources Pty. Ltd., Series 2006, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/15/30 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/1/31 <sup>(1)</sup> <br>| 100 | 93 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  |
| **Metals & Mining – 1.7%continued** | **Metals & Mining – 1.7%continued** | **Metals & Mining – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/15/32 <sup>(1)</sup> <br>| $100 | $102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/26 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IAMGOLD Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineral Resources Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 5/1/27 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/1/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/1/30 <sup>(1) †</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Gold, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/1/32 <sup>(1)</sup> <br>| 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taseko Mines Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/1/30 <sup>(1)</sup> <br>| 25 | 26 |
|  |  | **2694** |
| **Oil & Gas Services & Equipment – 0.1%** | **Oil & Gas Services & Equipment – 0.1%** | **Oil & Gas Services & Equipment – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enerflex Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 10/15/27 <sup>(1)</sup> <br>| 68 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Precision Drilling Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 1/15/26 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/15/29 <sup>(1)</sup> <br>| 25 | 25 |
|  |  | **120** |
| **Oil & Gas Supply Chain – 0.8%** | **Oil & Gas Supply Chain – 0.8%** | **Oil & Gas Supply Chain – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baytex Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 4/30/30 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.97%), 7.20%, <br> 6/27/54 <sup>(3)</sup> <br>| 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.12%), 7.38%, <br> 3/15/55 <sup>(3)</sup> <br>| 43 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MEG Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/1/29 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northriver Midstream Finance L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/15/32 <sup>(1)</sup> <br>| 70 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OGX Austria GmbH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 4/1/22 <sup>(1) (7) (10)</sup> <br>| 1800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/1/28 <sup>(1) (7) (8)</sup> <br>| 2420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkland Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 7/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/29 <sup>(1)</sup> <br>| 125 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/1/30 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 8/15/32 <sup>(1)</sup> <br>| 36 | 37 |

---

FIXED INCOME FUNDS **195** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  |
| **Oil & Gas Supply Chain – 0.8%continued** | **Oil & Gas Supply Chain – 0.8%continued** | **Oil & Gas Supply Chain – 0.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saturn Oil & Gas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 6/15/29 <sup>(1) †</sup> <br>| $23 | $23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teine Energy Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/29 <sup>(1)</sup> <br>| 810 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vermilion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/1/30 <sup>(1)</sup> <br>| 50 | 48 |
|  |  | **1335** |
| **Software – 0.2%** | **Software – 0.2%** | **Software – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dye & Durham Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 4/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open Text Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/28 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/1/29 <sup>(1)</sup> <br>| 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open Text Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/15/30 <sup>(1)</sup> <br>| 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/1/31 <sup>(1)</sup> <br>| 100 | 92 |
|  |  | **261** |
| **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GGAM Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 2/15/27 <sup>(1)</sup> <br>| 36 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 6/15/28 <sup>(1)</sup> <br>| 28 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/29 <sup>(1)</sup> <br>| 62 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/30 <sup>(1)</sup> <br>| 68 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Aircraft Leasing Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 9/1/27 <sup>(1)</sup> <br>| 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; goeasy Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 12/1/28 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 7/1/29 <sup>(1)</sup> <br>| 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/15/30 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 3/26/29 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/26/31 <sup>(1)</sup> <br>| 35 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Aviation Capital Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 7/15/30 <sup>(1)</sup> <br>| 74 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrueNoord Capital DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 3/1/30 <sup>(1)</sup> <br>| 50 | 52 |
|  |  | **597** |
| **Steel – 0.0%** | **Steel – 0.0%** | **Steel – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Algoma Steel, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 4/15/29 <sup>(1) †</sup> <br>| 50 | 46 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  |
| **Steel – 0.0%continued** | **Steel – 0.0%continued** | **Steel – 0.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infrabuild Australia Pty. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.50%, 11/15/28 <sup>(1)</sup> <br>| $25 | $27 |
|  |  | **73** |
| **Telecommunications – 0.9%** | **Telecommunications – 0.9%** | **Telecommunications – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altice Financing S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/15/29 <sup>(1)</sup> <br>| 200 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altice France Holding S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 5/15/27 <sup>(1) (7)</sup> <br>| 200 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/28 <sup>(1)</sup> <br>| 200 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altice France S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 2/1/27 <sup>(1)</sup> <br>| 200 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/28 <sup>(1)</sup> <br>| 370 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digicel Group Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/31/30 <sup>(1) (2) (10)</sup> <br>| 28 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/31/30 <sup>(1) (2) (10) (12)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/31/30 <sup>(1) (2) (8) (10)</sup> <br>| 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.62%), 7.13%, <br> 4/15/55 <sup>(3)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia Capital S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/33  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.72%, 6/4/38  | 68 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telesat Canada/Telesat LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/6/26 <sup>(1)</sup> <br>| 25 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/27 <sup>(1)</sup> <br>| 50 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/27 <sup>(1)</sup> <br>| 25 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/31/31 <sup>(1)</sup> <br>| 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/15/31 <sup>(1)</sup> <br>| 200 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, USD Swap 5Y + 4.87%), <br> 7.00%, 4/4/79 <sup>(3)</sup> <br>| 50 | 52 |
|  |  | **1377** |
| **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latam Airlines Group S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/30 <sup>(1)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seaspan Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/1/27 <sup>(1)</sup> <br>| 100 | 100 |

---

NORTHERN FUNDS QUARTERLY REPORT **196** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  |
| **Transportation & Logistics – 0.2%continued** | **Transportation & Logistics – 0.2%continued** | **Transportation & Logistics – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 6/1/28 <sup>(1) †</sup> <br>| $25 | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 2/1/30 <sup>(1)</sup> <br>| 75 | 70 |
|  |  | **271** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $17,860)** |  | **13670** |
| **TERM LOANS – 5.2%** <sup>(11)</sup> | **TERM LOANS – 5.2%** <sup>(11)</sup> | **TERM LOANS – 5.2%** <sup>(11)</sup> |
| **Advertising & Marketing – 0.1%** | **Advertising & Marketing – 0.1%** | **Advertising & Marketing – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neptune BidCo U.S., Inc., Dollar Term <br> B Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.00%, 0.50% Floor), 9.33%, <br> 4/11/29 <br>| 71 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summer Bidco B LLC, Extended Facility <br> B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.00%), 9.56%, 2/15/29 <br>| 17 | 17 |
|  |  | **84** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goat Holdco LLC, Term B Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 7.33%, 1/27/32 <br>| 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaman Corp., Delayed Draw Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/26/32 <sup>(13)</sup> <br>| 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaman Corp., Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 6M <br> + 2.75%, 0.50% Floor), 7.03%, <br> 2/26/32 <br>| 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.75%, 0.50% Floor), 7.08%, <br> 2/26/32 <br>| 30 | 30 |
|  |  | **74** |
| **Apparel & Textile Products – 0.0%** | **Apparel & Textile Products – 0.0%** | **Apparel & Textile Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Champ Acquisition Corp., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 6M <br> + 4.00%), 8.17%, 11/25/31<br>| 25 | **25** |
| **Asset Management – 0.0%** | **Asset Management – 0.0%** | **Asset Management – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focus Financial Partners LLC, Tranche B <br> Incremental Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/15/31<sup>(13)</sup> <br>| 14 | **14** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** |
| **Automotive – 0.1%** | **Automotive – 0.1%** | **Automotive – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarios Global L.P., Amendment No. 6 <br> Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.75%), 7.08%, 1/28/32 <br>| $63 | $64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Inc., Term A Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%, 0.50% Floor), 9.17%, <br> 11/17/28 <br>| 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Inc., Term B Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.00%, 0.50% Floor), 9.40%, <br> 11/17/28 <sup>(12)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.00%, 0.50% Floor), 9.42%, <br> 11/17/28 <br>| 25 | 24 |
|  |  | **94** |
| **Basic Industry – 0.0%** | **Basic Industry – 0.0%** | **Basic Industry – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polar US Borrower LLC, Term B-1-B <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%), 9.13%, 10/16/28<br>| 49 | **18** |
| **Beverages – 0.0%** | **Beverages – 0.0%** | **Beverages – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sazerac Co., Inc., Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/26/32<sup>(13)</sup> <br>| 55 | **55** |
| **Biotechnology & Pharmaceuticals – 0.0%** | **Biotechnology & Pharmaceuticals – 0.0%** | **Biotechnology & Pharmaceuticals – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1261229 BC Ltd., Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.25%), 10.56%, 10/8/30 <br>| 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, Initial <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 5.50%), 9.83%, 5/4/28 <br>| 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc., 2024 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.00%, 0.50% Floor), 8.33%, <br> 4/23/31 <br>| 35 | 35 |
|  |  | **66** |
| **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings LLC, September 2019 <br> Initial Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4/15/27 <sup>(13)</sup> <br>| 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, PRIME USD 3M + 1.50%, <br> 1.00% Floor), 9.00%, 4/15/27 <br>| 33 | 32 |

---

FIXED INCOME FUNDS **197** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** |
| **Cable & Satellite – 0.1%continued** | **Cable & Satellite – 0.1%continued** | **Cable & Satellite – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DIRECTV Financing LLC, 2025 <br> Incremental Term B Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 5.50%, 0.75% Floor), 9.83%, <br> 2/17/31 <br>| $142 | $135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiate Holdco LLC, Amendment No. 6 <br> Term B Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.25%, 0.75% Floor), 7.69%, <br> 9/25/26 <br>| 31 | 27 |
|  |  | **203** |
| **Capital Goods – 0.1%** | **Capital Goods – 0.1%** | **Capital Goods – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covia Holdings LLC, Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.25%), 7.57%, 2/26/32 <br>| 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signia Aerospace LLC, Delayed Draw <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/11/31 <sup>(13)</sup> <br>| 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signia Aerospace LLC, Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.00%, 0.50% Floor), 7.30%, <br> 12/11/31 <br>| 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vortex Opco LLC, First-Out New Money <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 6.25%, 0.50% Floor), 10.55%, <br> 4/30/30 <br>| 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vortex Opco LLC, Second-Out New <br> Money Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.25%, 0.50% Floor), 8.66%, <br> 12/17/28 <br>| 51 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilsonart LLC, Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.25%), 8.55%, 8/5/31 <br>| 29 | 29 |
|  |  | **80** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Purchaser Corp., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%, 0.50% Floor), 8.02%, <br> 10/4/29 <br>| 76 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herens Holdco S.a.r.l., Facility B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.93%, 0.75% Floor), 8.32%, <br> 7/3/28 <br>| 60 | 54 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** |
| **Chemicals – 0.1%continued** | **Chemicals – 0.1%continued** | **Chemicals – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/3/28 <sup>(13)</sup> <br>| $21 | $19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Momentive Performance Materials, Inc., <br> Initial Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.00%), 8.33%, 3/29/28 <br>| 23 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCUR-Alpha 2505 GmbH & Co. KG, <br> Tranche B-2 Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4/8/31 <sup>(13)</sup> <br>| 6 | 6 |
|  |  | **179** |
| **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, Initial <br> U.S. Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.75%, 0.50% Floor), 8.18%, <br> 5/12/28 <br>| 39 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camelot U.S. Acquisition LLC, <br> Amendment No. 7 Incremental Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.25%), 7.58%, 1/31/31 <br>| 46 | 46 |
|  |  | **85** |
| **Communications – 0.6%** | **Communications – 0.6%** | **Communications – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coral-U.S. Co-Borrower LLC, Term B-7 <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 7.51%, 2/2/32 <br>| 33 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Entertainment Enterprises LLC, <br> Initial Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.75%, 4/10/26 <sup>(10) (14)</sup> <br>| 1143 | 928 |
|  |  | **961** |
| **Construction Materials – 0.0%** | **Construction Materials – 0.0%** | **Construction Materials – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., Tranche B-3 <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.25%), 6.58%, 2/10/32<br>| 50 | **50** |
| **Consumer Cyclical – 0.0%** | **Consumer Cyclical – 0.0%** | **Consumer Cyclical – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC, Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/25/32<sup>(13)</sup> <br>| 67 | **67** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LABL, Inc., Initial Dollar Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 5.00%, 0.50% Floor), 9.43%, <br> 10/30/28<br>| 114 | **103** |

---

NORTHERN FUNDS QUARTERLY REPORT **198** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Generation LLC, Initial Term B <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.00%), 6.33%, 9/30/31 <br>| $49 | $49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lightning Power LLC, Initial Term B Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.25%), 6.55%, 8/18/31 <br>| 25 | 25 |
|  |  | **74** |
| **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSF12 Crown U.S. Commercial <br> Bidco LLC, Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.25%), 8.57%, 12/2/31<br>| 45 | **45** |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., Tranche <br> C Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.50%, 0.50% Floor), 8.78%, <br> 8/1/30<br>| 117 | **97** |
| **Entertainment Content – 0.0%** | **Entertainment Content – 0.0%** | **Entertainment Content – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allen Media LLC, Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.50%), 9.95%, 2/10/27<br>| 47 | **30** |
| **Food – 0.0%** | **Food – 0.0%** | **Food – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chobani LLC, 2025 New Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.50%), 6.83%, 10/25/27<br>| 3 | **3** |
| **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glatfelter Corp., Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.25%), 8.58%, 11/4/31<br>| 50 | **49** |
| **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Term B <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.00%, 0.75% Floor), 8.40%, <br> 10/1/27 <br>| 123 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., 2024-1 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5/17/31 <sup>(13)</sup> <br>| 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%), 8.01%, 5/17/31 <br>| 46 | 45 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** |
| **Health Care Facilities & Services – 0.2%continued** | **Health Care Facilities & Services – 0.2%continued** | **Health Care Facilities & Services – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., 2024-2 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.50%), 7.82%, 5/19/31 <br>| $30 | $29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, <br> Exchange First Out Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%, 0.50% Floor), 8.03%, <br> 12/31/30 <br>| 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Parent, Inc., Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.00%), 8.30%, 9/27/30 <br>| 96 | 95 |
|  |  | **312** |
| **Home & Office Products – 0.0%** | **Home & Office Products – 0.0%** | **Home & Office Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hunter Douglas Holding B.V., <br> Amendment No. 3 Tranche B-1 Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 7.55%, 1/17/32 <br>| 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SWF Holdings I Corp., Delayed Draw <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/29 <sup>(13)</sup> <br>| 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SWF Holdings I Corp., Tranche A-1 <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.50%, 1.00% Floor), 8.83%, <br> 12/19/29 <br>| 13 | 12 |
|  |  | **64** |
| **Home Construction – 0.0%** | **Home Construction – 0.0%** | **Home Construction – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc., <br> Tranche C Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.50%, 0.50% Floor), 8.81%, <br> 5/15/31<br>| 11 | **9** |
| **Industrial Intermediate Products – 0.0%** | **Industrial Intermediate Products – 0.0%** | **Industrial Intermediate Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gates Corp., Initial B-5 Dollar Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 1.75%, 0.50% Floor), 6.08%, <br> 6/4/31<sup>(12)</sup> <br>|  | **—** |
| **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deerfield Dakota Holding LLC, 2021 <br> Replacement Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 6.75%), 11.31%, 4/7/28 <br>| 75 | 72 |

---

FIXED INCOME FUNDS **199** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** |
| **Institutional Financial Services – 0.1%continued** | **Institutional Financial Services – 0.1%continued** | **Institutional Financial Services – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deerfield Dakota Holding LLC, Initial <br> Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%, 1.00% Floor), 8.05%, <br> 4/9/27 <br>| $19 | $18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Acquisition, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.75%), 8.08%, 10/16/31 <br>| 23 | 23 |
|  |  | **113** |
| **Insurance – 0.6%** | **Insurance – 0.6%** | **Insurance – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardonagh Midco 3 Ltd., Syndicated <br> Facility B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 6M <br> + 2.75%), 7.03%, 2/15/31 <br>| 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 6M <br> + 2.75%), 7.04%, 2/15/31 <br>| 21 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.75%), 7.05%, 2/15/31 <br>| 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AssuredPartners, Inc., 2024 Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.50% Floor), 7.83%, <br> 2/14/31 <br>| 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC, New B-4 Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 5.25%), 9.69%, 1/20/29 <br>| 810 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC, New Term B-13 Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/30 <sup>(13)</sup> <br>| 29 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HIG Finance 2 Ltd., 2024-2 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.50% Floor), 7.83%, <br> 4/18/30 <br>| 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Insurance Holdings LLC, Initial <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%), 9.05%, 5/6/32 <br>| 110 | 112 |
|  |  | **942** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endurance International Group <br> Holdings, Inc., Initial Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.75% Floor), 7.93%, <br> 2/10/28 <br>| 24 | 12 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** |
| **Internet Media & Services – 0.1%continued** | **Internet Media & Services – 0.1%continued** | **Internet Media & Services – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MH Sub I LLC, 2023 May Incremental <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.25%, 0.50% Floor), 8.58%, <br> 5/3/28 <br>| $83 | $78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MH SUB I LLC, 2024 December New <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.25%, 0.50% Floor), 8.58%, <br> 12/31/31 <br>| 56 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stubhub Holdco Sub LLC, Extended <br> USD Term B Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.75%), 9.08%, 3/15/30 <br>| 47 | 45 |
|  |  | **184** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.25%), 6.58%, 9/29/31 <br>| 78 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Intermediate 3, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%), 7.83%, 6/27/31 <br>| 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vericast Corp., 2024 Extended Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 7.75%, 3.75% Floor), 12.05%, <br> 6/15/30 <br>| 53 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X Corp., Tranche B-3 Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 10/26/29  | 384 | 373 |
|  |  | **509** |
| **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Football Group Ltd., Term B-1 Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.50%, 0.50% Floor), 8.04%, <br> 7/21/30 <br>| 36 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOC Borrower LLC, Term B Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 7.33%, 3/24/32 <br>| 62 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp., 2024 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%), 9.07%, 11/1/29 <br>| 21 | 21 |

---

NORTHERN FUNDS QUARTERLY REPORT **200** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** |
| **Leisure Facilities & Services – 0.1%continued** | **Leisure Facilities & Services – 0.1%continued** | **Leisure Facilities & Services – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OVG Business Services LLC, Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 7.33%, 6/25/31 <br>| $3 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., 2021 Other Term B-1 <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.50% Floor), 7.94%, <br> 12/17/27 <br>| 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., 2021 Other Term B-2 <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.50% Floor), 7.94%, <br> 12/17/27 <br>| 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., 2022 Other Term B <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.25%, 0.50% Floor), 8.68%, <br> 6/30/28 <br>| 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., 2024 Term B-1 Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.00%, 0.50% Floor), 10.43%, <br> 11/15/29 <br>| 13 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., 2024 Term B-2 Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.00%, 0.50% Floor), 10.43%, <br> 11/15/29 <br>| 3 | 2 |
|  |  | **141** |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GrafTech Global Enterprises, Inc., <br> Delayed Draw Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/21/29 <sup>(13)</sup> <br>| 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GrafTech Global Enterprises, Inc., Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.00%, 2.00% Floor), 10.32%, <br> 12/21/29 <br>| 22 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd., <br> Amendment No. 5 Refinancing Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 6M <br> + 4.50%), 8.67%, 2/15/29 <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.50%), 8.80%, 2/15/29 <br>| 50 | 50 |
|  |  | **136** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** |
| **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., First Incremental <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.00%), 8.33%, 9/29/28 <br>| $52 | $52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.25%, 0.50% Floor), 7.67%, <br> 5/10/27 <br>| 63 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., Third <br> Amendment Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/31 <sup>(13)</sup> <br>| 27 | 26 |
|  |  | **141** |
| **Oil & Gas Services & Equipment – 0.0%** | **Oil & Gas Services & Equipment – 0.0%** | **Oil & Gas Services & Equipment – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Holding LLC, Term B Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.50%), 8.83%, 7/31/31<br>| 36 | **34** |
| **Other Financial – 0.0%** | **Other Financial – 0.0%** | **Other Financial – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altera Corp., Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/21/32<sup>(13)</sup> <br>| 50 | **50** |
| **Other Industrial – 0.0%** | **Other Industrial – 0.0%** | **Other Industrial – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Buyer, Inc., Initial Delayed Draw <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 <sup>(13) (15)</sup> <br>| 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Buyer, Inc., Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%), 9.05%, 11/1/31 <br>| 14 | 14 |
|  |  | **16** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., <br> 2024 Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.00%), 8.44%, 8/21/28 <br>| 89 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Television, Inc., Term D Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/1/28 <sup>(13)</sup> <br>| 26 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 7.44%, 12/1/28 <br>| 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Television, Inc., Term F Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 5.25%), 9.57%, 6/4/29 <br>| 11 | 11 |
|  |  | **153** |

---

FIXED INCOME FUNDS **201** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** |
| **Real Estate Services – 0.0%** | **Real Estate Services – 0.0%** | **Real Estate Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreLogic, Inc., Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.50% Floor), 7.94%, <br> 6/2/28<br>| $29 | **$29** |
| **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Champions Holdco, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%), 9.08%, 2/23/29 <br>| 75 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Building Materials, Inc., <br> 2024 Incremental Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/29/31 <sup>(13)</sup> <br>| 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.00%), 8.28%, 1/29/31 <br>| 86 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Building Materials, Inc., <br> 2025 Incremental Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/29/31 <sup>(13)</sup> <br>| 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Building Materials, Inc., <br> Initial Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/31/28 <sup>(13)</sup> <br>| 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%, 0.50% Floor), 7.79%, <br> 1/31/28 <br>| 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wand Newco 3, Inc., Tranche B-2 Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.50%), 6.83%, 1/30/31 <br>| 49 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Cap Supply Holdings LLC, <br> Tranche C Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/19/29 <sup>(13)</sup> <br>| 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.25%), 7.58%, 10/19/29 <br>| 117 | 116 |
|  |  | **374** |
| **Software – 1.0%** | **Software – 1.0%** | **Software – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Learning LLC, Amendment No. <br> 5 Incremental Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%, 0.50% Floor), 7.33%, <br> 12/11/28 <br>| 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; athenahealth Group, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.75%, 0.50% Floor), 7.08%, <br> 2/15/29 <br>| 126 | 125 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** |
| **Software – 1.0%continued** | **Software – 1.0%continued** | **Software – 1.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Co., Inc., 2031 <br> Replacement Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.00%), 7.33%, 7/30/31 <br>| $28 | $27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Co., Inc., Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.75%), 10.08%, 7/30/32 <br>| 41 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Parent LLC, 2024 Refinancing <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 7.55%, 7/6/29 <br>| 14 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., Seventh <br> Amendment Tranche B-1 Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.50%, 0.50% Floor), 7.80%, <br> 3/29/29 <br>| 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., Sixth <br> Amendment Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%, 0.50% Floor), 8.05%, <br> 3/21/31 <br>| 107 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloudera, Inc., Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.75%, 0.50% Floor), 8.18%, <br> 10/8/28 <br>| 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 0.00%), 4.43%, 10/8/29 <sup>(14)</sup> <br>| 147 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clover Holdings 2 LLC, Initial Fixed Rate <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/9/31  | 350 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cotiviti, Inc., Initial Fixed Rate Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 5/1/31  | 434 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.75%, 0.50% Floor), 9.08%, <br> 11/22/32 <br>| 129 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitchell International, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.25%, 0.50% Floor), 7.58%, <br> 6/17/31 <br>| 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polaris Newco LLC, Dollar Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%, 0.50% Floor), 8.29%, <br> 6/2/28 <br>| 35 | 34 |

---

NORTHERN FUNDS QUARTERLY REPORT **202** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** |
| **Software – 1.0%continued** | **Software – 1.0%continued** | **Software – 1.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RealPage, Inc., 2024-1 Incremental <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%, 0.50% Floor), 8.05%, <br> 4/24/28 <br>| $29 | $29 |
|  |  | **1543** |
| **Specialty Finance – 0.0%** | **Specialty Finance – 0.0%** | **Specialty Finance – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion U.S. FINCO, Inc., Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5/20/32 <sup>(13)</sup> <br>| 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments LLC, Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5/10/32 <sup>(13)</sup> <br>| 22 | 22 |
|  |  | **39** |
| **Technology – 0.0%** | **Technology – 0.0%** | **Technology – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Systems, Inc., Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.50%), 8.80%, 2/23/32 <br>| 13 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proofpoint, Inc., Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/31/28 <sup>(13)</sup> <br>| 9 | 9 |
|  |  | **23** |
| **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp., Term B <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.25%, 0.75% Floor), 8.84%, <br> 5/25/28 <br>| 27 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp., Term C <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.25%, 0.75% Floor), 8.84%, <br> 5/25/28 <br>| 6 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commscope LLC, Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/29 <sup>(13)</sup> <br>| 60 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Topco, Inc., Second Amendment <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.25%), 9.57%, 11/29/30 <br>| 12 | 12 |
|  |  | **90** |
| **Telecommunications – 0.4%** | **Telecommunications – 0.4%** | **Telecommunications – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altice France S.A., USD TLB Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.50%), 9.76%, 8/15/28 <br>| 45 | 40 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(11)</sup>**continued** |
| **Telecommunications – 0.4%continued** | **Telecommunications – 0.4%continued** | **Telecommunications – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC, <br> Initial Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 6M <br> + 2.50%), 6.79%, 7/1/31 <br>| $15 | $15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., Term B-3 <br> Refinancing Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.25%, 0.50% Floor), 8.58%, <br> 3/29/32 <br>| 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., Term A Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.00%, 2.00% Floor), 10.33%, <br> 6/1/28 <br>| 13 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., Term B-1 <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.35%, 2.00% Floor), 6.79%, <br> 4/16/29 <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., Term B-2 <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.35%, 2.00% Floor), 6.79%, <br> 4/15/30 <br>| 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windstream Services LLC, 2024 Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.75%), 9.18%, 10/1/31 <br>| 49 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., Initial <br> Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 7.44%, 3/9/27 <br>| 273 | 259 |
|  |  | **648** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WestJet Loyalty L.P., Initial Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 7.55%, 2/14/31<br>| 74 | **74** |
| **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Grocery, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 7.50%, 1.00% Floor), 11.82%, <br> 12/13/28<br>| 92 | **92** |
| **Total Term Loans** |  |  |
| **(Cost $8,528)** |  | **8172** |

---

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

FIXED INCOME FUNDS **203** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 2.8%**  | **COMMON STOCKS – 2.8%**  | **COMMON STOCKS – 2.8%**  |
| **Biotechnology & Pharmaceuticals – 0.0%** | **Biotechnology & Pharmaceuticals – 0.0%** | **Biotechnology & Pharmaceuticals – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endo Guc Trust, Class A<sup>(10) \*</sup> <br>| 10702 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endo, Inc.\* | 1870 | 39 |
|  |  | **39** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Capital Corp.<sup>(10) (14) \*</sup> <br>| 602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utex Industries, Inc.<sup>(14) \*</sup> <br>| 2200 | 64 |
|  |  | **64** |
| **Construction Materials – 0.0%** | **Construction Materials – 0.0%** | **Construction Materials – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hardwood Holdings LLC<sup>(10) \*</sup> <br>| 187 | **2** |
| **Consumer Finance – 0.0%** | **Consumer Finance – 0.0%** | **Consumer Finance – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curo Group Holdings LLC<sup>(10) \*</sup> <br>| 549 | **3** |
| **Consumer Staples Distribution & Retail – 0.0%** | **Consumer Staples Distribution & Retail – 0.0%** | **Consumer Staples Distribution & Retail – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rite Aid Corp.<sup>(8) (10) \*</sup> <br>| 57 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rite Aid Corp.<sup>(10) (14) \*</sup> <br>| 3929 | 1 |
|  |  | **1** |
| **Distributors – 0.0%** | **Distributors – 0.0%** | **Distributors – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATD New Holdings, Inc.<sup>(10) (14) \*</sup> <br>| 22076 | **—** |
| **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas Partners L.P., Class B\* | 180 | **23** |
| **Health Care Facilities & Services – 0.0%** | **Health Care Facilities & Services – 0.0%** | **Health Care Facilities & Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHPPR Holdings, Inc.<sup>(10) \*</sup> <br>| 20 | **1** |
| **Hotels, Restaurants & Leisure – 0.0%** | **Hotels, Restaurants & Leisure – 0.0%** | **Hotels, Restaurants & Leisure – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 408 | **41** |
| **Life Sciences Tools & Services – 0.0%** | **Life Sciences Tools & Services – 0.0%** | **Life Sciences Tools & Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc.\* | 2989 | **40** |
| **Media – 0.0%** | **Media – 0.0%** | **Media – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iHeartMedia, Inc., Class A\* | 419 | **1** |
| **Metals & Mining – 2.4%** | **Metals & Mining – 2.4%** | **Metals & Mining – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellium S.E.\* | 8208 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Alloy Parent, Inc.<sup>(10) (14) \*</sup> <br>| 48 | 3720 |
|  |  | **3829** |
| **Oil, Gas & Consumable Fuels – 0.1%** | **Oil, Gas & Consumable Fuels – 0.1%** | **Oil, Gas & Consumable Fuels – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Peak Energy, Inc.<sup>(10) \*</sup> <br>| 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 626 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superior Energy Services<sup>(10) (14) \*</sup> <br>| 862 | 48 |
|  |  | **99** |
| **Passenger Airlines – 0.0%** | **Passenger Airlines – 0.0%** | **Passenger Airlines – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spirit Aviation Holdings, Inc.\* | 1358 | **7** |
| **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mallinckrodt PLC<sup>(10) \*</sup> <br>| 416 | **36** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 2.8%continued**  | **COMMON STOCKS - 2.8%continued**  | **COMMON STOCKS - 2.8%continued**  |
| **Specialized Finance – 0.1%** | **Specialized Finance – 0.1%** | **Specialized Finance – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnelian Point Holdings L.P.<sup>(10) \*</sup> <br>| 50 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnelian Point Holdings L.P.<sup>(10) (14) \*</sup> <br>| 8610 | 103 |
|  |  | **104** |
| **Specialized Real Estate Investment Trusts – 0.1%** | **Specialized Real Estate Investment Trusts – 0.1%** | **Specialized Real Estate Investment Trusts – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 3048 | **99** |
| **Wireless Telecommunication Services – 0.0%** | **Wireless Telecommunication Services – 0.0%** | **Wireless Telecommunication Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intelsat S.A./Luxembourg<sup>(10) (14) \*</sup> <br>| 1201 | **51** |
| **Total Common Stocks** |  |  |
| **(Cost $3,207)** |  | **4440** |
| **CONVERTIBLE PREFERRED STOCKS – 0.1%**  | **CONVERTIBLE PREFERRED STOCKS – 0.1%**  | **CONVERTIBLE PREFERRED STOCKS – 0.1%**  |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boeing (The) Co., 6.00% | 2306 | **157** |
| **Financial Services – 0.0%** | **Financial Services – 0.0%** | **Financial Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc.\* | 241 | **27** |
| **Total Convertible Preferred Stocks** |  |  |
| **(Cost $141)** |  | **184** |
| **MASTER LIMITED PARTNERSHIPS – 0.2%**  | **MASTER LIMITED PARTNERSHIPS – 0.2%**  | **MASTER LIMITED PARTNERSHIPS – 0.2%**  |
| **Oil, Gas & Consumable Fuels – 0.2%** | **Oil, Gas & Consumable Fuels – 0.2%** | **Oil, Gas & Consumable Fuels – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer L.P. | 6212 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Partners L.P. | 2802 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPLX L.P. | 962 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Midstream Partners L.P. | 250 | 10 |
|  |  | **259** |
| **Total Master Limited Partnerships** |  |  |
| **(Cost $246)** |  | **259** |
| **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  |
| **Software – 0.0%** | **Software – 0.0%** | **Software – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MicroStrategy, Inc.\* | 700 | **63** |
| **Total Preferred Stocks** |  |  |
| **(Cost $60)** |  | **63** |
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Appvion, Inc. <sup>(10) (14) \*</sup> <br>| 225000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Cloud Peak Energy,<br> Inc. <sup>(10) (14) \*</sup> <br>| 250000 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Endo Luxembourg Finance Co. I <br> S.a.r.l./Endo U.S., Inc. <sup>(1) (10) \*</sup> <br>| 50000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow GenOn Energy, Inc. <sup>(10) (14) \*</sup> <br>| 25000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Hertz (The) Corp. <sup>(1) \*</sup> <br>| 125000 | 9 |

---

NORTHERN FUNDS QUARTERLY REPORT **204** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **OTHER - 0.0% continued**  | **OTHER - 0.0% continued**  | **OTHER - 0.0% continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow High Ridge Brands Co.<br> <sup>(1) (10) \*</sup> <br>| 1100000 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Par Pharmaceutical, Inc. <sup>(1) (10) \*</sup> <br>| 111000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Rite Aid Corp. <sup>(10) (14) \*</sup> <br>| 63000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Rite Aid Corp. <sup>(1) (10) \*</sup> <br>| 11539 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Washington Mutual<br> Bank <sup>(10) (14) \*</sup> <br>| 250000 | 3 |
| **Total Other** |  |  |
| **(Cost $110)** |  | **14** |

---

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF WARRANTS<br>| VALUE<br> (000S)<br>|
| **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audacy, Inc., Exp. 12/31/49, Strike <br> $0.00<sup>(10) \*</sup> <br>| 38 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audacy, Inc., Exp. 12/31/49, Strike <br> $0.00<sup>(10) \*</sup> <br>| 46 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audacy, Inc., Exp. 12/31/49, Strike <br> $0.00<sup>(10) \*</sup> <br>| 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHPPR Holdings, Inc., Exp. 12/31/49, <br> Strike $0.00<sup>(10) \*</sup> <br>| 111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHPPR Holdings, Inc., Exp. 12/31/49, <br> Strike $0.00<sup>(10) \*</sup> <br>| 53 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curo Group Holdings LLC, Exp. <br> 7/19/31, Strike $0.00<sup>(10) \*</sup> <br>| 960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utex Industries, Inc., Exp. 12/31/49, <br> Strike $0.00<sup>(10) (14) \*</sup> <br>| 5500 |  |
| **Total Warrants** |  |  |
| **(Cost $1)** |  | **1** |

---

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 7.1%**  | **INVESTMENT COMPANIES – 7.1%**  | **INVESTMENT COMPANIES – 7.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.39%<sup>(16) (17) (18)</sup> <br>| 6655644 | $6656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(16) (17)</sup> <br>| 4621682 | 4622 |
| **Total Investment Companies** |  |  |
| **(Cost $11,278)** |  | **11278** |
| **Total Investments – 103.4%** | **Total Investments – 103.4%** |  |
| **(Cost $166,539)** | **(Cost $166,539)** | **163046** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (3.4%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (3.4%) | (5293)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$157753** |

---

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

<sup>(1)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At June 30,* *2025, the value of these securities amounted to approximately* *$121,939,000 or 77.3% of net assets.* 

<sup>(2)</sup> *Zero coupon bond.*

<sup>(3)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of June 30, 2025.* 

<sup>(4)</sup> *Perpetual bond. Maturity date represents next call date.*

<sup>(5)</sup> *Security is a payment in-kind bond (PIK), distributions received in-kind unless* *otherwise noted in the description.* 

<sup>(6)</sup> *When-Issued Security. Coupon rate is not in effect at June 30, 2025.*

<sup>(7)</sup> *Issuer has defaulted on terms of debt obligation. Income is not being* *accrued.* 

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

<sup>(9)</sup> *Security exempt from registration pursuant to Regulation S under the* *Securities Act of 1933. Regulation S applies to securities offerings that are* *made outside of the United States and do not involve direct selling efforts in* *the United States and as such may have restrictions on resale.* 

<sup>(10)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(11)</sup> *Variable or floating rate security. Rate as of June 30, 2025 is disclosed.*

<sup>(12)</sup> *Principal Amount and Value rounds to less than one thousand.*

<sup>(13)</sup> *Position is unsettled. Contract rate was not determined at June 30, 2025* *and does not take effect until settlement date.* 

<sup>(14)</sup> *Restricted security. At June 30, 2025, the value of these restricted securities* *amounted to approximately $5,053,000 or 3.2% of net assets. Additional* *information on these restricted securities are as follows:*

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

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| ATD New Holdings, Inc. | 1/9/19 | &nbsp;&nbsp; $469 |
| Carnelian Point Holdings L.P. | 7/5/22-8/6/24 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; Cloudera, Inc., Initial Term Loan,<br> 4.43%, 10/8/29<br>| 2/27/23 | &nbsp;&nbsp; 137 |
| Cornerstone Capital Corp. | 1/26/24 | &nbsp;&nbsp; 25 |
| Escrow Appvion, Inc. | 8/24/18 | &nbsp;&nbsp; — |

---

FIXED INCOME FUNDS **205** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| &nbsp;&nbsp;&nbsp; Escrow Cloud Peak Energy,<br> Inc.<br>| 7/29/16-12/11/18 | &nbsp;&nbsp; $110 |
| Escrow GenOn Energy, Inc. | 12/19/18 | &nbsp;&nbsp; — |
| Escrow Rite Aid Corp. | 9/4/24 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Escrow Washington Mutual<br> Bank<br>| 10/11/17 | &nbsp;&nbsp; — |
| Intelsat S.A./Luxembourg | 6/6/19-7/3/23 | &nbsp;&nbsp; 106 |
| Real Alloy Parent, Inc. | 5/31/18 | &nbsp;&nbsp; 1738 |
| Rite Aid Corp. | 9/4/24 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Sterling Entertainment Enterprises LLC, <br> Initial Loan,<br> 17.75%, 4/10/26<br>| 2/6/25 | &nbsp;&nbsp; 1143 |
| Superior Energy Services | 9/19/17-2/1/21 | &nbsp;&nbsp; 52 |
| Utex Industries, Inc. | 12/3/20 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; Utex Industries, Inc., Exp. 12/31/49, <br> Strike $0.00<br>| 12/3/20 | &nbsp;&nbsp; — |

---

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

---

| | |
|:---|:---|
| <sup>(15)</sup> <br>| *Unfunded loan commitment. An unfunded loan commitment is a contractual* <br> *obligation for future funding at the option of the Borrower. The Fund receives* <br> *a stated coupon rate until the borrower draws on the loan commitment, at* <br> *which time the rate will become the stated rate in the loan agreement.* <br>|
| <sup>(16)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(17)</sup> <br>| *7-day current yield as of June 30, 2025 is disclosed.* |
| <sup>(18)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

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

<br> EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

---

| |
|:---|
| 10Y - 10 Year |
| 1M - 1 Month |
| 3M - 3 Month |
| 5Y - 5 Year |
| 6M - 6 Month |
| 7Y - 7 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| ICE - Intercontinental Exchange |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

At June 30, 2025, the Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS**<br> **TO**<br> **DELIVER**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **IN**<br> **EXCHANGE**<br> **FOR**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **SETTLEMENT**<br> **DATE**<br>| **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| BNP Paribas | Euro | 262 | United States <br> Dollar<br>| 306 | 9/17/25 | $(4)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (4)<br>|
| Total |  |  |  |  |  | $(4)<br>|

---

As of June 30, 2025, the Fund had the following centrally cleared credit default swap agreement outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Buy/Sell**<br> **Protection**<br>| **Implied Credit**<br> **Spread**<br>| **Currency** | **Notional**<br> **Amount**<br>| **Maturity**<br> **Date**<br>| **Market**<br> **Value**<br> **(000s)**<br>| **Upfront**<br> **Premiums**<br> **Paid/**<br> **(Received)**<br> **(000s)**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br> **(000s)**<br>|
| Sell | 0.0319<br> %<br>5.00 %<sup>(1)</sup><br>Markit <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDX N.A. High Yield Index Series 44<sup>(1)</sup><br>| USD | 255359 | 6/20/30 | $19 | $15 | $4 |
| Total |  |  |  |  |  | $15 | $4 |

---

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

<sup>(1)</sup> *Payment frequency is quarterly.*

NORTHERN FUNDS QUARTERLY REPORT **206** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

As of June 30, 2025, the Fund had the following bilateral total return swap agreements outstanding:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | &nbsp;&nbsp; **NOTIONAL**<br> **AMOUNT**<br>| **CURRENCY** | &nbsp;&nbsp; **MATURITY**<br> **DATE**<br>| **MARKET**<br> **VALUE**<br> **(000S)**<br>| &nbsp;&nbsp; **UPFRONT**<br> **PREMIUMS**<br> **PAID/**<br> **(RECEIVED)**<br> **(000S)**<br>| &nbsp;&nbsp; **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.34%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 220000 | USD | 9/22/25 | &nbsp;&nbsp; $10 | $(2) | $12 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.34%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 440000 | USD | 9/22/25 | &nbsp;&nbsp; 20 | (4) | 24 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.34%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 220000 | USD | 9/22/25 | &nbsp;&nbsp; 9 | (2) | 11 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.34%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 520000 | USD | 9/22/25 | &nbsp;&nbsp; 22 | (6) | 28 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.34%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 116000 | USD | 9/22/25 | &nbsp;&nbsp; 4 | (1) | 5 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.34%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 925000 | USD | 12/22/25 | &nbsp;&nbsp; 31 | (8) | 39 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.34%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 463000 | USD | 9/22/25 | &nbsp;&nbsp; 17 | (5) | 22 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.34%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 596000 | USD | 12/22/25 | &nbsp;&nbsp; 23 | (6) | 29 |
| Total |  |  |  |  |  | $170 |

---

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

<sup>(1)</sup> *Payment frequency is quarterly.* <br> <sup>(2)</sup> *Payment frequency is at maturity.*

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Assets |  |  |  |  |
| Convertible Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $412 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $412 |
| Corporate Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steel | &nbsp;&nbsp; — | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 2490 | &nbsp;&nbsp; 3375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 121178 | &nbsp;&nbsp; — | &nbsp;&nbsp; 121178 |
| Total Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 122063 | &nbsp;&nbsp; 2490 | &nbsp;&nbsp; 124553 |
| Foreign Issuer Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 1375 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 12293 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12293 |
| Total Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 13668 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 13670 |
| Term Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | &nbsp;&nbsp; — | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 928 | &nbsp;&nbsp; 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 7211 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7211 |
| Total Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 7244 | &nbsp;&nbsp; 928 | &nbsp;&nbsp; 8172 |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology & <br> Pharmaceuticals<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 64 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & <br> Leisure<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & <br> Services<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp; 109 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3720 | &nbsp;&nbsp; 3829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable <br> Fuels<br>| &nbsp;&nbsp; 51 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized Real Estate <br> Investment Trusts<br>| &nbsp;&nbsp; 99 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 198 |
| Total Common Stocks | &nbsp;&nbsp; 387 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 3966 | &nbsp;&nbsp; 4440 |
| Convertible Preferred Stocks<sup>(1)</sup> <br>| &nbsp;&nbsp; 184 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 184 |
| Master Limited Partnerships | &nbsp;&nbsp; 259 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 259 |
| Preferred Stocks | &nbsp;&nbsp; 63 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63 |
| Other | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 14 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| Investment Companies | &nbsp;&nbsp; 11278 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11278 |
| Total Investments | &nbsp;&nbsp; 12171 | &nbsp;&nbsp; 143483 | &nbsp;&nbsp; 7392 | &nbsp;&nbsp; 163046 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit <br> Default Swap <br> Agreements<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4 |

---

FIXED INCOME FUNDS **207** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bilateral Total Return <br> Swaps<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $170 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $170 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency <br> Exchange Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $170 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $170 |

---

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

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

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BALANCE**<br> **AS OF**<br> **3/31/25**<br> **(000S)**<br>| **ACCRUED**<br> **DISCOUNTS**<br> **(PREMIUMS)**<br> **(000s)**<br>| **REALIZED**<br> **GAIN**<br> **(LOSS)**<br> **(000s)**<br>| **CHANGE IN**<br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>| **PURCHASES**<br> **(000s)**<br>| **SALES**<br> **(000s)**<br>| **TRANSFERS**<br> **INTO**<br> **LEVEL 3**<br> **(000s)**<br>| **TRANSFERS**<br> **OUT OF**<br> **LEVEL 3**<br> **(000s)**<br>| **BALANCE**<br> **AS OF**<br> **6/30/25**<br> **(000S)**<br>| **CHANGE IN**<br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **FROM**<br> **INVESTMENTS**<br> **STILL HELD**<br> **AT 6/30/25**<br> **(000S)**<br>|
| Corporate Bonds |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical | $9 | $— | $— | $— | $— | $(9)<br>| $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steel | 2490 |  |  |  |  |  |  |  | 2490 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation & Logistics | 48 |  | (11)<br>| 4 |  | (41)<br>|  |  |  |  |
| Foreign Issuer Bonds |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telecommunications | 1 | 1 |  | (—)\*<br>|  |  |  |  | 2 | (—)\*<br>|
| Term Loans |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 1143 |  |  | (215)<br>|  |  |  |  | 928 | (215)<br>|
| Common Stocks |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 4 |  |  | (2)<br>|  |  |  |  | 2 | (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 3 |  |  |  |  |  |  |  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples <br> Distribution & Retail<br>| 3 |  |  | (8)<br>| 6 |  |  |  | 1 | (8)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributors | —\* |  |  | (—)\*<br>|  |  |  |  |  | (—)\*<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities & <br> Services<br>| 1 |  |  | —\* |  |  |  |  | 1 | —\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 3890 |  |  | (170)<br>|  |  |  |  | 3720 | (170)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable <br> Fuels<br>| 55 |  |  | (7)<br>|  |  |  |  | 48 | (7)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 42 |  |  | (6)<br>|  |  |  |  | 36 | (6)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Finance | 116 |  |  | (12)<br>|  |  |  |  | 104 | (12)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless <br> Telecommunication <br> Services<br>| 44 |  |  | 7 |  |  |  |  | 51 | 7 |
| Other | 5 |  | —\* |  |  | (—)\*<br>|  |  | 5 |  |
| Warrants | 1 |  |  | —\* |  |  |  |  | 1 | —\* |
| Total | $7855 | $1 | $(11)<br>| $(409)<br>| $6 | $(50)<br>| $— | $— | $7392 | $(418)<br>|

---

\* Amount rounds to less than one thousand.

NORTHERN FUNDS QUARTERLY REPORT **208** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

---

| | |
|:---|:---|
| **MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued**  | **June 30, 2025 (UNAUDITED)**  |

---

Securities valued at $148 included in the Balance as of 6/30/25 above were valued using evaluated prices provided by a third party provider. Securities valued at $7,244 included in the Balance as of 6/30/25 above were valued using prices provided by the Fund's investment adviser's pricing and valuation committee.

---

| | | | |
|:---|:---|:---|:---|
|  | **FAIR VALUE AT** <br>**06/30/25** <br>**(000S)**<br>| &nbsp;&nbsp; **VALUATION**<br> **TECHNIQUES**<br>| &nbsp;&nbsp; **RANGE (WEIGHTED**<br> **AVERAGE)**<br>|
| Corporate Bonds | $2490 | Market Comparables<br> Yield<sup>(2)</sup> <br>| 6.2% |
| Common Stocks | $3720 | Discounted Cash Flow / Market Comparables<br> Discount Rate/EBITDA multiple<sup>(1)</sup> <br>| 13.5%/6.0x |
|  | 104 | Market Comparables<br> Adjusted LTM EBITDA<sup>(1)</sup> <br>| 13.74x |
| Term Loan | $928 | Discounted Cash Flow/Market Comparables<br> Discount Rate/TEV/forward EBITDA multiple<sup>(2)</sup> <br>| 13.2%/7.9x |
| Other | $2 | Liquidation<br> Future Liquidation Payments<sup>(1)</sup> <br>| $1 |

---

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

<sup>(1)</sup> *The significant unobservable inputs that can be used in the fair value measurement are; Discount Rate, estimated recovery value, EBITDA Multiple and future* *liquidation payments. Significant increases (decreases) in the discount rate in isolation would have resulted in a significantly lower (higher) fair value measurement* *while an increase (decrease) in EBITDA multiple in isolation would have resulted in a significantly higher (lower) fair value measurement.Significant decreases in the* *trading value of previous notes would result in lower fair values and signficiant increases in the trading value would result in higher fair values. Future liquidation* *payments are at the sole discretion of the company in which we have an ownership interest in, there are no increases/decreases based upon an increase or decrease* *in multiple or discount rate. Estimated recovery value is based upon the current state of operations for the firm in question, looking specifically at balance sheet* *liquidity. There are no value increases or decreases in multiple or discount rate.* 

<sup>(2)</sup> *The significant unobservable inputs that can be used in the fair value measurement are; Yield. Significant decreases (increase) in yield would have resulted in a* *significantly higher (lower) fair value measurement.* 

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $11015 | $4359 | $3 <br><sup>(1)</sup><br>| $6656 | 6655644 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 8581 | 34883 | 38842 | 46 | 4622 | 4621682 |
| Total | $8581 | $45898 | $43201 | $49 | $11278 | 11277326 |

---

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

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

FIXED INCOME FUNDS **209** NORTHERN FUNDS QUARTERLY REPORT

------

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

**Schedule of Investments** <br>

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

---

| | |
|:---|:---|
| **SHORT BOND FUND**  | **June 30, 2025 (UNAUDITED)**  |

---

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 17.2%**  | **ASSET-BACKED SECURITIES – 17.2%**  | **ASSET-BACKED SECURITIES – 17.2%**  |
| **Auto Loan – 11.7%** | **Auto Loan – 11.7%** | **Auto Loan – 11.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Auto Receivables Trust, Series <br> 2023-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 5/15/28 | $2384 | $2401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americredit Automobile Receivables <br> Trust, Series 2022-1, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 2/18/28 | 1900 | 1869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2024-1, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/25/27 | 700 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carmax Auto Owner Trust, Series <br> 2025-1, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26%, 10/15/30 | 1900 | 1933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 11/10/31 | 1300 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 7/16/29 | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 5/17/32 | 3675 | 3679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-2A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 4/17/28 | 1083 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-4A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 8/15/30 | 2563 | 2592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust, Series <br> 2023-1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 1/18/28<sup>(1)</sup> <br>| 1700 | 1699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust, Series <br> 2023-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91%, 10/15/26 | 338 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2025-1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 2/20/29 | 1600 | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2023-3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 2/18/28 | 938 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 8/15/28 | 338 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2023-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 11/15/27 | 1966 | 1965 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 17.2%continued**  | **ASSET-BACKED SECURITIES - 17.2%continued**  | **ASSET-BACKED SECURITIES - 17.2%continued**  |
| **Auto Loan – 11.7%continued** | **Auto Loan – 11.7%continued** | **Auto Loan – 11.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2023-2, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/15/28 | $2700 | $2735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-4, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 1/16/29 | 1430 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 2/15/28<sup>(1)</sup> <br>| 900 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 5/15/30<sup>(1)</sup> <br>| 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/30<sup>(1)</sup> <br>| 600 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 3/15/29 | 320 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 9/17/29 | 250 | 252 |
|  |  | **29335** |
| **Credit Card – 2.8%** | **Credit Card – 2.8%** | **Credit Card – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank Credit Card Issuance Trust, <br> Series 2023-A1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 12/8/27 | 6110 | 6129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2023-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54%, 7/15/29 | 180 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 3/15/30 | 236 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 2/15/29 | 420 | 425 |
|  |  | **6975** |
| **Other – 1.0%** | **Other – 1.0%** | **Other – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2024-B, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.19%, 9/17/29 | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2024-C, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 1/15/30 | 800 | 799 |

---

NORTHERN FUNDS QUARTERLY REPORT **210** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**SHORT BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 17.2%continued**  | **ASSET-BACKED SECURITIES - 17.2%continued**  | **ASSET-BACKED SECURITIES - 17.2%continued**  |
| **Other – 1.0%continued** | **Other – 1.0%continued** | **Other – 1.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 6/15/29 | $1500 | $1499 |
|  |  | **2602** |
| **Whole Loan – 1.7%** | **Whole Loan – 1.7%** | **Whole Loan – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bravo Residential Funding Trust, Series <br> 2025-NQM1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.91% on 2/25/29), <br> 5.91%, 12/25/64<sup>(1) (2)</sup> <br>| 2049 | 2059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Series <br> 2024-2, Class A6A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/25/54<sup>(1)</sup> <br>| 135 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2024-NQM16, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.53% on 11/25/28), <br> 5.53%, 10/25/64<sup>(1) (2)</sup> <br>| 546 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2024-NQM18, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 10/25/64<sup>(3)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust, <br> Series 2025-2, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/25/55<sup>(1) (3)</sup> <br>| 890 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM3, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.85% on 7/25/29), <br> 5.85%, 5/25/65<sup>(1) (2)</sup> <br>| 700 | 702 |
|  |  | **4385** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $43,175)** |  | **43297** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 5.5%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 5.5%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 5.5%**  |
| **Non Agency – 5.5%** | **Non Agency – 5.5%** | **Non Agency – 5.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK, Series 2021-BN37, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 11/15/64 | 1525 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANK5 Trust, Series 2024-5YR6, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.23%, 5/15/57 | 2682 | 2824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series <br> 2019-IMC, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 1.05%, 1.00% Floor), 5.36%, <br> 4/15/34<sup>(1) (4)</sup> <br>| 235 | 234 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.5%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.5%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.5%continued**  |
| **Non Agency – 5.5%continued** | **Non Agency – 5.5%continued** | **Non Agency – 5.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Trust, Series 2024-PAT, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 2.09%, 2.09% Floor), 6.40%, <br> 3/15/41<sup>(1) (4)</sup> <br>| $1026 | $1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMM Mortgage Trust, Series <br> 2024-277P, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.23%, 8/10/44<sup>(1) (3)</sup> <br>| 2200 | 2335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FS Commercial Mortgage Trust, Series <br> 2023-4SZN, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 11/10/39<sup>(1) (3)</sup> <br>| 1220 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FS Commercial Mortgage Trust, Series <br> 2023-4SZN, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.39%, 11/10/39<sup>(1) (3)</sup> <br>| 800 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2021-GSA3, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.37%, 12/15/54<sup>(1)</sup> <br>| 350 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2019-COR5, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 6/13/52 | 3760 | 3526 |
|  |  | **13694** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $13,600)** |  | **13694** |
| **CORPORATE BONDS – 40.6%**  | **CORPORATE BONDS – 40.6%**  | **CORPORATE BONDS – 40.6%**  |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 1/15/30 | 170 | **175** |
| **Asset Management – 1.7%** | **Asset Management – 1.7%** | **Asset Management – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/1/29  | 1875 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 9/26/27  | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 8/24/26  | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/23/30 <sup>(1)</sup> <br>| 425 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FS KKR Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 1/15/26  | 500 | 496 |
|  |  | **4361** |
| **Automotive – 3.9%** | **Automotive – 3.9%** | **Automotive – 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Honda Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/5/26  | 1325 | 1326 |

---

FIXED INCOME FUNDS **211** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 40.6% continued**  | **CORPORATE BONDS - 40.6% continued**  | **CORPORATE BONDS - 40.6% continued**  |
| **Automotive – 3.9%continued** | **Automotive – 3.9%continued** | **Automotive – 3.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/25  | $260 | $258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 3/8/29  | 1875 | 1879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/6/26  | 950 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 7/15/29  | 935 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.28%, 6/24/27 <sup>(1)</sup> <br>| 1340 | 1357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 9/26/29 <sup>(1)</sup> <br>| 500 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/9/26 <sup>(1)</sup> <br>| 1300 | 1267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/8/27  | 1300 | 1305 |
|  |  | **9787** |
| **Banking – 6.1%** | **Banking – 6.1%** | **Banking – 6.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.96%), <br> 1.73%, 7/22/27 <sup>(5)</sup> <br>| 1000 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.34%), <br> 5.93%, 9/15/27 <sup>(5)</sup> <br>| 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.63%), <br> 5.20%, 4/25/29 <sup>(5)</sup> <br>| 1610 | 1645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.50%), 4.30%, <br> 2/11/31 <sup>(5)</sup> <br>| 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Bank U.S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.75%), <br> 5.41%, 5/21/27 <sup>(5)</sup> <br>| 840 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington National Bank (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.72%), <br> 4.87%, 4/12/28 <sup>(5)</sup> <br>| 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 0.70%), 1.04%, 2/4/27 <sup>(5)</sup> <br>| 60 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.77%), <br> 1.47%, 9/22/27 <sup>(5)</sup> <br>| 1000 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.56%), <br> 4.32%, 4/26/28 <sup>(5)</sup> <br>| 1710 | 1708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeyBank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 1/26/26  | 950 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturers & Traders Trust Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.95%), <br> 4.76%, 7/6/28 <sup>(5)</sup> <br>| 1000 | 1007 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 40.6% continued**  | **CORPORATE BONDS - 40.6% continued**  | **CORPORATE BONDS - 40.6% continued**  |
| **Banking – 6.1%continued** | **Banking – 6.1%continued** | **Banking – 6.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.87%), <br> 5.50%, 5/26/28 <sup>(5)</sup> <br>| $840 | $858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.93%), <br> 4.97%, 7/14/28 <sup>(5)</sup> <br>| 1160 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.73%), 6.62%, <br> 10/20/27 <sup>(5)</sup> <br>| 635 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Holdings U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.33%), <br> 5.81%, 9/9/26 <sup>(5)</sup> <br>| 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.46%), <br> 4.26%, 7/28/26 <sup>(5)</sup> <br>| 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.07%), <br> 5.71%, 4/22/28 <sup>(5)</sup> <br>| 840 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/11/26  | 500 | 507 |
|  |  | **15253** |
| **Biotechnology & Pharmaceuticals – 1.0%** | **Biotechnology & Pharmaceuticals – 1.0%** | **Biotechnology & Pharmaceuticals – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 3/15/28  | 1950 | 1980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 8/14/27  | 480 | 482 |
|  |  | **2462** |
| **Chemicals – 0.3%** | **Chemicals – 0.3%** | **Chemicals – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 6/15/28 | 710 | **715** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/29  | 485 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 3/15/30  | 460 | 466 |
|  |  | **965** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/1/29 | 260 | **265** |
| **Containers & Packaging – 0.5%** | **Containers & Packaging – 0.5%** | **Containers & Packaging – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/15/27<sup>(1)</sup> <br>| 1180 | **1160** |

---

NORTHERN FUNDS QUARTERLY REPORT **212** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**SHORT BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 40.6% continued**  | **CORPORATE BONDS - 40.6% continued**  | **CORPORATE BONDS - 40.6% continued**  |
| **Electric Utilities – 1.3%** | **Electric Utilities – 1.3%** | **Electric Utilities – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calpine Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/28 <sup>(1)</sup> <br>| $300 | $298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 5/15/28  | 640 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/15/30  | 585 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSEG Power LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 5/15/30 <sup>(1)</sup> <br>| 1675 | 1709 |
|  |  | **3250** |
| **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 4/5/27  | 410 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Capital ULC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 5/9/30  | 490 | 492 |
|  |  | **909** |
| **Entertainment Content – 0.8%** | **Entertainment Content – 0.8%** | **Entertainment Content – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/28/26  | 1400 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/29  | 650 | 621 |
|  |  | **2024** |
| **Finance Companies – 0.2%** | **Finance Companies – 0.2%** | **Finance Companies – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 0.00%), 6.00%, <br> 9/24/29<sup>(5) (6)</sup> <br>| 650 | **636** |
| **Food – 1.3%** | **Food – 1.3%** | **Food – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cargill, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/11/28 <sup>(1)</sup> <br>| 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 1/30/27  | 380 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBS U.S.A. Holding Lux S.a.r.l./JBS <br> U.S.A. Food Co./JBS Lux Co. S.a.r.l.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/30  | 192 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/15/28 <sup>(1)</sup> <br>| 220 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/7/28  | 1400 | 1400 |
|  |  | **3210** |
| **Health Care Facilities & Services – 2.9%** | **Health Care Facilities & Services – 2.9%** | **Health Care Facilities & Services – 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/29  | 410 | 418 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 40.6% continued**  | **CORPORATE BONDS - 40.6% continued**  | **CORPORATE BONDS - 40.6% continued**  |
| **Health Care Facilities & Services – 2.9%continued** | **Health Care Facilities & Services – 2.9%continued** | **Health Care Facilities & Services – 2.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/27  | $410 | $413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/30 <sup>(1)</sup> <br>| 675 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 3/15/26  | 242 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/31 <sup>(1)</sup> <br>| 675 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/30/26  | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28  | 560 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQVIA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/29  | 2125 | 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 8/15/30 <sup>(1)</sup> <br>| 1000 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/15/26  | 1030 | 1034 |
|  |  | **7386** |
| **Home Construction – 0.1%** | **Home Construction – 0.1%** | **Home Construction – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestar Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28<sup>(1)</sup> <br>| 370 | **364** |
| **Institutional Financial Services – 2.6%** | **Institutional Financial Services – 2.6%** | **Institutional Financial Services – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/1/28 <sup>(1)</sup> <br>| 600 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 4/30/31 <sup>(1)</sup> <br>| 1108 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 4/3/28  | 1250 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 1/27/26  | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 8/3/26  | 2000 | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.95%), <br> 4.54%, 4/24/28 <sup>(5)</sup> <br>| 570 | 574 |
|  |  | **6577** |
| **Insurance – 1.4%** | **Insurance – 1.4%** | **Insurance – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/15/27  | 1230 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Life Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 4/25/28 <sup>(1)</sup> <br>| 1350 | 1360 |

---

FIXED INCOME FUNDS **213** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 40.6% continued**  | **CORPORATE BONDS - 40.6% continued**  | **CORPORATE BONDS - 40.6% continued**  |
| **Insurance – 1.4%continued** | **Insurance – 1.4%continued** | **Insurance – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/15/26  | $1000 | $983 |
|  |  | **3582** |
| **Leisure Facilities & Services – 0.4%** | **Leisure Facilities & Services – 0.4%** | **Leisure Facilities & Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/29 <sup>(1)</sup> <br>| 700 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/30/27  | 400 | 408 |
|  |  | **1116** |
| **Machinery – 1.1%** | **Machinery – 1.1%** | **Machinery – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/15/27  | 1275 | 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/8/27  | 480 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 7/15/27  | 570 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 3/1/26  | 500 | 496 |
|  |  | **2832** |
| **Medical Equipment & Devices – 1.3%** | **Medical Equipment & Devices – 1.3%** | **Medical Equipment & Devices – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 8/15/26  | 500 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 6/15/28  | 1140 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 11/15/25  | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 2/10/30  | 585 | 597 |
|  |  | **3228** |
| **Oil & Gas Supply Chain – 2.5%** | **Oil & Gas Supply Chain – 2.5%** | **Oil & Gas Supply Chain – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 11/15/26 <sup>(1)</sup> <br>| 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/1/30  | 545 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/1/26  | 2210 | 2240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 1/15/26  | 1160 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 4.37%), 8.70%, 7/30/25 <sup>(4) (6)</sup> <br>| 525 | 526 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 40.6% continued**  | **CORPORATE BONDS - 40.6% continued**  | **CORPORATE BONDS - 40.6% continued**  |
| **Oil & Gas Supply Chain – 2.5%continued** | **Oil & Gas Supply Chain – 2.5%continued** | **Oil & Gas Supply Chain – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/29 <sup>(1)</sup> <br>| $1000 | $1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 3/2/26  | 730 | 734 |
|  |  | **6320** |
| **Real Estate Investment Trusts – 2.3%** | **Real Estate Investment Trusts – 2.3%** | **Real Estate Investment Trusts – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 4/1/28  | 1410 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/26  | 1000 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Store Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 4/30/30 <sup>(1)</sup> <br>| 705 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniti Group L.P./Uniti Group Finance <br> 2019, Inc./CSL Capital LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 2/15/28 <sup>(1)</sup> <br>| 784 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/28  | 1425 | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/28  | 400 | 403 |
|  |  | **5823** |
| **Retail - Consumer Staples – 0.3%** | **Retail - Consumer Staples – 0.3%** | **Retail - Consumer Staples – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 4/28/30 | 650 | **657** |
| **Retail - Discretionary – 0.4%** | **Retail - Discretionary – 0.4%** | **Retail - Discretionary – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PetSmart, Inc./PetSmart Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/15/29<sup>(1)</sup> <br>| 1000 | **972** |
| **Semiconductors – 0.5%** | **Semiconductors – 0.5%** | **Semiconductors – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 2/15/28  | 1140 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/10/26  | 65 | 65 |
|  |  | **1202** |
| **Software – 0.4%** | **Software – 0.4%** | **Software – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 7/15/26 | 1000 | **982** |
| **Specialty Finance – 5.3%** | **Specialty Finance – 5.3%** | **Specialty Finance – 5.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.73%), 5.54%, <br> 1/17/31 <sup>(5)</sup> <br>| 355 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 2/13/26  | 500 | 501 |

---

NORTHERN FUNDS QUARTERLY REPORT **214** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**SHORT BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 40.6% continued**  | **CORPORATE BONDS - 40.6% continued**  | **CORPORATE BONDS - 40.6% continued**  |
| **Specialty Finance – 5.3%continued** | **Specialty Finance – 5.3%continued** | **Specialty Finance – 5.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.93%), <br> 5.04%, 7/26/28 <sup>(5)</sup> <br>| $1185 | $1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.44%), <br> 5.02%, 4/25/31 <sup>(5)</sup> <br>| 1070 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 1/30/26 <sup>(1)</sup> <br>| 1100 | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.91%), <br> 5.70%, 2/1/30 <sup>(5)</sup> <br>| 1875 | 1939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 8/1/29 <sup>(1)</sup> <br>| 346 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 7/1/26  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 3/2/28  | 1875 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 8/15/29  | 935 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer <br> Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/28 <sup>(1)</sup> <br>| 1000 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneMain Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/29  | 675 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 8/1/30 <sup>(1)</sup> <br>| 1865 | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 2.13%), 5.94%, <br> 8/2/30 <sup>(5)</sup> <br>| 175 | 180 |
|  |  | **13329** |
| **Technology Hardware – 0.4%** | **Technology Hardware – 0.4%** | **Technology Hardware – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/28 | 990 | **1002** |
| **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/15/30 | 450 | **456** |
| **Transportation Equipment – 0.2%** | **Transportation Equipment – 0.2%** | **Transportation Equipment – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/9/28  | 175 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PACCAR Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/26/29  | 460 | 457 |
|  |  | **633** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 40.6% continued**  | **CORPORATE BONDS - 40.6% continued**  | **CORPORATE BONDS - 40.6% continued**  |
| **Wholesale - Consumer Staples – 0.2%** | **Wholesale - Consumer Staples – 0.2%** | **Wholesale - Consumer Staples – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 9/23/30 | $475 | **$487** |
| **Total Corporate Bonds** |  |  |
| **(Cost $101,194)** |  | **102120** |
| **FOREIGN ISSUER BONDS – 16.2%**  | **FOREIGN ISSUER BONDS – 16.2%**  | **FOREIGN ISSUER BONDS – 16.2%**  |
| **Aerospace & Defense – 0.5%** | **Aerospace & Defense – 0.5%** | **Aerospace & Defense – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bombardier, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/1/29 <sup>(1)</sup> <br>| 500 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/27 <sup>(1)</sup> <br>| 810 | 831 |
|  |  | **1356** |
| **Asset Management – 0.4%** | **Asset Management – 0.4%** | **Asset Management – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 3.34%), <br> 6.37%, 7/15/26<sup>(1) (5)</sup> <br>| 1000 | **1001** |
| **Automotive – 1.5%** | **Automotive – 1.5%** | **Automotive – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North <br> America LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 4/1/27 <sup>(1)</sup> <br>| 2150 | 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 8/1/27 <sup>(1)</sup> <br>| 700 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Group of America <br> Finance LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 9/12/28 <sup>(1)</sup> <br>| 1000 | 1021 |
|  |  | **3884** |
| **Banking – 8.3%** | **Banking – 8.3%** | **Banking – 8.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking <br> Group Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 12/8/25  | 250 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 9/30/27  | 1040 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/13/29  | 800 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.62%), 5.06%, <br> 9/15/26 <sup>(4)</sup> <br>| 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/16/25  | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.49%), <br> 5.67%, 3/12/28 <sup>(5)</sup> <br>| 1280 | 1304 |

---

FIXED INCOME FUNDS **215** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 16.2% continued**  | **FOREIGN ISSUER BONDS - 16.2% continued**  | **FOREIGN ISSUER BONDS - 16.2% continued**  |
| **Banking – 8.3%continued** | **Banking – 8.3%continued** | **Banking – 8.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.05%), 2.59%, <br> 8/12/35 <sup>(1) (5)</sup> <br>| $500 | $441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPCE S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 1/20/26 <sup>(1)</sup> <br>| 490 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.96%), <br> 5.72%, 1/18/30 <sup>(1) (5)</sup> <br>| 1750 | 1802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooperatieve Rabobank U.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 8/28/26  | 1375 | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.21%), <br> 4.63%, 9/11/28 <sup>(1) (5)</sup> <br>| 1430 | 1432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.89%, 8/14/27 <sup>(5)</sup> <br>| 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.06%), <br> 5.60%, 5/17/28 <sup>(5)</sup> <br>| 840 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.46%), <br> 5.55%, 3/4/30 <sup>(5)</sup> <br>| 1900 | 1956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.58%), 6.04%, <br> 1/5/28 <sup>(4)</sup> <br>| 1690 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.70%), 5.87%, <br> 3/6/29 <sup>(5)</sup> <br>| 1650 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.17%), 5.16%, <br> 4/24/31 <sup>(5)</sup> <br>| 430 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/10/25  | 860 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/12/26  | 750 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.10%), 5.58%, <br> 3/1/28 <sup>(5)</sup> <br>| 840 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.50%), 5.52%, <br> 1/19/28 <sup>(1) (5)</sup> <br>| 1000 | 1012 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 16.2% continued**  | **FOREIGN ISSUER BONDS - 16.2% continued**  | **FOREIGN ISSUER BONDS - 16.2% continued**  |
| **Banking – 8.3%continued** | **Banking – 8.3%continued** | **Banking – 8.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.05%), 6.17%, <br> 1/9/27 <sup>(1) (5)</sup> <br>| $900 | $907 |
|  |  | **20893** |
| **Chemicals – 0.2%** | **Chemicals – 0.2%** | **Chemicals – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/12/32 | 610 | **622** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RELX Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/27/30  | 510 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/22/30  | 460 | 433 |
|  |  | **950** |
| **Electrical Equipment – 0.3%** | **Electrical Equipment – 0.3%** | **Electrical Equipment – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyco Electronics Group S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/9/31 | 630 | **629** |
| **Household Products – 0.2%** | **Household Products – 0.2%** | **Household Products – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unilever Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/12/27 | 420 | **422** |
| **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashtead Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/15/27 <sup>(1)</sup> <br>| 500 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Element Fleet Management Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 6/26/26 <sup>(1)</sup> <br>| 1050 | 1065 |
|  |  | **1563** |
| **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHP Billiton Finance U.S.A. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/21/30  | 1075 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Finance U.S.A. PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/14/28  | 850 | 857 |
|  |  | **1958** |
| **Specialty Finance – 2.5%** | **Specialty Finance – 2.5%** | **Specialty Finance – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 1/30/26  | 1070 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 4/1/28  | 1925 | 1944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 1/15/28 <sup>(1)</sup> <br>| 1800 | 1810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 3/26/29 <sup>(1)</sup> <br>| 1300 | 1357 |
|  |  | **6162** |

---

NORTHERN FUNDS QUARTERLY REPORT **216** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**SHORT BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 16.2% continued**  | **FOREIGN ISSUER BONDS - 16.2% continued**  | **FOREIGN ISSUER BONDS - 16.2% continued**  |
| **Transportation & Logistics – 0.5%** | **Transportation & Logistics – 0.5%** | **Transportation & Logistics – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/26 <sup>(1)</sup> <br>| $320 | $317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/1/27 <sup>(1)</sup> <br>| 1000 | 1006 |
|  |  | **1323** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $40,309)** |  | **40763** |
| **U.S. GOVERNMENT AGENCIES – 8.5%** <sup>(7)</sup> | **U.S. GOVERNMENT AGENCIES – 8.5%** <sup>(7)</sup> | **U.S. GOVERNMENT AGENCIES – 8.5%** <sup>(7)</sup> |
| **Fannie Mae – 2.6%** | **Fannie Mae – 2.6%** | **Fannie Mae – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #555649, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/1/32 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AD0915, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/38 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #AI3471, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/41 | 45 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BA6574, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/31 | 325 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BC0266, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/31 | 279 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BC1465, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/1/31 | 192 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BE0514, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/31 | 581 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM1239, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/32 | 295 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM4485, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/30 | 360 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM5017, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/30 | 261 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM5525, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/31 | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BM5708, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/29 | 28 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1534, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/49 | 582 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1773, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/31 | 205 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1849, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/1/33 | 296 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1852, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/33 | 349 | 341 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 8.5%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 8.5%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 8.5%** <sup>(7)</sup>**continued** |
| **Fannie Mae – 2.6%continued** | **Fannie Mae – 2.6%continued** | **Fannie Mae – 2.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM1897, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/32 | $236 | $230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3308, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/32 | 632 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS2701, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/35 | 532 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4618, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/51 | 663 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4653, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/53 | 570 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3090, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/1/32 | 147 | 143 |
|  |  | **6465** |
| **Freddie Mac – 5.6%** | **Freddie Mac – 5.6%** | **Freddie Mac – 5.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS, Series 4835, <br> Class CA,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/15/47 | 239 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #1B3617, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.92%, 1.92% Floor, <br> 11.07% Cap), 7.33%, 10/1/37<sup>(4)</sup> <br>| 42 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA8880, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/53 | 722 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0084, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/32 | 734 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0093, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/1/31 | 1751 | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0215, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/32 | 245 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0216, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/32 | 560 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SB0329, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/32 | 606 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1360, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/52 | 746 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1959, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/1/52 | 623 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2342, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/44 | 763 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2665, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/53 | 703 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2902, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/53 | 549 | 551 |

---

FIXED INCOME FUNDS **217** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 8.5%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 8.5%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 8.5%** <sup>(7)</sup>**continued** |
| **Freddie Mac – 5.6%continued** | **Freddie Mac – 5.6%continued** | **Freddie Mac – 5.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2922, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/53 | $880 | $869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2999, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 850 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3133, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/53 | 717 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3136, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 696 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3174, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/53 | 676 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZA2807, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/28 | 29 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZK9070, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/32 | 306 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS6689, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/1/28 | 95 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS8598, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/31 | 377 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS8675, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/32 | 625 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seasoned Loans Structured Transaction <br> Trust, Series 2019-2, Class A1C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 9/25/29 | 611 | 581 |
|  |  | **14000** |
| **Freddie Mac Gold – 0.2%** | **Freddie Mac Gold – 0.2%** | **Freddie Mac Gold – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #A92650, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/40 | 27 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #E04360, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/1/28 | 117 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G18641, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/32 | 111 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G18647, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/32 | 272 | 265 |
|  |  | **515** |
| **Government National Mortgage Association – 0.1%** | **Government National Mortgage Association – 0.1%** | **Government National Mortgage Association – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/20/46 | 294 | **273** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $21,832)** |  | **21253** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS – 9.7%**  | **U.S. GOVERNMENT OBLIGATIONS – 9.7%**  | **U.S. GOVERNMENT OBLIGATIONS – 9.7%**  |
| **U.S. Treasury Notes – 9.7%** | **U.S. Treasury Notes – 9.7%** | **U.S. Treasury Notes – 9.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/25<sup>(8)</sup> <br>| $1009 | $1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/30/26 | 4700 | 4676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/31/27 | 3000 | 3007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/27 | 3686 | 3712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/15/28 | 8800 | 8811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/31/30 | 1052 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/30/30 | 2200 | 2209 |
|  |  | **24486** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $24,340)** |  | **24486** |
| **MUNICIPAL BONDS – 0.6%**  | **MUNICIPAL BONDS – 0.6%**  | **MUNICIPAL BONDS – 0.6%**  |
| **Florida – 0.6%** | **Florida – 0.6%** | **Florida – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Board of Administration <br> Finance Corp. Taxable Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.26%, 7/1/25 | 1100 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Aviation Taxable <br> Revenue Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 10/1/25 | 500 | 496 |
|  |  | **1596** |
| **Total Municipal Bonds** |  |  |
| **(Cost $1,600)** |  | **1596** |

---

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.6%**  | **INVESTMENT COMPANIES – 0.6%**  | **INVESTMENT COMPANIES – 0.6%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(9) (10)</sup> <br>| 1549346 | $1549 |
| **Total Investment Companies** |  |  |
| **(Cost $1,549)** |  | **1549** |
| **Total Investments – 98.9%** | **Total Investments – 98.9%** |  |
| **(Cost $247,599)** | **(Cost $247,599)** | **248758** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 1.1% | 2837 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$251595** |

---

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

<sup>(1)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At June 30,* *2025, the value of these securities amounted to approximately* *$54,590,000 or 21.7% of net assets.* 

<sup>(2)</sup> *Step coupon bond. Rate as of June 30, 2025 is disclosed.*

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

NORTHERN FUNDS QUARTERLY REPORT **218** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**SHORT BOND FUND continued** <br>

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

<sup>(4)</sup> *Variable or floating rate security. Rate as of June 30, 2025 is disclosed.*

<sup>(5)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of June 30, 2025.* 

<sup>(6)</sup> *Perpetual bond. Maturity date represents next call date.*

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

<sup>(8)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

<sup>(9)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(10)</sup> *7-day current yield as of June 30, 2025 is disclosed.*

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

---

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

---

*Percentages shown are based on Net Assets.* 

At June 30, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; 2-Year <br> U.S. Treasury <br> Note<br>| 550 | $114413 | Long | 9/25 | $417 |
| &nbsp;&nbsp; 5-Year <br> U.S. Treasury <br> Note<br>| (496)<br>| (54064)<br>| Short | 9/25 | (593)<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| &nbsp;&nbsp; Ultra 10-Year <br> U.S. Treasury <br> Note<br>| (55)<br>| $(6285)<br>| Short | 9/25 | $(139)<br>|
| &nbsp;&nbsp; Ultra Long <br> U.S. Treasury <br> Bond<br>| (10)<br>| (1191)<br>| Short | 9/25 | (52)<br>|
| Total |  |  |  |  | $(367)<br>|

---

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Asset-Backed Securities<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $43297 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $43297 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 13694 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13694 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 102120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 102120 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 40763 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40763 |
| U.S. Government Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 21253 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21253 |
| U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 24486 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24486 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1596 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1596 |
| Investment Companies | &nbsp;&nbsp; 1549 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1549 |
| Total Investments | &nbsp;&nbsp; $1549 | &nbsp;&nbsp; $247209 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $248758 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $417 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $417 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; (784)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (784)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(367)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(367)<br>|

---

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

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

FIXED INCOME FUNDS **219** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $227 | $227 | $— <br><sup>(1),\*</sup><br>| $— |  |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 3687 | 49175 | 51313 | 29 | 1549 | 1549346 |
| Total | $3687 | $49402 | $51540 | $29 | $1549 | 1549346 |

---

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

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

*\** *Amount rounds to less than one thousand.*

NORTHERN FUNDS QUARTERLY REPORT **220** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 1.2%**  | **ASSET-BACKED SECURITIES – 1.2%**  | **ASSET-BACKED SECURITIES – 1.2%**  |
| **Auto Loan – 0.6%** | **Auto Loan – 0.6%** | **Auto Loan – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2024-1, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/25/27 | $6100 | $6150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2024-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 10/16/28 | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust, Series <br> 2024-A, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 6/15/27 | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2023-C, Class A2A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 9/15/26 | 146 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2024-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 4/16/29 | 6000 | 6033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 3/15/29 | 2760 | 2775 |
|  |  | **17117** |
| **Credit Card – 0.3%** | **Credit Card – 0.3%** | **Credit Card – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 3/15/30 | 2250 | 2280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 2/15/29 | 5000 | 5065 |
|  |  | **7345** |
| **Other – 0.1%** | **Other – 0.1%** | **Other – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2024-A, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77%, 6/15/29 | 1120 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kubota Credit Owner Trust, Series <br> 2025-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 12/15/27<sup>(1)</sup> <br>| 2850 | 2858 |
|  |  | **3984** |
| **Whole Loan – 0.2%** | **Whole Loan – 0.2%** | **Whole Loan – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.55% on 4/25/29), <br> 5.55%, 1/25/65<sup>(1) (2)</sup> <br>| 5702 | **5717** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $33,926)** |  | **34163** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL PAPER – 3.7%**  | **COMMERCIAL PAPER – 3.7%**  | **COMMERCIAL PAPER – 3.7%**  |
| **Consumer Services – 1.3%** | **Consumer Services – 1.3%** | **Consumer Services – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Regents of the University of <br> Texas System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/30/25  | $12500 | $12506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/4/25  | 25000 | 24995 |
|  |  | **37501** |
| **Local Authority – 0.3%** | **Local Authority – 0.3%** | **Local Authority – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/23/25  | 7000 | 6999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 12/4/25  | 2213 | 2212 |
|  |  | **9211** |
| **Regional – 2.1%** | **Regional – 2.1%** | **Regional – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Harris, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 8/18/25  | 10185 | 10185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Hillsborough, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/4/25  | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 9/4/25  | 15500 | 15500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 9/16/25  | 8000 | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation <br> Authority,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 7/10/25  | 4850 | 4850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 10/10/25  | 11250 | 11250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities <br> Authority,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 9/2/25  | 9000 | 8999 |
|  |  | **62784** |
| **Total Commercial Paper** |  |  |
| **(Cost $109,494)** |  | **109496** |
| **CORPORATE BONDS – 4.5%**  | **CORPORATE BONDS – 4.5%**  | **CORPORATE BONDS – 4.5%**  |
| **Automotive – 0.3%** | **Automotive – 0.3%** | **Automotive – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 5/8/27  | 5000 | 5073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/8/27 <sup>(1)</sup> <br>| 5000 | 5046 |
|  |  | **10119** |
| **Banking – 2.2%** | **Banking – 2.2%** | **Banking – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/19/26  | 10000 | 9931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 5.30%, 3/4/29 <sup>(3)</sup> <br>| 12900 | 12879 |

---

FIXED INCOME FUNDS **221** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 4.5% continued**  | **CORPORATE BONDS - 4.5% continued**  | **CORPORATE BONDS - 4.5% continued**  |
| **Banking – 2.2%continued** | **Banking – 2.2%continued** | **Banking – 2.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington National Bank (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.72%), <br> 4.87%, 4/12/28 <sup>(4)</sup> <br>| $7400 | $7446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.77%), <br> 5.22%, 9/22/27 <sup>(3)</sup> <br>| 11400 | 11427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeyBank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 1/26/26  | 1250 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Holdings U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.61%), <br> 6.06%, 3/20/29 <sup>(3)</sup> <br>| 20000 | 20197 |
|  |  | **63129** |
| **Electric Utilities – 0.2%** | **Electric Utilities – 0.2%** | **Electric Utilities – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/1/25 | 5000 | **5007** |
| **Food – 0.3%** | **Food – 0.3%** | **Food – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cargill, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.61%), <br> 4.99%, 2/11/28<sup>(1) (3)</sup> <br>| 10000 | **10023** |
| **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28 | 3470 | **3521** |
| **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.70%), 5.08%, <br> 11/8/27<sup>(3)</sup> <br>| 3530 | **3538** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 5/15/26 | 9000 | **8916** |
| **Oil & Gas Supply Chain – 0.7%** | **Oil & Gas Supply Chain – 0.7%** | **Oil & Gas Supply Chain – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 5/4/26  | 10000 | 9899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 3/29/26  | 10000 | 10048 |
|  |  | **19947** |
| **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 7/15/27 | 7646 | **7497** |
| **Total Corporate Bonds** |  |  |
| **(Cost $131,141)** |  | **131697** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS – 4.0%**  | **FOREIGN ISSUER BONDS – 4.0%**  | **FOREIGN ISSUER BONDS – 4.0%**  |
| **Asset Management – 0.2%** | **Asset Management – 0.2%** | **Asset Management – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/9/27 | $6458 | **$6558** |
| **Banking – 3.2%** | **Banking – 3.2%** | **Banking – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank N.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12%, 7/7/28 <sup>(1)</sup> <br>| 20000 | 19996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.62%), 5.06%, <br> 9/15/26 <sup>(3)</sup> <br>| 9600 | 9607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.22%), <br> 5.61%, 11/16/27 <sup>(3)</sup> <br>| 7500 | 7500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.03%), <br> 5.45%, 3/3/29 <sup>(3)</sup> <br>| 6000 | 5995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ING Groep N.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.01%), 5.47%, <br> 4/1/27 <sup>(3)</sup> <br>| 23800 | 23865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nationwide Building Society, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.29%), <br> 5.68%, 2/16/28 <sup>(1) (3)</sup> <br>| 9300 | 9353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Markets PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.76%), <br> 5.22%, 9/29/26 <sup>(1) (3)</sup> <br>| 7800 | 7821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.88%), <br> 5.23%, 1/14/27 <sup>(3)</sup> <br>| 9880 | 9929 |
|  |  | **94066** |
| **Institutional Financial Services – 0.4%** | **Institutional Financial Services – 0.4%** | **Institutional Financial Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 1/9/26 | 10000 | **10051** |
| **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 4/15/27 | 5000 | **5163** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $115,365)** |  | **115838** |

---

NORTHERN FUNDS QUARTERLY REPORT **222** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 77.8%**  | **MUNICIPAL BONDS – 77.8%**  | **MUNICIPAL BONDS – 77.8%**  |
| **Alabama – 2.3%** | **Alabama – 2.3%** | **Alabama – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alabama Federal Aid Highway Finance <br> Authority Special Obligation <br> Revenue Refunding GARVEE Bonds, <br> Series B, Escrowed to Maturity,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/25 | $7425 | $7449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Bonds, Subseries <br> D2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.40%), <br> 4.38%, 6/1/27<sup>(3) (5)</sup> <br>| 20000 | 20169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Gas Project No.7-S,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/26<sup>(5) (6)</sup> <br>| 9800 | 9825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Variable <br> Revenue Bonds, Gas Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.35%), 1.97%, <br> 12/1/26<sup>(3) (5)</sup> <br>| 29000 | 28624 |
|  |  | **66067** |
| **Alaska – 0.2%** | **Alaska – 0.2%** | **Alaska – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alaska State G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 | 2000 | 2096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alaska State Housing Finance Corp. <br> Revenue Refunding Bonds, State <br> Capital Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/27 | 2605 | 2710 |
|  |  | **4806** |
| **Arizona – 2.2%** | **Arizona – 2.2%** | **Arizona – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State Health Facilities Authority <br> Variable Revenue Bonds, Banner <br> Health Services, Unrefunded <br> Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.00%), 1.87%, <br> 11/4/26<sup>(3) (5)</sup> <br>| 7335 | 7270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State Health Facilities Authority <br> Variable Revenue Bonds, Banner <br> Health, Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.00%), 1.87%, <br> 11/4/25<sup>(3) (7)</sup> <br>| 300 | 299 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Arizona – 2.2%continued** | **Arizona – 2.2%continued** | **Arizona – 2.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State Health Facilities Authority <br> Variable Revenue Refunding Bonds, <br> Banner Health, Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.25%), 1.87%, <br> 11/4/25<sup>(3) (7)</sup> <br>| $1495 | $1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State IDA Revenue Bonds, <br> Lincoln South Beltway Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/26 | 2500 | 2531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State Sports & Tourism <br> Authority Senior Lien Revenue <br> Refunding Bonds, Multipurpose <br> Stadium Facility Project (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State Transportation Board <br> Revenue GARVEE Bonds GANS, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | 1055 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glendale Water & Sewer Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 3000 | 3067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glendale Water & Sewer Senior Lien <br> Revenue Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | 1225 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake Havasu City Wastewater System <br> Revenue Refunding Bonds, Series B <br> (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/40 | 15000 | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County High School District <br> No. 210 G.O. Unlimited Bonds, <br> Series B, Project of 2023,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 2265 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Industrial <br> Development Authority Variable <br> Revenue Bonds, Series A-2, Banner <br> Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/28<sup>(5) (6)</sup> <br>| 10000 | 10495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Litchfield Elementary <br> School District No. 79 G.O. <br> Unlimited Bonds, Series A, Project of <br> 2023,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1830 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Unified School <br> District No. 4 G.O. Unlimited Bonds, <br> Series E, Mesa Project of 2018,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1050 | 1074 |

---

FIXED INCOME FUNDS **223** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Arizona – 2.2%continued** | **Arizona – 2.2%continued** | **Arizona – 2.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Water System Junior Lien Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | $1750 | $1753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pima County Refunding COPS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/27 | 2860 | 3011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pima County Unified School District No. <br> 1 Tucson G.O. Unlimited Bonds, <br> Series A, Project of 2023 (AGM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | 1100 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> System Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/27 | 2130 | 2204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tucson G.O. Unlimited Bonds, Series <br> 2018-B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 6460 | 6765 |
|  |  | **65084** |
| **Arkansas – 0.1%** | **Arkansas – 0.1%** | **Arkansas – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Smith Water & Sewer Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/26 | 2385 | **2442** |
| **California – 4.1%** | **California – 4.1%** | **California – 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Variable Revenue Bonds, San <br> Francisco Bay Area Toll,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.30%), 1.92%, <br> 4/1/27<sup>(3) (5)</sup> <br>| 8500 | 8303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Variable Revenue Refunding Bonds, <br> San Francisco Bay Area,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.45%), 2.07%, <br> 4/1/26<sup>(3) (5)</sup> <br>| 8750 | 8683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Series A-1, Clean Energy <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/28<sup>(5) (6)</sup> <br>| 4745 | 4786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28 | 15000 | 15945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/27 | 13400 | 13940 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **California – 4.1%continued** | **California – 4.1%continued** | **California – 4.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 | $10150 | $10661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds, Bidding Group A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/25 | 13650 | 13698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cotati-Ronhert Park Unified School <br> District G.O. Unlimited Bonds, Series <br> C (BAM Insured), Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/25<sup>(7)</sup> <br>| 3300 | 3306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 2600 | 2640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 4035 | 4102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1990 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 6270 | 6365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1930 | 1962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 3040 | 3148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 2225 | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water and <br> Power System Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 3180 | 3263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District <br> G.O. Unlimited Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 9075 | 9512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District <br> Sustainability G.O. Unlimited Bonds, <br> Series QRR,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | 4000 | 4000 |

---

NORTHERN FUNDS QUARTERLY REPORT **224** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **California – 4.1%continued** | **California – 4.1%continued** | **California – 4.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oakland Unified School District <br> Alameda County Election of 2020 <br> G.O. Unlimited Bonds, Series A <br> (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | $325 | $334 |
|  |  | **118975** |
| **Colorado – 2.9%** | **Colorado – 2.9%** | **Colorado – 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams & Arapahoe Counties Joint <br> School District No. 28J Aurora G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/26 | 3340 | 3475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams 12 Five Star Schools G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/26 | 8000 | 8274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boulder, Larimer & Weld Counties, <br> Saint Vrain Valley School District <br> RE-1J G.O. Unlimited Bonds (State <br> Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/25 | 6550 | 6620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State COPS, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/25 | 1350 | 1362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities <br> Authority Revenue Refunding Bonds, <br> Series A, CommonSpirit Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 | 5000 | 5196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities <br> Authority Variable Revenue Bonds, <br> Intermountain Healthcare,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.55%), 2.17%, <br> 8/17/26<sup>(3) (5)</sup> <br>| 22100 | 21927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Airport Revenue <br> Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/25 | 9000 | 9069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Airport <br> Subordinate Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/25 | 3160 | 3184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/26 | 15560 | 16024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City and County School District <br> No. 1 G.O. Unlimited Bonds, Series <br> A (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | 3650 | 3770 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Colorado – 2.9%continued** | **Colorado – 2.9%continued** | **Colorado – 2.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City and County School District <br> No. 1 G.O. Unlimited Refunding <br> Bonds, Series B (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/27 | $4500 | $4754 |
|  |  | **83655** |
| **Connecticut – 2.2%** | **Connecticut – 2.2%** | **Connecticut – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/26 | 4100 | 4145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/27 | 3000 | 3005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/27 | 12100 | 12771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/26 | 3295 | 3390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Refunding Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/26 | 12175 | 12379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Refunding Bonds, Series F,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/25 | 1215 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Sustainability G.O. <br> Unlimited Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/26 | 2715 | 2753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Sustainable G.O. <br> Unlimited Refunding Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/25 | 1480 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ellington G.O. Unlimited BANS, Series <br> B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/23/25 | 15000 | 15033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hartford Special Obligation Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/26 | 7000 | 7150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Connecticut Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/25 | 2280 | 2297 |
|  |  | **65629** |
| **District of Columbia – 0.1%** | **District of Columbia – 0.1%** | **District of Columbia – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/1/27<sup>(8)</sup> <br>| 550 | 571 |

---

FIXED INCOME FUNDS **225** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **District Of Columbia – 0.1%continued** | **District Of Columbia – 0.1%continued** | **District Of Columbia – 0.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/25 | $1400 | $1406 |
|  |  | **1977** |
| **Florida – 3.3%** | **Florida – 3.3%** | **Florida – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County School Board <br> Refunding COPS, Series A (AG <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 6710 | 7137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County School Board <br> Refunding COPS, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County School Board <br> Refunding COPS, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 5000 | 5107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Florida Expressway Authority <br> Senior Lien Revenue Refunding <br> Bonds, Series A, Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26<sup>(7)</sup> <br>| 1950 | 1995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duval County School Board COPS, <br> Series A (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duval County School Board Refunding <br> COPS, Series A (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 2850 | 2979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Insurance Assistance Interlocal <br> Agency Revenue Bonds, Series A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/26 | 9250 | 9366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Board of Education <br> Lottery Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Department of <br> Transportation Financing Corp. <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | 4945 | 4945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Housing Finance Corp. <br> MFH Mortgage Variable Revenue <br> Bonds, Hermosa North Fort Myers II,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/27<sup>(5) (6)</sup> <br>| 3000 | 3026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Mid-Bay Bridge Authority <br> First Senior Lien Revenue Refunding <br> Bonds (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/1/26<sup>(8)</sup> <br>| 3250 | 3327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/1/27<sup>(8)</sup> <br>| 1700 | 1772 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Florida – 3.3%continued** | **Florida – 3.3%continued** | **Florida – 3.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Aviation Authority <br> Revenue Bonds, Series A (AMT), <br> Tampa International Airport,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/25 | $1500 | $1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Aviation Authority <br> Tampa International Airport Revenue <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/25 | 1615 | 1623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Capital <br> Improvement Non-Ad Valorem <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/25 | 2700 | 2704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacksonville Special Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 8650 | 8876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake County School Board Refunding <br> COPS, Series A (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/27 | 1945 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/28 | 1135 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County School Board <br> Refunding COPS, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/27 | 8840 | 9177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Transit Sales <br> Surtax Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 8955 | 9151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Utilities Commission Utility <br> System Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/25 | 3000 | 3015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Public Improvement <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/25 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County School Board <br> Refunding COPS, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 | 4675 | 4890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reedy Creek Improvement District G.O. <br> Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/27 | 1315 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sarasota County School Board COPS, <br> Master Lease Program,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1375 | 1405 |
|  |  | **96071** |
| **Georgia – 0.7%** | **Georgia – 0.7%** | **Georgia – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta G.O. Unlimited Bonds, Series <br> A-1, Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/25 | 775 | 782 |

---

NORTHERN FUNDS QUARTERLY REPORT **226** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Georgia – 0.7%continued** | **Georgia – 0.7%continued** | **Georgia – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta G.O. Unlimited Bonds, Series <br> A-2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/25 | $1575 | $1589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decatur Housing Authority MFH <br> Variable Revenue Bonds, Philips <br> Tower Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 9/1/27<sup>(5) (6)</sup> <br>| 2250 | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gwinnett County School District G.O. <br> Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/32 | 3800 | 3803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Electricity Authority of <br> Georgia Revenue Refunding Bonds, <br> Subseries A, Project 1 (BAM-TCRS <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/28 | 9040 | 9225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paulding County School District G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/27 | 3000 | 3109 |
|  |  | **20766** |
| **Hawaii – 0.4%** | **Hawaii – 0.4%** | **Hawaii – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawaii State G.O. Unlimited Bonds, <br> Series FB,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/27 | 6895 | 7013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honolulu City & County G.O. Unlimited <br> Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 4030 | 4051 |
|  |  | **11064** |
| **Idaho – 1.0%** | **Idaho – 1.0%** | **Idaho – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idaho State Building Authority Sales <br> Tax Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/26 | 25000 | 25500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kootenai County Coeur d'Alene School <br> District No. 271 G.O. Unlimited <br> Bonds (Idaho Sales Tax Guaranty <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/15/27 | 3000 | 3060 |
|  |  | **28560** |
| **Illinois – 2.7%** | **Illinois – 2.7%** | **Illinois – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway Airport Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/26 | 3500 | 3531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Park District G.O. Limited <br> Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/26 | 2000 | 2019 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Illinois – 2.7%continued** | **Illinois – 2.7%continued** | **Illinois – 2.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax <br> Receipts Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/27 | $2250 | $2364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Wastewater Transmission <br> Second Lien Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/27 | 2300 | 2368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DuPage County Forest Preserve District <br> G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 1600 | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Development Finance <br> Authority Revenue Bonds, Zero <br> Regency Park, Escrowed to Maturity,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 7/15/25<sup>(9)</sup> <br>| 9000 | 8988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, Northwestern University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/25 | 1850 | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Silver Cross <br> Hospital & Medical Centers,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/35 | 6565 | 6580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Refunding Bonds, Field <br> Museum of Natural History,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.20%), <br> 4.31%, 9/1/25<sup>(3) (5)</sup> <br>| 9530 | 9524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/26 | 7000 | 7157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 3430 | 3564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/1/26 | 6855 | 6844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/26 | 12435 | 12739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 1100 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Housing Development <br> Authority Sustainable Revenue <br> Bonds, Series N (GNMA, FNMA, <br> FHLMC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/1/25 | 800 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/1/26 | 600 | 605 |

---

FIXED INCOME FUNDS **227** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Illinois – 2.7%continued** | **Illinois – 2.7%continued** | **Illinois – 2.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Water Reclamation <br> District of Greater Chicago G.O. <br> Unlimited Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/25 | $1000 | $1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Springfield Electric Senior Lien Revenue <br> Refunding Bonds (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/27 | 3220 | 3326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Will County G.O. Unlimited Bonds, <br> Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/25<sup>(7)</sup> <br>| 3000 | 3023 |
|  |  | **79128** |
| **Indiana – 0.5%** | **Indiana – 0.5%** | **Indiana – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carmel Clay Schools G.O. Limited <br> Bonds (State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/27 | 2405 | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decatur Township Multi-School Building <br> Corp. First Mortgage Multipurpose <br> Revenue Refunding Bonds (State <br> Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/25 | 1545 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority Wastewater <br> Utility First Lien Revenue Refunding <br> Bonds, CWA Authority Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/25 | 1075 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority <br> Revenue Refunding Bonds, Series A, <br> Stadium Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/26 | 1765 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/28 | 2710 | 2853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority <br> Variable Revenue Refunding Bonds, <br> Deaconess Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.30%), 1.92%, <br> 3/1/27<sup>(3) (5)</sup> <br>| 6315 | 6257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westfield Washington Schools G.O. <br> Limited Bonds (State Intercept <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/25 | 250 | 250 |
|  |  | **16258** |
| **Kansas – 2.4%** | **Kansas – 2.4%** | **Kansas – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas State Department of <br> Transportation Highway Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 8645 | 9081 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Kansas – 2.4%continued** | **Kansas – 2.4%continued** | **Kansas – 2.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manhattan G.O. Unlimited Temporary <br> Notes,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/28 | $19150 | $19325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olathe Temporary Notes, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/25 | 30000 | 30047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spring Hill G.O. Unlimited Notes, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/1/27<sup>(8)</sup> <br>| 9990 | 10106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Topeka G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/15/25 | 1925 | 1927 |
|  |  | **70486** |
| **Kentucky – 1.5%** | **Kentucky – 1.5%** | **Kentucky – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Asset/Liability <br> Commission Agency Fund Revenue <br> Refunding Bonds, Federal Highway <br> Trust Fund Project Notes,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/26 | 6290 | 6453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Property & Buildings <br> Commission Revenue Bonds, Series <br> A, Project No. 132,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/28 | 1500 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Variable Revenue Bonds, <br> Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/1/28<sup>(5) (6)</sup> <br>| 12995 | 13061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rural Water Financing Agency Public <br> Projects Revenue Notes, Series D, <br> Flexible Term Program,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/25 | 11880 | 11896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rural Water Financing Agency Revenue <br> Bonds, Public Projects Construction <br> Notes,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 5/1/27 | 10000 | 9953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Kentucky General Receipts <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/26 | 2105 | 2105 |
|  |  | **45057** |
| **Louisiana – 0.5%** | **Louisiana – 0.5%** | **Louisiana – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana State Gas & Fuels Tax <br> Second Lien Variable Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.50%), <br> 3.61%, 5/1/26<sup>(3) (5)</sup> <br>| 12015 | 11994 |

---

NORTHERN FUNDS QUARTERLY REPORT **228** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Louisiana – 0.5%continued** | **Louisiana – 0.5%continued** | **Louisiana – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities & Community <br> Development Authority Insurance <br> Revenue Bonds, Louisiana Insurance <br> Guaranty Association,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/25 | $3000 | $3006 |
|  |  | **15000** |
| **Maine – 0.1%** | **Maine – 0.1%** | **Maine – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maine State Municipal Bond Bank <br> Revenue Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 2150 | **2262** |
| **Maryland – 0.9%** | **Maryland – 0.9%** | **Maryland – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anne Arundel County G.O. Limited <br> Refunding Bonds, Consolidated <br> General Improvements,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/27 | 3245 | 3381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles County G.O. Limited Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 3815 | 4020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland Stadium Authority Built to <br> Learn Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/26 | 2180 | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State G.O. Refunding <br> Unlimited Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/25 | 2085 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State G.O. Unlimited <br> Refunding Bonds, Series B, Bid <br> Group 1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 10000 | 10255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State Transportation <br> Authority Revenue Refunding Bonds, <br> Series A, Transportation Facilities <br> Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | 1220 | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montgomery County G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/25 | 4500 | 4508 |
|  |  | **27696** |
| **Massachusetts – 1.8%** | **Massachusetts – 1.8%** | **Massachusetts – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pembroke G.O. Limited BANS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/26/25 | 13515 | 13548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quincy BANS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/25/25 | 16000 | 16017 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Massachusetts – 1.8%continued** | **Massachusetts – 1.8%continued** | **Massachusetts – 1.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Somerville G.O. Limited BANS, Series <br> B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | $23230 | $23704 |
|  |  | **53269** |
| **Michigan – 1.7%** | **Michigan – 1.7%** | **Michigan – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fraser Public Schools District G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/27 | 2850 | 2960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Finance Authority <br> Variable Revenue Refunding Bonds, <br> Beaumont-Spectrum Consolidation,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.75%), 2.37%, <br> 4/15/27<sup>(3) (5)</sup> <br>| 15000 | 14946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State HDA Rental Housing <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 4/1/26 | 655 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Revenue Refunding <br> GARVEE Bonds GANS,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/27 | 4435 | 4612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Strategic Fund Ltd. <br> Obligation Revenue Refunding <br> Bonds, Facility for Rare Isotope <br> Beam,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | 3090 | 3186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Traverse City Area Public Schools G.O. <br> Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/27 | 8100 | 8430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Ottawa Public School District <br> G.O. Unlimited Bonds, Series I,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/26 | 9125 | 9389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Michigan University Revenue <br> Refunding Bonds, Series A (AG <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/27 | 4595 | 4819 |
|  |  | **48997** |
| **Minnesota – 3.7%** | **Minnesota – 3.7%** | **Minnesota – 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edina Independent School District No. <br> 273 G.O. Unlimited Refunding <br> Bonds, Series A (School District <br> Credit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/27 | 3425 | 3549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hennepin County G.O. Unlimited <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/25 | 4405 | 4448 |

---

FIXED INCOME FUNDS **229** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Minnesota – 3.7%continued** | **Minnesota – 3.7%continued** | **Minnesota – 3.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minneapolis-St. Paul Metropolitan <br> Airports Commission Senior Airport <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/28 | $11705 | $12082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota Municipal Gas Agency <br> Commodity Supply Variable Revenue <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.00%), <br> 3.98%, 12/1/27<sup>(3) (5)</sup> <br>| 40000 | 39937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/25 | 5000 | 5009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 | 1770 | 1857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota State Housing Finance <br> Agency Revenue Bonds, Series G <br> (HUD Sector 8 Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 8/1/27 | 5875 | 5877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota State Rural Water Finance <br> Authority Revenue BANS,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 8/1/26 | 10000 | 10012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moorhead Temporary Tax Increment <br> Financing G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/27 | 18845 | 19233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint Paul Housing & Redevelopment <br> Authority Health Care Facility <br> Revenue Refunding Bonds, <br> HealthPartners Obligated Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/30 | 4660 | 4660 |
|  |  | **106664** |
| **Mississippi – 0.0%** | **Mississippi – 0.0%** | **Mississippi – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi State Development Bank <br> Special Obligation Revenue Bonds, <br> Canton Public School District (AGM <br> Insured), Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/25<sup>(7)</sup> <br>| 1530 | **1544** |
| **Missouri – 1.8%** | **Missouri – 1.8%** | **Missouri – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Zumwalt School District G.O. <br> Unlimited Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28 | 8415 | 8908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jackson County Consolidated School <br> District No. 4 G.O. Unlimited <br> Refunding Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/1/27 | 2830 | 2981 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Missouri – 1.8%continued** | **Missouri – 1.8%continued** | **Missouri – 1.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri Joint Municipal Electric Utility <br> Commission Power Project Revenue <br> Refunding Bonds, Prairie State <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | $3885 | $4004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Highways & <br> Transportation Commission State <br> Road Revenue Bonds, Mega Project <br> (State Appropriation Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/26 | 20000 | 20380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri States Public Utilities <br> Commission Revenue Refunding <br> Bonds, Interim Construction Notes,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/26 | 11980 | 12029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platte County Reorganization School <br> District No. R-3 Platte City G.O. <br> Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/1/27 | 2960 | 3129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ritenour School District G.O. Unlimited <br> Refunding Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/26 | 575 | 583 |
|  |  | **52014** |
| **Nevada – 1.1%** | **Nevada – 1.1%** | **Nevada – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clark County Airport Revenue <br> Refunding Bonds (AMT), Jet Aviation <br> Fuel Tax,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | 2550 | 2550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clark County School District Building <br> G.O. Limited Bonds, Series B <br> (AGM-CR Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/27 | 2900 | 3031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clark County School District G.O. <br> Limited Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/26 | 1040 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Valley Water District G.O. <br> Limited Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/26 | 1075 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nevada State G.O. Limited Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/27 | 24175 | 25186 |
|  |  | **32905** |

---

NORTHERN FUNDS QUARTERLY REPORT **230** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **New Hampshire – 0.1%** | **New Hampshire – 0.1%** | **New Hampshire – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hampshire State HFA Multi-Family <br> Revenue Bonds, Series 3 (FHA <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 7/1/26 | $1000 | $1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hampshire State Housing Finance <br> Authority Multifamily Revenue Bonds, <br> Series 4 (FHA Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 4/1/26 | 1000 | 1003 |
|  |  | **2005** |
| **New Jersey – 3.5%** | **New Jersey – 3.5%** | **New Jersey – 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex County G.O. Unlimited BANS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/8/26<sup>(8)</sup> <br>| 12305 | 12437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jersey City Municipal Utilities Authority <br> Water Project Revenue Notes <br> (Municipal Government Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/26 | 15510 | 15738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercer County G.O. Unlimited Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/15/26 | 2830 | 2829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monmouth County Improvement <br> Authority Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/25 | 725 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | 1350 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monmouth County Improvement <br> Authority Revenue Notes, <br> Governmental Pooled Loan Project <br> (County Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/13/26 | 35000 | 35233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue <br> Refunding Bonds, Series BBB, <br> Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/26<sup>(7)</sup> <br>| 4000 | 4163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue <br> Refunding Bonds, Series XX,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/15/26 | 13565 | 13571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue School <br> Facilities Construction Revenue <br> Refunding Bonds, Series GGG,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/1/26 | 5000 | 5137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Educational Facilities <br> Authority Revenue Bonds, Higher <br> Education Equipment Lease,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/25 | 1655 | 1660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority <br> Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/28 | 3485 | 3676 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **New Jersey – 3.5%continued** | **New Jersey – 3.5%continued** | **New Jersey – 3.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority <br> Revenue Exchange Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/27 | $4490 | $4638 |
|  |  | **101209** |
| **New Mexico – 0.5%** | **New Mexico – 0.5%** | **New Mexico – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albuquerque G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1715 | 1754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albuquerque Municipal School District <br> No. 12 G.O. Unlimited Bonds, Series <br> A (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 2150 | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico State G.O. Unlimited <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/26 | 6140 | 6230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/26 | 1175 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico State Severance Tax <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 2505 | 2564 |
|  |  | **13941** |
| **New York – 9.2%** | **New York – 9.2%** | **New York – 9.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herricks Union Free School District <br> G.O. Unlimited BANS (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/30/25 | 13875 | 13886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Island Power Authority Electric <br> System Variable Revenue Refunding <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.45%), 2.07%, <br> 9/1/25<sup>(3) (5)</sup> <br>| 11500 | 11491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/27 | 2675 | 2802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br> Variable Revenue Refunding Bonds, <br> Subseries G-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.43%), <br> 3.41%, 11/1/26<sup>(3)</sup> <br>| 590 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br> Variable Revenue Tender Notes,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.65%), <br> 3.63%, 4/1/26<sup>(3) (5)</sup> <br>| 40000 | 39924 |

---

FIXED INCOME FUNDS **231** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **New York – 9.2%continued** | **New York – 9.2%continued** | **New York – 9.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Refunding Bonds, <br> Series DD, Fiscal 2025,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/28 | $7240 | $7752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Subordinate Revenue Bonds, Fiscal <br> 2016,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33 | 1070 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> G, Subseries G-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/28 | 16995 | 17995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 6765 | 6775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 5000 | 5125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Refunding <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 2500 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Refunding <br> Bonds, Series C-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/25 | 12500 | 12520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 1890 | 1937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Multi-modal G.O. Unlimited <br> Refunding Bonds, Fiscal 2025,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 | 18780 | 19694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dorm Authority State <br> Personal Income Tax Revenue <br> Refunding Bonds, Series A, Escrowed <br> to Maturity,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/26 | 15000 | 15246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, School Districts Financing <br> Program, Series A (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/25 | 4165 | 4177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 246 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 15005 | 15575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority <br> Payroll Mobility Tax Revenue BANS, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28 | 24420 | 25794 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **New York – 9.2%continued** | **New York – 9.2%continued** | **New York – 9.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority <br> Payroll Mobility Tax Revenue <br> Refunding Bonds, MTA Bridges & <br> Tunnels, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/25 | $3500 | $3527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority <br> Payroll Mobility Tax Variable <br> Revenue Refunding Bonds, Series E, <br> Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.05%), <br> 4.03%, 4/1/26<sup>(3)</sup> <br>| 15560 | 15560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority <br> Subordinate Revenue BANS, Series <br> A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/28 | 25420 | 26919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Seneca G.O. Limited BANS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/6/26 | 16999 | 17094 |
|  |  | **268016** |
| **North Carolina – 1.5%** | **North Carolina – 1.5%** | **North Carolina – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte Water & Sewer System <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | 750 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East Carolina University Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 1225 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mecklenburg County G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/27 | 2065 | 2143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mecklenburg County G.O. Unlimited <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/27 | 13680 | 14196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Limited <br> Obligation Revenue Bonds, Series B, <br> Build NC Programs,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/26 | 3520 | 3588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Medical Care <br> Commission Health Care Facilities <br> Revenue Refunding Bonds, Series A, <br> Duke University Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/27 | 1750 | 1823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/28 | 2115 | 2248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Revenue <br> Refunding GARVEE Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28 | 12640 | 13391 |

---

NORTHERN FUNDS QUARTERLY REPORT **232** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **North Carolina – 1.5%continued** | **North Carolina – 1.5%continued** | **North Carolina – 1.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wake County Limited Obligation <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/28 | $3400 | $3618 |
|  |  | **42998** |
| **Ohio – 1.5%** | **Ohio – 1.5%** | **Ohio – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Municipal Power-Ohio, Inc., <br> Revenue Refunding Bonds, Prairie <br> State Energy Campus Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/26 | 3000 | 3038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 6765 | 7002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleveland G.O. Limited refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/25 | 3555 | 3585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Bond Anticipation Notes G.O. <br> Limited BANS (State Standby NT <br> Purchase),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/17/25 | 1675 | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake County G.O. Limited Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/24/25 | 7000 | 7010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State G.O. Limited Bonds, Series <br> A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/27 | 8135 | 8492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State G.O. Limited Bonds, Series <br> B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/26 | 12035 | 12415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State G.O. Unlimited Bonds, <br> Series Y,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/26 | 1000 | 1019 |
|  |  | **44242** |
| **Oklahoma – 1.6%** | **Oklahoma – 1.6%** | **Oklahoma – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleveland County Independent School <br> District No. 2 G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/27 | 5520 | 5628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/28 | 7440 | 7673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma County Independent School <br> District No. 1 G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 5/1/27 | 17375 | 17451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma County Independent School <br> District No. 12 G.O. Unlimited <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/27 | 3425 | 3496 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Oklahoma – 1.6%continued** | **Oklahoma – 1.6%continued** | **Oklahoma – 1.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority State Highways Capital <br> Improvement Revenue Bonds, <br> Department of Transportation Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | $510 | $544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tulsa County Industrial Authority <br> Educational Facilities Lease Revenue <br> Bonds, Broken Arrow Public Schools <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 8480 | 8886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tulsa G.O. Unlimited Bonds, Series D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/26 | 3000 | 3000 |
|  |  | **46678** |
| **Oregon – 1.5%** | **Oregon – 1.5%** | **Oregon – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clackamas & Washington Counties <br> Joint School District No. 3 West <br> Linn-Wilsonville G.O. Unlimited <br> Refunding Bonds (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/27 | 2810 | 2937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/28 | 6700 | 7153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multnomah County School District No. <br> 7 Reynolds G.O. Unlimited Bonds, <br> Series A (School Board Guaranty <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/26 | 2225 | 2226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multnomah County School District No. <br> 7 Reynolds G.O. Unlimited <br> Refunding Bonds (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/27 | 4680 | 4878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/28 | 695 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oregon State Department of <br> Administrative Services Lottery <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/27 | 5000 | 5201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/28 | 10000 | 10633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Portland Airport Revenue Bonds, <br> Series 28 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland Sewer System Second Lien <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/27 | 5000 | 5225 |

---

FIXED INCOME FUNDS **233** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Oregon – 1.5%continued** | **Oregon – 1.5%continued** | **Oregon – 1.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union County Hospital Facility Authority <br> Revenue Bonds, Grand Ronde <br> Hospital Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | $125 | $125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington County School District No. <br> 48J Beaverton G.O. Unlimited <br> Bonds, Series B (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/28 | 1355 | 1446 |
|  |  | **43063** |
| **Pennsylvania – 4.5%** | **Pennsylvania – 4.5%** | **Pennsylvania – 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Higher Education <br> Building Authority College Variable <br> Revenue Refunding Bonds, Carnegie <br> Mellon University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.29%), <br> 3.40%, 8/1/27<sup>(3) (5)</sup> <br>| 5000 | 4976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Hospital <br> Development Authority UPMC <br> Variable Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.70%), 2.32%, <br> 5/15/27<sup>(3) (5)</sup> <br>| 40000 | 39546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bethlehem Area School District <br> Authority Variable Revenue <br> Refunding Bonds, Bethlehem Area <br> School (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.35%), <br> 3.33%, 11/1/25<sup>(3) (5)</sup> <br>| 1250 | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centre County Hospital Authority <br> Revenue Refunding Bonds, Mount <br> Nittany Medical Center Project, <br> Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/25<sup>(7)</sup> <br>| 6250 | 6295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Valley Regional Financial <br> Authority Variable Revenue Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.40%), 2.02%, <br> 3/1/26<sup>(3) (5)</sup> <br>| 7000 | 6969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Valley Regional Financial <br> Authority Variable Revenue Bonds, <br> Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.49%), <br> 3.47%, 3/1/27<sup>(3) (5)</sup> <br>| 11000 | 10970 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Pennsylvania – 4.5%continued** | **Pennsylvania – 4.5%continued** | **Pennsylvania – 4.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northampton County General Purpose <br> Authority Hospital Revenue <br> Refunding Bonds, St Luke's University <br> Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/25 | $1400 | $1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Economic <br> Development Financing Authority <br> UPMC Revenue Refunding Bonds, <br> Series B, UPMC Obligated Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/27 | 2680 | 2771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/28 | 3500 | 3675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State G.O Unlimited <br> Bonds, Second Series of 2016,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/27 | 7170 | 7355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State G.O. Unlimited <br> Bonds, First Series of 2024, Bid <br> Group C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/27 | 9415 | 9870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State G.O. Unlimited First <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/26 | 12225 | 12541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Higher Educational <br> Facilities Authority Revenue <br> Refunding Bonds, University of <br> Pennsylvania,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/15/26<sup>(8)</sup> <br>| 2240 | 2294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Registration Fee <br> Variable Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.85%), 2.47%, <br> 7/15/26<sup>(3) (5)</sup> <br>| 2500 | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia G.O. Unlimited Refunding <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/28 | 2725 | 2899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Water & Wastewater <br> Revenue Refunding Bonds, Series B <br> (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/25 | 2000 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Pittsburgh - of The <br> Commonwealth System of Higher <br> Education Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/26 | 14110 | 14217 |
|  |  | **131528** |

---

NORTHERN FUNDS QUARTERLY REPORT **234** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Rhode Island – 0.9%** | **Rhode Island – 0.9%** | **Rhode Island – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol Warren Regional School District <br> G.O. Unlimited BANS, Series 1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/4/26 | $25000 | $25425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhode Island State G.O. Unlimited <br> Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 1040 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 | 1210 | 1268 |
|  |  | **27759** |
| **South Carolina – 0.3%** | **South Carolina – 0.3%** | **South Carolina – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenville County School District <br> Installment Purchase Revenue <br> Refunding Bonds, South Carolina <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/25 | 3125 | 3150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lancaster County School Public <br> Facilities Corp. Installment Purchase <br> Revenue Bonds, Lancaster County <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/26 | 375 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Public Service <br> Authority Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | 4395 | 4526 |
|  |  | **8058** |
| **Tennessee – 1.1%** | **Tennessee – 1.1%** | **Tennessee – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson City Health & Educational <br> Facilities Board Multifamily Variable <br> Revenue Bonds, Tapestry At Roan <br> Hill (Housing & Urban Development <br> Sector 8 Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/1/26<sup>(5) (6)</sup> <br>| 3000 | 3021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & <br> Davidson County Electric Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/26 | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & <br> Davidson County Electric Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/26 | 2200 | 2245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville <br> & Davidson County G.O. Unlimited <br> Improvement Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 9225 | 9236 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Tennessee – 1.1%continued** | **Tennessee – 1.1%continued** | **Tennessee – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport <br> Authority Subordinate Revenue <br> Bonds, Series B (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | $1200 | $1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Housing Development <br> Agency Residential Finance Program <br> Revenue Bonds, Series 2B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 1/1/28 | 1750 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee State G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/26 | 12680 | 12923 |
|  |  | **31396** |
| **Texas – 7.4%** | **Texas – 7.4%** | **Texas – 7.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aldine Independent School District <br> G.O. Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 1450 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arlington Independent School District <br> G.O. Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 13965 | 14507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austin G.O. Limited Refunding Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/25 | 3225 | 3236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austin Independent School District G.O. <br> Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/25 | 5000 | 5008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austin Independent School District G.O. <br> Unlimited Refunding Bonds, Series A <br> (PSF, Gtd.), Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/25<sup>(7)</sup> <br>| 2035 | 2038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austin Water & Wastewater System <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/25 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility <br> Authority Senior Lien Revenue Bonds, <br> Series A, Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25<sup>(7)</sup> <br>| 8890 | 8890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25<sup>(7)</sup> <br>| 7085 | 7085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp. <br> Education Revenue Refunding Bonds, <br> International Leadership of Texas, <br> Inc. (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 3000 | 3102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collin County Community College <br> District G.O. Limited Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/25 | 1760 | 1764 |

---

FIXED INCOME FUNDS **235** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Texas – 7.4%continued** | **Texas – 7.4%continued** | **Texas – 7.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collin County Community College <br> District G.O. Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/27 | $5580 | $5843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collin County Permanent Improvement <br> G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/26 | 2315 | 2347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/26 | 1030 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas G.O. Limited Bonds, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/27 | 1160 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas Improvement G.O. Limited <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/26 | 4000 | 4051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas Independent School District <br> G.O. Unlimited Bonds, Series C (PSF, <br> Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/28 | 12000 | 12720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series B (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 975 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/28 | 2285 | 2422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Paso County Certificates of <br> Obligation G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/15/26<sup>(8)</sup> <br>| 1275 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Paso County G.O. Limited Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/15/26<sup>(8)</sup> <br>| 4000 | 4096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Bend Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series A (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/26 | 1360 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Worth Independent School District <br> G.O. Unlimited Refunding Bonds <br> (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 2570 | 2670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Worth Water & Sewer System <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/27 | 4455 | 4557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frisco Independent School District G.O. <br> Unlimited Refunding Bonds (PSF, <br> Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/28 | 4850 | 5141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garland Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 1000 | 1035 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Texas – 7.4%continued** | **Texas – 7.4%continued** | **Texas – 7.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Flood Control District <br> G.O. Limited Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/25 | $1500 | $1507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Flood Control District <br> G.O. Limited Bonds, Series A, <br> Sustainability Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/25 | 375 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Permanent Improvement <br> G.O. Limited Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/25 | 1825 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houston Independent School District <br> G.O. Limited Refunding Bonds, <br> Series B (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 9000 | 9349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houston Independent School District <br> Public Facility Corp. Lease Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/25 | 1880 | 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houston Utility System Subordinate First <br> Lien Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/25 | 10000 | 10082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Irving Waterworks & Sewer Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/26 | 1585 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority <br> Revenue Refunding Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/30 | 4450 | 4456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority <br> Transmission Contract Revenue <br> Refunding Bonds, LCRA Transmission <br> Services,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/27 | 4000 | 4147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lubbock Electric Light & Power System <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/26 | 675 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Industrial <br> Development Authority Education <br> Revenue Bonds, Legacy Traditional <br> Schools Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/27 | 2100 | 2177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Texas State Municipal District <br> Water System Revenue Refunding & <br> Improvement Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/26 | 5000 | 5009 |

---

NORTHERN FUNDS QUARTERLY REPORT **236** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Texas – 7.4%continued** | **Texas – 7.4%continued** | **Texas – 7.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Texas State Municipal Water <br> District Water System Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/1/27<sup>(8)</sup> <br>| $3450 | $3607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority Revenue <br> Refunding Bonds, Series A, First Tier,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/26 | 4000 | 4046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma County Independent School <br> District 1, Putnam City Board of <br> Education Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/28 | 1565 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pasadena Independent School District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/26 | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pearland Independent School District <br> G.O. Unlimited Refunding Bonds <br> (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/28 | 1500 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plano G.O. Limited Refunding Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/27 | 3250 | 3410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plano Independent School District G.O. <br> Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 11000 | 11414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prosper Independent School District <br> G.O. Unlimited Refunding Bonds <br> (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 2110 | 2188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richardson City G.O. Limited Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 2000 | 2074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Round Rock Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series A (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 7440 | 7630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Electric & Gas Junior Lien <br> Variable Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.87%), 2.49%, <br> 12/1/25<sup>(3) (5)</sup> <br>| 10000 | 9996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/27 | 4745 | 4921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Independent School <br> District G.O. Unlimited Refunding <br> Bonds, Series B (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/26 | 1590 | 1630 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Texas – 7.4%continued** | **Texas – 7.4%continued** | **Texas – 7.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Affordable Housing Corp. <br> Multifamily Housing Variable <br> Revenue Bonds, Norman Commons,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 1/1/27<sup>(5) (6)</sup> <br>| $3400 | $3427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/25 | 5040 | 5048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds, Series B-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/25 | 2000 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Water Development Board <br> Revolving Fund Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 3865 | 3964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Texas Revenue Bonds, <br> Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/25 | 2695 | 2701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williamson County G.O. Unlimited <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/27 | 900 | 934 |
|  |  | **215388** |
| **Virginia – 0.6%** | **Virginia – 0.6%** | **Virginia – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotsylvania County Water & Sewer <br> System Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/26 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State Public School Authority <br> School Financing Revenue Refunding <br> Bonds, 1997 Resolution, Series B <br> (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/28 | 12460 | 13328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State Resources Authority <br> Infrastructure Revenue Refunding <br> Bonds, Virginia Pooled Financing <br> Program,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 2095 | 2211 |
|  |  | **16541** |
| **Washington – 4.9%** | **Washington – 4.9%** | **Washington – 4.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Puget Sound Regional Transit <br> Authority Sales & Use Tax Variable <br> Revenue Bonds, Series 2015S, <br> Green Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.20%), 1.82%, <br> 11/1/26<sup>(3) (5)</sup> <br>| 24000 | 23805 |

---

FIXED INCOME FUNDS **237** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Washington – 4.9%continued** | **Washington – 4.9%continued** | **Washington – 4.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chelan County Public Utility District No. <br> 1 Revenue Refunding Bonds, Series <br> A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | $1000 | $1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clark County School District No. 114 <br> G.O. Unlimited Bonds (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/25 | 2750 | 2773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Northwest Electric Revenue <br> Refunding Bonds, Series A, Project 1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 3260 | 3483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Northwest Electric Subordinate <br> Revenue Refunding Bonds, Series A, <br> Project 1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 7565 | 7565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant County Public Utility District No. <br> 2 Priest Rapids Hydroelectric <br> Revenue Refunding Bonds, Series A, <br> Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/26<sup>(7)</sup> <br>| 2335 | 2359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King & Pierce County School District <br> No. 408 Auburn G.O. Unlimited <br> Refunding Bonds (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/25 | 1350 | 1362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King County G.O. Limited Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | 6730 | 6955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King County School District No. 400 <br> Mercer Island G.O. Unlimited <br> Refunding Bonds (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | 1750 | 1808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King County School District No. 401 <br> Highline G.O. Unlimited Refunding <br> Bonds, Series B (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/25 | 2700 | 2725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle Intermediate Lien <br> Revenue Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/28 | 2055 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Municipal Light & Power <br> Variable Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.25%), 1.87%, <br> 11/1/26<sup>(3) (5)</sup> <br>| 7520 | 7436 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Washington – 4.9%continued** | **Washington – 4.9%continued** | **Washington – 4.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State COPS, State & Local <br> Agency Real & Personal Property,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/28 | $6800 | $7187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R 2022-C, <br> Bid Group 1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | 7000 | 7000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2022C, <br> Bid Group 1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/26 | 2125 | 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2022C, <br> Bid Group 2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/27 | 6000 | 6172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2022D, <br> Group 1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | 2265 | 2265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2023B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 9465 | 9688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2024A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/27 | 4325 | 4488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2024C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 15720 | 16121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2025B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/27 | 22525 | 23608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Refunding Bonds, <br> Series B, Multicare Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/25 | 450 | 451 |
|  |  | **142549** |
| **West Virginia – 0.0%** | **West Virginia – 0.0%** | **West Virginia – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia State Housing <br> Development Fund Sustainable <br> Revenue Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/1/26 | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/1/26 | 475 | 476 |
|  |  | **976** |

---

NORTHERN FUNDS QUARTERLY REPORT **238** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  | **MUNICIPAL BONDS - 77.8%continued**  |
| **Wisconsin – 0.4%** | **Wisconsin – 0.4%** | **Wisconsin – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Metropolitan School District <br> G.O. Unlimited Promissory Notes, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/27 | $1825 | $1896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28 | 2560 | 2717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PMA Levy & Aid Revenue Notes, Series <br> A, Anticipation Notes Program,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/24/25 | 7980 | 8012 |
|  |  | **12625** |
| **Wyoming – 0.1%** | **Wyoming – 0.1%** | **Wyoming – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweetwater County 2023 Specific <br> Purpose Tax Joint Powers Board <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/15/26 | 2655 | **2732** |
| **Total Municipal Bonds** |  |  |
| **(Cost $2,264,425)** |  | **2268080** |

---

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.6%**  | **INVESTMENT COMPANIES – 0.6%**  | **INVESTMENT COMPANIES – 0.6%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(10) (11)</sup> <br>| 16989626 | $16990 |
| **Total Investment Companies** |  |  |
| **(Cost $16,990)** |  | **16990** |

---

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 10.1%**  | **SHORT-TERM INVESTMENTS – 10.1%**  | **SHORT-TERM INVESTMENTS – 10.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alvarado Independent School District <br> Variable G.O. Unlimited Bonds (PSF, <br> Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 8/15/25<sup>(5) (6)</sup> <br>| $2000 | $1997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austin Public Improvements G.O. <br> Limited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/25 | 4400 | 4414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baltimore County G.O. Unlimited <br> Refunding Bonds, Metropolitan <br> District Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | 5945 | 5945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bedford City School District G.O. <br> Unlimited Notes (State Standby NT <br> Purchase),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/4/25 | 23580 | 23641 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 10.1%continued**  | **SHORT-TERM INVESTMENTS - 10.1%continued**  | **SHORT-TERM INVESTMENTS - 10.1%continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/25<sup>(5) (6)</sup> <br>| $8225 | $8204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Solid Waste Disposal <br> Variable Revenue Bonds (AMT), <br> Series A, Waste Management, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/1/25<sup>(5) (6)</sup> <br>| 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charleston G.O. Unlimited Bonds, <br> Series A (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/25 | 3970 | 3983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charleston G.O. Unlimited Bonds, <br> Series B (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/25 | 5545 | 5564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp. <br> Revenue Refunding Bonds, <br> International Leadership of Texas <br> (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/26 | 2225 | 2252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational <br> Facilities Authority Variable Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 2/10/26<sup>(5) (6)</sup> <br>| 5000 | 4968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational <br> Facilities Authority Variable Revenue <br> Bonds, Series C-2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 2/3/26<sup>(5) (6)</sup> <br>| 9635 | 9581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cuyahoga Metropolitan Housing <br> Authority Multifamily Housing <br> Variable Revenue Bonds, Wade Park <br> Apartments (FHA Insured, HUD <br> Sector 8 Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/1/25<sup>(5) (6)</sup> <br>| 2000 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Refunding COPS, <br> Willington E. Webb Municipal,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/25 | 5000 | 5038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex County Improvement Authority <br> Revenue Notes, Essex County Family <br> Court Building Project (County Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/17/26 | 2485 | 2521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fraser Public Schools District G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/26 | 1415 | 1439 |

---

FIXED INCOME FUNDS **239** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 10.1%continued**  | **SHORT-TERM INVESTMENTS - 10.1%continued**  | **SHORT-TERM INVESTMENTS - 10.1%continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garland Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/26 | $1000 | $1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority Sewage <br> Disposal System Senior Lien Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | 9410 | 9410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority Water <br> Supply System Second Lien Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County-Houston Sports Authority <br> Senior Lien Revenue Refunding <br> Bonds, Series A (AGC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/25 | 15430 | 15539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority Health <br> System Revenue Bonds, Indiana <br> University Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 7/1/25<sup>(5) (6)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority <br> Revenue Refunding Bonds, Series A, <br> Stadium Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/26 | 5000 | 5059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knox County Health Educational & <br> Housing Facility Board Multifamily <br> Housing Variable Revenue Bonds, <br> Westview Towers Project (HUD <br> Sector 8 Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/1/25<sup>(5) (6)</sup> <br>| 3500 | 3505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Beach Unified School District <br> G.O. Unlimited Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/26 | 2800 | 2850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Beach Unified School District <br> G.O. Unlimited Bonds, Series C, <br> Election of 2016,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/25 | 9090 | 9105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles TRANS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/25/26<sup>(8)</sup> <br>| 12625 | 12880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State G.O. Unlimited <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/25 | 16725 | 16739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County HFA MFH Revenue <br> Variable Revenue Bonds, Quail Roost <br> Transit Village I (HUD Sector 8 <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/25<sup>(5) (6)</sup> <br>| 2500 | 2507 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 10.1%continued**  | **SHORT-TERM INVESTMENTS - 10.1%continued**  | **SHORT-TERM INVESTMENTS - 10.1%continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Notes, Series A-1 (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/21/25 | $6655 | $6662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota State G.O. Unlimited <br> Refunding Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/25 | 17800 | 17830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monroe County Development Authority <br> Pollution Control Variable Revenue <br> Refunding Bonds, Georgia Power <br> Company Plant Scherer,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/6/26<sup>(5) (6)</sup> <br>| 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montgomery County G.O. Unlimited <br> Refunding Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/25 | 2585 | 2599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natomas Unified School District G.O. <br> Unlimited Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/25 | 9280 | 9296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State EDA School Facilities <br> Construction Revenue Refunding <br> Bonds, Series GGG,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/1/25 | 3000 | 3010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, <br> Subseries J-4,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/25 | 10840 | 10858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Medical Care <br> Commission Health Care Facilities <br> Revenue Refunding Bonds, Series A, <br> Duke University Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/26 | 3055 | 3114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Revenue <br> Refunding GARVEE Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/26 | 4020 | 4079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority State Highways Capital <br> Improvement Revenue Refunding <br> Bonds, Department of Transportation <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | 3900 | 3900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State G.O. Unlimited First <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/25 | 20000 | 20050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platte County Reorganized School <br> District No. R-3 G.O. Unlimited <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/1/26 | 2690 | 2751 |

---

NORTHERN FUNDS QUARTERLY REPORT **240** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 10.1%continued**  | **SHORT-TERM INVESTMENTS - 10.1%continued**  | **SHORT-TERM INVESTMENTS - 10.1%continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PMA Levy & Aid Revenue Notes, Series <br> A, Anticipation Notes Program,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/26/25 | $9690 | $9718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/24/25 | 10000 | 10040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockford Public School District G.O. <br> Unlimited Bonds, Series III (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/26 | 6185 | 6289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Housing Trust Public <br> Facility Corp. MFH Variable Revenue <br> Bonds, Country Club Village,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/25<sup>(5) (6)</sup> <br>| 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seminole County School District Sales <br> TRB (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/25 | 4180 | 4201 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $293,607)** | **(Cost $293,607)** | **293565** |
| **Total Investments – 101.9%** | **Total Investments – 101.9%** |  |
| **(Cost $2,964,948)** | **(Cost $2,964,948)** | **2969829** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (1.9%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (1.9%) | (55050)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2914779** |

---

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

<sup>(1)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At June 30,* *2025, the value of these securities amounted to approximately* *$60,814,000 or 2.1% of net assets.* 

<sup>(2)</sup> *Step coupon bond. Rate as of June 30, 2025 is disclosed.*

<sup>(3)</sup> *Variable or floating rate security. Rate as of June 30, 2025 is disclosed.*

<sup>(4)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of June 30, 2025.* 

<sup>(5)</sup> *Maturity date represents the puttable date.*

<sup>(6)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of June 30,* *2025 is disclosed.* 

<sup>(7)</sup> *Maturity date represents the prerefunded date.*

<sup>(8)</sup> *When-Issued Security. Coupon rate is not in effect at June 30, 2025.*

<sup>(9)</sup> *Zero coupon bond.*

<sup>(10)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(11)</sup> *7-day current yield as of June 30, 2025 is disclosed.*

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

---

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

---

---

| |
|:---|
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| BANS - Bond Anticipation Notes |
| COPS - Certificates of Participation |
| CR - Custody Receipt |
| CWA - Clean Water Act |
| EDA - Economic Development Authority |
| FHA - Federal Housing Administration |
| FHLMC - Federal Home Loan Mortgage Corporation |
| FNMA - Federal National Mortgage Association |
| G.O. - General Obligation |
| GANS - Grant Anticipation Notes |
| GARVEE - Grant Anticipation Revenue Vehicle |
| GNMA - Government National Mortgage Association |
| Gtd. - Guaranteed |
| HDA - Housing Development Authority |
| HFA - Housing Finance Authority |
| HUD - Housing and Urban Development |
| IDA - Industrial Development Authority |
| LCRA - Lower Colorado River Authority |
| MFH - Multi-Family Housing |
| PSF - Permanent School Fund |
| Q-SBLF - Qualified School Bond Loan Fund |
| SIFMA - Securities Industry and Financial Markets Association |
| SOFR - Secured Overnight Financing Rate |
| TCRS - Transferable Custodial Receipts |
| TRANS - Tax and Revenue Anticipation Notes |
| TRB - Tax Revenue Bonds |

---

*Percentages shown are based on Net Assets.* 

FIXED INCOME FUNDS **241** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Asset-Backed Securities<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $34163 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34163 |
| Commercial Paper<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 109496 | &nbsp;&nbsp; — | &nbsp;&nbsp; 109496 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 131697 | &nbsp;&nbsp; — | &nbsp;&nbsp; 131697 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 115838 | &nbsp;&nbsp; — | &nbsp;&nbsp; 115838 |
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2268080 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2268080 |
| Investment Companies | &nbsp;&nbsp; 16990 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16990 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 293565 | &nbsp;&nbsp; — | &nbsp;&nbsp; 293565 |
| Total Investments | &nbsp;&nbsp; $16990 | &nbsp;&nbsp; $2952839 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2969829 |

---

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

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $28926 | $564258 | $576194 | $432 | $16990 | 16989626 |

---

NORTHERN FUNDS QUARTERLY REPORT **242** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**TAX-EXEMPT FUND** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 98.3%**  | **MUNICIPAL BONDS – 98.3%**  | **MUNICIPAL BONDS – 98.3%**  |
| **Alabama – 2.4%** | **Alabama – 2.4%** | **Alabama – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy District Gas Project <br> Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| $1500 | $1579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy District Gas Project <br> Revenue Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32 | 4000 | 4250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Refunding Bonds, <br> Series D1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/27<sup>(1) (2)</sup> <br>| 5000 | 5042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson County Sewer Revenue <br> Refunding Warrants,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/53 | 2425 | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limestone County Water & Sewer <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/44 | 500 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority Commodity <br> Supply Variable Revenue Bonds, <br> Series A-1, Project No. 3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/29<sup>(1) (2)</sup> <br>| 1000 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority <br> Cooperative District Energy Supply <br> Revenue Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/31<sup>(1) (2)</sup> <br>| 3000 | 3168 |
|  |  | **18110** |
| **Alaska – 0.3%** | **Alaska – 0.3%** | **Alaska – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchorage Port Revenue Bonds, Series <br> A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/33 | 2120 | **2377** |
| **Arizona – 1.5%** | **Arizona – 1.5%** | **Arizona – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Board of Regents State <br> University System Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/43 | 2000 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State IDA National Charter <br> School Revolving Loan Fund Revenue <br> Bonds, Equitable School Revenue, <br> Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/46 | 1000 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Industrial <br> Development Authority Variable <br> Revenue Bonds, Series A-2, Banner <br> Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/28<sup>(1) (2)</sup> <br>| 4000 | 4198 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Arizona – 1.5%continued** | **Arizona – 1.5%continued** | **Arizona – 1.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Roosevelt Elementary <br> School District No. 66 G.O. <br> Unlimited Bonds (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/40 | $730 | $766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Airport Senior Lien Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/31 | 2500 | 2698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinal County Unified School District No. <br> 20 G.O. Unlimited Bonds, Series A, <br> Maricopa Project of 2024 (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/43 | 1000 | 1038 |
|  |  | **11556** |
| **Arkansas – 0.4%** | **Arkansas – 0.4%** | **Arkansas – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Little Rock School District G.O. Limited <br> Refunding Bonds, Series A (AGM <br> Insured State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/1/34 | 2610 | 2149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/1/41 | 1000 | 666 |
|  |  | **2815** |
| **California – 7.8%** | **California – 7.8%** | **California – 7.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alameda Corridor Transportation <br> Authority Senior Lien Convertible <br> Revenue Refunding CABS, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 5.40% on 10/1/37), <br> 0.00%, 10/1/50<sup>(3)</sup> <br>| 1500 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Clean Energy Project <br> Revenue Bonds, Green Bond, Series <br> B-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/31<sup>(1) (2)</sup> <br>| 1095 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Revenue Bonds, Clean <br> Energy Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/32<sup>(1) (2)</sup> <br>| 9000 | 9483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/33<sup>(1) (2)</sup> <br>| 3000 | 3216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| 6895 | 7334 |

---

FIXED INCOME FUNDS **243** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **California – 7.8%continued** | **California – 7.8%continued** | **California – 7.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-1, Class A <br> Certificates,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/35 | $3270 | $3051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California School Finance Authority <br> Educational Facilities Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/55 | 1075 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Series 2007, Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/1/30 | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/1/32<sup>(1) (4)</sup> <br>| 2500 | 2690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Student Housing Revenue <br> Bonds, CHF-Davis I, LLC - West <br> Village,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/43 | 2000 | 1992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Municipal Finance <br> Authority Student Housing Revenue <br> Bonds, Orchard Park Student <br> Housing Project, Green Bonds (BAM <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/15/54 | 1000 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/39 | 5000 | 5050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Revenue Refunding Bonds, Series B <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/34 | 3000 | 3077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Airports <br> Senior Revenue Bonds, Series C <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/33 | 3500 | 3686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Bonds, Series <br> C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/37 | 2380 | 2431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/50 | 1245 | 1254 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **California – 7.8%continued** | **California – 7.8%continued** | **California – 7.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/38 | $1300 | $1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/36 | 1370 | 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit <br> District G.O. Unlimited Bonds, <br> Election of 2016, Green Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/47 | 5000 | 4627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/42 | 1500 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County <br> Commission International Airport <br> Revenue Bonds, Second Series A <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/33 | 2500 | 2718 |
|  |  | **58438** |
| **Colorado – 7.6%** | **Colorado – 7.6%** | **Colorado – 7.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams County School District No. 1 <br> Taxable G.O. Unlimited Refunding <br> Bonds, Series B (State Aid <br> Withholding), Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/26<sup>(5)</sup> <br>| 225 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams County School District No. 1 <br> Taxable G.O. Unlimited Refunding <br> Bonds, Series B, Unrefunded Balance <br> (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/40 | 4775 | 4881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams County School District No. 14 <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/44 | 2620 | 2829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arapahoe County School District No. 6 <br> Littleton G.O. Unlimited Bonds, <br> Series A (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/43 | 5000 | 5206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centennial Water & Sanitation District <br> Water & Wastewater Revenue <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/53 | 3900 | 4018 |

---

NORTHERN FUNDS QUARTERLY REPORT **244** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Colorado – 7.6%continued** | **Colorado – 7.6%continued** | **Colorado – 7.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Weld County Water District <br> Revenue Bonds (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/45 | $1100 | $1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/50 | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State COPS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/15/39 | 5000 | 5657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State COPS, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/37 | 10000 | 9874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Educational & Cultural <br> Facilities Authority Revenue Bonds, <br> Series A, University of Denver <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/40 | 2500 | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities <br> Authority Hospital Revenue <br> Refunding Bonds, Adventist Health <br> System Sunbelt,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/41 | 1000 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State School of Mines <br> Institutional Enterprise Revenue <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/42 | 3400 | 3391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Airport Revenue <br> Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/37 | 2000 | 2082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/41 | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Airport System <br> Subordinate Revenue Refunding <br> Bonds (AMT), Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/43 | 2000 | 1994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Dedicated Tax <br> Revenue CABS, Series A-2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 8/1/37<sup>(6)</sup> <br>| 2750 | 1573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 8/1/39<sup>(6)</sup> <br>| 2805 | 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver City & County Dedicated Tax <br> Revenue Refunding & Improvement <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/42 | 1500 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver Health & Hospital Authority <br> Healthcare Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/1/50 | 1000 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fremont County School District RE-1 <br> Canon City G.O. Unlimited Bonds <br> (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/48 | 1000 | 1027 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Colorado – 7.6%continued** | **Colorado – 7.6%continued** | **Colorado – 7.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weld County School District No. Re-7 <br> Platte Valley G.O Unlimited Bonds <br> (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32 | $1200 | $1360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windy Gap Firming Project Water <br> Activity Enterprise Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/46 | 2000 | 2042 |
|  |  | **56693** |
| **Connecticut – 1.9%** | **Connecticut – 1.9%** | **Connecticut – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health and <br> Educational Facilities Authority <br> Variable Revenue Refunding Bonds, <br> Yale New Haven Health Issue,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/29<sup>(1) (2)</sup> <br>| 7050 | 7514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Special Tax <br> Obligation Revenue Bonds, Series A, <br> Transportation Infrastructure,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/34 | 3000 | 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Special Tax <br> Obligation Revenue Bonds, <br> Transportation Infrastructure,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/39 | 565 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Connecticut Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/47 | 3000 | 3045 |
|  |  | **14174** |
| **District of Columbia – 2.8%** | **District of Columbia – 2.8%** | **District of Columbia – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/41 | 1930 | 2047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/43 | 5000 | 5038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Income Tax <br> Secured Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/50 | 2750 | 2805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/33 | 3000 | 3263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/1/34<sup>(4)</sup> <br>| 2750 | 2973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit <br> Authority Gross Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/38 | 1800 | 1818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/43 | 3000 | 3008 |
|  |  | **20952** |

---

FIXED INCOME FUNDS **245** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Florida – 8.8%** | **Florida – 8.8%** | **Florida – 8.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County Airport System <br> Revenue Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/42 | $2500 | $2493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Davie Educational Facilities Revenue <br> Refunding Bonds, Nova Southeastern <br> University Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/48 | 2000 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duval County School Board Refunding <br> COPS, Series A (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/33 | 1250 | 1399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Development Finance <br> Corp. Educational Facility Revenue <br> Bonds, Mater Academy Project, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/50 | 2000 | 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Development Finance <br> Corp. Revenue Refunding Bonds, <br> Brightline Florida Passenger Rail <br> Project (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/41 | 1000 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Myers Utility Revenue Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/53 | 3145 | 3263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Priority <br> Subordinated Revenue Bonds, Series <br> A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/42 | 1965 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Revenue Bonds <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/32 | 1300 | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JEA Water & Sewer System Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/29 | 1350 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeland Hospital System Revenue <br> Refunding Bonds, Lakeland Regional <br> Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/45 | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lee County Airport Revenue Bonds <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/44 | 2250 | 2294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lee County Local Optional Gas TRB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/49 | 3500 | 3552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Aviation Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/38 | 5000 | 5000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Florida – 8.8%continued** | **Florida – 8.8%continued** | **Florida – 8.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Educational <br> Facilities Authority Revenue <br> Refunding Bonds, University of <br> Miami, Series B (AMBAC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/26 | $2000 | $2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Seaport Revenue <br> Refunding Bonds, Subseries A-2 <br> (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/50 | 7500 | 5252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Transit Sales <br> Surtax Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/47 | 2750 | 2781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Water & Sewer <br> System Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/37 | 2500 | 2490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Miami Community <br> Redevelopment Agency Revenue <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/42 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/43 | 1100 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Water Reclamation System <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/54 | 3500 | 3567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Educational <br> Facilities Authority Revenue Bonds, <br> Palm Beach Atlantic University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/43 | 375 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County School Board <br> Refunding COPS, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 1000 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pasco County School Board COPS, <br> Series A (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/43 | 3000 | 3057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seminole County Special Obligation <br> Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/52 | 1325 | 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Broward Hospital District <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/44 | 3500 | 3107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tampa Bay Water Regional Water <br> Supply Authority Utility System <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/35 | 5000 | 5012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/36 | 1750 | 1793 |

---

NORTHERN FUNDS QUARTERLY REPORT **246** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Florida – 8.8%continued** | **Florida – 8.8%continued** | **Florida – 8.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winter Garden Water & Wastewater <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/54 | $3000 | $3109 |
|  |  | **65694** |
| **Georgia – 2.0%** | **Georgia – 2.0%** | **Georgia – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/27<sup>(1) (2)</sup> <br>| 5000 | 5047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/43 | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32<sup>(1) (2)</sup> <br>| 1500 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Revenue Bonds, Plant Vogtle Units 3 <br> & 4 Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/52 | 1500 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/60 | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Revenue Bonds, Plant Vogtle Units 3 <br> & 4 Project (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/52 | 2500 | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richmond County Board of Education <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/26 | 1150 | 1183 |
|  |  | **14793** |
| **Hawaii – 0.3%** | **Hawaii – 0.3%** | **Hawaii – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honolulu City & County G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/43 | 2000 | **2030** |
| **Idaho – 0.3%** | **Idaho – 0.3%** | **Idaho – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idaho State Housing & Finance <br> Association Sales TRB, Transportation <br> Expansion & Mitigation,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/47 | 2000 | **2046** |
| **Illinois – 7.0%** | **Illinois – 7.0%** | **Illinois – 7.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurora Waterworks & Sewerage <br> Revenue Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/36 | 800 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago G.O. Unlimited Bonds, Series <br> A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/1/50 | 1000 | 1032 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Illinois – 7.0%continued** | **Illinois – 7.0%continued** | **Illinois – 7.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway Airport Senior <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/33 | $2500 | $2682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport <br> Senior Lien Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/39 | 1600 | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/48 | 3455 | 3398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Water Second Lien Revenue <br> Bonds, Series A (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/1/53 | 2000 | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Educational Facilities <br> Authority Revenue Bonds, Field <br> Museum of Natural History,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/1/36 | 1740 | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority <br> Academic Facilities Lease Revenue <br> Bonds, University of Illinois at <br> Urbana-Champaign,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/49 | 1250 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, The Chicago School,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/32 | 1110 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Northshore <br> University Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 8/15/49 | 2500 | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Series A, Lake <br> Forest College,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/52 | 500 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Series A, Rush <br> University Medical Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/38 | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Bonds, Series A-3, <br> Uchicago Medicine,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/35<sup>(1) (2)</sup> <br>| 1750 | 1878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Refunding Bonds, Silver <br> Cross Hospital,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/30<sup>(1) (2)</sup> <br>| 1000 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/37 | 1460 | 1543 |

---

FIXED INCOME FUNDS **247** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Illinois – 7.0%continued** | **Illinois – 7.0%continued** | **Illinois – 7.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/1/45 | $1000 | $1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/1/26 | 6855 | 6844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/41 | 2300 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority <br> Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/40 | 6500 | 6468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint Clair County Community Unit <br> School District No. 187 Cahokia <br> G.O. Unlimited Bonds, Series A <br> (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/54 | 1250 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sangamon County School District No. <br> 186 Springfield G.O. Unlimited <br> Bonds (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/26 | 1200 | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schaumburg G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/41 | 5000 | 4677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Springfield Electric Senior Lien Revenue <br> Refunding Bonds (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/37 | 2325 | 2519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Illinois Auxiliary Facilities <br> System Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/33 | 1500 | 1688 |
|  |  | **52022** |
| **Indiana – 1.8%** | **Indiana – 1.8%** | **Indiana – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brownsburg 1999 School Building <br> Corp. First Mortgage Revenue <br> Bonds, Series A (State Intercept <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/33 | 800 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/33 | 750 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishers Sewage Works Revenue Bonds <br> (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/51 | 1000 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater Clark Building Corp. First <br> Mortgage Revenue Bonds, Series B <br> (State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/15/38 | 1000 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton County Public Building Corp. <br> Lease Rental Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/10/42 | 1000 | 1043 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Indiana – 1.8%continued** | **Indiana – 1.8%continued** | **Indiana – 1.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Financing Authority <br> Student Housing Revenue Bonds, <br> Senior Student Housing Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/49 | $1075 | $1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bank Revenue Refunding Bonds, <br> Indianapolis Airport Authority <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/1/50 | 2000 | 2069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bond Bank Revenue Bonds, <br> Indianapolis Airport Authority <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/44 | 2000 | 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bond Bank Revenue Refunding <br> Bonds, Series F, Stormwater Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/49 | 895 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPS Multi-School Building Corp. <br> Sustainable First Mortgage Revenue <br> Bonds (State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/43 | 1230 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noblesville Redevelopment Authority <br> Revenue Refunding Bonds, Event <br> Center Public Improvement Projects <br> (AGM State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/37 | 750 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Allen School Building Corp. <br> First Mortgage Revenue Bonds (State <br> Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/31 | 600 | 666 |
|  |  | **13409** |
| **Iowa – 0.5%** | **Iowa – 0.5%** | **Iowa – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PEFA, Inc., Iowa Gas Project Revenue <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/26<sup>(1) (2)</sup> <br>| 3500 | **3543** |
| **Kentucky – 1.8%** | **Kentucky – 1.8%** | **Kentucky – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carroll County Environmental Facilities <br> Revenue Bonds (AMT), Kentucky <br> Utilities Co. Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 9/1/26<sup>(1) (2)</sup> <br>| 1500 | 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fayette County School District Finance <br> Corp. Revenue Bonds, Series A <br> (State Intercept Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/38 | 5000 | 4711 |

---

NORTHERN FUNDS QUARTERLY REPORT **248** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Kentucky – 1.8%continued** | **Kentucky – 1.8%continued** | **Kentucky – 1.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/29<sup>(1) (2)</sup> <br>| $3000 | $3171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government Health System Revenue <br> Refunding Bonds, Norton <br> Healthcare, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/26 | 600 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government PCR Refunding Bonds, <br> Gas & Electric,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/33 | 4500 | 3739 |
|  |  | **13689** |
| **Louisiana – 2.8%** | **Louisiana – 2.8%** | **Louisiana – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government <br> Environmental Facilities and <br> Community Development Authority <br> Revenue Refunding Bonds, Entergy <br> Louisiana LLC Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/1/36 | 7250 | 5868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Ochsner <br> Clinic Foundation Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/50 | 2500 | 2552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Ochsner <br> Clinic, Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/47 | 2000 | 1952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Stadium & Exposition District <br> Senior Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/53 | 2695 | 2734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Orleans G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/47 | 3000 | 3031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shreveport Water & Sewer Revenue <br> Bonds, Series B (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/41 | 5000 | 5086 |
|  |  | **21223** |
| **Maryland – 0.1%** | **Maryland – 0.1%** | **Maryland – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State Health & Higher <br> Educational Facilities Authority <br> Revenue Refunding Bonds, LifeBridge <br> Health,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/44 | 1100 | **1099** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Massachusetts – 5.2%** | **Massachusetts – 5.2%** | **Massachusetts – 5.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Bay Transportation <br> Authority Sales Tax Revenue <br> Refunding CABS, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 7/1/29<sup>(6)</sup> <br>| $2500 | $2194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Bonds, <br> Lasell Village, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/50 | 1500 | 1484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State G.O. Limited <br> Bonds, Series D,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/50 | 4525 | 4629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/52 | 3500 | 3570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State G.O. Unlimited <br> Bonds, Series C, Consolidated Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/47 | 5000 | 5236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Port Authority <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/40 | 2725 | 2725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Port Authority <br> Revenue Bonds, Series C (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/44 | 2000 | 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/49 | 3450 | 3457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State School Building <br> Authority Senior Lien Sales TRB, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/36 | 1500 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/39 | 1500 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State School Building <br> Authority Subordinated Sales TRB, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/44 | 4000 | 4062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Transportation <br> Fund Sustainability Revenue Bonds, <br> Rail Enhancement Program,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/50 | 2500 | 2524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Water Resources <br> Authority General Revenue Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/43 | 920 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Water Resources <br> Authority Sustainable Revenue <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 2495 | 2845 |
|  |  | **38708** |

---

FIXED INCOME FUNDS **249** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Michigan – 2.4%** | **Michigan – 2.4%** | **Michigan – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority Supply <br> System Senior Lien Revenue Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/53 | $1000 | $1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howell Public Schools G.O. Unlimited <br> Bonds, Series II (Q-SBLF Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/41 | 1000 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/42 | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/43 | 750 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/44 | 750 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L'Anse Creuse Public Schools G.O. <br> Unlimited Bonds, Series I (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/43 | 1250 | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/49 | 610 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Building Authority <br> Facilities Program Revenue Refunding <br> Bonds, Series I,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/38 | 2000 | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Refunding Bonds, <br> Beaumont-Spectrum Consolidation,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/26 | 3350 | 3402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State HDA SFM Revenue <br> Bonds, Series A, Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 6/1/43 | 1875 | 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southfield Public Schools G.O. <br> Unlimited Bonds (Q-SBLF Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/1/50 | 1200 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walled Lake Consolidated School <br> District G.O. Unlimited Bonds <br> (Q-SBLF Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/50 | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Bloomfield School District G.O. <br> Unlimited Bonds, Series I (Q-SBLF <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/42 | 1750 | 1826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Ottawa Public School District <br> G.O. Unlimited Bonds, Series I,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/28 | 25 | 27 |
|  |  | **17897** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Minnesota – 0.3%** | **Minnesota – 0.3%** | **Minnesota – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minneapolis & Saint Paul Housing and <br> Redevelopment Authority Health <br> Care System Revenue Refunding <br> Bonds, Series A, Allina Health <br> System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/29 | $1000 | $1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truman Independent School District No. <br> 458 G.O. Unlimited Bonds, Series A <br> (School District Credit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/40 | 770 | 828 |
|  |  | **1860** |
| **Mississippi – 0.1%** | **Mississippi – 0.1%** | **Mississippi – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi State Business Finance <br> Corp. Revenue Bonds, System <br> Energy Resources, Inc., Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 6/1/44 | 1000 | **601** |
| **Missouri – 1.1%** | **Missouri – 1.1%** | **Missouri – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greene County Reorganized School <br> District No. R-3 Republic G.O. <br> Unlimited Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/38 | 1000 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City Sanitary Sewer System <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/49 | 1000 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lebanon Reorganized School District <br> No. R-3 Laclede County G.O. <br> Unlimited Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/45 | 915 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marion & Ralls County School District <br> No. 60 G.O. Unlimited Refunding <br> Bonds, Missouri Direct Deposit <br> Program (State Aid Direct Deposit <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/44 | 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Development Finance <br> Board Infrastructure Facilities <br> Revenue Bonds, Series A, Public <br> Safety Projects (AG Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/50 | 1080 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Health & Educational <br> Facilities Authority Educational <br> Facilities Revenue Bonds, Series A, <br> Saint Louis University,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/38 | 2500 | 2506 |

---

NORTHERN FUNDS QUARTERLY REPORT **250** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Missouri – 1.1%continued** | **Missouri – 1.1%continued** | **Missouri – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Health & Educational <br> Facilities Authority Health Facilities <br> Revenue Refunding Bonds, Series A, <br> St. Luke's Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/43 | $1280 | $1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Springfield School District No. R-12 <br> G.O. Unlimited Bonds, School <br> Building (State Aid Direct Deposit <br> Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/38 | 625 | 669 |
|  |  | **8579** |
| **Montana – 0.0%** | **Montana – 0.0%** | **Montana – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montana Board of Housing Single <br> Family Program Revenue Refunding <br> Bonds, Series A (FHA INS HUD VA <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/1/48 | 50 | **44** |
| **Nebraska – 0.8%** | **Nebraska – 0.8%** | **Nebraska – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas County Hospital Authority No. <br> 2 Health Facilities Revenue Bonds, <br> Children's Hospital Obligated <br> Group,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/36 | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omaha Airport Authority Airport <br> Facilities Revenue Bonds (AMT) <br> (AGC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/32 | 900 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omaha Public Power District Electric <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/42 | 4250 | 4289 |
|  |  | **6278** |
| **New Jersey – 0.4%** | **New Jersey – 0.4%** | **New Jersey – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Casino Reinvestment Development <br> Authority Luxury Tax Revenue <br> Refunding Bonds, Series A (AGC <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/39 | 1145 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust <br> Fund Authority Revenue Bonds, <br> Series BB, Transformation Program,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/46 | 2000 | 2026 |
|  |  | **3238** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **New Mexico – 0.2%** | **New Mexico – 0.2%** | **New Mexico – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico State Mortgage Finance <br> Authority Revenue Bonds, Series C <br> (GNMA, FNMA, FHLMC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/52 | $990 | $848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico State Mortgage Finance <br> Authority Revenue Bonds, Series D, <br> Class I (GNMA, FNMA, FHLMC <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 9/1/52 | 1000 | 897 |
|  |  | **1745** |
| **New York – 11.6%** | **New York – 11.6%** | **New York – 11.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/37 | 2500 | 2681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development <br> Corp. MFH Revenue Bonds, <br> Sustainable Neighborhood Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/39 | 1370 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development <br> Corp. MFH Revenue Refunding <br> Bonds, Sustainable Neighborhood <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/44 | 1535 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Refunding Bonds, <br> Series EE,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/39 | 1800 | 1829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Refunding Bonds, <br> Sub-Series EE,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/45 | 5000 | 5113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Building Aid Revenue <br> Bonds, Series S-3 (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/43 | 3000 | 3031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Subordinate Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/40 | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Subordinate <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/48 | 4750 | 3357 |

---

FIXED INCOME FUNDS **251** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **New York – 11.6%continued** | **New York – 11.6%continued** | **New York – 11.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Multi-modal <br> Revenue Bonds, Series F-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/1/53 | $1000 | $1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series A-3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/45 | 5000 | 3676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series C-3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/41 | 3450 | 3509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series E,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/46 | 3000 | 3087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Refunding Bonds, Series H, Fiscal <br> 2025,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/46 | 1150 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> A, Fiscal 2024,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/51 | 1500 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> D, Subseries D1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/44 | 3000 | 3025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York G.O. Unlimited Refunding <br> Bonds, Series C-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/30 | 2825 | 3112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, School Districts Building <br> Financing Program (State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/31 | 720 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, School Districts Financing <br> Program (AGM Insured), <br> Prerefunded,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/28<sup>(5)</sup> <br>| 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/15/39 | 2500 | 2582 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **New York – 11.6%continued** | **New York – 11.6%continued** | **New York – 11.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income TRB, Series A, <br> Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/43 | $2000 | $2006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities <br> Corp. State Clean Water & Drinking <br> Water Subordinated Revenue <br> Refunding SRF Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/46 | 5000 | 4363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Liberty Development <br> Corp. Liberty Revenue Refunding <br> Bonds, Series 1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/15/41 | 5000 | 3524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Mortgage Agency <br> Homeowner Revenue Refunding <br> Bonds, Series 233, Social Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 4/1/33 | 1555 | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Revenue Refunding Bonds, Terminal <br> 4 John F. Kennedy International <br> Airport,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/31 | 550 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Sustainable Revenue Bonds, John F. <br> Kennedy International Airport New <br> Terminal One Project (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/30/41 | 1600 | 1631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development <br> Corp. Revenue Refunding Bonds, <br> State Personal Income Tax,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/47 | 4500 | 4550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 207 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/28 | 1000 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 246 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/33 | 5500 | 5958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 277 (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/32 | 2000 | 1652 |

---

NORTHERN FUNDS QUARTERLY REPORT **252** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **New York – 11.6%continued** | **New York – 11.6%continued** | **New York – 11.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority <br> Sales Tax Revenue Bonds, Series A-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/54 | $2975 | $3029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough MTA Bridge & Tunnel <br> Authority Real Estate Transfer Tax <br> Revenue Bonds, TBTA Capital <br> Lockbox Fund,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/50 | 6300 | 6393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/54 | 3295 | 3400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority <br> Restructuring Revenue Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/37 | 2500 | 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority <br> Revenue Bonds, Restructuring Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/39 | 2500 | 2555 |
|  |  | **86526** |
| **North Carolina – 0.2%** | **North Carolina – 0.2%** | **North Carolina – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Housing Finance <br> Agency Home Ownership Revenue <br> Bonds, Series 44,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/1/46 | 915 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Turnpike Authority <br> Senior Lien Revenue Bonds, Triangle <br> Expressway (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/49 | 500 | 500 |
|  |  | **1172** |
| **North Dakota – 0.3%** | **North Dakota – 0.3%** | **North Dakota – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Forks Health Care System <br> Revenue Refunding Bonds, Altru <br> Health System (AGM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/46 | 1500 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Dakota State Public Finance <br> Authority Revenue Refunding Bonds, <br> State Revolving Fund Program,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/43 | 885 | 930 |
|  |  | **2017** |
| **Ohio – 3.0%** | **Ohio – 3.0%** | **Ohio – 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority <br> Revenue Refunding Bonds, John <br> Glenn Columbus International <br> (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/34 | 650 | 698 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Ohio – 3.0%continued** | **Ohio – 3.0%continued** | **Ohio – 3.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin County Convention Facilities <br> Authority Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/34 | $7000 | $7889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Ohio Medical University <br> General Receipts Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/1/45 | 225 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Hospital Facility Revenue <br> Refunding Bonds, Cleveland Clinic <br> Health System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/36 | 1000 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Water Development <br> Authority Sustainable Revenue Bond, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/40 | 4000 | 4320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Troy City School District G.O. Unlimited <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/54 | 2650 | 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Local School District Lucas <br> County G.O. Unlimited Bonds, Series <br> A (School District Credit Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/1/51 | 2000 | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wyoming City School District G.O. <br> Unlimited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/43 | 1530 | 1609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/55 | 2500 | 2558 |
|  |  | **22319** |
| **Oklahoma – 1.3%** | **Oklahoma – 1.3%** | **Oklahoma – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority Facilities Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/29 | 280 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority Highway Capital <br> Improvement Revenue Bonds, <br> Oklahoma Department of <br> Transportation Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/50 | 2000 | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma State Industries Authority <br> Educational Facilities Lease Revenue <br> Bonds, Oklahoma City Public School <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/31 | 6765 | 7405 |
|  |  | **9806** |

---

FIXED INCOME FUNDS **253** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Oregon – 1.3%** | **Oregon – 1.3%** | **Oregon – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clackamas County School District No. <br> 12 North Clackamas G.O. Unlimited <br> CABS, Series A (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 6/15/38<sup>(6)</sup> <br>| $2500 | $1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clackamas County School District No. <br> 62C Oregon City G.O. Unlimited <br> CABS, Series A (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 6/15/37<sup>(6)</sup> <br>| 1000 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Portland International Airport <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/49 | 2010 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salem Hospital Facility Authority <br> Revenue Refunding Bonds, Multi <br> Model Salem Health Projects,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/44 | 3500 | 3503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union County Hospital Facility Authority <br> Revenue Bonds, Grand Ronde <br> Hospital Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/52 | 750 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington County School District No. <br> 48J Beaverton G.O. Unlimited <br> CABS, Series A (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 6/15/48<sup>(6)</sup> <br>| 5000 | 1528 |
|  |  | **9708** |
| **Pennsylvania – 3.2%** | **Pennsylvania – 3.2%** | **Pennsylvania – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware County Regional Water <br> Quality Control Authority Sewer <br> Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/32 | 820 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/35 | 865 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Valley Regional Financial <br> Authority Revenue Bonds, Series A <br> (AMBAC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/28 | 1880 | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Higher Educational <br> Facilities Authority Revenue Bonds, <br> University of Pennsylvania Health <br> System,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/49 | 5000 | 4954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Oil Franchise Tax <br> Subordinate Revenue Bonds, Series <br> B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/43 | 2500 | 2515 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Pennsylvania – 3.2%continued** | **Pennsylvania – 3.2%continued** | **Pennsylvania – 3.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Refunding <br> Bonds, First Series of 2024,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/41 | $6740 | $7143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Turnpike Revenue Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/40 | 1525 | 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State University Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/45 | 2000 | 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission <br> Turnpike Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/46 | 1700 | 1732 |
|  |  | **23619** |
| **Rhode Island – 0.7%** | **Rhode Island – 0.7%** | **Rhode Island – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Providence Public Buildings Authority <br> Revenue Bonds, Capital Improvement <br> Program Project (AGC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/37 | 740 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Turnpike & Bridge <br> Authority Motor Fuel TRB, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/44 | 5265 | 4642 |
|  |  | **5445** |
| **South Carolina – 0.8%** | **South Carolina – 0.8%** | **South Carolina – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aiken Water & Sewer Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/49 | 1000 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriots Energy Group Financing <br> Agency Gas Supply Variable <br> Revenue Refunding Bonds, Series <br> B-1,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/1/31<sup>(1) (2)</sup> <br>| 2000 | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriots Energy Group Gas System <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/51 | 2500 | 2162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Jobs EDA Hospital <br> Facilities Variable Revenue Refunding <br> Bonds, Bon Secours Mercy Health, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32<sup>(1) (2)</sup> <br>| 1000 | 1061 |
|  |  | **6248** |

---

NORTHERN FUNDS QUARTERLY REPORT **254** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Tennessee – 1.0%** | **Tennessee – 1.0%** | **Tennessee – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chattanooga Electric Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/28 | $2315 | $2322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennergy Corp. Gas Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/28<sup>(1) (2)</sup> <br>| 5000 | 5028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Housing Development <br> Agency Residential Financing <br> Program Revenue Bonds, Series 1B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 7/1/38 | 50 | 45 |
|  |  | **7395** |
| **Texas – 5.7%** | **Texas – 5.7%** | **Texas – 5.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austin Electric Utility System Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/28 | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/35 | 2500 | 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bexar County Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/46 | 5000 | 4509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bexar County Hospital District <br> Certificates of Obligation G.O. <br> Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/26 | 625 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chambers County Justice Center Public <br> Facilities Corp. Lease Revenue <br> Bonds, Justice Center Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/32 | 1005 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/49 | 3120 | 3265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas G.O. Limited Refunding Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/38 | 1315 | 1401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Paso G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/31 | 1020 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Paso Municipal Drainage Utility <br> System Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/38 | 1215 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Bend Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series A (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/31 | 1875 | 2095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huffman Independent School District <br> G.O. Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/15/49 | 1750 | 1821 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Texas – 5.7%continued** | **Texas – 5.7%continued** | **Texas – 5.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority <br> Transmission Contract Revenue <br> Refunding Bonds, LCRA Transmission <br> Services,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/46 | $2500 | $2514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Houston Authority Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/51 | 2500 | 2519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rankin Independent School District <br> G.O. Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/26 | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockwall Independent School District <br> G.O. Unlimited Bonds, Series A (PSF, <br> Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/52 | 2445 | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roma Independent School District G.O. <br> Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/49 | 1500 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Round Rock Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series A (PSF, Gtd.),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/31 | 1500 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/37 | 670 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio General Improvement <br> G.O. Limited Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/30 | 3700 | 3846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Transportation Commission <br> Central Texas Turnpike System <br> Second Tier Revenue Refunding <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/39 | 1800 | 1908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Texas Permanent University <br> Fund Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/41 | 5000 | 4659 |
|  |  | **42573** |
| **Utah – 1.5%** | **Utah – 1.5%** | **Utah – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intermountain Power Agency Supply <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1250 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ogden City Municipal Building <br> Authority Lease Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/53 | 1250 | 1259 |

---

FIXED INCOME FUNDS **255** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Utah – 1.5%continued** | **Utah – 1.5%continued** | **Utah – 1.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ogden City Redevelopment Agency <br> Sales & Tax Increment Revenue <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/53 | $1500 | $1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City Airport Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/32 | 1250 | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35 | 5000 | 5206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tooele County School District G.O. <br> Unlimited Bonds (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/30 | 505 | 556 |
|  |  | **11141** |
| **Virginia – 1.0%** | **Virginia – 1.0%** | **Virginia – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockingham County EDA Facilities <br> Revenue Refunding Bonds, Sentara <br> RMH Medical Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/46 | 2000 | 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State Port Authority <br> Commonwealth Fund Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/48 | 2500 | 2609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State Public Building Authority <br> Public Facilities Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/31 | 2325 | 2601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State Small Business Financing <br> Authority Senior Lien Revenue Bonds <br> (AMT), Elizabeth River,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/41 | 1000 | 769 |
|  |  | **7430** |
| **Washington – 4.3%** | **Washington – 4.3%** | **Washington – 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benton County Public Utility District No. <br> 1 Electric Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/48 | 1100 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clark County Public Utility District No. 1 <br> Electric Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/38 | 850 | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant County G.O. Limited Bonds <br> (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/50 | 1350 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pasco Public Facilities District Sales Tax <br> Revenue Bonds (AGC Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/38 | 1080 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/40 | 1050 | 1104 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Washington – 4.3%continued** | **Washington – 4.3%continued** | **Washington – 4.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle Intermediate Lien <br> Revenue Refunding Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/36 | $3570 | $3738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle Intermediate Senior Lien <br> Revenue Refunding Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/42 | 1500 | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snohomish County Public Utility District <br> No. 1 Electric System Revenue <br> Bonds,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/40 | 560 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snohomish County Public Utility District <br> No. 1 Electric System Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/47 | 5000 | 5130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snohomish County School District No. <br> 15 Edmonds G.O. Unlimited <br> Refunding Bonds (School Board <br> Guaranty Program),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/31 | 5000 | 5600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State COPS, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/26 | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State G.O. Unlimited <br> Bonds, Series C, Bidding Group 3,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/45 | 2000 | 2051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Refunding Bonds, <br> Providence Health & Services,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/38 | 5000 | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whatcom County Public Utility District <br> No. 1 G.O. Limited Bonds, Series A <br> (AMT) (BAM Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/43 | 1500 | 1564 |
|  |  | **31878** |
| **Wisconsin – 1.8%** | **Wisconsin – 1.8%** | **Wisconsin – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Brown County Water Authority <br> Water System Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/30 | 1320 | 1444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority Revenue <br> Refunding Bonds, Kahala Nui <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/50 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospitals & Clinics Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/1/48 | 2775 | 2517 |

---

NORTHERN FUNDS QUARTERLY REPORT **256** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  | **MUNICIPAL BONDS - 98.3%continued**  |
| **Wisconsin – 1.8%continued** | **Wisconsin – 1.8%continued** | **Wisconsin – 1.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westfield School District G.O. <br> Unlimited Promissory Notes (AGC <br> Insured),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/39 | $685 | $724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State G.O. Unlimited <br> Refunding Bonds, Series 2,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/38 | 1000 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue Bonds, <br> Three Pillars Senior Living <br> Communities,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 8/15/29 | 1100 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Milwaukee <br> Regional Medical Center,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/1/46 | 1500 | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Series of 2024, <br> Unrefunded Balance,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/46 | 4945 | 4287 |
|  |  | **13475** |
| **Total Municipal Bonds** |  |  |
| **(Cost $787,898)** |  | **734365** |

---

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.6%**  | **INVESTMENT COMPANIES – 0.6%**  | **INVESTMENT COMPANIES – 0.6%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(7) (8)</sup> <br>| 4552102 | $4552 |
| **Total Investment Companies** |  |  |
| **(Cost $4,552)** |  | **4552** |

---

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.4%**  | **SHORT-TERM INVESTMENTS – 0.4%**  | **SHORT-TERM INVESTMENTS – 0.4%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority <br> Environmental Facilities Variable <br> Revenue Refunding Bonds (AMT), <br> Indianapolis Power & Light Co. <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 4/1/26<sup>(1) (2)</sup> <br>| $1500 | $1468 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 0.4%continued**  | **SHORT-TERM INVESTMENTS - 0.4%continued**  | **SHORT-TERM INVESTMENTS - 0.4%continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority <br> Environmental Facilities Variable <br> Revenue Refunding Bonds, <br> Indianapolis Power & Light Co. <br> Project,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 4/1/26<sup>(1) (2)</sup> <br>| $1125 | $1099 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $2,625)** | **(Cost $2,625)** | **2567** |
| **Total Investments – 99.3%** | **Total Investments – 99.3%** |  |
| **(Cost $795,075)** | **(Cost $795,075)** | **741484** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.7% | 5455 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$746939** |

---

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

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

<sup>(2)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of June 30,* *2025 is disclosed.* 

<sup>(3)</sup> *Step coupon bond. Rate as of June 30, 2025 is disclosed.*

<sup>(4)</sup> *When-Issued Security. Coupon rate is not in effect at June 30, 2025.*

<sup>(5)</sup> *Maturity date represents the prerefunded date.*

<sup>(6)</sup> *Zero coupon bond.*

<sup>(7)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(8)</sup> *7-day current yield as of June 30, 2025 is disclosed.*

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

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGC - Assured Guaranty Corporation |
| AGM - Assured Guaranty Municipal Corporation |
| AMBAC - American Municipal Bond Assurance Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| CABS - Capital Appreciation Bonds |
| CHF - Collegiate Housing Foundation |
| COPS - Certificates of Participation |
| EDA - Economic Development Authority |
| FHA - Federal Housing Administration |
| FHLMC - Federal Home Loan Mortgage Corporation |
| FNMA - Federal National Mortgage Association |

---

FIXED INCOME FUNDS **257** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| |
|:---|
| G.O. - General Obligation |
| GNMA - Government National Mortgage Association |
| Gtd. - Guaranteed |
| HDA - Housing Development Authority |
| HUD - Housing and Urban Development |
| IDA - Industrial Development Authority |
| INS - Insured |
| LCRA - Lower Colorado River Authority |
| MFH - Multi-Family Housing |
| PCR - Pollution Control Revenue |
| PSF - Permanent School Fund |
| Q-SBLF - Qualified School Bond Loan Fund |
| SFM - Single Family Mortgage |
| SRF - Special Revenue Fund |
| TRB - Tax Revenue Bonds |

---

<br> VA - Veterans Affairs

*Percentages shown are based on Net Assets.* 

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $734365 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $734365 |
| Investment Companies | &nbsp;&nbsp; 4552 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4552 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 2567 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2567 |
| Total Investments | &nbsp;&nbsp; $4552 | &nbsp;&nbsp; $736932 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $741484 |

---

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

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $14033 | $52990 | $62471 | $88 | $4552 | 4552102 |

---

NORTHERN FUNDS QUARTERLY REPORT **258** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**ULTRA-SHORT FIXED INCOME FUND** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 9.5%**  | **ASSET-BACKED SECURITIES – 9.5%**  | **ASSET-BACKED SECURITIES – 9.5%**  |
| **Auto Loan – 4.4%** | **Auto Loan – 4.4%** | **Auto Loan – 4.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americredit Automobile Receivables <br> Trust, Series 2022-1, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 2/18/28 | $4500 | $4428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Auto Trust, Series <br> 2023-1A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53%, 2/15/28<sup>(1)</sup> <br>| 1635 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2024-1, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/25/27 | 2000 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2023-4, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/17/28 | 423 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P2, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 8/10/28 | 5900 | 5911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 12/15/27 | 1668 | 1669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-5A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 4/15/27 | 854 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2024-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 3/22/27 | 1581 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2023-2, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.47%, 2/16/28 | 3588 | 3587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2024-1, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 12/18/28 | 2600 | 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37%, 3/15/29 | 2050 | 2072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 8/15/28 | 1743 | 1758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization <br> Trust, Series 2024-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 5/17/27<sup>(1)</sup> <br>| 2780 | 2802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 2/15/29 | 940 | 948 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 9.5%continued**  | **ASSET-BACKED SECURITIES - 9.5%continued**  | **ASSET-BACKED SECURITIES - 9.5%continued**  |
| **Auto Loan – 4.4%continued** | **Auto Loan – 4.4%continued** | **Auto Loan – 4.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2023-2, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/15/28 | $10000 | $10130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 6/15/28 | 15150 | 15155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust, Series 2023-B, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/21/26<sup>(1)</sup> <br>| 1831 | 1837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust, Series 2024-B, <br> Class A2A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 1/20/27<sup>(1)</sup> <br>| 1388 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Lease Owner Trust, Series <br> 2024-B, Class A2A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 2/22/27<sup>(1)</sup> <br>| 3486 | 3481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-3, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 5/17/27<sup>(1)</sup> <br>| 6023 | 6036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 2/15/28<sup>(1)</sup> <br>| 5000 | 5010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 3/15/29 | 1130 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-B, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 9/17/29 | 1625 | 1641 |
|  |  | **78133** |
| **Credit Card – 2.6%** | **Credit Card – 2.6%** | **Credit Card – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2022-A3, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/27 | 6000 | 6007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2023-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 5/15/28 | 8000 | 8008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 9/15/29 | 9575 | 9546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Issuance Trust, Series 2023-A1, <br> Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16%, 9/15/28 | 4000 | 4046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank Credit Card Issuance Trust, <br> Series 2023-A1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 12/8/27 | 9900 | 9930 |

---

FIXED INCOME FUNDS **259** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 9.5%continued**  | **ASSET-BACKED SECURITIES - 9.5%continued**  | **ASSET-BACKED SECURITIES - 9.5%continued**  |
| **Credit Card – 2.6%continued** | **Credit Card – 2.6%continued** | **Credit Card – 2.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discover Card Execution Note Trust, <br> Series 2023-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 3/15/28 | $4290 | $4286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2023-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54%, 7/15/29 | 1250 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 3/15/30 | 1458 | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 2/15/29 | 2530 | 2563 |
|  |  | **47127** |
| **Other – 0.5%** | **Other – 0.5%** | **Other – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2024-B, <br> Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.19%, 9/17/29 | 1100 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPEFS Equipment Trust, Series <br> 2024-2A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/20/31<sup>(1)</sup> <br>| 1692 | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96%, 11/15/28 | 625 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A2A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.36%, 8/16/27 | 3648 | 3644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kubota Credit Owner Trust, Series <br> 2025-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 12/15/27<sup>(1)</sup> <br>| 1830 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MMAF Equipment Finance LLC, Series <br> 2024-A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 9/13/27<sup>(1)</sup> <br>| 660 | 662 |
|  |  | **9583** |
| **Whole Loan – 2.0%** | **Whole Loan – 2.0%** | **Whole Loan – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bravo Residential Funding Trust, Series <br> 2025-NQM1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.60% on 2/25/29), <br> 5.60%, 12/25/64<sup>(1) (2)</sup> <br>| 10961 | 11022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Home Lending Mortgage Trust, <br> Series 2024-2, Class A4A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/25/55<sup>(1) (3)</sup> <br>| 2430 | 2453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Series <br> 2024-2, Class A6A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/25/54<sup>(1)</sup> <br>| 768 | 766 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 9.5%continued**  | **ASSET-BACKED SECURITIES - 9.5%continued**  | **ASSET-BACKED SECURITIES - 9.5%continued**  |
| **Whole Loan – 2.0%continued** | **Whole Loan – 2.0%continued** | **Whole Loan – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Series <br> 2025-NQM1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.59% on 4/25/29), <br> 5.59%, 6/25/65<sup>(1) (2)</sup> <br>| $5738 | $5759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2024-NQM16, <br> Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.53% on 11/25/28), <br> 5.53%, 10/25/64<sup>(1) (2)</sup> <br>| 2732 | 2735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.55% on 4/25/29), <br> 5.55%, 1/25/65<sup>(1) (2)</sup> <br>| 3801 | 3812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM3, <br> Class A1B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Step to 6.60% on 7/25/29), <br> 5.60%, 5/25/65<sup>(1) (2)</sup> <br>| 8361 | 8374 |
|  |  | **34921** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $169,441)** |  | **169764** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.4%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.4%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.4%**  |
| **Non Agency – 0.4%** | **Non Agency – 0.4%** | **Non Agency – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series <br> 2019-IMC, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 1.05%, 1.00% Floor), 5.36%, <br> 4/15/34<sup>(1) (4)</sup> <br>| 2308 | 2291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legends Outlets Kansas City KS <br> Mortgage Secured Pass-Through <br> Trust, Series 2024-LGND, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/5/39<sup>(1)</sup> <br>| 5000 | 5013 |
|  |  | **7304** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $7,366)** |  | **7304** |
| **COMMERCIAL PAPER – 0.6%**  | **COMMERCIAL PAPER – 0.6%**  | **COMMERCIAL PAPER – 0.6%**  |
| **Banking – 0.6%** | **Banking – 0.6%** | **Banking – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANZ New Zealand International Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.00%), <br> 4.62%, 8/20/25<sup>(1) (4)</sup> <br>| 10000 | **9997** |
| **Total Commercial Paper** |  |  |
| **(Cost $10,000)** |  | **9997** |

---

NORTHERN FUNDS QUARTERLY REPORT **260** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS – 50.6%**  | **CORPORATE BONDS – 50.6%**  | **CORPORATE BONDS – 50.6%**  |
| **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RTX Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 8/16/25 | $3000 | **$2996** |
| **Apparel & Textile Products – 0.3%** | **Apparel & Textile Products – 0.3%** | **Apparel & Textile Products – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/15/25 | 6000 | **5980** |
| **Asset Management – 2.7%** | **Asset Management – 2.7%** | **Asset Management – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Funding, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 7/26/27  | 17340 | 17552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 9/26/27  | 2310 | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab (The) Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.05%), 5.47%, <br> 3/3/27 <sup>(4)</sup> <br>| 20000 | 20157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 3/9/26 <sup>(1)</sup> <br>| 8000 | 7898 |
|  |  | **47905** |
| **Automotive – 3.9%** | **Automotive – 3.9%** | **Automotive – 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Honda Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.72%), <br> 5.08%, 10/22/27 <sup>(4)</sup> <br>| 9000 | 8999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.29%), <br> 5.76%, 1/7/30 <sup>(4)</sup> <br>| 13200 | 12907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 6/24/26 <sup>(1)</sup> <br>| 4000 | 4032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 9/21/26 <sup>(1)</sup> <br>| 4000 | 4062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.50%), <br> 5.85%, 1/8/27 <sup>(1) (4)</sup> <br>| 10000 | 10060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.00%), <br> 5.49%, 6/24/27 <sup>(1) (4)</sup> <br>| 10000 | 9993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.45%), 4.80%, <br> 4/10/26 <sup>(4)</sup> <br>| 5180 | 5186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.47%), <br> 4.81%, 1/8/27 <sup>(4)</sup> <br>| 15000 | 14971 |
|  |  | **70210** |
| **Banking – 10.2%** | **Banking – 10.2%** | **Banking – 10.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.11%), <br> 5.49%, 5/9/29 <sup>(4)</sup> <br>| 34000 | 34217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44%, 4/30/26  | 1600 | 1612 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 50.6% continued**  | **CORPORATE BONDS - 50.6% continued**  | **CORPORATE BONDS - 50.6% continued**  |
| **Banking – 10.2%continued** | **Banking – 10.2%continued** | **Banking – 10.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 8/6/26  | $2500 | $2517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.28%), <br> 5.69%, 2/24/28 <sup>(4)</sup> <br>| 21000 | 21154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 5.30%, 3/4/29 <sup>(4)</sup> <br>| 5514 | 5505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.00%), <br> 5.18%, 1/28/28 <sup>(4)</sup> <br>| 7300 | 7298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington National Bank (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.72%), <br> 4.87%, 4/12/28 <sup>(5)</sup> <br>| 3800 | 3824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.77%), <br> 5.22%, 9/22/27 <sup>(4)</sup> <br>| 10100 | 10123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.18%), <br> 5.59%, 2/24/28 <sup>(4)</sup> <br>| 13000 | 13110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.80%), <br> 5.17%, 1/24/29 <sup>(4)</sup> <br>| 4300 | 4298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeyBank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 8/8/25  | 3800 | 3797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 5.28%, 5/26/28 <sup>(4)</sup> <br>| 13110 | 13146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.50%), <br> 4.78%, 1/15/27 <sup>(5)</sup> <br>| 5000 | 5008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.50%), <br> 4.85%, 1/15/27 <sup>(4)</sup> <br>| 6500 | 6502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 0.63%), <br> 4.54%, 5/13/27 <sup>(5)</sup> <br>| 9050 | 9055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.73%), 6.62%, <br> 10/20/27 <sup>(5)</sup> <br>| 3105 | 3192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Holdings U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.23%), <br> 6.12%, 5/31/27 <sup>(5)</sup> <br>| 2850 | 2882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.61%), <br> 6.06%, 3/20/29 <sup>(4)</sup> <br>| 11000 | 11108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 2.05%), <br> 6.05%, 6/8/27 <sup>(5)</sup> <br>| 5000 | 5067 |

---

FIXED INCOME FUNDS **261** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 50.6% continued**  | **CORPORATE BONDS - 50.6% continued**  | **CORPORATE BONDS - 50.6% continued**  |
| **Banking – 10.2%continued** | **Banking – 10.2%continued** | **Banking – 10.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.78%), <br> 5.15%, 1/24/28 <sup>(4)</sup> <br>| $11500 | $11507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/11/26  | 7955 | 8070 |
|  |  | **182992** |
| **Beverages – 0.3%** | **Beverages – 0.3%** | **Beverages – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.58%), <br> 4.97%, 11/15/26<sup>(4)</sup> <br>| 6190 | **6201** |
| **Biotechnology & Pharmaceuticals – 0.8%** | **Biotechnology & Pharmaceuticals – 0.8%** | **Biotechnology & Pharmaceuticals – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 5/19/26 | 13903 | **13918** |
| **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amcor Flexibles North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 3/17/28<sup>(1)</sup> <br>| 7120 | **7169** |
| **E-Commerce Discretionary – 0.7%** | **E-Commerce Discretionary – 0.7%** | **E-Commerce Discretionary – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/22/25  | 8750 | 8785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 5/10/26  | 3454 | 3366 |
|  |  | **12151** |
| **Electric Utilities – 0.6%** | **Electric Utilities – 0.6%** | **Electric Utilities – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/1/25  | 4595 | 4587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.80%), 5.18%, <br> 2/4/28 <sup>(4)</sup> <br>| 6600 | 6632 |
|  |  | **11219** |
| **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/28/26 | 3100 | **3107** |
| **Food – 2.3%** | **Food – 2.3%** | **Food – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cargill, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.61%), <br> 4.99%, 2/11/28 <sup>(1) (4)</sup> <br>| 7500 | 7517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 1/30/27  | 2291 | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kellanova, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 4/1/26  | 15200 | 15079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/26  | 6000 | 5922 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 50.6% continued**  | **CORPORATE BONDS - 50.6% continued**  | **CORPORATE BONDS - 50.6% continued**  |
| **Food – 2.3%continued** | **Food – 2.3%continued** | **Food – 2.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mars, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 3/1/28 <sup>(1)</sup> <br>| $5200 | $5242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/25  | 5000 | 4964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Campbell's Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 3/20/26  | 1000 | 1005 |
|  |  | **42033** |
| **Health Care Facilities & Services – 2.0%** | **Health Care Facilities & Services – 2.0%** | **Health Care Facilities & Services – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/27  | 3280 | 3307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/20/26  | 2400 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/30/26  | 2320 | 2328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/15/26  | 5000 | 5005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/28  | 2220 | 2253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 5/15/26  | 9510 | 9244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.50%), <br> 4.85%, 7/15/26 <sup>(4)</sup> <br>| 7000 | 7000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 6/15/28  | 4000 | 4020 |
|  |  | **35560** |
| **Home Construction – 0.7%** | **Home Construction – 0.7%** | **Home Construction – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/15/25  | 5000 | 4970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/26  | 8500 | 8517 |
|  |  | **13487** |
| **Institutional Financial Services – 3.1%** | **Institutional Financial Services – 3.1%** | **Institutional Financial Services – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group (The), Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.81%), <br> 5.24%, 3/9/27 <sup>(4)</sup> <br>| 25000 | 25033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 4/3/28  | 4370 | 4403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.02%), <br> 5.38%, 4/13/28 <sup>(4)</sup> <br>| 11000 | 11061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.46%), <br> 4.87%, 11/25/26 <sup>(4)</sup> <br>| 5240 | 5245 |

---

NORTHERN FUNDS QUARTERLY REPORT **262** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 50.6% continued**  | **CORPORATE BONDS - 50.6% continued**  | **CORPORATE BONDS - 50.6% continued**  |
| **Institutional Financial Services – 3.1%continued** | **Institutional Financial Services – 3.1%continued** | **Institutional Financial Services – 3.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 8/3/26  | $2070 | $2091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 10/22/27  | 7040 | 7076 |
|  |  | **54909** |
| **Insurance – 1.2%** | **Insurance – 1.2%** | **Insurance – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/15/27  | 13050 | 13147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.70%), 5.08%, <br> 11/8/27 <sup>(4)</sup> <br>| 5280 | 5292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Life Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.67%), <br> 5.13%, 4/2/27 <sup>(1) (4)</sup> <br>| 2480 | 2485 |
|  |  | **20924** |
| **IT Services – 0.8%** | **IT Services – 0.8%** | **IT Services – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 2/19/26  | 4422 | 4392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 5/15/26  | 9199 | 9113 |
|  |  | **13505** |
| **Leisure Facilities & Services – 1.2%** | **Leisure Facilities & Services – 1.2%** | **Leisure Facilities & Services – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/1/25  | 8500 | 8476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 1/30/26  | 2750 | 2738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 7/1/26 <sup>(1)</sup> <br>| 5000 | 4975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/28  | 4790 | 4814 |
|  |  | **21003** |
| **Machinery – 1.8%** | **Machinery – 1.8%** | **Machinery – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 3/21/27  | 1710 | 1731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.69%), <br> 5.05%, 10/16/26 <sup>(4)</sup> <br>| 1300 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/8/27  | 2620 | 2627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.40%), <br> 4.86%, 1/5/27 <sup>(4)</sup> <br>| 15000 | 15006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.60%), <br> 4.96%, 4/19/27 <sup>(4)</sup> <br>| 5000 | 5021 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 50.6% continued**  | **CORPORATE BONDS - 50.6% continued**  | **CORPORATE BONDS - 50.6% continued**  |
| **Machinery – 1.8%continued** | **Machinery – 1.8%continued** | **Machinery – 1.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 3/6/26  | $5870 | $5869 |
|  |  | **31560** |
| **Medical Equipment & Devices – 2.2%** | **Medical Equipment & Devices – 2.2%** | **Medical Equipment & Devices – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 9/9/27  | 7800 | 7797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 11/15/25  | 10000 | 10021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/26  | 7000 | 6957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 2/10/27  | 9500 | 9558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 2/19/27  | 5432 | 5461 |
|  |  | **39794** |
| **Oil & Gas Services & Equipment – 0.7%** | **Oil & Gas Services & Equipment – 0.7%** | **Oil & Gas Services & Equipment – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schlumberger Holdings Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/29/27<sup>(1)</sup> <br>| 12799 | **12965** |
| **Oil & Gas Supply Chain – 1.5%** | **Oil & Gas Supply Chain – 1.5%** | **Oil & Gas Supply Chain – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 2/11/26  | 5000 | 4967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enbridge Energy Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/25  | 4400 | 4404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 1/10/26  | 2230 | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips 66, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 2/15/26  | 5600 | 5489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 3/29/26  | 5311 | 5336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 3/2/26  | 5110 | 5139 |
|  |  | **27570** |
| **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage Operating Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.70%), 5.06%, <br> 4/16/27<sup>(4)</sup> <br>| 4720 | **4737** |
| **Retail - Consumer Staples – 0.7%** | **Retail - Consumer Staples – 0.7%** | **Retail - Consumer Staples – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.43%), 4.80%, <br> 4/28/27<sup>(4)</sup> <br>| 12600 | **12639** |

---

FIXED INCOME FUNDS **263** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 50.6% continued**  | **CORPORATE BONDS - 50.6% continued**  | **CORPORATE BONDS - 50.6% continued**  |
| **Retail - Discretionary – 1.9%** | **Retail - Discretionary – 1.9%** | **Retail - Discretionary – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/25  | $1000 | $1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 7/15/26  | 2980 | 2999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 4/1/26  | 10300 | 10317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/15/26  | 8244 | 8121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/20/26  | 1890 | 1923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 4/15/26  | 10300 | 10007 |
|  |  | **34367** |
| **Semiconductors – 1.7%** | **Semiconductors – 1.7%** | **Semiconductors – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 9/24/26  | 4600 | 4615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 3/24/28  | 11000 | 11081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 7/29/25  | 5000 | 4984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/10/26  | 9509 | 9523 |
|  |  | **30203** |
| **Software – 1.9%** | **Software – 1.9%** | **Software – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 3/25/26  | 9311 | 9121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.76%), <br> 5.14%, 8/3/28 <sup>(4)</sup> <br>| 11600 | 11650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/15/25  | 2021 | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 4/1/27  | 10800 | 10854 |
|  |  | **33645** |
| **Specialty Finance – 3.6%** | **Specialty Finance – 3.6%** | **Specialty Finance – 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 7/1/25  | 5733 | 5733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.65%), 5.03%, <br> 11/4/26 <sup>(4)</sup> <br>| 12996 | 13020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.97%), 5.34%, <br> 7/28/27 <sup>(4)</sup> <br>| 8000 | 8029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.02%), <br> 5.39%, 1/30/31 <sup>(4)</sup> <br>| 3000 | 2997 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 50.6% continued**  | **CORPORATE BONDS - 50.6% continued**  | **CORPORATE BONDS - 50.6% continued**  |
| **Specialty Finance – 3.6%continued** | **Specialty Finance – 3.6%continued** | **Specialty Finance – 3.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/1/25 <sup>(1)</sup> <br>| $4300 | $4298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 3/1/26  | 12831 | 12553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.44%), 4.88%, <br> 3/15/28 <sup>(4)</sup> <br>| 4700 | 4709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.67%), <br> 5.10%, 3/6/28 <sup>(4)</sup> <br>| 13800 | 13807 |
|  |  | **65146** |
| **Technology Hardware – 1.6%** | **Technology Hardware – 1.6%** | **Technology Hardware – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/28  | 3660 | 3703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/15/25  | 12987 | 12987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 9/25/26  | 2270 | 2273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 12/10/25  | 9990 | 9832 |
|  |  | **28795** |
| **Telecommunications – 0.7%** | **Telecommunications – 0.7%** | **Telecommunications – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 3/25/26  | 2831 | 2774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T-Mobile U.S.A., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 4/15/26  | 10200 | 10042 |
|  |  | **12816** |
| **Wholesale - Consumer Staples – 0.4%** | **Wholesale - Consumer Staples – 0.4%** | **Wholesale - Consumer Staples – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 7/15/27 | 7760 | **7609** |
| **Total Corporate Bonds** |  |  |
| **(Cost $904,438)** |  | **907115** |
| **FOREIGN ISSUER BONDS – 34.5%**  | **FOREIGN ISSUER BONDS – 34.5%**  | **FOREIGN ISSUER BONDS – 34.5%**  |
| **Asset Management – 0.4%** | **Asset Management – 0.4%** | **Asset Management – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.08%), 1.36%, <br> 1/30/27<sup>(1) (5)</sup> <br>| 6406 | **6290** |

---

NORTHERN FUNDS QUARTERLY REPORT **264** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 34.5% continued**  | **FOREIGN ISSUER BONDS - 34.5% continued**  | **FOREIGN ISSUER BONDS - 34.5% continued**  |
| **Automotive – 1.5%** | **Automotive – 1.5%** | **Automotive – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMW U.S. Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.78%), 5.23%, <br> 3/19/27 <sup>(1) (4)</sup> <br>| $12400 | $12409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 4/2/27 <sup>(1)</sup> <br>| 3000 | 3030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North <br> America LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.57%), <br> 4.94%, 8/1/25 <sup>(1) (4)</sup> <br>| 2000 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 8/1/25 <sup>(1)</sup> <br>| 2410 | 2411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 8/1/27 <sup>(1)</sup> <br>| 7350 | 7399 |
|  |  | **27250** |
| **Banking – 24.9%** | **Banking – 24.9%** | **Banking – 24.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking <br> Group Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.65%), <br> 5.11%, 9/30/27 <sup>(1) (4)</sup> <br>| 2000 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.62%), 5.06%, <br> 9/15/26 <sup>(4)</sup> <br>| 25800 | 25818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.86%), <br> 5.23%, 1/27/29 <sup>(4)</sup> <br>| 3500 | 3480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New Zealand, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.81%), <br> 5.18%, 1/27/27 <sup>(1) (4)</sup> <br>| 21000 | 21036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.55%), 4.96%, <br> 3/2/26 <sup>(4)</sup> <br>| 15000 | 15018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel <br> S.A.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.23%), 5.59%, <br> 1/22/30 <sup>(1) (4)</sup> <br>| 5100 | 5115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/12/26  | 5250 | 5246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.49%), <br> 5.93%, 3/12/28 <sup>(4)</sup> <br>| 9000 | 9070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPCE S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.96%), <br> 5.41%, 9/25/25 <sup>(1) (4)</sup> <br>| 2000 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.72%), <br> 5.07%, 1/13/28 <sup>(4)</sup> <br>| 15000 | 14987 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 34.5% continued**  | **FOREIGN ISSUER BONDS - 34.5% continued**  | **FOREIGN ISSUER BONDS - 34.5% continued**  |
| **Banking – 24.9%continued** | **Banking – 24.9%continued** | **Banking – 24.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.52%), <br> 4.96%, 6/15/26 <sup>(1) (4)</sup> <br>| $4500 | $4510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 5.31%, 3/11/27 <sup>(1) (4)</sup> <br>| 4660 | 4668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. SOFR + 1.21%), <br> 4.63%, 9/11/28 <sup>(1) (5)</sup> <br>| 8080 | 8090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.21%), <br> 5.65%, 9/11/28 <sup>(1) (4)</sup> <br>| 6000 | 6035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.18%), 6.26%, <br> 9/22/26 <sup>(1) (5)</sup> <br>| 4060 | 4072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.22%), <br> 5.61%, 11/16/27 <sup>(4)</sup> <br>| 6500 | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.21%), <br> 5.56%, 1/10/29 <sup>(4)</sup> <br>| 7000 | 7007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 5/25/26  | 3000 | 2988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, CME Term SOFR 3M + <br> 1.64%), 5.97%, 9/12/26 <sup>(4)</sup> <br>| 2816 | 2824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.04%), <br> 5.43%, 11/19/28 <sup>(4)</sup> <br>| 3200 | 3200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.03%), <br> 5.45%, 3/3/29 <sup>(4)</sup> <br>| 10000 | 9992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ING Groep N.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.01%), 5.47%, <br> 4/1/27 <sup>(4)</sup> <br>| 27000 | 27073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.75%), 4.72%, <br> 8/11/26 <sup>(5)</sup> <br>| 7700 | 7697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.06%), 5.46%, <br> 11/26/28 <sup>(4)</sup> <br>| 11000 | 11023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macquarie Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 7/2/27 <sup>(1)</sup> <br>| 9430 | 9628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.74%), <br> 5.18%, 6/12/28 <sup>(1) (4)</sup> <br>| 17000 | 17024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 3/1/26  | 4261 | 4248 |

---

FIXED INCOME FUNDS **265** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 34.5% continued**  | **FOREIGN ISSUER BONDS - 34.5% continued**  | **FOREIGN ISSUER BONDS - 34.5% continued**  |
| **Banking – 24.9%continued** | **Banking – 24.9%continued** | **Banking – 24.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.62%), <br> 5.06%, 6/11/27 <sup>(1) (4)</sup> <br>| $10220 | $10255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.00%), 5.50%, <br> 7/2/27 <sup>(4)</sup> <br>| 6260 | 6274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nationwide Building Society, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.29%), <br> 5.68%, 2/16/28 <sup>(1) (4)</sup> <br>| 10700 | 10760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Markets PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.76%), <br> 5.22%, 9/29/26 <sup>(1) (4)</sup> <br>| 27900 | 27977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.74%), <br> 5.19%, 3/19/27 <sup>(1) (4)</sup> <br>| 8500 | 8543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.70%), <br> 5.14%, 3/17/28 <sup>(1) (4)</sup> <br>| 14300 | 14322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.57%), 4.94%, <br> 4/27/26 <sup>(4)</sup> <br>| 5900 | 5912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.59%), 4.97%, <br> 11/2/26 <sup>(4)</sup> <br>| 14237 | 14261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.83%), 5.20%, <br> 1/24/29 <sup>(4)</sup> <br>| 9000 | 8984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.41%), <br> 5.76%, 4/13/29 <sup>(1) (4)</sup> <br>| 3100 | 3102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.88%), <br> 5.23%, 1/14/27 <sup>(4)</sup> <br>| 5840 | 5869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.17%), <br> 5.51%, 7/9/29 <sup>(4)</sup> <br>| 3807 | 3844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 9/10/27 <sup>(1)</sup> <br>| 5000 | 5020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.66%), <br> 5.07%, 5/28/27 <sup>(1) (4)</sup> <br>| 15220 | 15257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 6/15/26 <sup>(1)</sup> <br>| 10577 | 10685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.14%, 9/12/26 <sup>(1)</sup> <br>| 7000 | 7149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 1.03%), <br> 5.43%, 11/20/29 <sup>(1) (4)</sup> <br>| 4700 | 4749 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 34.5% continued**  | **FOREIGN ISSUER BONDS - 34.5% continued**  | **FOREIGN ISSUER BONDS - 34.5% continued**  |
| **Banking – 24.9%continued** | **Banking – 24.9%continued** | **Banking – 24.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53%, 7/17/26  | $5000 | $5062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.59%), <br> 5.02%, 9/10/26 <sup>(4)</sup> <br>| 20000 | 20018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.46%), <br> 4.82%, 10/20/26 <sup>(4)</sup> <br>| 16000 | 16028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.00%), <br> 5.28%, 7/1/30 <sup>(4)</sup> <br>| 1380 | 1384 |
|  |  | **445813** |
| **Biotechnology & Pharmaceuticals – 0.6%** | **Biotechnology & Pharmaceuticals – 0.6%** | **Biotechnology & Pharmaceuticals – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GlaxoSmithKline Capital PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.50%), <br> 4.94%, 3/12/27<sup>(4)</sup> <br>| 11400 | **11419** |
| **Chemicals – 0.6%** | **Chemicals – 0.6%** | **Chemicals – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/7/25  | 5000 | 5025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/12/27  | 5000 | 5013 |
|  |  | **10038** |
| **Household Products – 0.3%** | **Household Products – 0.3%** | **Household Products – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Treasury Services PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/26/27<sup>(1)</sup> <br>| 5000 | **4888** |
| **Industrial Support Services – 0.5%** | **Industrial Support Services – 0.5%** | **Industrial Support Services – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Element Fleet Management Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 6/26/26<sup>(1)</sup> <br>| 9720 | **9858** |
| **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Trust & Banking Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.32%), <br> 4.76%, 3/17/26 <sup>(4)</sup> <br>| 5000 | 5001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Markets Cayman L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.53%), <br> 4.97%, 1/9/26 <sup>(1) (4)</sup> <br>| 14600 | 14608 |
|  |  | **19609** |
| **Metals & Mining – 2.0%** | **Metals & Mining – 2.0%** | **Metals & Mining – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glencore Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.75%), 5.21%, <br> 10/1/26 <sup>(1) (4)</sup> <br>| 21450 | 21448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Finance U.S.A. PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.84%), 5.28%, <br> 3/14/28 <sup>(4)</sup> <br>| 15100 | 15181 |
|  |  | **36629** |

---

NORTHERN FUNDS QUARTERLY REPORT **266** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 34.5% continued**  | **FOREIGN ISSUER BONDS - 34.5% continued**  | **FOREIGN ISSUER BONDS - 34.5% continued**  |
| **Semiconductors – 0.2%** | **Semiconductors – 0.2%** | **Semiconductors – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NXP B.V./NXP Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 3/1/26 | $4235 | **$4255** |
| **Specialty Finance – 1.2%** | **Specialty Finance – 1.2%** | **Specialty Finance – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/25  | 17700 | 17711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 1/15/28 <sup>(1)</sup> <br>| 4600 | 4624 |
|  |  | **22335** |
| **Transportation Equipment – 1.2%** | **Transportation Equipment – 1.2%** | **Transportation Equipment – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Finance North <br> America LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/27 <sup>(1)</sup> <br>| 4000 | 4039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.00%), <br> 5.41%, 9/25/27 <sup>(1) (4)</sup> <br>| 10720 | 10731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Floating, U.S. SOFR + 0.84%), <br> 5.19%, 1/13/28 <sup>(1) (4)</sup> <br>| 5900 | 5879 |
|  |  | **20649** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $617,401)** |  | **619033** |
| **U.S. GOVERNMENT AGENCIES – 0.7%** <sup>(6)</sup> | **U.S. GOVERNMENT AGENCIES – 0.7%** <sup>(6)</sup> | **U.S. GOVERNMENT AGENCIES – 0.7%** <sup>(6)</sup> |
| **Fannie Mae – 0.2%** | **Fannie Mae – 0.2%** | **Fannie Mae – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FM3019, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/35 | 1659 | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #MA3932, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/35 | 1407 | 1365 |
|  |  | **2993** |
| **Freddie Mac – 0.5%** | **Freddie Mac – 0.5%** | **Freddie Mac – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FRESB Mortgage Trust, Series <br> 2022-SB94, Class A5F,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 11/25/26 | 6179 | 5944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS8641, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/32 | 2215 | 2127 |
|  |  | **8071** |
| **Government National Mortgage Association – 0.0%** | **Government National Mortgage Association – 0.0%** | **Government National Mortgage Association – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage <br> Association, Series 2013-149, <br> Class MA,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/20/40 | 689 | **677** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $12,131)** |  | **11741** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS – 2.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 2.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 2.6%**  |
| **U.S. Treasury Notes – 2.6%** | **U.S. Treasury Notes – 2.6%** | **U.S. Treasury Notes – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 7/31/26 | $3000 | $3012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/26 | 8000 | 8077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/15/27 | 25000 | 25120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/27 | 10000 | 10125 |
|  |  | **46334** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $45,915)** |  | **46334** |

---

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.4%**  | **INVESTMENT COMPANIES – 0.4%**  | **INVESTMENT COMPANIES – 0.4%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(7) (8)</sup> <br>| 7432692 | $7433 |
| **Total Investment Companies** |  |  |
| **(Cost $7,433)** |  | **7433** |
| **Total Investments – 99.3%** | **Total Investments – 99.3%** |  |
| **(Cost $1,774,125)** | **(Cost $1,774,125)** | **1778721** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.7% | 13432 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1792153** |

---

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

<sup>(1)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At June 30, 2025,* *the value of these securities amounted to approximately $470,932,000 or* *26.3% of net assets.* 

<sup>(2)</sup> *Step coupon bond. Rate as of June 30, 2025 is disclosed.*

<sup>(3)</sup> *When-Issued Security. Coupon rate is not in effect at June 30, 2025.*

<sup>(4)</sup> *Variable or floating rate security. Rate as of June 30, 2025 is disclosed.*

<sup>(5)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of June 30, 2025.* 

<sup>(6)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(7)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(8)</sup> *7-day current yield as of June 30, 2025 is disclosed.*

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

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 1M - 1 Month |
| 1Y - 1 Year |
| 3M - 3 Month |
| CME - Chicago Mercantile Exchange |

---

FIXED INCOME FUNDS **267** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| |
|:---|
| CMT - Constant Maturity |
| Fannie Mae - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |
| SOFR - Secured Overnight Financing Rate |

---

*Percentages shown are based on Net Assets.* 

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Asset-Backed Securities<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $169764 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $169764 |
| &nbsp;&nbsp;&nbsp; Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 7304 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7304 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 9997 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9997 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 907115 | &nbsp;&nbsp; — | &nbsp;&nbsp; 907115 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 619033 | &nbsp;&nbsp; — | &nbsp;&nbsp; 619033 |
| &nbsp;&nbsp;&nbsp; U.S. Government <br> Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 11741 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11741 |
| &nbsp;&nbsp;&nbsp; U.S. Government <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 46334 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46334 |
| Investment Companies | &nbsp;&nbsp; 7433 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7433 |
| Total Investments | &nbsp;&nbsp; $7433 | &nbsp;&nbsp; $1771288 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1778721 |

---

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

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **NET CHANGE**<br> **IN UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000S)**<br>| **ACCRUED**<br> **PREMIUM**<br> **(DISCOUNT)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Nasdaq, Inc. | $8019 | $— | $8000 | $(16)<br>| $(3)<br>| $109 | $— |  |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) |  | 5150 | 5150 |  |  | — <br><sup>(1),\*</sup><br>|  |  |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 66804 | 410168 | 469539 |  |  | 679 | 7433 | 7432692 |
| Total | $74823 | $415318 | $482689 | $(16)<br>| $(3)<br>| $788 | $7433 | 7432692 |

---

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

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

*\** *Amount rounds to less than one thousand.*

NORTHERN FUNDS QUARTERLY REPORT **268** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

**U.S. GOVERNMENT FUND** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES – 4.9%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 4.9%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 4.9%** <sup>(1)</sup> |
| **Fannie Mae – 2.0%** | **Fannie Mae – 2.0%** | **Fannie Mae – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #555649, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/1/32 | $6 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #BH9277, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/48 | 102 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB7509, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/53 | 71 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #DA0021, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/53 | 63 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS3063, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/52 | 154 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS4669, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/1/53 | 65 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS5952, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/53 | 51 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6176, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/47 | 57 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #FS6177, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/1/40 | 60 | 64 |
|  |  | **626** |
| **Freddie Mac – 1.4%** | **Freddie Mac – 1.4%** | **Freddie Mac – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #RA8880, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/53 | 80 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD1360, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/52 | 89 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2347, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/53 | 68 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD2665, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/53 | 78 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SD3817, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/53 | 107 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #ZS7735, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/1/32 | 1 | 1 |
|  |  | **429** |
| **Freddie Mac Gold – 0.1%** | **Freddie Mac Gold – 0.1%** | **Freddie Mac Gold – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #G30926, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/36 | 16 | **15** |
| **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/20/46 | 57 | **52** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 4.9%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 4.9%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 4.9%** <sup>(1)</sup>**continued** |
| **Sovereign Agencies – 1.2%** | **Sovereign Agencies – 1.2%** | **Sovereign Agencies – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolution Funding Corp. Interest Strip, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 10/15/28<sup>(2)</sup> <br>| $425 | **$374** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $1,488)** |  | **1496** |
| **U.S. GOVERNMENT OBLIGATIONS – 94.3%**  | **U.S. GOVERNMENT OBLIGATIONS – 94.3%**  | **U.S. GOVERNMENT OBLIGATIONS – 94.3%**  |
| **U.S. Treasury Bonds – 20.3%** | **U.S. Treasury Bonds – 20.3%** | **U.S. Treasury Bonds – 20.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/39 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/39 | 460 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/40 | 80 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 5/15/40 | 250 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/40 | 165 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/43 | 460 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/15/43 | 385 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/15/43 | 375 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/43 | 135 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/44 | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/44 | 345 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/45 | 240 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/45 | 145 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/47 | 430 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/48 | 240 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/15/49 | 75 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/49 | 880 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 8/15/50 | 465 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 5/15/51 | 480 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/53 | 520 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/54 | 225 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/15/54 | 175 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/54 | 300 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/55 | 290 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/15/55 | 140 | 139 |
|  |  | **6217** |
| **U.S. Treasury Inflation Indexed Notes – 1.0%** | **U.S. Treasury Inflation Indexed Notes – 1.0%** | **U.S. Treasury Inflation Indexed Notes – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 4/15/26 | 126 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 4/15/27 | 137 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 7/15/30 | 2 | 2 |
|  |  | **307** |
| **U.S. Treasury Notes – 73.0%** | **U.S. Treasury Notes – 73.0%** | **U.S. Treasury Notes – 73.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 7/31/26 | 99 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 7/31/26 | 110 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 8/15/26 | 150 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 8/31/26 | 293 | 282 |

---

FIXED INCOME FUNDS **269** NORTHERN FUNDS QUARTERLY REPORT

------

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

**June 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  |
| **U.S. Treasury Notes – 73.0%continued** | **U.S. Treasury Notes – 73.0%continued** | **U.S. Treasury Notes – 73.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/31/26 | $135 | $135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/30/26 | 375 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/31/26 | 211 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/26 | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/30/26 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/31/26 | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/15/27 | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 1/31/27 | 115 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/28/27 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 3/31/27 | 92 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/31/27 | 1775 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/30/27 | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/27 | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 5/31/27 | 107 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/31/27 | 125 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/15/27 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/30/27 | 275 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 7/15/27 | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 9/30/27 | 311 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/27 | 126 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/27 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/30/27 | 36 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/27 | 313 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/27 | 360 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/28 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 1/31/28 | 104 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/28 | 350 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/15/28 | 1755 | 1763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/15/28 | 450 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/30/28 | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/15/28 | 225 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 5/31/28 | 215 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/31/28 | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/15/28 | 550 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 8/15/28 | 245 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 8/31/28 | 208 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/31/28 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/28 | 588 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/31/29 | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/31/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/31/29 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/31/29 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/31/29 | 100 | 100 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  |
| **U.S. Treasury Notes – 73.0%continued** | **U.S. Treasury Notes – 73.0%continued** | **U.S. Treasury Notes – 73.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/29 | $65 | $66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/31/29 | 260 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/31/30 | 400 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/28/30 | 425 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/31/30 | 375 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/30/30 | 105 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/31/30 | 65 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/30/30 | 225 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/31/30 | 1850 | 1877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/30/30 | 350 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/30 | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/31/31 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/28/31 | 150 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/30/31 | 75 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/31/31 | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/30/31 | 150 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/31/31 | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/31/31 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 9/30/31 | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/31 | 65 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/30/31 | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/31/31 | 210 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/31/32 | 550 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/29/32 | 260 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/31/32 | 290 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/30/32 | 275 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/31/32 | 125 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/30/32 | 275 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/15/33 | 180 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 5/15/33 | 300 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/34 | 465 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/15/34 | 175 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/34 | 125 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/34 | 325 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/35 | 285 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/35 | 170 | 170 |
|  |  | **22371** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $29,140)** |  | **28895** |

---

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

NORTHERN FUNDS QUARTERLY REPORT **270** FIXED INCOME FUNDS

------

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

**Schedule of Investments** <br>

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

---

| | |
|:---|:---|
| **U.S. GOVERNMENT FUND continued**  | **June 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.1%**  | **INVESTMENT COMPANIES – 0.1%**  | **INVESTMENT COMPANIES – 0.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(3) (4)</sup> <br>| 31590 | $32 |
| **Total Investment Companies** |  |  |
| **(Cost $32)** |  | **32** |
| **Total Investments – 99.3%** | **Total Investments – 99.3%** |  |
| **(Cost $30,660)** | **(Cost $30,660)** | **30423** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.7% | 213 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$30636** |

---

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

<sup>(1)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(2)</sup> *Discount rate at the time of purchase.*

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

<sup>(4)</sup> *7-day current yield as of June 30, 2025 is disclosed.*

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

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| Fannie Mae - Federal National Mortgage Association |

---

<br> Freddie Mac - Federal Home Loan Mortgage Corporation

*Percentages shown are based on Net Assets.* 

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| U.S. Government Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1496 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1496 |
| U.S. Government Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 28895 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28895 |
| Investment Companies | &nbsp;&nbsp; 32 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32 |
| Total Investments | &nbsp;&nbsp; $32 | &nbsp;&nbsp; $30391 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30423 |

---

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

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $50 | $50 | $— <br><sup>(1)</sup><br>| $— |  |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 710 | 1555 | 2233 | 1 | 32 | 31590 |
| Total | $710 | $1605 | $2283 | $1 | $32 | 31590 |

---

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

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

FIXED INCOME FUNDS **271** NORTHERN FUNDS QUARTERLY REPORT

------

## 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:** Core Bond Fund

- **b. EDGAR series identifier (if any):** S000038895

- **c. LEI of Series:** 549300VLPNL1PHV9X402

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $90533734.03

**Total Liabilities:** $146850.69

**Net Assets:** $90386883.34

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 244.260680059456 | **1-Year:** 2561.367624427963 | **5-Year:** 11712.660518140406 | **10-Year:** 17111.602557529767 | **30-Year:** 1299.902761127042

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

- **3-Month:** 0.000000000000 | **1-Year:** 2.031351964474 | **5-Year:** 61.113439952090 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000119673 | 0.25%                | -0.53%               | 1.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-42314.75               | $-160860.93                                |
| Month 2  | $-406415.24              | $-479513.25                                |
| Month 3  | $-98253.92               | $1132591.02                                |

**Designated Index Information**

- **Index Name:** BBG US Aggregate

- **Index Identifier:** LEH_AGG

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FEDERAL NATL MTG ASSN GTD | FEDERAL NATL MTG ASSN GTD | CUSIP: 3138ENWB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    392250 | PA      | $389058.95    | 0.43%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%    | FREDDIE MAC POOL 5.00%    | CUSIP: 3132DPSX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    259156 | PA      | $255213.49    | 0.28%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRES 5.25% | DUKE ENERGY PROGRES 5.25% | CUSIP: 26442UAQ7<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    173000 | PA      | $178597.58    | 0.20%             | 2033-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%    | FREDDIE MAC POOL 6.00%    | CUSIP: 3132DQ3Y0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    154469 | PA      | $158332.42    | 0.18%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140NCBN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    232084 | PA      | $232715.56    | 0.26%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%    | FREDDIE MAC POOL 6.00%    | CUSIP: 3132DSV58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    183354 | PA      | $187670.37    | 0.21%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANK5 TST. 2024-5Y 6.225% | BANK5 TST. 2024-5Y 6.225% | CUSIP: 066043AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    140000 | PA      | $147392.27    | 0.16%             | 2057-05-15      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DPXE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    268251 | PA      | $270991.63    | 0.30%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 3140XKW55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    272587 | PA      | $271936.46    | 0.30%             | 2038-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 6.00%     | FANNIE MAE POOL 6.00%     | CUSIP: 3140XMBK1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    248550 | PA      | $254889.57    | 0.28%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132E0XN7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    209047 | PA      | $210850.56    | 0.23%             | 2053-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 6.00%     | FANNIE MAE POOL 6.00%     | CUSIP: 3140NM6E2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     74397 | PA      | $75818.94     | 0.08%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 31418EUY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    169622 | PA      | $172794.78    | 0.19%             | 2043-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 3.50% | FREDDIE MAC GOLD PO 3.50% | CUSIP: 3128MFKH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     48753 | PA      | $48106.21     | 0.05%             | 2033-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MTGE. TST. 20 VAR | SEQUOIA MTGE. TST. 20 VAR | CUSIP: 81749BAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     82408 | PA      | $80147.96     | 0.09%             | 2053-01-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 4.50%    | FREDDIE MAC POOL 4.50%    | CUSIP: 3132DNVK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    253803 | PA      | $244537.26    | 0.27%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUT 5.63% | SANTANDER DRIVE AUT 5.63% | CUSIP: 80286YAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1335000 | PA      | $1342004.48   | 1.48%             | 2028-11-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 5.00%  | FREDDIE MAC REMICS 5.00%  | CUSIP: 31395XRF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    145090 | PA      | $147970.42    | 0.16%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 3140X4V45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    187174 | PA      | $181972.26    | 0.20%             | 2049-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KEYBANK NA/CLEVELAN 5.00% | KEYBANK NA/CLEVELAN 5.00% | CUSIP: 49327M3H5<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    210000 | PA      | $207226.44    | 0.23%             | 2033-01-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GM FINL. CONSUMER A 4.66% | GM FINL. CONSUMER A 4.66% | CUSIP: 38013JAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     51346 | PA      | $51420.46     | 0.06%             | 2028-02-16      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3133BW4H3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    259685 | PA      | $261881.16    | 0.29%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140QS3Y5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    129433 | PA      | $130016.59    | 0.14%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%    | FREDDIE MAC POOL 5.00%    | CUSIP: 3133KPQ68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    236163 | PA      | $233654.13    | 0.26%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO F2F   | JPMORGAN CHASE & CO F2F   | CUSIP: 46647PEG7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    700000 | PA      | $726849.80    | 0.80%             | 2030-04-22      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| J.G. WENTWORTH XLI 3.74%  | J.G. WENTWORTH XLI 3.74%  | CUSIP: 46651TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    409134 | PA      | $364015.73    | 0.40%             | 2072-10-17      | Fixed         | 3.74%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY F2F        | MORGAN STANLEY F2F        | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    187000 | PA      | $172435.77    | 0.19%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| ESSEX PORTFOLIO LP 2.65%  | ESSEX PORTFOLIO LP 2.65%  | CUSIP: 29717PAV9<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |     66000 | PA      | $57599.99     | 0.06%             | 2032-03-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP. 3.40% | AERCAP IRELAND CAP. 3.40% | CUSIP: 00774MAY1<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |     52500 | PA      | $46296.53     | 0.05%             | 2033-10-29      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3133BV5N1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    336402 | PA      | $337732.31    | 0.37%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 4.50%  | GINNIE MAE II POOL 4.50%  | CUSIP: 36179XVR4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    254368 | PA      | $245084.44    | 0.27%             | 2053-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DELL EQUIPMENT FINA 5.65% | DELL EQUIPMENT FINA 5.65% | CUSIP: 24702HAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    104071 | PA      | $104301.74    | 0.12%             | 2028-09-22      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| SAMMONS FINL. GRP. 6.875% | SAMMONS FINL. GRP. 6.875% | CUSIP: 79588TAF7<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |    105000 | PA      | $112421.60    | 0.12%             | 2034-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.50%    | FREDDIE MAC POOL 3.50%    | CUSIP: 3131XBJA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     46321 | PA      | $45806.69     | 0.05%             | 2029-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC F2F         | CITIGROUP INC F2F         | CUSIP: 172967MP3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    133000 | PA      | $131588.50    | 0.15%             | 2031-03-31      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140XCDV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    251651 | PA      | $212127.00    | 0.23%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140N9N44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    215695 | PA      | $212137.72    | 0.23%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 6.50%     | FANNIE MAE POOL 6.50%     | CUSIP: 3140XLDQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    108769 | PA      | $114895.37    | 0.13%             | 2040-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MOHAWK INDS. INC 5.85%    | MOHAWK INDS. INC 5.85%    | CUSIP: 608190AM6<br>LEI: 549300JI1115MG3Q6322 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2076.09      | 0.00%             | 2028-09-18      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP F2F  | BANK OF AMERICA CORP F2F  | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    210000 | PA      | $185085.82    | 0.20%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| KBC GRP. NV F2V           | KBC GRP. NV F2V           | CUSIP: 48241FAB0<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | DBT              | CORP              | BE        |    200000 | PA      | $206519.38    | 0.23%             | 2029-01-19      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| FIVE 2023-V1 MTGE. TR VAR | FIVE 2023-V1 MTGE. TR VAR | CUSIP: 337964AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $266405.52    | 0.29%             | 2056-02-10      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3138WG2W3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     61727 | PA      | $59410.85     | 0.07%             | 2031-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC F2V     | NATWEST GROUP PLC F2V     | CUSIP: 780097BP5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $243770.97    | 0.27%             | 2028-05-22      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140XKB82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    258492 | PA      | $254657.61    | 0.28%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ AUTO 4.51%  | MERCEDES-BENZ AUTO 4.51%  | CUSIP: 58770AAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70372 | PA      | $70370.01     | 0.08%             | 2027-11-15      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MTGE. TST VAR | J.P. MORGAN MTGE. TST VAR | CUSIP: 465978AH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    188477 | PA      | $183358.06    | 0.20%             | 2053-06-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ANGEL OAK MTGE. TST 4.75% | ANGEL OAK MTGE. TST 4.75% | CUSIP: 03465WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    222339 | PA      | $220573.67    | 0.24%             | 2067-09-26      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140XKP79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    228417 | PA      | $229447.53    | 0.25%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 6.00%     | FANNIE MAE POOL 6.00%     | CUSIP: 3140QUD52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    183369 | PA      | $186934.23    | 0.21%             | 2054-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE IN 4.85% | HOWMET AEROSPACE IN 4.85% | CUSIP: 443201AC2<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    110000 | PA      | $111399.20    | 0.12%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FI 5.875% | IMPERIAL BRANDS FI 5.875% | CUSIP: 45262BAH6<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |     80000 | PA      | $82066.87     | 0.09%             | 2034-07-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL F2F   | SYNCHRONY FINANCIAL F2F   | CUSIP: 87165BAV5<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    120000 | PA      | $123297.47    | 0.14%             | 2030-08-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| COMM 2024-277P MTGE. VAR  | COMM 2024-277P MTGE. VAR  | CUSIP: 12654FAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $849277.84    | 0.94%             | 2044-08-10      | Variable      | 7.23%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 3140J8QJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    129574 | PA      | $125000.25    | 0.14%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MTGE. TST VAR | J.P. MORGAN MTGE. TST VAR | CUSIP: 46655NAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260767 | PA      | $221570.12    | 0.25%             | 2052-12-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC F2V          | BARCLAYS PLC F2V          | CUSIP: 06738EBY0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $203982.63    | 0.23%             | 2028-08-09      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 4.00%  | GINNIE MAE II POOL 4.00%  | CUSIP: 36179XHX7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    248497 | PA      | $232690.08    | 0.26%             | 2052-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.50%    | FREDDIE MAC POOL 6.50%    | CUSIP: 3132E0PL0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    218597 | PA      | $228251.28    | 0.25%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORP F2F         | M&T BANK CORP F2F         | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    160000 | PA      | $173529.06    | 0.19%             | 2029-10-30      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & CO F2F      | WELLS FARGO & CO F2F      | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    300000 | PA      | $307290.60    | 0.34%             | 2030-01-23      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 5.50%  | FREDDIE MAC REMICS 5.50%  | CUSIP: 3137HBTY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    145557 | PA      | $148147.32    | 0.16%             | 2051-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP 5.375% | AERCAP IRELAND CAP 5.375% | CUSIP: 00774MBP9<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    600000 | PA      | $613184.88    | 0.68%             | 2031-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 31418MRQ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     83617 | PA      | $85580.71     | 0.09%             | 2037-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%    | FREDDIE MAC POOL 3.00%    | CUSIP: 3132CWCV4<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    172616 | PA      | $169056.28    | 0.19%             | 2032-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AUSTRALIA & NEW ZEALA F2V | AUSTRALIA & NEW ZEALA F2V | CUSIP: 052528AL0<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    322000 | PA      | $321646.12    | 0.36%             | 2030-07-22      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE 5.0%           | FANNIE MAE 5.0%           | CUSIP: 3140X8ZB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    126186 | PA      | $128221.93    | 0.14%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORTINET INC 2.20%        | FORTINET INC 2.20%        | CUSIP: 34959EAB5<br>LEI: 549300O0QJWDBAS0QX03 | Long             | DBT              | CORP              | US        |     97000 | PA      | $85352.08     | 0.09%             | 2031-03-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC 1.80%          | VMWARE LLC 1.80%          | CUSIP: 928563AK1<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     42000 | PA      | $38857.19     | 0.04%             | 2028-08-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 3140XJXN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    293134 | PA      | $285028.80    | 0.32%             | 2050-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140XKX62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    163395 | PA      | $164479.47    | 0.18%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%    | FREDDIE MAC POOL 6.00%    | CUSIP: 3132DQTG1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    233852 | PA      | $239315.64    | 0.26%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 6.00%     | FANNIE MAE POOL 6.00%     | CUSIP: 3140A0AT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    217913 | PA      | $223307.90    | 0.25%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DP5B0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    251616 | PA      | $253319.79    | 0.28%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3133KQ2M7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    240720 | PA      | $242797.48    | 0.27%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3133C5ED9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    251946 | PA      | $252599.26    | 0.28%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 4.25%  | UNITED STATES TSY. 4.25%  | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1013000 | PA      | $1032983.01   | 1.14%             | 2030-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORP F2F         | M&T BANK CORP F2F         | CUSIP: 55261FAY0<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    440000 | PA      | $447288.73    | 0.49%             | 2031-07-08      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 0.00%  | UNITED STATES TSY. 0.00%  | CUSIP: 912803FV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7762100 | PA      | $2212787.80   | 2.45%             | 2051-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3132CW4K7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    185152 | PA      | $176953.83    | 0.20%             | 2035-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE I POOL 5.00%   | GINNIE MAE I POOL 5.00%   | CUSIP: 3622ACCF5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    226207 | PA      | $229088.40    | 0.25%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 3.875% | UNITED STATES TSY. 3.875% | CUSIP: 91282CLQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    180000 | PA      | $180625.78    | 0.20%             | 2027-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 3.875% | UNITED STATES TSY. 3.875% | CUSIP: 91282CMZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1400000 | PA      | $1405468.75   | 1.55%             | 2030-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TYCO ELECTNCS. GRP. 5.00% | TYCO ELECTNCS. GRP. 5.00% | CUSIP: 902133BD8<br>LEI: C33G1C5SYE2YM95EE712 | Long             | DBT              | CORP              | LU        |    410000 | PA      | $408314.48    | 0.45%             | 2035-05-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 4.00%  | GINNIE MAE II POOL 4.00%  | CUSIP: 36179RBY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     47048 | PA      | $44698.40     | 0.05%             | 2045-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO     | NI US GOV T PORTFOLIO     | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   2330626 | NS      | $2330625.73   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| DISCOVER CARD EXECU 4.31% | DISCOVER CARD EXECU 4.31% | CUSIP: 254683CY9<br>LEI: 207ALC1P1YM0OVDV0K75 | Long             | ABS-O            | CORP              | US        |    230000 | PA      | $229789.83    | 0.25%             | 2028-03-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| GM FINL. CONSUMER A 4.47% | GM FINL. CONSUMER A 4.47% | CUSIP: 362583AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    113655 | PA      | $113627.60    | 0.13%             | 2028-02-16      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DQG59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    254885 | PA      | $256881.96    | 0.28%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 3.875% | UNITED STATES TSY. 3.875% | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1128000 | PA      | $1101342.19   | 1.22%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 3.50%  | UNITED STATES TSY. 3.50%  | CUSIP: 91282CLP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     35000 | PA      | $34819.53     | 0.04%             | 2026-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 4.625% | UNITED STATES TSY. 4.625% | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    828000 | PA      | $854263.13    | 0.95%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 4.625% | UNITED STATES TSY. 4.625% | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    890000 | PA      | $866359.38    | 0.96%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE 4.86% | WESTLAKE AUTOMOBILE 4.86% | CUSIP: 96043LAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100974.03    | 0.11%             | 2030-05-15      | Fixed         | 4.86%                 | Yes           |                  2 | On Loan: No      |
| RALPH LAUREN CORP 5.00%   | RALPH LAUREN CORP 5.00%   | CUSIP: 751212AD3<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | DBT              | CORP              | US        |    270000 | PA      | $274018.72    | 0.30%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 4.00%  | GINNIE MAE II POOL 4.00%  | CUSIP: 36179MC24<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    351595 | PA      | $336208.57    | 0.37%             | 2042-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3140X6RX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     71280 | PA      | $70353.19     | 0.08%             | 2034-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HARLEY-DAVIDSON MOT 5.05% | HARLEY-DAVIDSON MOT 5.05% | CUSIP: 41285JAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    740230 | PA      | $741735.95    | 0.82%             | 2027-12-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DQKL9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    255069 | PA      | $256967.03    | 0.28%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC 5.30%        | ALPHABET INC 5.30%        | CUSIP: 02079KAN7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    380000 | PA      | $372074.01    | 0.41%             | 2065-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE 5.25%  | BLACKSTONE PRIVATE 5.25%  | CUSIP: 09261HBS5<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297324.75    | 0.33%             | 2030-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE 5.15% | WESTLAKE AUTOMOBILE 5.15% | CUSIP: 96043LAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $201972.30    | 0.22%             | 2030-11-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| AUSTRALIA & NEW ZEALA F2V | AUSTRALIA & NEW ZEALA F2V | CUSIP: 052528AV8<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    650000 | PA      | $660199.33    | 0.73%             | 2036-06-18      | Fixed         | 5.82%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3132ADPS1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    369095 | PA      | $355893.97    | 0.39%             | 2031-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMS. L 3.625% | DISCOVERY COMMS. L 3.625% | CUSIP: 25470DBJ7<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |    225000 | PA      | $182182.50    | 0.20%             | 2030-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| FNMA POOL #FS4040 5.0% DU | FNMA POOL #FS4040 5.0% DU | CUSIP: 3140XKP20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    241142 | PA      | $238951.12    | 0.26%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 4.50%  | UNITED STATES TSY. 4.50%  | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3299000 | PA      | $3143843.91   | 3.48%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRAN 2.875% | CONSTELLATION BRAN 2.875% | CUSIP: 21036PBF4<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     44000 | PA      | $40688.80     | 0.05%             | 2030-05-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 3140X56H1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     88251 | PA      | $83681.08     | 0.09%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HYUNDAI AUTO RECEIV 4.58% | HYUNDAI AUTO RECEIV 4.58% | CUSIP: 448979AD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    103885 | PA      | $103907.85    | 0.11%             | 2027-04-15      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140NCT25<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    257030 | PA      | $254612.11    | 0.28%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 3.75%  | UNITED STATES TSY. 3.75%  | CUSIP: 91282CMW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $200250.00    | 0.22%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING 5.816%  | AUST & NZ BANKING 5.816%  | CUSIP: 05252ADU2<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    650000 | PA      | $660053.81    | 0.73%             | 2036-06-18      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE I POOL 3.50%   | GINNIE MAE I POOL 3.50%   | CUSIP: 36230RYJ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    232959 | PA      | $216888.13    | 0.24%             | 2040-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 3.00%  | GINNIE MAE II POOL 3.00%  | CUSIP: 36179M2P4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    123894 | PA      | $112859.87    | 0.12%             | 2043-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AMEREN CORP 3.50%         | AMEREN CORP 3.50%         | CUSIP: 023608AJ1<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |     93000 | PA      | $87857.10     | 0.10%             | 2031-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%    | FREDDIE MAC POOL 3.00%    | CUSIP: 3133LPSP3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     34940 | PA      | $34247.19     | 0.04%             | 2030-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%    | FREDDIE MAC POOL 5.00%    | CUSIP: 3133BRD68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    256037 | PA      | $251937.03    | 0.28%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FINANCE OF AMERICA 2.00%  | FINANCE OF AMERICA 2.00%  | CUSIP: 31739TAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    264618 | PA      | $266094.94    | 0.29%             | 2073-04-25      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140XLFD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    266659 | PA      | $263391.37    | 0.29%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 4.625% | UNITED STATES TSY. 4.625% | CUSIP: 912810UB2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1382000 | PA      | $1355277.73   | 1.50%             | 2044-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC 5.25%        | ALPHABET INC 5.25%        | CUSIP: 02079KAM9<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    380000 | PA      | $374250.03    | 0.41%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CARVANA AUTO RECEIV 5.48% | CARVANA AUTO RECEIV 5.48% | CUSIP: 14688YAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $405301.52    | 0.45%             | 2031-11-10      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED EDISON 3.35% | CONSOLIDATED EDISON 3.35% | CUSIP: 209111FX6<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1922.13      | 0.00%             | 2030-04-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| GATX CORP 4.00%           | GATX CORP 4.00%           | CUSIP: 361448BF9<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8756.28      | 0.01%             | 2030-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140XJAB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    159594 | PA      | $153857.36    | 0.17%             | 2035-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CNH EQUIP. TST. 202 4.77% | CNH EQUIP. TST. 202 4.77% | CUSIP: 18978FAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100505.52    | 0.11%             | 2029-06-15      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINL. COR F2F | CAPITAL ONE FINL. COR F2F | CUSIP: 14040HDF9<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52119.15     | 0.06%             | 2035-02-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 7.00%     | FANNIE MAE POOL 7.00%     | CUSIP: 3140XNT38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     59841 | PA      | $63090.84     | 0.07%             | 2040-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY CARD FNDG 5.04% | SYNCHRONY CARD FNDG 5.04% | CUSIP: 87166PAM3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     77000 | PA      | $78023.31     | 0.09%             | 2030-03-15      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PAR 5.75% | CHENIERE ENERGY PAR 5.75% | CUSIP: 16411QAS0<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66753.08     | 0.07%             | 2034-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CITADEL LP 6.375%         | CITADEL LP 6.375%         | CUSIP: 17288XAC8<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |    390000 | PA      | $407247.50    | 0.45%             | 2032-01-23      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| MARATHON PETROLEUM 5.70%  | MARATHON PETROLEUM 5.70%  | CUSIP: 56585ABL5<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |    380000 | PA      | $385385.72    | 0.43%             | 2035-03-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL 5.5%  | GOVERNMENT NATIONAL 5.5%  | CUSIP: 36200MFY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       951 | PA      | $987.25       | 0.00%             | 2033-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP 2.375% | UNION PACIFIC CORP 2.375% | CUSIP: 907818FU7<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |       500 | PA      | $449.53       | 0.00%             | 2031-05-20      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MELLO MTGE. CAP. ACCE VAR | MELLO MTGE. CAP. ACCE VAR | CUSIP: 585494AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    259221 | PA      | $211062.43    | 0.23%             | 2051-06-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 3140XJMM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    346127 | PA      | $332907.80    | 0.37%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DPTC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    244061 | PA      | $246762.28    | 0.27%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 6.50%     | FANNIE MAE POOL 6.50%     | CUSIP: 3140XMTJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    175664 | PA      | $183764.26    | 0.20%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BMARK 2023-V4 VAR         | BMARK 2023-V4 VAR         | CUSIP: 081926AH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    352000 | PA      | $367984.43    | 0.41%             | 2056-11-15      | Variable      | 7.71%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO L 6.30% | FOUNDRY JV HOLDCO L 6.30% | CUSIP: 350930AK9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    450000 | PA      | $470722.41    | 0.52%             | 2039-01-25      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL ONE FINL. COR F2F | CAPITAL ONE FINL. COR F2F | CUSIP: 14040HDJ1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    310000 | PA      | $315594.58    | 0.35%             | 2036-01-30      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC 5.15%        | SYNOPSYS INC 5.15%        | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    420000 | PA      | $423334.41    | 0.47%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FNMA POOL #AQ5150 2.5% 11 | FNMA POOL #AQ5150 2.5% 11 | CUSIP: 3138MLWL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    559539 | PA      | $494925.49    | 0.55%             | 2042-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELECTRIC A 2.40% | VIRGINIA ELECTRIC A 2.40% | CUSIP: 927804GG3<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     92000 | PA      | $79737.75     | 0.09%             | 2032-03-30      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| OBX 2023-NQM7 TRUS 6.844% | OBX 2023-NQM7 TRUS 6.844% | CUSIP: 67117XAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    304560 | PA      | $308384.22    | 0.34%             | 2063-04-25      | Variable      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORP F2F  | BANK OF AMERICA CORP F2F  | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    165000 | PA      | $171883.45    | 0.19%             | 2029-09-15      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM2 TRUS 5.878% | OBX 2024-NQM2 TRUS 5.878% | CUSIP: 67118HAA8<br>LEI: 254900OHTVKDKZL33I54 | Long             | ABS-O            | CORP              | US        |    164838 | PA      | $165586.88    | 0.18%             | 2063-12-25      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| MARSH & MCLENNAN CO 5.15% | MARSH & MCLENNAN CO 5.15% | CUSIP: 571748BW1<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    190000 | PA      | $194246.61    | 0.21%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3140X4T63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22717 | PA      | $22351.58     | 0.02%             | 2034-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%    | FREDDIE MAC POOL 3.00%    | CUSIP: 3132CWGZ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     58340 | PA      | $56857.51     | 0.06%             | 2032-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BROADRIDGE FINL. SO 2.90% | BROADRIDGE FINL. SO 2.90% | CUSIP: 11133TAD5<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | DBT              | CORP              | US        |     42000 | PA      | $39353.96     | 0.04%             | 2029-12-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES L 2.55% | BOSTON PROPERTIES L 2.55% | CUSIP: 10112RBE3<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |     44000 | PA      | $37119.10     | 0.04%             | 2032-04-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP F2F  | BANK OF AMERICA CORP F2F  | CUSIP: 06051GJP5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     84000 | PA      | $75399.51     | 0.08%             | 2032-03-11      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP. 3.00% | AERCAP IRELAND CAP. 3.00% | CUSIP: 00774MAW5<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    190000 | PA      | $181008.23    | 0.20%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BNK37 VAR       | BANK 2021-BNK37 VAR       | CUSIP: 06540LBF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $218946.95    | 0.24%             | 2064-11-15      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3133KKK24<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    578334 | PA      | $488840.13    | 0.54%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140QEB50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    253129 | PA      | $213636.76    | 0.24%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MTGE. TS 3.75% | TOWD POINT MTGE. TS 3.75% | CUSIP: 89180YAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67531 | PA      | $64574.93     | 0.07%             | 2062-09-25      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%    | FREDDIE MAC POOL 5.00%    | CUSIP: 3132DN3L5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    375983 | PA      | $371375.49    | 0.41%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3132DM6T7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     99281 | PA      | $83528.06     | 0.09%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DELL EQUIP. FIN. TS 5.93% | DELL EQUIP. FIN. TS 5.93% | CUSIP: 24702EAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    109915 | PA      | $110515.80    | 0.12%             | 2029-04-23      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| FORD CREDIT AUTO OW 5.23% | FORD CREDIT AUTO OW 5.23% | CUSIP: 344930AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    119380 | PA      | $120032.86    | 0.13%             | 2028-05-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DQQ33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    253702 | PA      | $255396.77    | 0.28%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANK5 2023-5YR2 VAR       | BANK5 2023-5YR2 VAR       | CUSIP: 06211CAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $221504.85    | 0.25%             | 2056-07-15      | Variable      | 6.66%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE 5.82% | WESTLAKE AUTOMOBILE 5.82% | CUSIP: 96041CAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    187060 | PA      | $187453.98    | 0.21%             | 2027-05-17      | Fixed         | 5.82%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%    | FREDDIE MAC POOL 3.00%    | CUSIP: 3132DQFR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    244900 | PA      | $221530.81    | 0.25%             | 2046-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%    | FREDDIE MAC POOL 6.00%    | CUSIP: 3132DP6A1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     78082 | PA      | $79839.79     | 0.09%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2023-V3 MTG VAR | BENCHMARK 2023-V3 MTG VAR | CUSIP: 08163VAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $272508.50    | 0.30%             | 2056-07-15      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DQGK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    156943 | PA      | $157275.64    | 0.17%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP F2F   | FIFTH THIRD BANCORP F2F   | CUSIP: 316773DK3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    130000 | PA      | $136929.13    | 0.15%             | 2029-07-27      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| RELX CAP. INC 5.25%       | RELX CAP. INC 5.25%       | CUSIP: 74949LAG7<br>LEI: 2R15C3RTKJN1RCBOV146 | Long             | DBT              | CORP              | US        |    330000 | PA      | $337677.07    | 0.37%             | 2035-03-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FINL. F2V  | MITSUBISHI UFJ FINL. F2V  | CUSIP: 606822DL5<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    240000 | PA      | $246795.44    | 0.27%             | 2036-04-24      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%    | FREDDIE MAC POOL 5.00%    | CUSIP: 3132DQG75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    264046 | PA      | $260755.52    | 0.29%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%    | FREDDIE MAC POOL 5.00%    | CUSIP: 3132DQPS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    197273 | PA      | $194746.29    | 0.22%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO F2F   | AMERICAN EXPRESS CO F2F   | CUSIP: 025816EH8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    300000 | PA      | $310658.70    | 0.34%             | 2036-04-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR INC 5.20%     | CATERPILLAR INC 5.20%     | CUSIP: 149123CL3<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | DBT              | CORP              | US        |    410000 | PA      | $417933.68    | 0.46%             | 2035-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DQPV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    260922 | PA      | $262109.35    | 0.29%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140XLE38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    162708 | PA      | $163115.42    | 0.18%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ONEOK INC 6.05%           | ONEOK INC 6.05%           | CUSIP: 682680BL6<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     58000 | PA      | $60856.87     | 0.07%             | 2033-09-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ AUTO 0.73%  | MERCEDES-BENZ AUTO 0.73%  | CUSIP: 58772WAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2810948 | PA      | $2777860.50   | 3.07%             | 2027-12-15      | Fixed         | 0.73%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%    | FREDDIE MAC POOL 5.00%    | CUSIP: 3132DQB21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    251493 | PA      | $247795.68    | 0.27%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GBL. 4.40%  | NEW YORK LIFE GBL. 4.40%  | CUSIP: 64953BBW7<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    440000 | PA      | $443357.81    | 0.49%             | 2028-04-25      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140QMRG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    229585 | PA      | $192790.13    | 0.21%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC 6.25%         | OVINTIV INC 6.25%         | CUSIP: 69047QAC6<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |    325000 | PA      | $335543.19    | 0.37%             | 2033-07-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY F2F        | MORGAN STANLEY F2F        | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    262000 | PA      | $269454.12    | 0.30%             | 2029-07-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| LPL HLDGS. INC 5.75%      | LPL HLDGS. INC 5.75%      | CUSIP: 50212YAQ7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    290000 | PA      | $293388.47    | 0.32%             | 2035-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CUMMINS INC 5.30%         | CUMMINS INC 5.30%         | CUSIP: 231021BA3<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | DBT              | CORP              | US        |    700000 | PA      | $710803.27    | 0.79%             | 2035-05-09      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| PSEG POWER LLC 5.75%      | PSEG POWER LLC 5.75%      | CUSIP: 69362BBE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    575000 | PA      | $592169.98    | 0.66%             | 2035-05-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 3.50% | FREDDIE MAC GOLD PO 3.50% | CUSIP: 3132J4HC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     45588 | PA      | $44287.72     | 0.05%             | 2036-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140X9YX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    283099 | PA      | $238951.63    | 0.26%             | 2051-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NATWEST GRP. PLC F2V      | NATWEST GRP. PLC F2V      | CUSIP: 639057AP3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $209394.94    | 0.23%             | 2034-06-01      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC 5.4%    | EXPEDIA GROUP INC 5.4%    | CUSIP: 30212PBL8<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |    650000 | PA      | $654480.37    | 0.72%             | 2035-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL 5.5%  | GOVERNMENT NATIONAL 5.5%  | CUSIP: 36291N4L2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1990 | PA      | $2022.51      | 0.00%             | 2034-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 3.5%           | FANNIE MAE 3.5%           | CUSIP: 31418BPS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    146668 | PA      | $142400.51    | 0.16%             | 2035-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COMMER. 3.585%  | CITIGROUP COMMER. 3.585%  | CUSIP: 29429CAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    165000 | PA      | $159305.82    | 0.18%             | 2049-04-15      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| HUBBELL INC 2.30%         | HUBBELL INC 2.30%         | CUSIP: 443510AK8<br>LEI: 54930088VDQ6840Y6597 | Long             | DBT              | CORP              | US        |    180000 | PA      | $159114.88    | 0.18%             | 2031-03-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| COCA-COLA EUROPACIF 1.50% | COCA-COLA EUROPACIF 1.50% | CUSIP: 19123MAF0<br>LEI: 549300LTH67W4GWMRF57 | Long             | DBT              | CORP              | GB        |      1250 | PA      | $1196.53      | 0.00%             | 2027-01-15      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| DUKE ENERGY PROGRES 3.40% | DUKE ENERGY PROGRES 3.40% | CUSIP: 26442UAN4<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    114000 | PA      | $105779.23    | 0.12%             | 2032-04-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE T VAR | TOWD POINT MORTGAGE T VAR | CUSIP: 89170VAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    584088 | PA      | $555201.05    | 0.61%             | 2062-07-25      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140N3AX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    266892 | PA      | $263144.21    | 0.29%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3132DNZY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    294020 | PA      | $246929.44    | 0.27%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3133B0HX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    241689 | PA      | $202226.49    | 0.22%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140QQLY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    233068 | PA      | $234557.15    | 0.26%             | 2052-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PACIFICORP 5.45%          | PACIFICORP 5.45%          | CUSIP: 695114DD7<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    230000 | PA      | $233252.13    | 0.26%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BX TST. 2024-PAT FRN      | BX TST. 2024-PAT FRN      | CUSIP: 05612FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    343000 | PA      | $343000.00    | 0.38%             | 2041-03-15      | Floating      | 6.40%                 | Yes           |                  2 | On Loan: No      |
| JOHN DEERE OWNER TS 4.96% | JOHN DEERE OWNER TS 4.96% | CUSIP: 47800RAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     35000 | PA      | $35323.32     | 0.04%             | 2028-11-15      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANC 6.50% | MACQUARIE AIRFINANC 6.50% | CUSIP: 55609NAD0<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |     97000 | PA      | $102656.46    | 0.11%             | 2031-03-26      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%    | FREDDIE MAC POOL 6.00%    | CUSIP: 3132DQRJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    183323 | PA      | $187601.29    | 0.21%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO F2V   | JPMORGAN CHASE & CO F2V   | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    300000 | PA      | $309832.20    | 0.34%             | 2049-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK OF F2V  | COMMONWEALTH BANK OF F2V  | CUSIP: 202712BX2<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    200000 | PA      | $196389.07    | 0.22%             | 2046-03-14      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE-ACES VAR       | FANNIE MAE-ACES VAR       | CUSIP: 3136AC7M7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    672230 | PA      | $650917.16    | 0.72%             | 2043-02-25      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY 1.65%  | BERKSHIRE HATHAWAY 1.65%  | CUSIP: 084659BD2<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |    130000 | PA      | $110725.88    | 0.12%             | 2031-05-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140X6G70<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    515886 | PA      | $433525.66    | 0.48%             | 2050-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO F2F   | JPMORGAN CHASE & CO F2F   | CUSIP: 46647PDH6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    252000 | PA      | $253458.90    | 0.28%             | 2033-07-25      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140QQVF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     71134 | PA      | $71499.16     | 0.08%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140XJXV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    296624 | PA      | $250076.19    | 0.28%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 5.50%  | GINNIE MAE II POOL 5.50%  | CUSIP: 3622ACSK7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    224638 | PA      | $226514.63    | 0.25%             | 2053-09-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3133KR4Z4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    248300 | PA      | $251006.34    | 0.28%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CRH AMERICA FIN. IN 5.50% | CRH AMERICA FIN. IN 5.50% | CUSIP: 12636YAF9<br>LEI: 549300WEVUODRJ4CWK56 | Long             | DBT              | CORP              | US        |    290000 | PA      | $297193.94    | 0.33%             | 2035-01-09      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BHP BILLITON FIN. U 5.30% | BHP BILLITON FIN. U 5.30% | CUSIP: 055451BL1<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |    650000 | PA      | $663535.47    | 0.73%             | 2035-02-21      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| SANTANDER NQM1 M1A VAR    | SANTANDER NQM1 M1A VAR    | CUSIP: 80262BAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    508000 | PA      | $513795.16    | 0.57%             | 2065-01-25      | Variable      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC SERVS. INC 5.15% | REPUBLIC SERVS. INC 5.15% | CUSIP: 760759BM1<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    380000 | PA      | $387473.62    | 0.43%             | 2035-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 3.50%  | GINNIE MAE II POOL 3.50%  | CUSIP: 3622AAGJ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    236491 | PA      | $216523.36    | 0.24%             | 2047-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140QLZ82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    152808 | PA      | $128310.46    | 0.14%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.00%    | FREDDIE MAC POOL 2.00%    | CUSIP: 3132D6NT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    429180 | PA      | $394546.32    | 0.44%             | 2035-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE 2.625% | BLACKSTONE PRIVATE 2.625% | CUSIP: 09261HAD9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    300000 | PA      | $289854.06    | 0.32%             | 2026-12-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| MMAF EQUIP. FIN. LL 5.67% | MMAF EQUIP. FIN. LL 5.67% | CUSIP: 606940AD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160000 | PA      | $160114.98    | 0.18%             | 2048-10-09      | Fixed         | 5.67%                 | Yes           |                  2 | On Loan: No      |
| US BANCORP F2F            | US BANCORP F2F            | CUSIP: 91159HJJ0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    281000 | PA      | $295621.83    | 0.33%             | 2033-10-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140XJPE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    336051 | PA      | $330963.95    | 0.37%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 3140XTAN1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    226848 | PA      | $201369.18    | 0.22%             | 2051-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FORD CREDIT AUTO LE 5.91% | FORD CREDIT AUTO LE 5.91% | CUSIP: 34529NAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    105925 | PA      | $106124.87    | 0.12%             | 2026-10-15      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%    | FREDDIE MAC POOL 6.00%    | CUSIP: 3132E0E99<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    195793 | PA      | $200468.97    | 0.22%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY F2F        | MORGAN STANLEY F2F        | CUSIP: 61747YFH3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    159000 | PA      | $168416.26    | 0.19%             | 2029-11-01      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC F2F         | CITIGROUP INC F2F         | CUSIP: 172967PL9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    170000 | PA      | $173643.20    | 0.19%             | 2035-06-11      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INC 7.95% | BLUE OWL CREDIT INC 7.95% | CUSIP: 69120VBB6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    450000 | PA      | $481133.22    | 0.53%             | 2028-06-13      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| NNN REIT INC 5.50%        | NNN REIT INC 5.50%        | CUSIP: 637417AT3<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133273.12    | 0.15%             | 2034-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN COR 4.70% | LOCKHEED MARTIN COR 4.70% | CUSIP: 539830CG2<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    230000 | PA      | $232907.18    | 0.26%             | 2031-12-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ARES CAP. CORP 5.95%      | ARES CAP. CORP 5.95%      | CUSIP: 04010LBG7<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    160000 | PA      | $163707.86    | 0.18%             | 2029-07-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HYUNDAI AUTO LEASE 5.41%  | HYUNDAI AUTO LEASE 5.41%  | CUSIP: 44934FAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $151191.21    | 0.17%             | 2027-05-17      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| HARLEY-DAVIDSON MOT 5.37% | HARLEY-DAVIDSON MOT 5.37% | CUSIP: 412922AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    110000 | PA      | $111168.74    | 0.12%             | 2029-03-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMER 5.309% | WELLS FARGO COMMER 5.309% | CUSIP: 94990FAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1100000 | PA      | $1123223.97   | 1.24%             | 2057-08-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP 4.625% | AERCAP IRELAND CAP 4.625% | CUSIP: 00774MBL8<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    150000 | PA      | $150033.26    | 0.17%             | 2029-09-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CNH EQUIP. TST. 202 4.03% | CNH EQUIP. TST. 202 4.03% | CUSIP: 18978GAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $199683.84    | 0.22%             | 2030-01-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| TESLA AUTO LEASE TS 5.11% | TESLA AUTO LEASE TS 5.11% | CUSIP: 881934AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $501380.65    | 0.55%             | 2028-08-21      | Fixed         | 5.11%                 | Yes           |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES F2V | HUNTINGTON BANCSHARES F2V | CUSIP: 446150BF0<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    270000 | PA      | $275237.68    | 0.30%             | 2039-11-18      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| CENCORA INC 5.15%         | CENCORA INC 5.15%         | CUSIP: 03073EAY1<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    270000 | PA      | $272291.13    | 0.30%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| 321 HENDERSON RECEI 6.15% | 321 HENDERSON RECEI 6.15% | CUSIP: 88576NAP3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    224418 | PA      | $231376.05    | 0.26%             | 2048-10-15      | Fixed         | 6.15%                 | Yes           |                  2 | On Loan: No      |
| ANGEL OAK MTGE. TS 6.197% | ANGEL OAK MTGE. TS 6.197% | CUSIP: 034943AA8<br>LEI: 25490046TFINGL6XED11 | Long             | ABS-O            | CORP              | US        |    513115 | PA      | $517275.05    | 0.57%             | 2069-01-25      | Variable      | 6.20%                 | Yes           |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER 5.15%  | ARTHUR J GALLAGHER 5.15%  | CUSIP: 04316JAN9<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    270000 | PA      | $270127.32    | 0.30%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3140QN3Z3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    203054 | PA      | $183900.47    | 0.20%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VULCAN MATS. CO 5.35%     | VULCAN MATS. CO 5.35%     | CUSIP: 929160BC2<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | DBT              | CORP              | US        |    525000 | PA      | $534432.87    | 0.59%             | 2034-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| COLT 2024-7 MTGE. 5.791%  | COLT 2024-7 MTGE. 5.791%  | CUSIP: 19688YAB0<br>LEI: 213800EA95GXXC9AJO50 | Long             | ABS-O            | CORP              | US        |    279475 | PA      | $280668.31    | 0.31%             | 2069-12-26      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAP 3.903% | MORGAN STANLEY CAP 3.903% | CUSIP: 61766CAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    115000 | PA      | $112701.05    | 0.12%             | 2049-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 4.00%    | FREDDIE MAC POOL 4.00%    | CUSIP: 3132E0N65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    177037 | PA      | $165684.44    | 0.18%             | 2053-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140QQL29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    122968 | PA      | $123672.41    | 0.14%             | 2052-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FORD CREDIT AUTO OW 4.96% | FORD CREDIT AUTO OW 4.96% | CUSIP: 34531QAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $152841.00    | 0.17%             | 2030-05-15      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC 4.80%        | BROADCOM INC 4.80%        | CUSIP: 11135FCD1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    110000 | PA      | $108671.06    | 0.12%             | 2034-10-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| PROVIDENT FNDG. MTGE. VAR | PROVIDENT FNDG. MTGE. VAR | CUSIP: 74389BAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    730970 | PA      | $721889.90    | 0.80%             | 2054-12-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| DRIVE AUTO RECEIVAB 4.50% | DRIVE AUTO RECEIVAB 4.50% | CUSIP: 26207AAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2390000 | PA      | $2388823.64   | 2.64%             | 2028-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OBX 2023-NQM7 TRUS 7.299% | OBX 2023-NQM7 TRUS 7.299% | CUSIP: 67117XAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     64663 | PA      | $65506.55     | 0.07%             | 2063-04-25      | Variable      | 7.30%                 | Yes           |                  2 | On Loan: No      |
| OBX 2024-NQM16 TRU 5.885% | OBX 2024-NQM16 TRU 5.885% | CUSIP: 67120GAE8<br>LEI: 254900AIRPH5Q5COT575 | Long             | ABS-O            | CORP              | US        |    399197 | PA      | $400081.54    | 0.44%             | 2064-10-25      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE 5.95%  | BLACKSTONE PRIVATE 5.95%  | CUSIP: 09261HBN6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    160000 | PA      | $163027.52    | 0.18%             | 2029-07-16      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HSBC HLDGS. PLC F2F       | HSBC HLDGS. PLC F2F       | CUSIP: 404280EL9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    330000 | PA      | $333938.61    | 0.37%             | 2035-11-18      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM9 TRUST 6.03% | OBX 2024-NQM9 TRUST 6.03% | CUSIP: 67119DAA6<br>LEI: 2549004KB8X0K1PPTU08 | Long             | ABS-O            | CORP              | US        |    233537 | PA      | $235556.75    | 0.26%             | 2064-01-25      | Variable      | 6.03%                 | Yes           |                  2 | On Loan: No      |
| JOHN DEERE OWNER TS 4.06% | JOHN DEERE OWNER TS 4.06% | CUSIP: 477911AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $499753.80    | 0.55%             | 2029-06-15      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| PMT LOAN TST. 2024-IN VAR | PMT LOAN TST. 2024-IN VAR | CUSIP: 73015BAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    471613 | PA      | $475299.59    | 0.53%             | 2059-10-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| CARDINAL HEALTH INC 5.35% | CARDINAL HEALTH INC 5.35% | CUSIP: 14149YBS6<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    450000 | PA      | $458925.76    | 0.51%             | 2034-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 0.00%  | FREDDIE MAC REMICS 0.00%  | CUSIP: 3137ASD35<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    272796 | PA      | $207402.56    | 0.23%             | 2041-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUT 5.06% | SANTANDER DRIVE AUT 5.06% | CUSIP: 80287NAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    549000 | PA      | $555751.71    | 0.61%             | 2031-05-15      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| STORE CAP. LLC 5.40%      | STORE CAP. LLC 5.40%      | CUSIP: 862123AA4<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |    480000 | PA      | $486326.05    | 0.54%             | 2030-04-30      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| HARBOUR ENERGY PLC 6.327% | HARBOUR ENERGY PLC 6.327% | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |    700000 | PA      | $695887.71    | 0.77%             | 2035-04-01      | Fixed         | 6.33%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 31418CZN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     90923 | PA      | $90858.39     | 0.10%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%    | FREDDIE MAC POOL 3.00%    | CUSIP: 3132CWLH5<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    183597 | PA      | $178463.83    | 0.20%             | 2034-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLS. INC 2.30%  | MOTOROLA SOLS. INC 2.30%  | CUSIP: 620076BT5<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |     44000 | PA      | $39058.58     | 0.04%             | 2030-11-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3140X77D5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    206426 | PA      | $200126.85    | 0.22%             | 2036-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 4.00%  | GINNIE MAE II POOL 4.00%  | CUSIP: 36179QGD7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     62159 | PA      | $59182.24     | 0.07%             | 2044-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 4.00% | FREDDIE MAC GOLD PO 4.00% | CUSIP: 3132WFWW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     55542 | PA      | $52690.46     | 0.06%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 3140X7D97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    249095 | PA      | $218020.39    | 0.24%             | 2050-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATL. MT 2.50% | GOVERNMENT NATL. MT 2.50% | CUSIP: 38380FMH6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    156887 | PA      | $145550.02    | 0.16%             | 2046-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 7.00% | FREDDIE MAC GOLD PO 7.00% | CUSIP: 3128M9U67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    113761 | PA      | $124479.79    | 0.14%             | 2039-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 31418MH21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    150907 | PA      | $154493.86    | 0.17%             | 2037-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 3138EMVM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     83924 | PA      | $82964.24     | 0.09%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3140X6Q38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    311356 | PA      | $292055.55    | 0.32%             | 2047-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GNMA POOL #MA1287 4.5% 09 | GNMA POOL #MA1287 4.5% 09 | CUSIP: 36179NNC8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     60642 | PA      | $59460.52     | 0.07%             | 2043-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3138WGG65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    200479 | PA      | $185658.68    | 0.21%             | 2046-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC NON GOLD FRN  | FREDDIE MAC NON GOLD FRN  | CUSIP: 3128QSRR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8127 | PA      | $8264.80      | 0.01%             | 2037-11-01      | Variable      | 6.71%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC NON GOLD FRN  | FREDDIE MAC NON GOLD FRN  | CUSIP: 3128JN2H7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3430 | PA      | $3493.89      | 0.00%             | 2037-09-01      | Variable      | 7.54%                 | No            |                  2 | On Loan: No      |
| JGWPT XXVII LLC 3.22%     | JGWPT XXVII LLC 3.22%     | CUSIP: 46617AAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    126353 | PA      | $114021.13    | 0.13%             | 2065-09-15      | Fixed         | 3.22%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 31418DUL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     88099 | PA      | $84435.33     | 0.09%             | 2035-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KLA-TENCOR CORP 5.65%     | KLA-TENCOR CORP 5.65%     | CUSIP: 482480AF7<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |     71000 | PA      | $74845.31     | 0.08%             | 2034-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 3138WDBZ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    111888 | PA      | $109446.64    | 0.12%             | 2044-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COCA-COLA FEMSA SAB 1.85% | COCA-COLA FEMSA SAB 1.85% | CUSIP: 191241AJ7<br>LEI: 5493008KEVFYPMGTXO33 | Long             | DBT              | CORP              | MX        |    205000 | PA      | $167786.41    | 0.19%             | 2032-09-01      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3140GU2H9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     65814 | PA      | $60622.25     | 0.07%             | 2047-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 3138WJQ68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    142956 | PA      | $139424.62    | 0.15%             | 2046-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 31418CRD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    341646 | PA      | $323463.85    | 0.36%             | 2047-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SEASONED LOANS STRU 2.75% | SEASONED LOANS STRU 2.75% | CUSIP: 35564CCZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGA              | US        |    264923 | PA      | $251824.90    | 0.28%             | 2029-09-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 3.00% | FREDDIE MAC GOLD PO 3.00% | CUSIP: 3132J65C4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    278213 | PA      | $252112.16    | 0.28%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 31418CNE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    173995 | PA      | $164779.96    | 0.18%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JGWPT XXX LLC 4.08%       | JGWPT XXX LLC 4.08%       | CUSIP: 46617LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    320178 | PA      | $301424.80    | 0.33%             | 2073-01-17      | Fixed         | 4.08%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140JAUW6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     39111 | PA      | $39170.22     | 0.04%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMER 2.931% | WELLS FARGO COMMER 2.931% | CUSIP: 95000FAT3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90000 | PA      | $88297.26     | 0.10%             | 2048-07-15      | Fixed         | 2.93%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 3.00% | FREDDIE MAC GOLD PO 3.00% | CUSIP: 31335BBR6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    162118 | PA      | $142545.34    | 0.16%             | 2047-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 3140H1XQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    111428 | PA      | $105498.29    | 0.12%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%    | FREDDIE MAC POOL 3.00%    | CUSIP: 3131XY4R7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    193426 | PA      | $170671.52    | 0.19%             | 2048-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 3140X4NV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    384180 | PA      | $343421.52    | 0.38%             | 2048-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3132A5F42<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    135126 | PA      | $115442.79    | 0.13%             | 2046-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 4.50% | FREDDIE MAC GOLD PO 4.50% | CUSIP: 3132VQCD6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     57650 | PA      | $56115.57     | 0.06%             | 2049-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 31418CRE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     63101 | PA      | $61207.56     | 0.07%             | 2047-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC F2F         | CITIGROUP INC F2F         | CUSIP: 172967LS8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    131000 | PA      | $128279.07    | 0.14%             | 2028-10-27      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| TYSON FOODS INC 4.35%     | TYSON FOODS INC 4.35%     | CUSIP: 902494BK8<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |     47000 | PA      | $46714.62     | 0.05%             | 2029-03-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140JAUJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     54956 | PA      | $54871.87     | 0.06%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 3140J55X3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    101431 | PA      | $97515.94     | 0.11%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC 3.20%          | ABBVIE INC 3.20%          | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    300000 | PA      | $286950.72    | 0.32%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL. 1.75% | PHILIP MORRIS INTL. 1.75% | CUSIP: 718172CS6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    102000 | PA      | $88889.16     | 0.10%             | 2030-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3138EQKK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    177224 | PA      | $166825.11    | 0.18%             | 2040-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OMEGA HEALTHCARE I 3.375% | OMEGA HEALTHCARE I 3.375% | CUSIP: 681936BM1<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |     18000 | PA      | $16471.32     | 0.02%             | 2031-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 31410KLW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     82223 | PA      | $84586.89     | 0.09%             | 2037-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3138WGPQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    256005 | PA      | $237284.85    | 0.26%             | 2046-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 5.00%  | GINNIE MAE II POOL 5.00%  | CUSIP: 36179SCB1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    115862 | PA      | $116859.94    | 0.13%             | 2046-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & CO F2F      | WELLS FARGO & CO F2F      | CUSIP: 95000U2S1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    159000 | PA      | $153182.90    | 0.17%             | 2028-06-02      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| TRACTOR SUPPLY CO 1.75%   | TRACTOR SUPPLY CO 1.75%   | CUSIP: 892356AA4<br>LEI: 549300OJ9VZHZRO6I137 | Long             | DBT              | CORP              | US        |     23000 | PA      | $19945.91     | 0.02%             | 2030-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 31418NA34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     86085 | PA      | $87155.21     | 0.10%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROLLS-ROYCE PLC 5.75%     | ROLLS-ROYCE PLC 5.75%     | CUSIP: 77578JAC2<br>LEI: X57JK1U580XATGR67572 | Long             | DBT              | CORP              | GB        |     70000 | PA      | $71843.10     | 0.08%             | 2027-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 31417BYF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    156119 | PA      | $151394.46    | 0.17%             | 2032-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 3138ETH66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    204942 | PA      | $185060.62    | 0.20%             | 2044-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 31418CFE9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    248590 | PA      | $230095.19    | 0.25%             | 2047-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK 3.72% | MORGAN STANLEY BANK 3.72% | CUSIP: 61691GAS9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     80000 | PA      | $78990.52     | 0.09%             | 2049-12-15      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 31416CGK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     82616 | PA      | $84956.62     | 0.09%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade    | FUT. U.S. T-BONDS SEP25   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        47 | NC      | $5427033.60   | 6.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade    | FUT. CBT ULT TNOTE SEP25  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -48 | NC      | $-5484748.80  | -6.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade    | FUT. CBT UL T-BONDS SEP25 | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -16 | NC      | $-1906000.00  | -2.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade    | SEP 25 5 YR T NOTESEP 25  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        49 | NC      | $5341000.00   | 5.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade    | SEP 25 US 2YR SEP 25      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        18 | NC      | $3744421.20   | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-31

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

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

**Title:** Treasurer and Principal Financial Officer